TCREUR_Public/070201.mbx       T R O U B L E D   C O M P A N Y   R E P O R T E R

                         E U R O P E

         Thursday, February 1, 2007, Vol. 8, No. 23  

                          Headlines


A U S T R I A

D.P.A. ANLAGENBAU: Claims Registration Period Ends March 4
G-S LLC: Claims Registration Period Ends February 27
HE WEI: Claims Registration Period Ends February 27
HR PERSONAL: Claims Registration Period Ends February 27
KELLER PROFI: Claims Registration Period Ends February 20

MAKO-MARCELLUS: Claims Registration Period Ends February 26
PLOBERGER & STADLER: Creditors' Meeting Slated for March 13
UJESKY HANDELS: Claims Registration Period Ends March 1


G E R M A N Y

A & B BRINKMANN: Claims Registration Ends February 28
ADAPOCA ERSTE: Claims Registration Ends February 21
ARPS MONTAGE: Claims Registration Ends February 22
ART INDUSTRIEBAU: Claims Registration Ends February 26
BIOVEST INT'L: Closes Amended & Restated Loan Transaction

BLHB GMBH: Claims Registration Ends March 16
CROMA HANDEL: Claims Registration Ends March 15
FOWIS INFORMATIONSDIENST: Claims Registration Ends February 21
HAIR FASHION: Claims Registration Ends February 22
HAKE STUERS: Claims Registration Ends February 5

HAMA MASCHINENBAU: Claims Registration Ends February 22
HB UNTERNEHMENSBERATUNG: Claims Registration Ends Feb. 5
HEINRICH KUENSTING: Creditors Have Until Feb. 26 to File Claims
HOLZBAU WENIG: Claims Registration Ends March 16
IMS INDUSTRIEREINIGUNG: Claims Registration Ends Feb. 28

KT EUROTRANS: Claims Registration Ends February 28
KUCHEN ABC: Creditors' Meeting Slated for February 19
LOGIN HAGEN: Claims Registration Ends February 7
MACH-MIT BUSREISEN: Creditors' Meeting Slated for March 5
MASCHINE IM: Claims Registration Ends March 2

MASCHINENBAU KUESGEN: Claims Registration Ends February 28
MIW GMBH: Claims Registration Ends February 28
MR MANAGEMENT: Creditors Must Register Claims by February 20
NBW AREAL: Creditors Meeting Slated for February 19
NOVATEX MOEBEL: Creditors Must Register Claims by February 20

OMNICO LOGISTIK: Creditors Must Register Claims by Feb. 15
ORGA-BERATUNG ANGERSTEIN: Creditors Must File Claims by Feb 20
PATA NEGRA: Creditors Must Register Claims by February 28
PETIT PARIS: Claims Registration Ends February 28
PIN SYSTEMBERATUNG: Claims Registration Ends March 14

PROREAL NORD: Claims Registration Ends February 28
SCHIECKE GMBH: Claims Registration Ends April 5
SICOM EDV: Claims Registration Ends February 20
TIEF- UND KANALBAU: Claims Registration Ends Feb. 27
T.A.L. GMBH: Claims Registration Ends March 14

TANGERMANN GARTENBAU: Claims Registration Ends February 27
TBW TROCKENBAU: Claims Registration Ends February 12
TERRA-PLASTIK GMBH: Claims Registration Ends February 20
TKB BAU: Claims Registration Ends March 19


G R E E C E

ANTENNA TV: Moody's Rates EUR120-Mln Sr. Unsec. Notes at B1


I T A L Y

TAURUS CMBS: Asset Sale Spurs S&P to Rate Class G Notes at BB


K A Z A K H S T A N

AI-SAULE LLP: Claims Registration Period Ends March 9
ALTYN-AIMAK CJSC: Claims Registration Period Ends March 16
BIDAI-NAN: Karaganda Court Starts Bankruptcy Proceedings
COMFORT BUILDING: Claims Registration Period Ends March 9
CONSTRUCTION LLP: Claims Registration Period Ends March 9

IBC-INTERNATIONAL: Claims Registration Period Ends March 9
MTS ALTYN-DEN: Claims Registration Period Ends March 9
SEVER TORG: Claims Registration Period Ends March 9
TECHNO-LUX & CO: Claims Registration Period Ends March 9
TSESNA INT'L: Fitch Assigns B- Rating to Upcoming Eurobond Issue


K Y R G Y Z S T A N

AKIMER LLC: Claims Filing Period Ends March 16
FATBOY'S LLC: Claims Registration Ends March 16


L U X E M B O U R G

DOV PHARMA: Begins Debt-to-Equity Swap for Convertible Notes


N E T H E R L A N D S

INDOVER BANK: Fitch Revises B+ IDR Outlook to Stable


R U S S I A

BALEY-AUTO-TRANS OJSC: Creditors Must File Claims by March 13
CONFECTIONARY PERSPEKTIVA: Claims Filing Period Ends Feb. 13
ERSHOVSKAYA SEL-KHOZ-KHIMIYA: Claims Deadline Set March 13
KORKINSKIY DIARY: Creditors Must File Claims by March 13
KRONA-M CJSC: Moscow Court Names O. Dolina as Insolvency Manager

KUCHUKOVSKOYE CJSC: Creditors Must File Claims by March 13
KUKUSHANSKIY YEAST: Asset Bidding Deadline Slated for Feb. 13
OPAL LLC: Creditors Must File Claims by February 13
OPEN PIT: Kemerove Bankruptcy Hearing Slated for April 4
ONAKO-VOLGA CJSC: Creditors Must File Claims by February 13

PROMSVYAZBANK JSCB: Earns RUR3.79 Billion Before Tax in 2006
ROS-TEKH-GAS CJSC: Creditors Must File Claims by March 13
ROSNEFT OIL: Inks US$6-Billion Oil Supply Deal with PKN Orlen
SEVERSTAL OAO: Eyes Assets in America, Asia and Europe
SEVERSTAL OAO: To Unveil 2006 Financial Results in April

STROY-DETAIL OJSC: Creditors Must File Claims by March 13
STROY-OB' CJSC: Bankruptcy Hearing Slated for April 16
TOMSKAYA MATCH: Court Starts Bankruptcy Supervision Procedure
TYUMENSKIY MACHINE-TOOL: Creditors Must File Claims by Feb. 13
VNESHTORGBANK JSC: Eyes Renaissance Capital and Troika Dialog

VNESTORGBANK JSC: VTB 24 Unit Earns RUR1.14 Billion in 2006


S L O V A K  R E P U B L I C

U.S. STEEL: Earns US$297 Million in 2006 Fourth Quarter
U.S. STEEL: Completes Tender Offer for 10-3/4% Senior Notes


S P A I N

BANCAJA 10: Moody's Junks EUR31-Million Series E Notes


S W I T Z E R L A N D

BOOMBASTIC BETRIEBS: Liquidation Claims Due February 23
EBNAT KAPPEL: Creditors' Liquidation Claims Due February 15
EMMENTALISCHER WASSERWIRTSCHAFTS: Liquidation Claims Due Feb. 12
FIGAS: Creditors' Liquidation Claims Due February 12
G. LEHMANN: Creditors' Liquidation Claims Due February 14

HAPPYLIFE BETRIEBS: Liquidation Claims Due February 23
LINDE: Creditors' Liquidation Claims Due February 12
RUSCHEGG-GRABEN: Creditors' Liquidation Claims Due February 12
SCHIBLI - DOPPLER: Creditors' Liquidation Claims Due February 14
T.O.P. BOOKS: Creditors' Liquidation Claims Due February 12


T U R K E Y

TURKIYE HALK: Fitch Upgrades Individual Rating to 'C/D'
TURKIYE KALKINMA: Fitch Assigns BB- Issuer Default Rating
VESTEL ELEKTRONIK: Better Cash Flow Cues S&P to Revise Outlook
ZIRAAT BANKASI: Solid Franchise Prompts Fitch to Lift D Rating


U K R A I N E

AMVROSIEVKA MOTOR 11468: Claims Filing Deadline Set February 10
AVANGARD OJSC: Claims Submission Deadline Set February 14
MAGISTRAL LLC: Claims Submission Deadline Set February 14
MAYAK OJSC: Creditors Must Submit Claims by February 14
NIVA LLC: Claims Submission Deadline Set February 14

SADOVOE OJSC: Creditors Must Submit Claims by February 14
VIKTORIYA LLC: Creditors Must Submit Claims by February 14


U N I T E D   K I N G D O M

ABBEY CATERING: Names Martin Dominic Pickard Liquidator
ABITIBI-CONSOLIDATED: Bowater Merger Cues DBRS' Ratings Review
ABITIBI-CONSOLIDATED INC: DBRS Puts Sr. Debt Rating Under Review
ADVANCED MARKETING: Wants to Sell PGW Distribution Agreements
ADVANCED MARKETING: Marc Ravitz Joins Board of Directors

AQUAPETS LTD: Taps A. Poxon to Liquidate Assets
CANINE CORP: Taps Grant Thornton to Administer Assets
CAR 4 LIFE: Names Roderick Graham Butcher as Administrator
CLASSIC SHOES: Claims Filing Period Ends March 7
COLIN COLLINS: Appoints Vantis as Joint Administrators

COLLINS & AIKMAN: Court OKs First Amended Disclosure Statement
COLLINS & AIKMAN: Liquidation Analysis Under First Amended Plan
COLLINS & AIKMAN: Reveals Composition of Possible Allowed Claims
DAMOVO GROUP: Debt-to-Equity Swap Spurs S&P to Withdraw D Rating
DIRECT CATERING: Creditors' Meeting Slated for February 5

DUPLI PHOTO: Creditors' Meeting Slated for February 6
DURA AUTOMOTIVE: Judge Carey Approves CFO Employment Agreement
F JOHNSON: Brings In Liquidator from Price & Co.
FUSION SERVICES: Creditors' Claims Due March 23
GARDEN CITY: Creditors Must File Claims by April 18

GC IMPSAT: S&P Rates Proposed US$200-Million Notes at B-
GDS INTERNATIONAL: Brings In T. Papanicola as Administrator
GEO GROUP: Closes US$428-Mln Purchase of CentraCore Properties
GIZMO RETAIL: Brings In Begbies Traynor to Administer Assets
GOG SHOP: Appoints Joint Administrators from UHY Hacker

GOLF INNOVATIONS: Appoints Martin Armstrong as Administrator
GREEN LIGHT: Brings In Cooper Parry as Joint Administrators
HAINAULT WASTE: Brings In Tenon Recovery as Administrators
HEATFAST MECHANICAL: Appoints Mazars LLP as Joint Administrators
INTERSTATE HOTELS: Moody's Lifts Rating to B1 on Revenue Growth

MILLFIELD GROUP: Creditors' Meeting Slated for February 6
STANLEY J HOLMES: Joint Liquidators Take Over Operations
UK GLASS: Liquidator Sets March 20 Claims Bar Date
WHINSTONE CAPITAL: Fitch Rates Class C1 & C2 Notes at BB
XL DISPLAYS: Claims Filing Period Ends February 14

* Upcoming Meetings, Conferences and Seminars

                            *********

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


D.P.A. ANLAGENBAU: Claims Registration Period Ends March 4
----------------------------------------------------------
Creditors owed money by LLC D.P.A. Anlagenbau (FN 192462h) have
until March 4 to file written proofs of claim to court-appointed
estate administrator Michael Lentsch at:

         Dr. Michael Lentsch
         Hauptplatz 32
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27 0 41
         Fax: 02622/29 2 46
         E-mail: office@kosch-partner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Sollenau, Austria, the Debtor declared
bankruptcy on Jan. 10 (Bankr. Case No. 11 S 2/07s).  


G-S LLC: Claims Registration Period Ends February 27
----------------------------------------------------
Creditors owed money by LLC G-S (FN 248782g) have until Feb. 27
to file written proofs of claim to court-appointed estate
administrator Gerhard Bauer at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 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. 4 S 6/07w).  


HE WEI: Claims Registration Period Ends February 27
---------------------------------------------------
Creditors owed money by LLC HE WEI (FN 266588t) have until
Feb. 27 to file written proofs of claim to court-appointed
estate administrator Klemens Dallinger at:

         Dr. Klemens Dallinger
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 22
         E-mail: dallinger@anwaltsteam.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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. 11 (Bankr. Case No. 4 S 11/07f).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.


HR PERSONAL: Claims Registration Period Ends February 27
--------------------------------------------------------
Creditors owed money by LLC HR Personal management (FN 95914a)
have until Feb. 27 to file written proofs of claim to court-
appointed estate administrator Alexander Schoeller at:

         Dr. Alexander Schoeller
         c/o Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jrs.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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. 10 (Bankr. Case No. 4 S 9/07m).  Johannes Jaksch
represents Dr. Schoeller in the bankruptcy proceedings.


KELLER PROFI: Claims Registration Period Ends February 20
---------------------------------------------------------
Creditors owed money by LLC Keller - Profi (FN 266865z) have
until Feb. 20 to file written proofs of claim to court-appointed
estate administrator Peter Akkad at:

         Mag. Peter Akkad
         Hans Sachs Road 6
         4600 Wels, Austria
         Tel: 07242/350850
         Fax: 07242/350850-50
         E-mail: office@akkad.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on March 1 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Marchtrenk, Austria, the Debtor declared
bankruptcy on Jan. 10 (Bankr. Case No. 20 S 6/07v).  


MAKO-MARCELLUS: Claims Registration Period Ends February 26
-----------------------------------------------------------
Creditors owed money by LLC MAKO-Marcellus Koch (FN 109782w)
have until Feb. 26 to file written proofs of claim to court-
appointed estate administrator Gerwald Holper at:

         Mag. Gerwald Holper
         Technologiezentrum
         Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704266-0
         Fax: 02682/704266-15
         E-mail: eisenstadt@kosch-partner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on Jan. 11 (Bankr. Case No. 26 S 4/07a).  


PLOBERGER & STADLER: Creditors' Meeting Slated for March 13
-----------------------------------------------------------
Creditors owed money by LLC Ploberger & Stadler (FN 97716a) are
encouraged to attend the creditors' meeting at noon on March 13
to examine claims.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 9 (Case No. 6 S 1/07z).  Herbert Hochegger serves as the
court-appointed estate administrator of the Debtor.  Bernhard
Eder represents Dr. Hochegger in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: office@hoch.co.at


UJESKY HANDELS: Claims Registration Period Ends March 1
-------------------------------------------------------
Creditors owed money by LLC UJESKY Handels (FN 256575t) have
until March 1 to file written proofs of claim to court-appointed
estate administrator Ute Toifl at:

         Dr. Ute Toifl
         c/o Mag. Astrid Haider
         Tuchlauben 12/20
         1010 Vienna
         Austria
         Tel: 535 46 11
         Fax: 535 46 11 11
         E-mail: office@thr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on March 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 10 (Bankr. Case No. 5 S 5/07f).  Astrid Haider
represents Dr. Toifl in the bankruptcy proceedings.


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


A & B BRINKMANN: Claims Registration Ends February 28
-----------------------------------------------------
Creditors of A & B Brinkmann GmbH have until Feb. 28 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 a.m. on March 21, 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 Muenster
         Meeting Room 119 B
         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 insolvency manager can be contacted at:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +49 2557/938450

The District Court of Muenster opened bankruptcy proceedings
against A & B Brinkmann GmbH on Jan. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         A & B Brinkmann GmbH
         Attn: Brigitte Brinkmann, Manager
         Gravenkamp 11
         48607 Ochtrup
         Germany


ADAPOCA ERSTE: Claims Registration Ends February 21
---------------------------------------------------
Creditors of ADAPOCA Erste Verwaltungs-GmbH have until Feb. 21
to register their claims with court-appointed insolvency manager
Hans Peter Runkel.

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

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal
         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 insolvency manager can be contacted at:

         Hans Peter Runkel
         Friedrich-Ebert-Road 146
         42117 Wuppertal
         Germany
         Tel: 0202/30 20 71
         Fax: 0202/31 47 08

The District Court of Wuppertal opened bankruptcy proceedings
against ADAPOCA Erste Verwaltungs-GmbH on Jan. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ADAPOCA Erste Verwaltungs-GmbH
         Attn: Torsten Korb, Manager
         Sudetenstr. 5
         42653 Solingen
         Germany


ARPS MONTAGE: Claims Registration Ends February 22
--------------------------------------------------
Creditors of Arps Montage GmbH have until Feb. 22 to register
their claims with court-appointed insolvency manager Jens-Soeren
Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Neumuenster
         Area B 031
         Law Courts
         Boostedter Road 26
         Neumuenster
         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 insolvency manager can be contacted at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Arps Montage GmbH on Jan. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Arps Montage GmbH
         Lundener Road 12
         24768 Rendsburg
         Germany

         Attn: Siegfried Arps, Manager
         Holunderweg 6
         24582 Wattenbek
         Germany


ART INDUSTRIEBAU: Claims Registration Ends February 26
------------------------------------------------------
Creditors of ART Industriebau GmbH have until Feb. 26 to
register their claims with court-appointed insolvency manager
Cornelia Moenert.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 26, 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 Detmold
         Meeting Room 12
         Ground Floor
         Court Road 6
         Auxiliary Building
         32756 Detmold
         Germany

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

The insolvency manager can be contacted at:

         Cornelia Moenert
         Lise-Meitner-Str. 13
         33605 Bielefeld
         Germany

The District Court of Detmold opened bankruptcy proceedings
against ART Industriebau GmbH on Jan. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ART Industriebau GmbH
         Attn: Wolfgang Klein, Liquidator
         Seelenkamp 13
         32791 Lage
         Germany


BIOVEST INT'L: Closes Amended & Restated Loan Transaction
---------------------------------------------------------
Biovest International, Inc., disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission on Jan. 16,
2007, that it closed an amended and restated loan transaction
with Pulaski Bank and Trust Company of St. Louis, Missouri,
which amended the Loan Agreement dated Sept, 5, 2006 pursuant to
which Pulaski agreed to loan up to of US$1 million to the
company pursuant to an unsecured Promissory Note.

The material terms of the Transaction include:

    * The Note will become due and payable on July 5, 2007.  The
      Note can be prepaid by the Company at any time without
      penalty.

    * The outstanding principal amount of the Note will bear
      interest at the rate of the prime rate minus .05% (7.75%
      per annum initially).  Monthly payments of accrued
      interest only shall be due and payable monthly on the 5th
      day of each month commencing on Feb, 5, 2007.

    * The Note is an unsecured obligation of the Company and is
      subordinated to the Company's outstanding loan to Laurus
      Master Fund, Ltd.

    * The Note is guaranteed by entities and individuals
      affiliated with the Company or Accentia
      Biopharmaceuticals, Inc., the majority stockholder of the
      Company.  The Company has entered into Indemnification       
      Agreements with each of the guarantors.

    * The company issued to the guarantors warrants to purchase
      an aggregate total of 1,388,636 shares of the company's
      Common Stock, par value US$0.01 per share, at an exercise
      price of US$1.10 per share.  The Warrants will expire on
      Jan. 15, 2012.  Under the terms of the Warrants, the
      guarantors shall have piggy-back registration rights for
      the shares underlying the Warrants.

The Warrants were issued by the company in a transaction that
was exempt from registration under the Securities Act of 1933,
as amended, by virtue of Section 4(2) of the Securities Act and
by virtue of Rule 506 of Regulation D under the Securities Act.  
The sale and issuance did not involve any public offering, was
made without general solicitation or advertising, and the
guarantors are accredited investors with access to all relevant
information necessary to evaluate the investment and represented
to us that the Warrants was being acquired for investment.

Biovest International Inc. (OTC BB: BVTI.OB) --
http://www.biovest.com/-- develops advanced individualized  
immunotherapies for life-threatening cancers of the blood
system.  In addition, Biovest develops, manufactures and markets
patented cell culture systems, including the innovative
AutovaxID(TM), which is being developed as an automated vaccine
manufacturing instrument and for production of cell-based
materials and therapeutics.  Biovest's therapy for follicular
non-Hodgkin's lymphoma is currently in a Phase 3 pivotal
clinical trial at more than 20 major centers in the U.S., and is
being conducted under a Cooperative Research and Development
Agreement (CRADA) with the National Cancer Institute.  Biovest
is a majority-owned subsidiary of Accentia Biopharmaceuticals
Inc.  The company has sales offices in China, Germany, Japan,
Korea, Singapore, and Taiwan.

                        *     *     *

                      Going Concern Doubt

Aidman Piser & Company P.A., in Tampa, Florida, expressed
substantial doubt about Biovest International's ability to
continue as a going concern after auditing the company's
financial statements for the year ended Sept. 30, 2006.  The
auditing firm cited that the company incurred significant losses
and used cash in operating activities during the years ended
Sept. 30, 2006 and 2005, and had working capital and
shareholders' deficits at Sept. 30, 2006.


BLHB GMBH: Claims Registration Ends March 16
--------------------------------------------
Creditors of BLHB GmbH have until March 16 to register their
claims with court-appointed insolvency manager Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 4, 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 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 insolvency manager can be contacted at:

         Peter Scholl
         Andreasstr. 39
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against BLHB GmbH on Jan. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         BLHB GmbH
         Attn: Juergen Rolf Leibfried, Manager
         Lindenweg 365
         98663 Bad Colberg-Heldburg
         Germany


CROMA HANDEL: Claims Registration Ends March 15
-----------------------------------------------
Creditors of Croma Handel & Vertriebs GmbH have until March 15
to register their claims with court-appointed insolvency manager
Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on April 5, 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 Leipzig
         Hall 145
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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 insolvency manager can be contacted at:

         Michael Hawelka
         Nonnenstrasse 37
         04229 Leipzig
         Germany
         Tel: 0341/4866414
         Fax: 0341/4866428

The District Court of Leipzig opened bankruptcy proceedings
against Croma Handel & Vertriebs GmbH on Jan. 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Croma Handel & Vertriebs GmbH
         Bautzener Road 67
         04347 Leipzig
         Germany

         Attn: Eberhard Krifter, Manager
         Bahnweg 23
         A- 4060 Leonding/Linz
         Germany


FOWIS INFORMATIONSDIENST: Claims Registration Ends February 21
--------------------------------------------------------------
Creditors of FOWIS Informationsdienst GmbH have until Feb. 21 to
register their claims with court-appointed insolvency manager
Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 29, 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 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 insolvency manager can be contacted at:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against FOWIS Informationsdienst GmbH on Jan. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         FOWIS Informationsdienst GmbH
         Attn: Werner Vogt and Cornelia Bechtold-Grafe, Managers
         Steingeruest 27
         76437 Rastatt
         Germany


HAIR FASHION: Claims Registration Ends February 22
--------------------------------------------------
Creditors of Hair Fashion Patricia GmbH have until Feb. 22 to
register their claims with court-appointed insolvency manager
Andreas Mueller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 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 insolvency manager can be contacted at:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Hair Fashion Patricia GmbH on Jan. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hair Fashion Patricia GmbH
         Attn: Patricia Silbach, Manager
         Hohe Str. 14
         50129 Bergheim
         Germany


HAKE STUERS: Claims Registration Ends February 5
------------------------------------------------
Creditors of Hake Stuers GmbH & Co. KG have until Feb. 5 to
register their claims with court-appointed insolvency manager
Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 26, 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 Duesseldorf
         Area A 388
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     
      
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be contacted at:

         Friedrich Knoop
         Robertstrasse 3
         40229 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Hake Stuers GmbH & Co. KG on Jan. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hake Stuers GmbH & Co. KG
         Wiesenstrasse 51
         40549 Duesseldorf
         Germany

         Attn: Wolfgang Hake, Manager
         Antoniusstrasse 60
         41564 Kaarst
         Germany

         Bernd Mueller-Stuers, Manager
         Ruhrtalstrasse 10
         40233 Duesseldorf
         Germany


HAMA MASCHINENBAU: Claims Registration Ends February 22
-------------------------------------------------------
Creditors of HAMA Maschinenbau GmbH have until Feb. 22 to
register their claims with court-appointed insolvency manager
Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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 insolvency manager can be contacted at:

         Andreas Kienast
         Johnsallee 7
         20148 Hamburg
         Germany
         Tel: 040/808065920
         Fax: 040/808065999

The District Court of Tostedt opened bankruptcy proceedings
against HAMA Maschinenbau GmbH on Jan. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         HAMA Maschinenbau GmbH
         Heuweg 87
         21698 Harsefeld
         Germany

         Attn: Wilfried Wilkens, Manager
         Wohlerst 46
         21698 Brest
         Germany


HB UNTERNEHMENSBERATUNG: Claims Registration Ends Feb. 5
--------------------------------------------------------
Creditors of Hb Unternehmensberatung Gmbh have until Feb. 5 to
register their claims with court-appointed insolvency manager
Atty. Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 Am on Feb 26, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Room A 388
         3rd. Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Atty. Friedrich Knoop
         Robertstrasse 3
         40229 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Hb Unternehmensberatung Gmbh on Jan. 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hb Unternehmensberatung Gmbh
         Auf der Lausward 1
         40221 Duesseldorf
         Germany


HEINRICH KUENSTING: Creditors Have Until Feb. 26 to File Claims
---------------------------------------------------------------
Creditors of Heinrich Kuensting Grosshandels GmbH have until
Feb. 26 to register their claims with court-appointed insolvency
manager Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 on March 26, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         32756 Detmold
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Atty. Frank M. Welsch
         Villa Struck
         Barkeystr. 30
         33330 Guetersloh
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Heinrich Kuensting Grosshandels GmbH on Jan. 2.   
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heinrich Kuensting Grosshandels GmbH
         Pottenhauser Str. 140
         32791 Lage
         Germany

         Attn: Rolf Kuensting, Manager
         Pottenhauser Str. 140
         32791 Lage
         Germany


HOLZBAU WENIG: Claims Registration Ends March 16
------------------------------------------------
Creditors of Holzbau Wenig GmbH have until March 16 to register
their claims with court-appointed insolvency manager Dr. Romy
Metzger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on April 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 Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany      
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Romy Metzger
         Steigerstrasse 30
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Holzbau Wenig GmbH on Oct. 23, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holzbau Wenig GmbH
         GF Christian Wenig
         Waldstrasse 180
         99885 Ohrdruf


IMS INDUSTRIEREINIGUNG: Claims Registration Ends Feb. 28
--------------------------------------------------------
Creditors of IMS Industriereinigung, Maler- und Servicearbeiten
GmbH have until Feb. 28 to register their claims with court-
appointed insolvency manager Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on March 30, 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 Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund
         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 insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against IMS Industriereinigung, Maler- und Servicearbeiten GmbH
on Jan 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         IMS Industriereinigung, Maler- und Servicearbeiten GmbH
         Christian Nattkemper, Manager
         Roonstr. 5-13 a
         59065 Hamm
         Germany


KT EUROTRANS: Claims Registration Ends February 28
--------------------------------------------------
Creditors of KT Eurotrans GmbH have until Feb. 28 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         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 insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/93840
         Fax: 02557/938450

The District Court of Nordhorn opened bankruptcy proceedings
against KT Eurotrans GmbH on Jan. 10. Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KT Eurotrans GmbH
         Attn: Ulrich Koetsier, Managing Director
         Vennweg 16
         48529 Nordhorn
         Germany


KUCHEN ABC: Creditors' Meeting Slated for February 19
-----------------------------------------------------
The court-appointed insolvency manager for Kuechen ABC Handels-
GmbH, Hartwig Albers, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:25
a.m. on Feb. 19.

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 9:30 a.m. on May 21 at the same venue.

Creditors have until March 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Kuechen ABC Handels-GmbH on Jan. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kuechen ABC Handels-GmbH
         Hauptstrasse 22
         13127 Berlin
         Germany


LOGIN HAGEN: Claims Registration Ends February 7
------------------------------------------------
Creditors of Login Hagen GmbH have until Feb. 7 to register
their claims with court-appointed insolvency manager Thorsten
Klepper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Hagen
         Area 283 Karlsruhe
         2nd Floor
         Main House (New Building)
         Heinitzstrasse 42
         58097 Hagen
         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 insolvency manager can be reached at:

         Thorsten Klepper
         Hochstrasse 124
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Login Hagen GmbH on Jan. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Login Hagen GmbH
         Attn: Stefan Risch, Manager
         Stresemannstr. 16
         58095 Hagen
         Germany


MACH-MIT BUSREISEN: Creditors' Meeting Slated for March 5
---------------------------------------------------------
The court-appointed insolvency manager for Mach-mit Busreisen
GmbH, Dr. Wolfgang Schroeder, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on March 5.

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 10:50 a.m. on May 21 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Mach-mit Busreisen Berlin on Jan. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Mach-mit Busreisen GmbH
         Birkbuschstr. 16
         12163 Berlin
         Germany


MASCHINE IM: Claims Registration Ends March 2
---------------------------------------------
Creditors of maschine im raum AG have until March 2 to register
their claims with court-appointed insolvency manager Ulrich
Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Munich
         Germany
         Tel: 089/2603966
         Telefax: 089/2609204

The District Court of Munich opened bankruptcy proceedings
against maschine im raum AG on Jan. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         maschine im raum AG
         Attn: Michael Wilhelm Kirchgassner, Manager
         Eduard-Schmidt-Str. 35
         81541 Munich
         Germany


MASCHINENBAU KUESGEN: Claims Registration Ends February 28
----------------------------------------------------------
Creditors of Maschinenbau Kuesgen GmbH have until Feb. 28 to
register their claims with court-appointed insolvency manager
Dr. Henning Dohrmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:07 a.m. on March 30, 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 Strasse 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 insolvency manager can be reached at:

         Dr. Henning Dohrmann
         Moltkestrasse 12
         51643 Gummersbach
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Maschinenbau Kuesgen GmbH on Jan. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Maschinenbau Kuesgen GmbH
         Betriebsweg 4
         51645 Gummersbach
         Germany

         Attn: Karl-Heinz Klesper, Manager
         Kreutzhauschen 21 b
         51491 Overath
         Germany


MIW GMBH: Claims Registration Ends February 28
----------------------------------------------
Creditors of MIW GmbH have until Feb. 28 to register their
claims with court-appointed insolvency manager Goerge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Leipzig
         Ground Floor
         Bernhard Goering Road 64
         04275 Leipzig
         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 insolvency manager can be reached at:

         Goerge Scheid
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Telefax: 0341/7025244
         E-mail: sozietaet@voigt-scheid.de

The District Court of Leipzig opened bankruptcy proceedings
against MIW GmbH on Jan. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MIW GmbH
         Attn: Christine Wiener, Manager
         Wilhelm-Pieck-Strasse 10
         04651 Bad Lausick
         Germany


MR MANAGEMENT: Creditors Must Register Claims by February 20
------------------------------------------------------------
Creditors of MR Management GmbH have until Feb. 20 to register
their claims with court-appointed insolvency manager
Rudolf Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 3:45 p.m. on March 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Noerdlingen
         Boardroom F/I
         Kaisheimer House
         Tandelmarkt 5
         Noerdlingen
         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 insolvency manager can be reached at:

         Rudolf Rossmann
         Schiessst"ttenstr. 15
         86159 Augsburg
         Germany
         Tel: 0821/25272-70
         Fax: 0821/25272-51

The District Court of Noerdlingen opened bankruptcy proceedings
against MR Management GmbH on Jan. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MR Management GmbH
         Attn: Andreas Robert, Manager
         Kaiser-Karl-Str. 5
         86609 Donauwoerth
         Germany


NBW AREAL: Creditors Meeting Slated for February 19
---------------------------------------------------
The court-appointed insolvency manager for NBW Areal GmbH,
Dr. Christoph Schulte-Kaubruegger, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 8:50 a.m. on Feb. 19.

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

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court 1
         14057 Berlin
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on June 11 at the same venue.

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

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against NBW Areal GmbH on Jan. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NBW Areal GmbH
         Kleiststr. 3-6
         10787 Berlin
         Germany


NOVATEX MOEBEL: Creditors Must Register Claims by February 20
-------------------------------------------------------------
Creditors of Novatex Moebel GmbH have until Feb. 20 to register
their claims with court-appointed insolvency manager
Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Boardroom 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank M. Welsch
         Villa Struck
         Barkeystr. 30
         33330 Guetersloh
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Novatex Moebel GmbH on Jan. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Novatex Moebel GmbH
         Attn: Helmuth Vogt, Manager
         Nordstr. 62
         32805 Horn-Bad Meinberg
         Germany


OMNICO LOGISTIK: Creditors Must Register Claims by Feb. 15
----------------------------------------------------------
Creditors of OMNICO Logistik GmbH & Co. KG have until Feb. 15 to
register their claims with court-appointed insolvency manager
Dr. Peter May.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Landshut
         Board Room 8/I
         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 insolvency manager can be reached at:

         Dr. Peter May
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/94321-0
         Fax: 0871/94321-50

The District Court of Landshut opened bankruptcy proceedings
against OMNICO Logistik GmbH & Co. KG on Jan. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         OMNICO Logistik GmbH & Co. KG
         Watzmannstrasse 65
         84034 Landshut
         Germany


ORGA-BERATUNG ANGERSTEIN: Creditors Must File Claims by Feb 20
--------------------------------------------------------------
Creditors of Orga-Beratung Angerstein GmbH have until Feb. 20 to
register their claims with court-appointed insolvency manager
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Hannover
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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 insolvency manager can be reached at:

         Dr. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against Orga-Beratung Angerstein GmbH on Jan. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Orga-Beratung Angerstein GmbH
         Langer Acker 13
         30900 Wedemark
         Germany

         Attn: Hans-H. Angerstein, Manager
         Danziger Ring 12
         30900 Wedemark
         Germany


PATA NEGRA: Creditors Must Register Claims by February 28
---------------------------------------------------------
Creditors of Pata Negra Restauration A. Garcia Ortega GmbH have
until Feb. 28 to register their claims with court-appointed
insolvency manager Dr. Joern-H. Meyn.

The insolvency manager can be reached at:

         Dr. Joern-H. Meyn
         Herrengraben 31
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Pata Negra Restauration A. Garcia Ortega GmbH on
Jan. 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The District Court of Hamburg can be reached at:

         Hall B 405
         4th Floor Annex
         Civil Courts Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Debtor can be reached at:

         Pata Negra Restauration A. Garcia Ortega GmbH
         Domstrasse 17-19
         20095 Hamburg
         Germany

         Attn: Avelino Garcia Ortega, Manager
         Freschenhausener Weg 41
         21220 Seevetal
         Germany


PETIT PARIS: Claims Registration Ends February 28
-------------------------------------------------
Creditors of Petit Paris Modehandels GmbH have until Feb. 28 to
register their claims with court-appointed insolvency manager
Olaf Spiekermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 28, 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 Landau in der Pfalz
         Room 223
         Marienring 13
         76829 Landau in der Pfalz
         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 insolvency manager can be reached at:

         Olaf Spiekermann
         in Kanzlei Brinkmann & Partner
         Augustaanlage 62-64
         68165 Mannheim
         Germany
         Tel: 0621/4329280
         Fax: 0621/43292827

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against "Petit Paris" Modehandels GmbH on Jan. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Petit Paris Modehandels GmbH
         Attn: Martha Bischoff, Manager
         Gerberstr. 24
         76829 Landau in der Pfalz
         Germany


PIN SYSTEMBERATUNG: Claims Registration Ends March 14
-----------------------------------------------------
Creditors of PiN Systemberatung GmbH have until March 14 to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

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 Muenster
         Meeting Room 119 B
         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 insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany
         Tel: 0211/492240
         Fax: +492114922487


The District Court of Muenster opened bankruptcy proceedings
against PiN Systemberatung GmbH on Jan. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PiN Systemberatung GmbH
         Attn: Hendrik Hemsteg, Manager
         Zhrenfeld 6
         46348 Raesfeld
         Germany


PROREAL NORD: Claims Registration Ends February 28
--------------------------------------------------
Creditors of ProReal Nord GmbH have until Feb. 28 to register
their claims with court-appointed insolvency manager Joern-H.
Meyn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 30, 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 Annex
         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 insolvency manager can be reached at:

         Dr. Joern-H. Meyn
         Herrengraben 31
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against ProReal Nord GmbH on Jan. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ProReal Nord GmbH
         Eilenau 56
         22089 Hamburg
         Germany

         Attn: Andrea Foerster, Manager
         Guentherstr.9 a
         3. Stock
         22087 Hamburg
         Germany


SCHIECKE GMBH: Claims Registration Ends April 5
-----------------------------------------------
Creditors of Schiecke GmbH have until April 5 to register their
claims with court-appointed insolvency manager Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany      

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

The insolvency manager can be reached at:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Schiecke GmbH on Jan. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schiecke GmbH
         Attn: Eric-Arne Schiecke, Manager
         Ulmenallee 4
         99631 Weissensee
         Germany


SICOM EDV: Claims Registration Ends February 20
-----------------------------------------------
Creditors of Sicom EDV-Service GmbH have until Feb. 20 to
register their claims with court-appointed insolvency manager
Juergen Holst.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Norderstedt
         Hall B
         City Hall Avenue 80
         22846 Norderstedt
         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 insolvency manager can be reached at:

         Juergen Holst
         Flughafenstrasse 52b
         22335 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Sicom EDV-Service GmbH on Jan. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sicom EDV-Service GmbH
         Attn: Petra Riepen, Liquidator
         Pinneberger Strasse 30e
         25474 Hasloh
         Germany


TIEF- UND KANALBAU: Claims Registration Ends Feb. 27
----------------------------------------------------
Creditors of Tief- und Kanalbau Forst GmbH have until Feb. 27 to
register their claims with court-appointed insolvency manager
Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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:

         District Court of Cottbus
         Hall 210
         Court Place 2
         Cottbus
         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 insolvency manager can be reached at:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Tief- und Kanalbau Forst GmbH on Jan. 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Tief- und Kanalbau Forst GmbH
         neschen Graben 6
         49 Forst
         Germany


T.A.L. GMBH: Claims Registration Ends March 14
----------------------------------------------
Creditors of T.A.L. GmbH Telekommunikations-Anlagen + Loesungen
have until March 14 to register their claims with court-
appointed insolvency manager Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 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 of Dortmund
         Hall 201
         2nd Floor
         Geritchplatz 1
         44135 Dortmund
         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 insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against T.A.L. GmbH Telekommunikations-Anlagen + Loesungen on
Jan. 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         T.A.L. GmbH Telekommunikations-Anlagen + Loesungen
         Otto-Brenner-Str. 2
         59425 Unna
         Germany


TANGERMANN GARTENBAU: Claims Registration Ends February 27
----------------------------------------------------------
Creditors of Tangermann Gartenbau GmbH have until Feb. 27 to
register their claims with court-appointed insolvency manager
Bernd Wetjen.

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 Hildesheim
         Hall 124
         Main Building
         Emperor Route 60
         31134 Hildesheim
         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 insolvency manager can be reached at:

         Bernd Wetjen
         Alter Markt (Kaiserhaus) 1
         31134 Hildesheim
         Germany
         Tel: 91710
         Fax: 917171

The District Court of Hildesheim opened bankruptcy proceedings
against Tangermann Gartenbau GmbH on Jan. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tangermann Gartenbau GmbH
         Heyersumer Str. 21
         31171 Nordstemmen
         Germany


TBW TROCKENBAU: Claims Registration Ends February 12
----------------------------------------------------
Creditors of TBW Trockenbau und Bauservice Weissenborn GmbH have
until Feb. 12 to register their claims with court-appointed
insolvency manager Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on March 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 insolvency manager can be reached at:

         Horst Helberg
         Selliner Str. 6
         01109 Dresden
         Germany
         Tel: (0351) 884680
         Fax: (0351) 8846811
         E-mail: kanzleidd@pfefferle.de

The District Court of Chemnitz opened bankruptcy proceedings
against TBW Trockenbau und Bauservice Weissenborn GmbH on Jan
11.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         TBW Trockenbau und Bauservice Weissenborn GmbH
         GF Michael May
         Bahnhofstrasse 45 B
         09600 Weissenborn OT Berthelsdorf
         Germany


TERRA-PLASTIK GMBH: Claims Registration Ends February 20
--------------------------------------------------------
Creditors of Terra-Plastik GmbH have until Feb. 20 to register
their claims with court-appointed insolvency manager
Raimund Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on March 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Hall 12
         Gerichtsstr 6
         Auxiliary Building
         32756 Detmold
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Raimund Schafmeister
         Moltkestr 12
         32756 Detmold
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Terra-Plastik GmbH on Jan. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Terra-Plastik GmbH
         Oerlinghauser Str. 8
         32108 Bad Salzuflen
         Germany


TKB BAU: Claims Registration Ends March 19
------------------------------------------
Creditors of tkb Bau GmbH have until March 19 to register their
claims with court-appointed insolvency manager Dr. Jan Markus
Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt am Main
         Hall 1
         Gebaude F
         Klingerstrasse 20
         60313 Frankfurt am Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt am Main
         Germany
         Tel: 069/9623340
         Fax: 069/96233422

The District Court of Frankfurt am Main opened bankruptcy
proceedings against tkb Bau GmbH on Jan 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         tkb Bau GmbH
         Lersnerstrasse 22
         60322 Frankfurt am Main
         Germany


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


ANTENNA TV: Moody's Rates EUR120-Mln Sr. Unsec. Notes at B1
-----------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the B1 corporate family rating of Antenna TV S.A. and
the B1 rating on the company's EUR120-million of 7.25% senior
unsecured notes due 2015.  

The outlook change reflects the difficult operating environment
that the company is facing in its core TV operations in Greece,
which is characterized by declining audience shares due to the
emergence of new competitors, pricing pressures and low
profitability.

Antenna TV's audience share for the first nine months of 2006
declined to 17.9% from 20.0% in the same period of 2005, while
consolidated EBITD declined by 35% from EUR18.9 million to
EUR12.3 million over the same period.  Moody's said that it has
changed the rating outlook to reflect Antenna's weakly
positioned B1 rating, and that further negative pressure could
develop over the coming months if Antenna does not strengthen
its audience share and restore revenues and profits from its
core Greek TV operations to the levels achieved back in 2005.

Moody's expects that the task of improving audience share and
operating performance will prove to be increasingly challenging
for Antenna as a result of:

   (i) the lack of visibility in the Greek advertising market,

  (ii) the current tough competitive environment in Greece, and

(iii) the uncertainty regarding the success of the company's
       new programming strategy, which is aimed at reaching a
       new target population of 15-45 years.

However, Moody's positively notes that growth at Nova
Television, the group's Bulgarian subsidiary, is to some extent
offsetting the weakness in the core TV operations in Greece, and
that as a result, credit metrics for year-end 2006 are not
expected to change significantly compared with a year earlier.  
Moody's also notes that the company's efforts to reduce costs
across its operations should help to improve margins going
forward.

The rating could come under further downward pressure if the
company's audience shares in its core domestic TV operations
fail to stabilize at around 20%, and if revenues and
profitability do not return to 2005 levels with the reporting of
its second quarter 2007 results.  The rating could also be
downgraded if Total debt / EBITDA is sustained at levels above
6.0x.  At this juncture, upward pressure on the rating is likely
to be limited to a stabilization of the ratings outlook.  This
is unlikely to occur until there is evidence of sustained
improvement of performance in the core domestic operations,
while maintaining a strong contribution from Nova and a
satisfactory liquidity position.  This rating action follows the
stabilization of the Antenna's outlook in April 2005.

The outlook has been changed to negative on these ratings:

   -- Corporate Family Rating of B1

   -- EUR120-million of 7.25% senior unsecured notes due 2015
      rated B1

Antenna TV S.A. is one of the leading media groups in Greece.
The company operates Antenna TV (the leading television
broadcast network and producer of television programming in
Greece), Antenna FM (a radio station in the greater Athens
area), and also has a 50% interest in Daphne, a publishing
company with a portfolio of 13 magazines.  Antenna also owns
100% of Nova Television, one of only two private national
television networks in Bulgaria.


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


TAURUS CMBS: Asset Sale Spurs S&P to Rate Class G Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the class C, D, E,
F, and G notes issued by Taurus CMBS No. 2 S.r.l.  The ratings
on the class A, B, and X notes are unaffected.
  
The CreditWatch placement follows an initial review of the most
recent transaction information received by Standard & Poor's.  
This analysis showed that the likelihood of a positive rating
action has increased due to the prepayment of three of the four
loans, the Bentra, Little Domus, and Leather loans.  There was
also a partial prepayment of the Berenice loan following the
sale of two assets. At this time, there is one loan remaining in
the portfolio.
  
The EUR201.95 million loan prepayments proceeds have been
deposited in an issuer account and will be applied to the notes
at the July 2007 interest payment date.  In Italian
securitizations, repayments within the first 18 months are
subject to a 20% withholding tax and it was decided that it
would be financially advantageous to deposit the proceeds until
the expiration of the withholding tax period.
  
As a consequence of depositing the proceeds into an issuer
account rated 'A-1+', the transaction is now partly cash-
collateralized.
    
Standard & Poor's will now execute a more detailed transactional
analysis to investigate whether any or all of these notes can
attain a higher rating.  The results of this review and any
rating changes are expected within a month of
this media release.
  
Taurus CMBS No. 2 closed in December 2005.  Originally, the
notes were backed by four loans originated by the Milan branch
of Merrill Lynch Capital Markets Bank Ltd. and secured on 82
commercial properties located in Italy.  There are currently 51
properties remaining in the portfolio.
  
                          Ratings List
                      Taurus CMBS No. 2 S.r.l.
           EUR403.9 Million Commercial Mortgage-Backed
                  Floating-Rate Notes Series 2
  
            Class                  Rating
                        To                        From
  
Ratings Placed on CreditWatch with Positive Implications
  
            C           AA/Watch Pos              AA
            D           A+/Watch Pos              A+
            E           A-/Watch Pos              A-
            F           BBB/Watch Pos             BBB
            G           BB/Watch Pos              BB
  

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


AI-SAULE LLP: Claims Registration Period Ends March 9
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Ai-Saule insolvent.  

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

         LLP Ai-Saule
         Ulbike akyn Str. 124/10
         Taraz
         Jambyl region
         Kazakhstan
         Tel/Fax: 8 (3262) 34-53-11


ALTYN-AIMAK CJSC: Claims Registration Period Ends March 16
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared CJSC Mountain-Metallurgical Corp. Altyn-Aimak
insolvent.

Creditors have until March 16 to submit proofs of claim to:

         CJSC Mountain-Metallurgical Corporation Altyn-Aimak
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel/Fax: 8 (3232) 26-24-41


BIDAI-NAN: Karaganda Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region has commenced bankruptcy proceeding against JSC Bidai-
Nan.


COMFORT BUILDING: Claims Registration Period Ends March 9
---------------------------------------------------------
LLP Comfort Building has declared insolvency.  Creditors have
until March 9 to submit proofs of claim to:

         LLP Comfort Building
         Dostyk Ave. 248a-4
         Almaty
         Kasakhstan


CONSTRUCTION LLP: Claims Registration Period Ends March 9
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region has declared LLP Construction insolvent.

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

         LLP Construction
         Room 6
         Building of Auto Station
         Micro district 28
         Aktau
         Mangistau region
         Kazakhstan
         Tel: 8 (3292) 41-15-89
              8 (3292) 41-59-84
              8 701 512 79-11


IBC-INTERNATIONAL: Claims Registration Period Ends March 9
----------------------------------------------------------
LLP IBC-International has declared insolvency.  Creditors have
until March 9 to submit proofs of claim to:

         LLP Ibc-International
         Abdirov Str. 19
         Karaganda
         Karaganda Region
         Kasakhstan


MTS ALTYN-DEN: Claims Registration Period Ends March 9
------------------------------------------------------
OJSC Mts Altyn-Den has declared insolvency.  Creditors have
until March 9 to submit proofs of claim to:

         OJSC Mts Altyn-Den
         Kamskaya Str. 91
         Karaganda
         Karaganda region
         Kasakhstan


SEVER TORG: Claims Registration Period Ends March 9
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Ever Torg Agro insolvent.  

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

         LLP Ever Torg Agro
         Jumabaev Str. 109-506
         Petropavlovsk
         North Kazakhstan region
         Kazakhstan


TECHNO-LUX & CO: Claims Registration Period Ends March 9
--------------------------------------------------------
LLP Techno-Lux & Co has declared insolvency.

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

         LLP Techno-Lux & Co
         Tole bi Str. 144-4
         Almaty
         Kazakhstan


TSESNA INT'L: Fitch Assigns B- Rating to Upcoming Eurobond Issue
----------------------------------------------------------------
Fitch Ratings assigned Tsesna International B.V. upcoming debut
eurobond an expected Long-term 'B-' rating and an expected
Recovery Rating 'RR4'.  

Kazakhstan-based JSC Tsesnabank, rated Issuer Default 'B-',
Short-term 'B', Individual 'D/E' and Support '5', will
unconditionally and irrevocably guarantee the due and punctual
payment of all amounts at any time becoming due and payable in
respect of the notes.  The final rating is contingent upon
receipt of final documentation conforming materially to
information already received.

The notes are to rank at least equally with the claims of other
unsecured creditors of TSB, save those preferred by relevant
legislation.  Under Kazakhstani law, the claims of retail
depositors and accountholders rank above those of other senior
unsecured creditors.  At end of nine months 2006, retail
deposits and accounts constituted 19.8% of TSB's total
liabilities, according to the bank's reviewed IFRS accounts.  

Covenants prevent TSB from entering into transactions of US$3
million or more on other than market terms, restrict dividend
payments to 50% of annual net income, and oblige the bank to
maintain a total capital ratio of at least 12%, as calculated in
accordance with the Basel I recommendations.  The terms and
conditions of the notes also contain a cross default clause and
a negative pledge clause, the latter of which allows for a
degree of securitization by TSB. Should any securitization be
undertaken, Fitch comments that the nature and extent of any
overcollateralization would be assessed by the agency for any
potential impact on unsecured creditors.

TSB was the 14th-largest bank in Kazakhstan at end
Sept. 30, 2006, with only a small, but increasing, percentage of
system assets.  Historically, the bank's business has been
concentrated in the capital Astana, where it still has a leading
position.  Around 96.5% of TSB's voting shares are held by

Tsesna Corp. was established in 1988 in Astana.  The group's
ultimate beneficiaries are Mr. Adylbek Djaksybekov, who is the
current chairman of the presidential administration, and his
family.


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


AKIMER LLC: Claims Filing Period Ends March 16
----------------------------------------------
Joint Kyrgyz-Arabic LLC Akimer has declared insolvency.  
Creditors have until March 16 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 53-01-77.


FATBOY'S LLC: Claims Registration Ends March 16
-----------------------------------------------
LLC Fatboy's has declared insolvency.  Creditors have until
March 16 to submit written proofs of claim to:

         LLC Fatboy's
         Chui Ave. 104
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 28-73-27


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


DOV PHARMA: Begins Debt-to-Equity Swap for Convertible Notes
------------------------------------------------------------
DOV Pharmaceutical Inc. commenced an exchange offer on Jan. 29,
2007, for all of its 2.50% Convertible Subordinated Debentures
due 2025.  

DOV is offering to exchange the Debentures for shares of
convertible preferred stock and a cash payment.  Holders of
approximately 88% of the Debentures have committed to tender
their Debentures in the Exchange Offer.

Under the terms of the Exchange Offer, DOV will issue in
exchange for each US$1,000 in principal amount of Debentures
properly tendered and accepted for exchange, a cash payment of
US$212.50 plus 8 shares of a new series C convertible preferred
stock, par value US$1.00 per share and a liquidation preference
of US$100 per share.

The new series C preferred stock will be convertible by the
holders into shares of common stock following stockholder
approval and filing of an amendment to DOV's charter increasing
the number of shares of authorized common stock as necessary to
accommodate such conversion and also will automatically convert
30 days following the filing of the amendment to DOV's charter
or earlier in certain circumstances.  Generally, the preferred
stock will vote with the common stock as a single class on an
as-converted basis, and will entitle the holders of a majority
of the new series C convertible preferred stock to initially
appoint a majority of DOV's Board of Directors.

As an alternative to the 8 shares of new series C convertible
preferred stock, DOV will offer holders of Debentures the
ability to elect to receive 8 shares of an alternative new
series D convertible preferred stock, par value US$1.00 per
share.  For any holder who elects to receive this new series D
convertible preferred stock in the Exchange Offer instead of the
series C convertible preferred stock, DOV will issue in exchange
for each US$1,000 in principal amount of Debentures properly
tendered and accepted for exchange, the cash payment of
US$212.50 plus 8 shares of the alternative new series D
convertible preferred stock.

Unlike the new series C convertible preferred stock, the
alternative series D convertible preferred stock will have no
voting rights except as required by law, will not have any
initial stated liquidation preference, will not mandatorily
convert into common stock and will restrict a holder's ability
to convert if such holder would beneficially own in excess of
9.9% of the Company's capital stock entitled to vote generally.  
The company currently has 26,743,657 common shares outstanding.

On an as converted basis if all Debentures are tendered in the
Exchange Offer, the bondholders would hold 106,974,628 shares of
common stock of the Company or approximately 80% of the equity
of DOV without giving effect to any warrants and existing and
future equity incentive plans of the company.

In connection with the Exchange Offer, it is anticipated that
holders of DOV's outstanding common stock will receive
approximately one and one-tenths warrants for each share of
common stock outstanding totaling approximately 30,000,000
warrants.  The exercise price for the warrants will be US$0.523
per share and the warrants will become exercisable on July 1,
2007 and will expire Dec. 31, 2009.

Assuming all Debentures are tendered in the Exchange Offer and
all the new convertible preferred stock issued in the Exchange
Offer were converted into common stock following completion of
the Exchange Offer, existing common stockholders would own
approximately 20% of the equity of DOV without giving effect to
any warrants and existing and future equity incentive plans of
the company.  Assuming all Debentures are tendered in the
Exchange Offer, all the new convertible preferred stock issued
in the Exchange Offer were converted into common stock following
completion of the Exchange Offer and all warrants issued in
connection with the Exchange Offer are exercised, existing
common stockholders would own approximately 34.7% of the equity
of DOV without giving effect to existing and future equity
incentive plans of the company.

The Exchange Offer will expire at 5:00 p.m., New York City time,
on Monday, March 5, 2007, unless extended by DOV with the
consent of the holders of a majority in outstanding principal
amount of the Debentures. The Exchange Offer is conditioned upon
the valid tender of at least 99% of the aggregate principal
amount of the outstanding Debentures.  This condition may be
modified by DOV with the consent of the holders of a majority in
outstanding principal amount of the Debentures.  The Exchange
Offer is also conditioned on several other conditions.

DOV will not be required, but will reserve the right, to accept
for exchange any existing Debentures tendered (or,
alternatively, DOV may terminate the Exchange Offer) if any of
the conditions of the Exchange Offer remain unsatisfied, subject
to the requirement that the company obtains the consent of
holders of a majority in outstanding principal amount of the
Debentures in order to modify the 99% minimum tender condition.

An Offer to Exchange and a related Letter of Transmittal are
being distributed to holders of the Debentures today in which
the terms of the Exchange Offer are described in detail.

                        Bankruptcy Warning

If DOV is unable to restructure its obligations under the
Debentures, it may be forced to seek protection under the U.S.
bankruptcy laws.

                     About DOV Pharmaceutical

Somerset, New Jersey-based DOV Pharmaceutical Inc. (PS: DOVP.PK)
-- http://www.dovpharm.com/-- is a biopharmaceutical company    
focused on the discovery, acquisition, and development of novel
drug candidates for central nervous system disorders.  The
company's product candidates address some of the largest
pharmaceutical markets in the world including depression, pain
and insomnia.  The company also operates a subsidiary in
Luxembourg.

At Sept. 30, 2006, the company's balance sheet showed
US$54.528 million in total assets and US$105.504 million in
total liabilities, resulting in a US$50.975 million
stockholders' deficit.  The company had a US$19.301 million
deficit at Dec. 31, 2005.


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


INDOVER BANK: Fitch Revises B+ IDR Outlook to Stable
----------------------------------------------------
Fitch Ratings changed the Outlook of Netherlands-based
Indover Bank's Issuer Default rating to Positive from Stable.  
At the same time the agency has affirmed the bank's ratings at
IDR 'B+', Short-term 'B', Individual 'D/E', and Support '4'.

The rating action mirrors Outlook revision on the Republic of
Indonesia to Positive from Stable.  The IDR continues to reflect
the commitment of Bank Indonesia, the bank's sole shareholder
and Indonesian central bank, to provide support to Indover Bank
in case of need.  Although Bank Indonesia is obliged to divest
Indover Bank by end-2008, it has explicitly stated its
commitment to "continue supporting the activities of Indover
Bank" until divestment takes place.  Indover Bank's Support
rating of '4' takes into account this commitment, but also
reflects possible limitations in Bank Indonesia's ability to
provide support, as indicated by the Republic of Indonesia's IDR
of 'BB-'.

The Individual rating reflects Indover Bank's reduced but still
existing dependence on Bank Indonesia for funding and liquidity
and the bank's lack of profitability.  However, the rating also
takes into account the bank's strong, albeit declining, capital
base.  Indover Bank has not yet been able to rebuild a
profitable business model since the 1997 Asian crisis, which
caused a collapse in asset quality and profitability.  The asset
quality issues were subsequently addressed by transferring the
bad loans into a separate legal entity but the bank has yet to
regenerate its franchise, and revenues are low and do not cover
costs.  Nevertheless, management is restructuring the bank and
has adopted a strategy aimed at expanding the client base and
increasing transaction volumes.  With a Tier 1 ratio of 26% at
mid-2006, Indover Bank has sufficient capital to absorb current
losses and to support future asset growth.

A specialized wholesale bank active in trade finance based in
Amsterdam, Indover Bank has a branch in Hamburg, wholly owned
subsidiaries in Hong Kong and Singapore and a representative
office in Jakarta.


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


BALEY-AUTO-TRANS OJSC: Creditors Must File Claims by March 13
-------------------------------------------------------------
Creditors of OJSC Baley-Auto-Trans have until March 13 to submit
written proofs of claim to:

         S. Dyubin, Insolvency Manager
         Post User Box 952
         Chita-Center
         Chita Region
         672000 Tver Region
         Russia

The Arbitration Court of Chita Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A78-2107/2005 B-12.

The Debtor can be reached at:

         OJSC Baley-Auto-Trans
         Oktyabrskaya Str. 93
         Baley
         673450 Chita Region
         Russia


CONFECTIONARY PERSPEKTIVA: Claims Filing Period Ends Feb. 13
------------------------------------------------------------
Creditors of Confectionary Perspektiva have until Feb. 13 to
submit written proofs of claim to:

         S. Tsegoev, Insolvency Manager
         Avgustovskih Sobytiy Str. 10
         Vladikavkaz
         362002 Severnaya Osetiya Republic-Alaniya
         Russia

The Arbitration Court of Severnaya Osetiya Republic-Alaniya
commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A61-1932/06-7.

The Debtor can be reached at:

         Confectionary Perspektiva
         Gastello Str. 151
         Vladikavkaz
         Severnaya Osetiya Republic-Alaniya
         Russia


ERSHOVSKAYA SEL-KHOZ-KHIMIYA: Claims Deadline Set March 13
----------------------------------------------------------
Creditors of OJSC Ershovskaya Sel-Khoz-Khimiya have until
March 13 to submit written proofs of claim to:

         I. Kuvshinov, Insolvency Manager
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Arbitration Court of Saratov Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-673b/05-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Ershovskaya Sel-Khoz-Khimiya
         Pionerskaya Str. 30
         Ershov
         Saratov Region
         Russia


KORKINSKIY DIARY: Creditors Must File Claims by March 13
--------------------------------------------------------
Creditors of OJSC Korkinskiy Diary have until March 13 to submit
written proofs of claim to:

         Y. Remizov, Insolvency Manager
         Kirova Str. 118
         456091 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-10751/2006-60-110.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Korkinskiy Diary
         Pushkova Str. 1
         Korkino
         456550 Chelyabinsk Region
         Russia


KRONA-M CJSC: Moscow Court Names O. Dolina as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. O. Dolina as
Insolvency Manager for CJSC Insurance Company Krona-M.  She can
be reached at:

         O. Dolina
         Apartment 39
         M. Gorkogo Str. 4/26
         Kaluga Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-14197/06-44-71B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Insurance Company Krona-M
         Myachkovskiy Avenue 31/19
         Moscow Region
         Russia


KUCHUKOVSKOYE CJSC: Creditors Must File Claims by March 13
----------------------------------------------------------
Creditors of CJSC Kuchukovskoye have until March 13 to submit
written proofs of claim to:

         V. Konovalov, Temporary Insolvency Manager
         Post User Box 7664
         Central Post Office
         644099 Omsk Region
         Russia

The Arbitration Court of Tomsk Region commenced bankruptcy
supervision procedure on CJSC Kuchukovskoye.  The case is
docketed under Case No. A675814/06.

The Debtor can be reached at:

         CJSC Kuchukovskoye
         Kuchukovo
         Zyryanskiy Region
         636859 Tomsk Region
         Russia


KUKUSHANSKIY YEAST: Asset Bidding Deadline Slated for Feb. 13
-------------------------------------------------------------
A. Nudelman, bidding organizer for OJSC Kukushanskiy Yeast
Plant, will open a public auction for the company's properties
at 4:00 p.m. on Feb. 22 at:

         Drozhzavodskaya Str. 7
         Kukushtan
         Perm Region
         Russia

The company has set a RUR3,516,477 starting price for the
auctioned assets.

Interested participants have until Feb. 13 to deposit an amount
of RUR700,000 to:

         OJSC Kukushanskiy Yeast Plant
         Settlement Account 40702810750020000041
         Branch CB Dragotsennosti Urala (CJSC) Perm
         Correspondent Account 3010181010000000869
         BIK 045744869

Bidding documents must be submitted to:

         A. Nudelman
         Drozhzavodskaya Str. 7
         Kukushtan
         Perm Region
         Russia

The Debtor can be reached at:

         OJSC Kukushanskiy Yeast Plant
         Drozhzavodskaya Str. 7
         Kukushtan
         Perm region
         Russia


OPAL LLC: Creditors Must File Claims by February 13
---------------------------------------------------
Creditors of LLC Opal have until Feb. 13 to submit written
proofs of claim to:

         M. Makhnev, Insolvency Manager
         Nakhichevanskiy Per. 64
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Krasnodar Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A32-27044/2006-2/2537-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Opal
         Korenovsk
         Krasnodar region
         Russia


OPEN PIT: Kemerove Bankruptcy Hearing Slated for April 4
--------------------------------------------------------
The Arbitration Court of Kemerovo Region will convene on April 4
to hear the bankruptcy supervision procedure on LLC Open Pit
Mine.  The case is docketed under Case No. A27-17314/06-4.

The Temporary Insolvency Manager is:

         M. Brodesko
         Post User Box 1927
         Sovetskiy Pr. 61
         650000 Kemerovo Region
         Russia

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Open Pit Mine
         Pochtovaya Str. 65
         Trudoarmeyskiy
         Kemerovo Region
         Russia


ONAKO-VOLGA CJSC: Creditors Must File Claims by February 13
-----------------------------------------------------------
Creditors of CJSC Onako-Volga (TIN 6313002166) have until
Feb. 13 to submit written proofs of claim to:

         E. Ivanov, Insolvency Manager
         Dimitrova Str. 87
         443122 Samara Region
         Russia

The Arbitration Court of Samara Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A55-17685/2006.

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         CJSC Onako-Volga
         Prigorodnaya Str. 2
         443028 Samara Region
         Russia


PROMSVYAZBANK JSCB: Earns RUR3.79 Billion Before Tax in 2006
------------------------------------------------------------
JSCB Promsvyazbank released its operating results for financial
year 2006, prepared according to Russian Accounting Standards.

Promsvyazbank posted a 150% increase in pre-tax profits to
RUR3.79 billion.  As of Dec. 31, 2006, the company had
RUR181 billion in total assets, RUR159.9 billion in liabilities
and RUR20.1 billion in shareholders' equity, RIA Novosti
reports.

"The profit increase is due to considerable growth in the bank's
corporate and retail business, which resulted in a rise in
interest and fee income," Promsvyazbank said.

                       About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                        *     *     *

In a TCR-Europe report on Dec. 21, 2006, Standard & Poor's
Ratings Services raised its long- and short-term counterparty
credit ratings on Russia-based Promsvyazbank JSCB to 'B+/B' from
'B/C'.

At the same time, the ratings were removed from CreditWatch
where they had been placed with positive implications on
Aug. 31, 2006, following the announcement that Germany-based
Commerzbank AG was acquiring a 15.3% stake in PSB, with a
potential step-by-step increase to a majority stake in the
medium term.  The outlook is positive.

As reported in the TCR-Europe on Dec. 11, 2006, Moody's
Investors Service changed from stable to positive the outlook on
Promsvyasbank's Ba3 long-term foreign currency deposit and debt
ratings.  The outlook on the bank's D- financial strength rating
remains unchanged.

At the same time the outlook for the Ba3 long-term foreign
currency debt rating assigned to US$125 million 8.75% senior
unsecured loan participation notes and the B1 long-term foreign
currency debt rating assigned to the US$200 million 9.625%
subordinated loan participation notes issued by PSB Finance S.A.
have also been changed to positive.

As reported in the TCR-Europe on Dec. 8, 2006, Fitch Ratings
changed the Outlook on the Issuer Default Rating of Russia-based
Promsvyazbank to Positive from Stable.  The bank's ratings are
affirmed at IDR B+, Short-term B, Individual D, and Support 5.

Fitch has assigned an expected Long-term rating of B+ to PSB's
upcoming senior unsecured eurobond and an expected Long-term
rating of B- to its upcoming subordinated debt issue.

Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes
issue expected ratings of Long-term B+ and Recovery RR4.  The
issue is to be used solely for financing a loan to Russia-based
JSC Promsvyazbank, which has been upgraded to Issuer Default
rating B+ from B.  Fitch has also assigned an expected Long-term
rating of B- to the bank's upcoming subordinated debt issue.


ROS-TEKH-GAS CJSC: Creditors Must File Claims by March 13
--------------------------------------------------------
Creditors of CJSC Holding Company Ros-Tekh-Gas (TIN 7801109235)
have until March 13 to submit written proofs of claim to:

         O. Shakhova, Temporary Insolvency Manager
         Office 502
         Lenina Str. 21v
         454091 Chelyabinsk Region
         Russia

The Arbitration Court of St. Petersburg and Leningrad Region
commenced bankruptcy supervision procedure on the company.  The
case is docketed under Case No. A56-14034/2006.

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 Holding Company Ros-Tekh-Gas
         Letter B
         Uralskaya Str. 12
         St. Petersburg Region
         Russia


ROSNEFT OIL: Inks US$6-Billion Oil Supply Deal with PKN Orlen
-------------------------------------------------------------
OAO Rosneft Oil Co. signed a US$6-billion deal to supply
3.36 million tons of oil annually to PKN Orlen S.A. until 2011,
Kommersant reports.

Rosneft, through oil trader Petraco Oil Co., will supply the oil
straight to PKN Orlen, bypassing Lithuania's Mazeikiu Nafta.  

The five-year contract, a rarity in the oil industry, may have
been spurred by political risks as Russia tightened its stance
on fuel deliveries, Kommersant suggests.  Russia had cut oil
supplies to Ukraine and Belarus, causing fuel disruptions to
Western Europe.

Mikhail Perfilov of Fearnleys said a long-term contract
guarantees long-term oil supplies to a consumer.

"Yearly contracts make it possible to reflect fundamental
changes in the current situation on Russian oil market,"
Alexander Ershov of Argus Media said.

According to Kommersant, PKN chose Rosneft, a state-owned
company, so it might be able to influence the situation in
Russia from within.  

                        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.


SEVERSTAL OAO: Eyes Assets in America, Asia and Europe
------------------------------------------------------
OAO Severstal will acquire assets in North and Latin America,
Europe, and Asia, RIA Novosti reports citing Severstal CEO
Alexei Mordashov as saying.

"In 2007, we plan to expand both by enhancing the effectiveness
of existing assets and through mergers and acquisitions," Mr.
Mordashov told RIA Novosti.

Mr. Mordashov said Severstal would focus buying assets in North
America and Europe, where the steel market potential is
underestimated.  The company would also acquire assets in high
market growth regions -- Russia, Asia, and Latin America.

                          Transactions

Mr. Mordashov revealed that the company would participate in a
tender to deliver steel pipes for the Nord Stream pipeline,
which will link Russia to Germany via the Baltic Sea, RIA
Novosti relays.  Mr. Mordashov said some of the deals could be
signed before the end of the year.

Mr. Mordashov also revealed that the joint venture between
Severstal and Anglo American will be registered soon, with the
company holding 51% and the British firm controlling 49%.  The
joint venture will prospect for nickel, copper and zinc deposits
in Russia.  

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of June 30, 2006, Severstal had US14.04 billion in total
assets, US$4.89 billion in total liabilities and US$9.15 billion
in total shareholders' equity.

For the first nine months of 2006, Severstal posted a 7.4% year-
on-year slide in net profits to RUR23.5 billion, against a 6.3%
year-on-year hike in revenues to RUR113.59 billion.

                        *     *     *

As of Feb. 1, 2007, Severstal carries these ratings:

   * Moody's
      -- Outlook: Stable
      -- Long-term Corp. Family Rating: Ba3
      -- Senior Unsecured Debt: B1

   * Standard & Poor's
      -- Outlook: Stable
      -- Long-term Foreign Issuer Credit: BB-
      -- Long-term Local Issuer Credit: BB-

   * Fitch
      -- Long-term Issuer Default Rating: BB-
      -- Senior Unsecured Debt: BB-
      -- Short-term: B
      -- Short-term Issuer Default Rating: B


SEVERSTAL OAO: To Unveil 2006 Financial Results in April
--------------------------------------------------------
OAO Severstal will publish its 2006 financial statements in
April, Analytical Information Agency reports citing company
chief executive Alexey Mordashov.

Mr. Mordashov said Severstal posted considerable growth in 2006,
noting that the company produced around 17 million tons of steel
during the year.

The chief executive forecasted an increase in Severstal's
economic and production indexes.

"Quotes of our shares will rise owing to the new corporate
management and our information openness," Mr. Mordashov said.

In 2007, Severstal will review opportunities to enlarge the
business and will be more active in merger and acquisition
transactions, Mr. Mordashov added.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of June 30, 2006, Severstal had US14.04 billion in total
assets, US$4.89 billion in total liabilities and US$9.15 billion
in total shareholders' equity.

For the first nine months of 2006, Severstal posted a 7.4% year-
on-year slide in net profits to RUR23.5 billion, against a 6.3%
year-on-year hike in revenues to RUR113.59 billion.

                        *     *     *

As of Feb. 1, 2007, Severstal carries these ratings:

   * Moody's
      -- Outlook: Stable
      -- Long-term Corp. Family Rating: Ba3
      -- Senior Unsecured Debt: B1

   * Standard & Poor's
      -- Outlook: Stable
      -- Long-term Foreign Issuer Credit: BB-
      -- Long-term Local Issuer Credit: BB-

   * Fitch
      -- Long-term Issuer Default Rating: BB-
      -- Senior Unsecured Debt: BB-
      -- Short-term: B
      -- Short-term Issuer Default Rating: B


STROY-DETAIL OJSC: Creditors Must File Claims by March 13
--------------------------------------------------------
Creditors of OJSC Stroy-Detail 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. A67-8169/06.

The Debtor can be reached at:

         OJSC Stroy-Detail
         Chernomorskaya Str. 83
         634021 Tomsk Region
         Russia


STROY-OB' CJSC: Bankruptcy Hearing Slated for April 16
------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
will convene on April 16 to hear the bankruptcy supervision
procedure on CJSC Building Company Stroy-Ob' (TIN 8603101042).
The case is docketed under Case No. A-75-8105/2006.

The Temporary Insolvency Manager is:

         V. Bolgov
         Apartment 1
         Novogodnyaya Str. 9
         Nizhnyaya Tavda
         Nizhnevartovskiy Region
         626020 Tyumen Region
         Russia

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 Building Company Stroy-Ob'
         Apartment 1
         Entuziastov 17
         Nizhnevartovsk
         Khanty-Mansiyskiy Autonomous Region
         Russia


TOMSKAYA MATCH: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Tomsk Region commenced bankruptcy
supervision procedure on LLC Tomskaya Match Factory.  The case
is docketed under Case No. A67-6998/06.

The Temporary Insolvency Manager is:

         D. Kotin
         Post User Box 981
         Central Post Office
         650000 Kemerovo Region
         Russia

The Debtor can be reached at:

         LLC Tomskaya Match Factory
         Tsentralnaya Str. 150
         Tomsk Region
         Russia


TYUMENSKIY MACHINE-TOOL: Creditors Must File Claims by Feb. 13
-------------------------------------------------------------
Creditors of OJSC Tyumenskiy Machine-Tool Plant have until
Feb. 13 to submit written proofs of claim to:

         P. Vagin, Temporary Insolvency Manager
         Kopeyskoye Shosse, 38
         454010 Chelyabinsk Region
         Russia

The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A60-35165/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Tyumenskiy Machine-Tool Plant
         Stantsionnaya Str. 12
         Kushva
         624300 Sverdlovsk Region
         Russia


VNESHTORGBANK JSC: Eyes Renaissance Capital and Troika Dialog
-------------------------------------------------------------
JSC Vneshtorgbank is holding talks to acquire investment firms
Renaissance Capital Group Inc. and Troika Dialog, Adam Smallman
writes for the Wall Street Journal.

"Frankly speaking, there are two major investments and so we are
looking at these and we certainly have made inquiries," VTB CEO
Andrei Kostin said.

Mr. Kostin added he was likely to meet Reuben Vardanyan, Troika
founder and president.  Mr. Vardanyan, however, denied holding
sale talks with other firms, adding that Troika is also mulling
an initial public offering.

Neil Harvey, deputy chief executive of Renaissance Capital, told
WSJ that his firm often receives offers from international
financial institutions about "cooperating in various areas."

According to WSJ, experts value Renaissance at over US$4 billion
and Troika at over US$3 billion.  

WSJ suggests that through possible acquisitions, VTB is
recasting itself as a firm suitable to offer 23% of its stock to
the public in London, England.  WSJ also suggests that VTB is
distancing itself from its connections with North Korea and
Iran.

                           London IPO

In a TCR-Europe report on Dec. 21, the Russian government eyes
to privatize VTB in three phases:

   1) dilution of government's stake in VTB from 99.9% to 97.6%
      via the bank's merger with Industry & Construction Bank of
      St. Petersburg (Promstroybank), which Russia completed in
      2006;

   2) disposal of the government's 20%-23% stake through an
      initial public offering in May 2007, cutting Russia's
      holdings to around 75% plus one share.  The government
      expects to sell 50% the IPO shares locally and earn as
      much as RUR120 billion.

   3) reduction of government's stake to 50% plus one share via
      an additional share issue in 2010.  Russia expects to earn
      as much as RUR250 million from the share issue.

Russian President Vladimir Putin recently signed a decree
approving the IPO.  Citigroup Inc., Deutsche Bank AG and Goldman
Sachs Group Inc. are managing the IPO.

The company's history with North Korea and Iran, however, raised
doubts whether VTB could attract investors to participate in the
IPO, WSJ relays.  Mr. Kostin downplayed the connections, saying
that VTB's "cooperation with these countries was always within
the framework of international law."

Mr. Kostin said VTB had been diligent in looking for potential
problems these links might pose for its IPO, and found none.

"Our cooperation . . . [was] very, very limited, concentrated on
services and official contracts which have never been, and still
aren't, subject to international sanctions," Mr. Kostin
stressed.  "If the international community moves to specific new
sanctions, then the bank definitely will perform in line with
them, and the Russian government as well."

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.


VNESTORGBANK JSC: VTB 24 Unit Earns RUR1.14 Billion in 2006
-----------------------------------------------------------
VTB 24, the retail finance arm of JSC Vnestorgbank, posted
RUR1.14 billion in net profit in 2006, RosBusinessConsulting
reports citing Mikhail Zadornov, the unit's chairman of the
Board of Directors.

The figure was markedly in contrast with the unit's results in
2005, when it posted a RUR7.5 billion net loss.  Mr. Zadornov
said the entire profit would be reinvested into VTB 24 to fund
the bank's affiliates, RBC relays.

Mr. Zadornov said that VTB 24 would receive some funds from
Vnestorgbank after the parent completes its initial public
offering.  The received amount would also be used to finance its
affiliates.

Mr. Zadornov also revealed that VTB 24 plans to issue US$500
million in Eurobonds.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.


============================
S L O V A K  R E P U B L I C
============================


U.S. STEEL: Earns US$297 Million in 2006 Fourth Quarter
-----------------------------------------------------
United States Steel Corp. reported fourth quarter 2006 net
income of US$297 million, compared to third quarter 2006 net
income of US$417 million and fourth quarter 2005 net income of
US$109 million.

For full-year 2006, U.S. Steel reported net income of
US$1.4 billion compared to 2005 net income of US$910 million.

Commenting on results, U. S. Steel Chairman and CEO John P.
Surma said, "Our performance in 2006 resulted in another
outstanding year, with record sales, operating income and net
earnings.  During the year, our strong cash flow generation
enabled us to reduce our debt by almost US$600 million, to
repurchase common shares for US$442 million, to make voluntary
cash contributions of US$190 million to our domestic benefit
plans, to make significant capital investments and to double our
common dividend rate to 20 cents per share.  

"Our safety performance also improved substantially from last
year thanks to the continuing efforts of our employees. All in
all, 2006 will go down as one of the best years in our long
history."

The company reported fourth quarter 2006 income from operations
of US$341 million, compared with income from operations of
US$561 million in the third quarter of 2006 and US$222 million
in the fourth quarter of 2005.  For the year 2006, income from
operations was US$1,785 million versus income from operations of
US$1,439 million for the year 2005.

In the fourth quarter of 2006, net interest and other financial
costs included a US$32 million pre-tax charge related to the
early redemption of most of its 10-3/4% Senior Notes.  This item
and other items not allocated to segments decreased net income
by US$33 million.  Other items not allocated to segments in the
third quarter of 2006 reduced net income by US$21 million.  An
income tax charge and other items not allocated to segments
reduced fourth quarter 2005 net income by US$39 million.

The annual effective tax rate for 2006 was lower than previously
expected and the company reduced its fourth quarter income tax
provision by US$58 million in order to adjust tax expense
previously recorded.  This adjustment primarily reflected a
higher than anticipated percentage of total pre-tax earnings
generated by its European operations and the impact of
accounting rules on re-measuring the status of our main defined
benefit pension plan at year end.

                              Outlook

Commenting on U. S. Steel's outlook, Surma said, "We expect
first quarter results to decline from the fourth quarter, but
flat-rolled demand is firming and we have restarted several
domestic blast furnaces to bring our production in line with
improving order rates."

For Flat-rolled, first quarter 2007 shipments are expected to
improve compared to the fourth quarter of 2006, and average
realized prices should remain at about the fourth quarter level
as contract price improvements offset lower spot prices.

For U.S. Steel Europe, first quarter shipments are expected to
increase from the fourth quarter, and average realized prices
are expected to be slightly lower as the result of increased
import product availability on the European market.

Shipments and average realized prices for the Tubular segment in
the first quarter of 2007 are expected to decrease from the
fourth quarter as import levels and customer inventories remain
high.

First quarter costs for all of our reportable segments are
expected to be in line with the fourth quarter.

First quarter 2007 results for Other Businesses are expected to
be consistent with historical first quarter results, but will
decline substantially from the fourth quarter due primarily to
normal seasonal effects at our iron ore operations in Minnesota
and the non-recurrence of the fourth quarter land sales.

Capital expenditures for 2007 are expected to total
approximately US$750 million, reflecting domestic spending of
approximately US$545 million and European spending of
approximately US$205 million.

                     Pensions and Other Benefits

At year-end 2006, its defined benefit pension plans were
overfunded by US$210 million on a projected benefit obligation
basis.  The combined effects of reversing previously recorded
additional minimum liabilities and the adoption of Statement of
Financial Accounting Standards No. 158 for pensions and other
benefits resulted in a net charge to equity of US$186 million in
the fourth quarter.

Total costs for pension plans and other postretirement benefits
are expected to be approximately US$237 million in 2007,
compared with US$312 million in 2006.

                   Common Stock Repurchase Program

The company repurchased over 700,000 shares of U.S. Steel common
stock for US$46 million during the fourth quarter, bringing
total repurchases to 13.1 million shares for US$696 million
since the repurchase program was originally authorized in July
2005.  As of Dec. 31, 2006, 7.7 million shares remained
authorized for repurchase under the company's stock repurchase
program.

                        About U.S. Steel

Headquartered in Pittsburgh, Pa., United States Steel
Corporation, (NYSE: X) -- http://www.ussteel.com/--  
manufactures a wide variety of steel sheet, tubular and tin
products; coke, and taconite pellets; and has a worldwide annual
raw steel capability of 26.8 million net tons.  U. S. Steel's
domestic primary steel operations are: Gary Works in Gary, Ind.;
Great Lakes Works in Ecorse and River Rouge, Mich.; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pa.; Granite
City Works in Granite City, Ill.; Fairfield Works near
Birmingham, Ala.; Midwest Plant in Portage, Ind.; and East
Chicago Tin in East Chicago, Ind.  The company also operates two
seamless tubular mills, Lorain Tubular Operations in Lorain,
Ohio; and Fairfield Tubular Operations near Birmingham, Ala.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works.  On Northern Minnesota's
Mesabi Iron Range, U. S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite (Minntac) and Keewatin
Taconite (Keetac), support the steelmaking effort, and its
subsidiary ProCoil Company provides steel distribution and
processing services.

Internationally, U.S. Steel has steelmaking subsidiaries in
Kosice, Slovakia (U.S. Steel Kosice, s.r.o.), and in Sabac and
Smederevo, Serbia (U.S. Steel Serbia, d.o.).

In addition to primary steel operations, U. S. Steel
participates in several joint ventures: USS-POSCO Industries,
Pittsburg, Ca.; PRO-TEC Coating Company, Leipsic, Ohio;
Worthington Specialty Processing, Jackson, Mich.; Double Eagle
Steel Coating Company, Dearborn, Mich.; Double G Coating
Company, Jackson, Miss.; and Acero Prime, San Luis Potosi,
Mexico.

U. S. Steel is also involved in a number of other businesses,
among them transportation (Transtar, Inc.), real estate
development, and leasing and financial services.

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Standard & Poor's Ratings Service raised its corporate credit
rating on Pittsburgh, Pennsylvania-based United States Steel
Corp to 'BB+' from 'BB' and removed all ratings from
CreditWatch, where they had been placed with positive
implications on July 27, 2006.  At the same time, Standard &
Poor's raised its rating on the company's senior unsecured debt
to 'BB+' from 'BB'.  The outlook is stable.


U.S. STEEL: Completes Tender Offer for 10-3/4% Senior Notes
-----------------------------------------------------------
United States Steel Corp. successfully completed on Dec. 28,
2006, its cash tender offer and consent solicitation for its
10-3/4% Senior Notes due Aug. 1, 2008.

A total of US$328 million in aggregate principal amount, or
approximately 94% of the Notes outstanding had been tendered and
not withdrawn as of midnight Eastern Time Dec. 27, 2006.

On Dec. 28, 2006, the company accepted for purchase and paid for
all Notes tendered pursuant to the Offer.

The company also disclosed the completion of the consent
solicitation relating to the Notes.  On Dec. 13, 2006, the
company and The Bank of New York executed a third supplemental
indenture upon receipt of the requisite consents to the proposed
amendments to the indenture governing the Notes.  The
amendments, which eliminate or modify substantially all of the
restrictive covenants in the indenture, became operative upon
acceptance of the Notes for purchase.

The company will record a fourth quarter 2006 pre-tax charge of
approximately US$32 million for the premium, unamortized
issuance and discount costs and transaction fees.

UBS Investment Bank served as Dealer Manager and Solicitation
Agent in connection with the Offer.  Georgeson Inc. was the
Information Agent.

                       About U.S. Steel

Headquartered in Pittsburgh, Pa., United States Steel
Corporation, (NYSE: X) -- http://www.ussteel.com/--  
manufactures a wide variety of steel sheet, tubular and tin
products; coke, and taconite pellets; and has a worldwide annual
raw steel capability of 26.8 million net tons.  U. S. Steel's
domestic primary steel operations are: Gary Works in Gary, Ind.;
Great Lakes Works in Ecorse and River Rouge, Mich.; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pa.; Granite
City Works in Granite City, Ill.; Fairfield Works near
Birmingham, Ala.; Midwest Plant in Portage, Ind.; and East
Chicago Tin in East Chicago, Ind.  The company also operates two
seamless tubular mills, Lorain Tubular Operations in Lorain,
Ohio; and Fairfield Tubular Operations near Birmingham, Ala.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works.  On Northern Minnesota's
Mesabi Iron Range, U. S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite (Minntac) and Keewatin
Taconite (Keetac), support the steelmaking effort, and its
subsidiary ProCoil Company provides steel distribution and
processing services.

Internationally, U.S. Steel has steelmaking subsidiaries in
Kosice, Slovakia (U.S. Steel Kosice, s.r.o.), and in Sabac and
Smederevo, Serbia (U.S. Steel Serbia, d.o.).

In addition to primary steel operations, U. S. Steel
participates in several joint ventures: USS-POSCO Industries,
Pittsburg, Ca.; PRO-TEC Coating Company, Leipsic, Ohio;
Worthington Specialty Processing, Jackson, Mich.; Double Eagle
Steel Coating Company, Dearborn, Mich.; Double G Coating
Company, Jackson, Miss.; and Acero Prime, San Luis Potosi,
Mexico.

U. S. Steel is also involved in a number of other businesses,
among them transportation (Transtar, Inc.), real estate
development, and leasing and financial services.

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Standard & Poor's Ratings Service raised its corporate credit
rating on Pittsburgh, Pennsylvania-based United States Steel
Corp to 'BB+' from 'BB' and removed all ratings from
CreditWatch, where they had been placed with positive
implications on July 27, 2006.  At the same time, Standard &
Poor's raised its rating on the company's senior unsecured debt
to 'BB+' from 'BB'.  The outlook is stable.


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


BANCAJA 10: Moody's Junks EUR31-Million Series E Notes
------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
seven series of Bonos de Titulizacion de Activos to be issued by
Bancaja 10 Fondo de Titulizacion de Activos, a Spanish Asset
Securitization Fund that has been created by Europea de
Titulizacion S.G.F.T S.A.  Moody's has assigned these ratings:

   -- EUR420-million Series A1 notes: Aaa;
   -- EUR1,537-million Series A2 notes: Aaa;
   -- EUR500-million Series A3 notes: Aaa;
   -- EUR65-million Series B notes: A1;
   -- EUR52-million Series C notes: Baa3;
   -- EUR26-million Series D notes: Ba3; and
   -- EUR31-million Series E notes: Ca.

The rating agency believes that the structure of the Bancaja 10
notes allows for timely payment of interest and ultimate payment
of principal at par, on or before the final legal maturity date,
and not at any other expected maturity date. The ratings do not
address the full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

According to Moody's, this deal benefits from strong features,
including:

   (1) interest rate swaps partially covering the interest rate
       risk;

   (2) a reserve fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) an 18-month artificial write-off mechanism;

   (4) the securing of 100% of loans by residential mortgages;
       and

   (5) the quality of Bancaja as originator and servicer.

However, Moody's notes that the deal has weak features,
including:

   (1) the fact that loans over 80% LTV comprise 35% of the
       total portfolio;

   (2) the strong geographical concentration (in the region of
       Valencia), which is an expected consequence of the
       originator's position as one of the main savings banks
       within this region; and

   (3) some of the debtors have the possibility of enjoying an
       automatic reduction in their margin in cases where they
       have been cross-sold other Bancaja products.  These
       increased risks were reflected in Moody's Credit
       Enhancement calculation.

This transaction marks the tenth time that Bancaja has tapped
the RMBS market.  The products being securitized are first-lien
mortgage loans granted to individuals, all of whom will use
these loans to acquire or refurbish properties located in Spain.
All of the mortgage loans were originated by Bancaja, which will
continue to service them.

As of November 2006, the provisional portfolio comprised 21,616
loans for a total amount of EUR3,134,353,302.93.  The original
weighted average LTV is 78.43%.  The current WALTV is 76.50%.
The average loan size is EUR145,000.  All the loans are paid
through monthly installments, which are debited to accounts held
by the debtors at Bancaja.

Moody's bases its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure, and

   (2) on the transaction's structural protections, which
       include the subordination, the strength of the cash flows
       (including the reserve fund) and any excess spread
       available to cover losses.


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


BOOMBASTIC BETRIEBS: Liquidation Claims Due February 23
-------------------------------------------------------
Creditors of LLC Boombastic Betriebs have until Feb. 23 to
submit their claims to:

         LLC R&H Management Services
         Liquidator
         Rieterstrasse 35
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Boombastic Betriebs
         Zurich
         Switzerland


EBNAT KAPPEL: Creditors' Liquidation Claims Due February 15
-----------------------------------------------------------
Creditors of Ebnat-Kappel have until Feb. 15 to submit their
claims to:

         Claude Dougoud
         Liquidator
         Im Baumliacher 2A
         8602 Wangen b. Dubendorf
         Switzerland

The Debtor can be reached at:

         Ebnat-Kappel
         Ebnat-Kappel
         Toggenburg
         St. Gallen
         Switzerland


EMMENTALISCHER WASSERWIRTSCHAFTS: Liquidation Claims Due Feb. 12
----------------------------------------------------------------
Creditors of Emmentalischer Wasserwirtschafts-Verband have until
Feb. 12 to submit their claims to:

         Tanner Beat
         Liquidator
         Lindenpark 22
         3427 Utzenstorf
         Fraubrunnen
         Bern
         Switzerland

The Debtor can be reached at:

         Emmentalischer Wasserwirtschafts-Verband
         Burgdorf
         Bern
         Switzerland


FIGAS: Creditors' Liquidation Claims Due February 12
----------------------------------------------------
Creditors of FIGAS have until Feb. 12 to submit their claims to:

         Nuspliger Beck Zurkinden
         Liquidator
         3001 Bern
         Bern
         Switzerland

The Debtor can be reached at:

         FIGAS
         Koniz, Bern
         Switzerland


G. LEHMANN: Creditors' Liquidation Claims Due February 14
---------------------------------------------------------
Creditors of LLC G. Lehmann MSR have until Feb. 14 to submit
their claims to:

         Engineering Bureau G. Lehmann
         Liquidator
         Romanshornerstrasse 2
         8280 Kreuzlingen
         Thurgau
         Switzerland

The Debtor can be reached at:

         LLC G. Lehmann MSR
         Kreuzlingen
         Thurgau
         Switzerland


HAPPYLIFE BETRIEBS: Liquidation Claims Due February 23
------------------------------------------------------
Creditors of LLC Happylife Betriebs have until Feb. 23 to submit
their claims to:

         LLC R&H Management Services
         Liquidator
         Rieterstrasse 35
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Happylife Betriebs
         Zurich
         Switzerland


LINDE: Creditors' Liquidation Claims Due February 12
----------------------------------------------------
Creditors of Linde have until Feb. 12 to submit their claims to:

         Elisabeth Irniger
         Liquidator
         Lindenstrasse 14
         8708 Mannedorf
         Zurich
         Switzerland

The Debtor can be reached at:

         Linde
         Hirzel, Horgen
         Zurich
         Switzerland


RUSCHEGG-GRABEN: Creditors' Liquidation Claims Due February 12
--------------------------------------------------------------
Creditors of Ruschegg-Graben have until Feb. 12 to submit their
claims to:

         Urs Beyeler
         Liquidator
         Hausermann + Partner
         Weizacker
         3152 Mamishaus
         Switzerland

The Debtor can be reached at:

         Ruschegg-Graben
         Ruschegg
         Schwarzenburg
         Bern
         Switzerland


SCHIBLI - DOPPLER: Creditors' Liquidation Claims Due February 14
----------------------------------------------------------------
Creditors of JSC Schibli-Doppler have until Feb. 14 to submit
their claims to:

         Isabelle Achermann
         Liquidator
         Markus Schulin
         Blumenrain 20
         4001 Basel
         Switzerland

The Debtor can be reached at:

         JSC Schibli-Doppler
         Birsfelden
         Arlesheim
         Basel-Country
         Switzerland


T.O.P. BOOKS: Creditors' Liquidation Claims Due February 12
-----------------------------------------------------------
Creditors of LLC T.O.P. Books have until Feb. 12 to submit their
claims to:

         Suzanne Lohrer
         Liquidator
         Vordergasse 76
         P.O. Box 875
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         LLC T.O.P. Books
         Neuhausen am Rheinfall
         Schaffhausen
         Switzerland


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


TURKIYE HALK: Fitch Upgrades Individual Rating to 'C/D'
-------------------------------------------------------
Fitch Ratings upgraded Turkey-based Turkiye Halk Bankasi's
Individual rating to 'C/D' from 'D'.  

The other ratings of Halkbank are affirmed at foreign and local
currency Issuer Default 'BB-' with Positive Outlook, Short-term
foreign and local currency 'B', Support '3' and National Long-
term 'A' with Stable Outlook.

The upgrade reflects Halkbank's continued asset diversification,
solid funding, sound capitalization and improvements in the
operating environment. These positive factors are balanced by
the continued reliance on government securities income.

Halkbank's profitability improved in third quarter of 2006,
mainly driven by high-yielding retail loans and controlled
costs.  The balance sheet composition of the bank has changed in
favor of loans in 2005 and in third quarter of 2006; gross loans
equaled 33% and government securities made up a still high 54%
at the end of third quarter of 2006 assets, albeit lower than
66% at end-2005.  

Asset quality was aided by loan growth and continued to improve
as old NPLs were collected, while there haven't been major new
NPLs since 2001.  The bank maintains full reserve coverage of
the NPLs.  Although asset liquidity is low, liquidity risk -
which is created by a maturity mismatch - is mitigated to some
extent by a well-diversified and stable core deposit base
arising from the bank's strong franchise and state-ownership.  
At end of third quarter of 2006, Halkbank's consolidated Tier 1
ratio, despite having declined due to higher risk-weighted
assets, equalled a high 34.4%.

Halkbank is a state-owned bank and has been operational since
1938.  The bank's original mandate was to provide loans to
artisans, tradesmen and SMEs in economically underdeveloped
parts of the country. I t went through a major restructuring
process for state-owned banks starting in 2001, including
recapitalization and branch rationalization. It specializes in
financing artisans, tradesmen and SMEs.  After Pamukbank was
merged into Halkbank in November 2004, its focus extended to
retail banking.  At end-9M06, Halkbank ranked as the sixth-
largest bank in Turkey, with 7.3% of Turkish banking assets and
588 branches.  The bank will be privatized through a block sale
in 2007.


TURKIYE KALKINMA: Fitch Assigns BB- Issuer Default Rating
---------------------------------------------------------
Fitch Ratings assigned Turkey-based Turkiye Kalkinma Bankasi's
ratings at foreign and local currency Issuer Default 'BB-',
Short-term foreign and local currency 'B', Individual 'D',
Support '3' and National Long-term 'A'.  

The Outlooks on both foreign and local Issuer Default Ratings
are Positive and the Outlook on the National rating is Stable.

The IDR, Long-term and Support ratings reflect the moderate
probability of support from the Turkish Treasury -- which owns
99% of TKB -- in case of need.  The Individual rating reflects
TKB's weak asset quality in spite of improvement and its high
overhead costs. It also considers the bank's diversified
funding, a big part of which is either provided or guaranteed by
the Turkish Treasury, its strong capital and niche position as
one of Turkey's state-owned development and investment banks.  
As of end third quarter of 2006, capitalization was solid as
evidenced by free and regulatory capital ratios of 51% and 81%,
respectively.  Loan volumes are increasing, but only at a slow
rate due to the amount of time it takes to process applications
and allocate funding, though this is being addressed in the new
framework of the reorganized bank.  Further improvement in
efficiency will depend on whether the planned loan growth is
achieved.

TKB is a non deposit-taking development and investment bank
established in 1975 to promote the economic development of
Turkey.  TKB's main business is to provide medium- and long-term
loans to joint stock companies via project financing, leasing,
working capital loans and equity participation.  The bank
focuses particularly on geographical areas that have been
identified by the government as high priority. The bank also
provides consultancy and investment banking services.


VESTEL ELEKTRONIK: Better Cash Flow Cues S&P to Revise Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
negative its outlook on Turkey-based Vestel Elektronik Sanayi Ve
Ticaret A.S., a cost-efficient consumer electronics
manufacturer, reflecting expectations of improving cash flow
generation and positive shareholding developments at Vestel.  

At the same time, the 'B+' long-term corporate credit rating was
affirmed.

On Sept. 30, 2006, Vestel had consolidated financial debt of
US$692 million.
     
"Vestel's cash flow generation, which is currently modest, is
expected to improve in 2007, as revenues and EBITDA from the
white-goods division continue to rise, on the back of recently
increased production capacity," said Standard & Poor's credit
analyst Patrice Cochelin.

Capital expenditures should remain at about US$100 million per
year.
     
The rating on Vestel remains primarily constrained by the
volatile Turkish macroeconomic environment and resulting
currency swings; the company's significant debt burden; and the
highly competitive nature of the company's end-markets.

Vestel continues to benefit from its favorable cost position,
flexible manufacturing capabilities, considerable economies of
scale, limited marketing and distribution expenses, service
quality, and end-market proximity.  Turkey's participation in
the European Customs Union gives Vestel a significant
competitive advantage, although competitors with equally low
costs could present a threat in the future.

With significantly lower capital spending in the coming months,
S&P expects Vestel's free cash flow generation to be positive,
and to become a source of liquidity.  

"The positive outlook reflects the potential for an upgrade if
the company's operating performance and, notably, cash flow
generation, continues to improve, enabling some debt reduction,"
said Mr. Cochelin.  "An upgrade would also hinge on our
satisfaction with Vestel's majority shareholder's long-term
financial and strategic goals, a lower reliance on short-term
funding, and better currency matching of currencies and cash
flows."

On the other hand, the outlook could return to stable in the
case of operating underperformance or liquidity pressure.


ZIRAAT BANKASI: Solid Franchise Prompts Fitch to Lift D Rating
--------------------------------------------------------------
Fitch Ratings upgraded Turkey-based T.C. Ziraat Bankasi's
Individual rating to 'C/D' from 'D'.  

Ziraat's other ratings are affirmed at foreign and local
currency Issuer Default 'BB-', Short-term foreign currency 'B',
National Long-term 'A' and Support '3'.  The Outlooks on both
the foreign and local currency Issuer Default ratings are
Positive and the Outlook on the National rating is Stable.

The upgrade reflects Ziraat's solid franchise in an improved
operating environment, continued improvements in its core
banking business, strong funding and capital measures.  The
rating also reflects a high proportion of government securities
in its asset structure, resulting in heavy dependence on
securities revenue.

Following a restructuring period involving the sale of unused
and non-core fixed assets and change of branch organization
structure, the bank reduced its administrative workload and
improved its efficiency.  The bank's increased focus on
profitability, helped by its deposit-driven low cost funds, and
tightened grip on efficiency produced sound results in 2005 and
in 2006.  Ziraat's profitability is expected to improve in 2007.  
However, securities revenue will continue to be significant in
the near future.

Ziraat's loans grew rapidly in 2005 and third quarter of 2006,
reflecting a sharp increase in retail loans.  However, gross
loans were still low at 22.5% of total assets at end third
quarter of 2006.  Ziraat's non-performing loan ratio improved to
2% at end of third quarter of 2006 with full coverage from 2.24%
at end-2005.  Although government securities were down markedly
at 55% of total assets as of end third quarter of 2006 from 60%
at end-2005, they remain high as a share of Ziraat's assets.  
The bank has a well distributed core deposit base, equating to
83% of end third quarter of 2006 liabilities.  Ziraat's
unconsolidated regulatory capital adequacy ratio remained strong
at 34% at end third quarter of 2006.

Ziraat is a state-owned bank established in 1863 initially to
support the agricultural industry.  The bank also has the
largest branch network in Turkey, with 1,136 domestic branches
at end of third quarter of 2006 and serves as the payment and
collection agent of the Turkish Treasury providing a wide
variety of banking services.


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


AMVROSIEVKA MOTOR 11468: Claims Filing Deadline Set February 10
---------------------------------------------------------------
Creditors of OJSC Amvrosievka Motor Transport Enterprise 11468
(code EDRPOU 03116476) have until Feb. 10 to submit written
proofs of claim to:

         Oleg Nesterenko, Liquidator
         Frunze Str. 29
         Amvrosievka
         87300 Donetsk Region
         Ukraine
         Tel: (0623) 22-59-98
         Fax: (062) 334-97-31

The Economic Court of Donetsk Region commenced bankruptcy
proceedings against the company on Dec. 12, 2006, after finding
it insolvent.  The case is docketed under Case No. 5/91B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Amvrosievka Motor Transport Enterprise 11468
         Frunze Str. 29
         Amvrosievka
         87300 Donetsk Region
         Ukraine


AVANGARD OJSC: Claims Submission Deadline Set February 14
---------------------------------------------------------
Creditors of Joint OJSC Avangard (code EDRPOU 03733849) have
until Feb. 14 to submit written proofs of claim to:

         Vasiliy Glebov, Liquidator
         Hmelnickiy Str. 23
         21036 Vinnica Region
         Ukraine
         Tel: 67-33-66

The Economic Court of Vinnica Region commenced bankruptcy
proceedings against the company on Jan. 9 after finding it
insolvent.  The case is docketed under Case No. 5/196-06.

The Economic Court of Vinnica Region is located at:

         Hmelnickiy Str. 7
         21036 Vinnica Region
         Ukraine

The Debtor can be reached at:

         Joint OJSC Avangard
         Velyki Krushlynci
         Vinnica District
         22111 Vinnica Region
         Ukraine


MAGISTRAL LLC: Claims Submission Deadline Set February 14
---------------------------------------------------------
Creditors of LLC Agricultural Enterprise Magistral (code EDRPOU
30886846) have until Feb. 14 to submit written proofs of claim
to:

         Ivan Radika, Liquidator
         Traktorostroiteley Str. 140-b
         Kharkov Region
         Ukraine

The Economic Court of Kharkov Region commenced bankruptcy
proceedings against the company on Dec. 25, 2006, after finding
it insolvent.  The case is docketed under Case No. B-39/217-06.

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 Agricultural Enterprise Magistral
         Goptovka
         Dergachi District
         Kharkov Region
         Ukraine


MAYAK OJSC: Creditors Must Submit Claims by February 14
-------------------------------------------------------
Creditors of Joint OJSC Mayak (code EDRPOU 00182768) have until
Feb. 14 to submit written proofs of claim to:

         Lina Demec, Temporary Insolvency Manager
         P.O. Box 5894
         21016 Vinnica Region
         Ukraine
         Tel: 8 (0432)35-63-09

The Economic Court of Vinnica Region commenced bankruptcy
supervision procedure on the company.   The case is docketed
under Case No. 10/195-06.

The Economic Court of Vinnica Region is located at:

         Hmelnickiy Str. 7
         21036 Vinnica Region
         Ukraine

The Debtor can be reached at:

         Joint OJSC Mayak
         Selysche
         Litynsk District
         Vinnica Region
         Ukraine


NIVA LLC: Claims Submission Deadline Set February 14
----------------------------------------------------
Creditors of Agricultural LLC Niva (code EDRPOU 30142008) have
until Feb. 14 to submit written proofs of claim to:

         V. Vakulenko, Liquidator
         Shakespeare Str. 12-A
         61045 Kharkov Region
         Ukraine
         Tel: 773-01-30

The Economic Court of Kharkov Region commenced bankruptcy
proceedings against the company on Dec. 22, 2006, after finding
it insolvent.  The case is docketed under Case No. B-48/164-06.

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:

         Agricultural LLC Niva
         Kozyrev Str.
         Semenovka
         Zachepilovka District
         Kharkov Region
         Ukraine


SADOVOE OJSC: Creditors Must Submit Claims by February 14
---------------------------------------------------------
Creditors of OJSC Sadovoe (code EDRPOU 00414109) have until
Feb. 14 to submit written proofs of claim to:

         Irina Zaharchenko, Temporary Insolvency Manager
         October Avenue 325/4
         54052 Nikolaev Region
         Ukraine
         Tel: (512) 63-57-72

The Economic Court of Nikolaev Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 5/538/06.

The Debtor can be reached at:

         OJSC Sadovoe
         Mir Str. 1
         Kvitneve
         Zhovtneve District
         Nikolaev Region
         Ukraine


VIKTORIYA LLC: Creditors Must Submit Claims by February 14
----------------------------------------------------------
Creditors of LLC Viktoriya (code EDRPOU 2303710271) have until
Feb. 14 to submit written proofs of claim to:

         The Economic Court of Odessa Region
         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 21/424-06-13037.

The Debtor can be reached at:

         LLC Viktoriya
         Novie Troyany
         Bolgrad District
         68711 Odessa Region
         Ukraine
         Izmailskaya Str. 30


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


ABBEY CATERING: Names Martin Dominic Pickard Liquidator
-------------------------------------------------------
Martin Dominic Pickard was appointed liquidator of Abbey
Catering Ltd. on Jan. 17 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Abbey Catering Ltd.
         Kingston Road  
         Frilford  
         Abingdon  
         Oxfordshire OX13 5HB  
         England
         Tel: 01865 391 888  
         Fax: 01865 391 108  


ABITIBI-CONSOLIDATED: Bowater Merger Cues DBRS' Ratings Review
--------------------------------------------------------------
Dominion Bond Rating Service placed the ratings of Abitibi-
Consolidated Inc., Abitibi-Consolidated Company of Canada,
Bowater Inc., and Bowater Canadian Forest Products Inc. under
Review with Positive Implications following the announcement
that Abitibi and Bowater will join in an all-stock merger of
equals.

Rating assigned:

Abitibi-Consolidated Company of Canada

   -- Notes Under Review - Positive BB (low)

Abitibi-Consolidated Inc.

   -- Senior Unsecured Debt Under Review - Positive BB (low)

Bowater Canadian Forest Products Inc.

   -- Senior Debentures Under Review - Positive BB (low)

Bowater Inc.

   -- Issuer Rating Under Review - Positive BB (low)

The new company, AbitibiBowater Inc., will be the largest
newsprint producer in the world, with a significant market share
in North America.  DBRS views the transaction, which is expected
to close in third quarter 2007, as positive for Abitibi and
Bowater.  The Under Review with Positive Implications status
reflects the expectation that the transaction will be completed
on time, as well as the uncertainty regarding the operating
strategy and financial structure of the new company.  In the
event that the transaction is delayed or does not close, there
would be negative implications for the rating.

The creation of AbitibiBowater will provide a broad base of
assets available for rationalization and capacity reduction. The
structural decline in newsprint demand, largely from electronic
substitution and declining circulation, has been widely reported
and is expected to continue.  As such, the consolidation of
commodity producers has become necessary to remain competitive
in today's increasingly challenging marketplace.  The increased
scale of the new company contributes to an improvement in its
business risk profile relative to that of Abitibi and Bowater on
a standalone basis.

The financial risk profile of AbitibiBowater is expected to
remain relatively high. On a pro forma basis, credit metrics are
generally in line with standalone Abitibi and Bowater, with
debt-to-EBITDA of 6.7 and cash flow coverage of 0.05.  However,
planned asset sales, including previously announced timberland
and hydroelectric-generating facilities, will provide funds to
be used toward debt reduction in 2007, which will improve
AbitibiBowater's financial profile.

In addition, expected acquisition synergies of $250 million
annually will increase earnings and cash flows in two years.  
Furthermore, combined available borrowings on credit facilities
amounted to $860 million at September 30, 2006, which will be
more than sufficient to fund capital requirements in the near
term.

DBRS will continue to monitor developments with respect to the
transaction, along with prevailing market conditions, and will
determine the appropriate rating action prior to the closing of
the transaction.


ABITIBI-CONSOLIDATED INC: DBRS Puts Sr. Debt Rating Under Review
----------------------------------------------------------------
Dominion Bond Rating Service placed the ratings of Abitibi-
Consolidated Inc., Abitibi-Consolidated Company of Canada,
Bowater Inc., and Bowater Canadian Forest Products Inc. under
Review with Positive Implications following the announcement
that Abitibi and Bowater will join in an all-stock merger of
equals.

Rating assigned:

Abitibi-Consolidated Company of Canada

   -- Notes Under Review - Positive BB (low)

Abitibi-Consolidated Inc.

   -- Senior Unsecured Debt Under Review - Positive BB (low)

Bowater Canadian Forest Products Inc.

   -- Senior Debentures Under Review - Positive BB (low)

Bowater Inc.

   -- Issuer Rating Under Review - Positive BB (low)

The new company, AbitibiBowater Inc., will be the largest
newsprint producer in the world, with a significant market share
in North America.  DBRS views the transaction, which is expected
to close in third quarter 2007, as positive for Abitibi and
Bowater.  The Under Review with Positive Implications status
reflects the expectation that the transaction will be completed
on time, as well as the uncertainty regarding the operating
strategy and financial structure of the new company.  In the
event that the transaction is delayed or does not close, there
would be negative implications for the rating.

The creation of AbitibiBowater will provide a broad base of
assets available for rationalization and capacity reduction. The
structural decline in newsprint demand, largely from electronic
substitution and declining circulation, has been widely reported
and is expected to continue.  As such, the consolidation of
commodity producers has become necessary to remain competitive
in today's increasingly challenging marketplace.  The increased
scale of the new company contributes to an improvement in its
business risk profile relative to that of Abitibi and Bowater on
a standalone basis.

The financial risk profile of AbitibiBowater is expected to
remain relatively high. On a pro forma basis, credit metrics are
generally in line with standalone Abitibi and Bowater, with
debt-to-EBITDA of 6.7 and cash flow coverage of 0.05.  However,
planned asset sales, including previously announced timberland
and hydroelectric-generating facilities, will provide funds to
be used toward debt reduction in 2007, which will improve
AbitibiBowater's financial profile.

In addition, expected acquisition synergies of $250 million
annually will increase earnings and cash flows in two years.  
Furthermore, combined available borrowings on credit facilities
amounted to $860 million at September 30, 2006, which will be
more than sufficient to fund capital requirements in the near
term.

DBRS will continue to monitor developments with respect to the
transaction, along with prevailing market conditions, and will
determine the appropriate rating action prior to the closing of
the transaction.


ADVANCED MARKETING: Wants to Sell PGW Distribution Agreements
-------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
authority to sell Publishers Group West Incorporated's rights
under its distribution agreements with various publishers to
Perseus Books, L.L.C., and Client Distribution Services, Inc.

The Debtors also ask the Court to authorize PGW to assume and
assign the Distribution Agreements, and sell certain other
assets related to its distribution business to Perseus Books.

The Debtors will continue to seek higher and better offers for
the PGW Assets.  However, given the exigencies surrounding PGW's
business, the Debtors do not intend to auction or adopt other
formal procedures to test the adequacy of the proposed
transaction.

The Debtors believe that any extended sale process could
severely impact the value of the PGW estate or jeopardize the
financial well being of PGW's publishers.

The Debtors also explain that they had been exploring various
strategic alternatives for months prior to the Petition Date and
have continued those efforts postpetition.  The Debtors believe
that the terms of the Purchase Agreement and the PGW Sale
contemplated are fair and reasonable, and that the PGW Sale will
maximize the value of the PGW estate for the benefit of the
Debtors' creditors, stakeholders and other parties-in-interest.

Bankruptcy has prevented the Debtors from making payments with
respect to the relatively higher volume of products purchased
and sold by PGW during the busy holiday season, Paul N. Heath,
Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, relates.

Although PGW has been paying substantially all PGW Publishers
weekly since the Petition Date, according to Mr. Heath, failure
to make payments relating to the holiday season is leading to
drastic consequences for many, if not all of the PGW Publishers.

In some cases, Mr. Heath says, the financial difficulties have
placed the PGW Publishers in extreme distress, threatening a
possible "domino effect" of insolvencies if PGW does not soon
reach a solution where these claims may be satisfied.  PGW
Publishers may also demand for an expedited assumption or
rejection of the Distribution Agreements.

The Debtors, nonetheless, reserve the right to take appropriate
measures to pursue an alternative bid should the Debtors receive
any viable and superior offer before the Court considers the
sale to Perseus Books.  Should they pursue and accept an
alternative transaction, the Debtors seek the Court's permission
to pay a US$500,000 breakup fee to Perseus Books.

AMS, through PGW, provides a full range of book marketing and
distribution services to smaller publishers under exclusive
contractual arrangements.  PGW stores the books at its
distribution centers and ships them to customers based on
customer requirements, primarily on a fully returnable basis.  
PGW also provides smaller publisher clients with a range of
related services, including marketing and publicity; customer
service; warehousing and distribution; billing and collections;
and sales and inventory reporting.

PGW's fees for its distribution and marketing services are
calculated as a percentage of net sales proceeds.  In the event
a product becomes old or unmarketable, PGW will, for a fee,
return any books in its possession to the PGW Publisher or
destroy the books.  PGW is under no obligation to purchase the
books held in its warehouses if it receives no orders for books
from third party retailers.

Founded in 1997, Perseus Books provides services to more than
150 independent publishers.  Perseus Books operates through CDS
and Consortium Book Sales & Distribution, Inc.  In fiscal year
2006, CDS and Consortium shipped more than US$330,000,000 of
books at wholesale value to more than 10,000 retailers and
wholesalers in the United States and Canada.

                  Purchase & Related Agreements

Pursuant to a Purchase Agreement dated January 18, PGW will
assign to CDS all of PGW's rights under each Distribution
Agreement with a Publisher that executes a publisher agreement
with Perseus Books.  CDS will purchase and assume on a
prospective basis all of PGW's obligations under each
Distribution Agreement with a Consenting Publisher.

PGW will also provide CDS with administrative, technical and
support services pursuant to a Transition Services Agreement.

Under the Publisher Agreements, Perseus Books will pay
Consenting Publishers representing at least 65% of PGW's best
good faith estimate of the maximum amount of the Prepetition
Claims of all Publishers, 70% of their claims against PGW in
exchange for a complete assignment to Perseus Books of the
Prepetition Claims.  With respect to Consenting Publishers
representing the remaining 35%, Perseus Books may -- but is not
required to -- pay the Consenting Publishers less than 70% of
their Prepetition Claims.

PGW and Perseus Books agree that the Maximum Prepetition Claims
estimate will not exceed in the aggregate US$28,950,193.

Perseus Books will release the estate from the paid portion of
the Claims.  Perseus Books will retain against the PGW estate an
administrative claim for the amount of the assigned Prepetition
Claim that is not released.

Perseus Books' administrative claim may be increased on a
dollar-for-dollar basis if the Net Amount paid by Perseus Books
exceeds a sliding scale keyed off a "purchase price" -- that is,
the amount paid by Perseus Books to Consenting Publishers net of
its retained administrative claim -- of US$12,500,000 for all
Distribution Agreements.

CDS will purchase from PGW all returns of Consenting Publishers'
books received on or after the Petition Date, provided that with
respect to no more than 50% of the returns, CDS may pay for the
returns with a reduction in the amount of Perseus Books'
administrative claim against the estate.

PGW will transfer all items of each Consenting Publisher's
inventory to CDS, free and clear of all liens, claims and
interests of PGW's creditors, including Wells Fargo Foothill and
the DIP Lenders.

As a condition to closing, Publishers holding Claims aggregating
at least 65% of the Maximum Prepetition Claims against PGW must
execute the Publisher Agreements.  

Perseus Books and CDS may terminate the Purchase Agreement if
the closing has not occurred, or in Perseus Books' good faith
judgment is not likely to occur, by March 15.

AMS and PGW retain the right to terminate the deal if, in their
good faith judgment, PGW no longer has the financial wherewithal
and capacity to (y) perform under the Purchase Agreement or the
Transition Services Agreement or (z) operate in the ordinary
course as established postpetition.

A full-text copy of the Purchase Agreement with Perseus Books is
available at no charge at http://ResearchArchives.com/t/s?193d

               PGW to Abandon Unassigned Contracts

The Debtors also seek the Court's nod to walk away from those
Distribution Agreements that will not be assigned, to avoid
burdening their estates with continuing obligations, if any,
associated with the Non-Assigned Contracts.

The Debtors may provide a written rejection notice by facsimile,
first-class mail or overnight courier to each Publisher to any
Non-Assigned Contract.  The applicable Non-Assigned Contract
will be deemed rejected effective upon the expiration of five
days after receipt of a Rejection Notice.

                     About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
The Debtors' exclusive period to file a chapter 11 plan expires
on April 28.


ADVANCED MARKETING: Marc Ravitz Joins Board of Directors
--------------------------------------------------------
The Board of Directors of Advanced Marketing Services Inc. has
appointed Marc E. Ravitz, CFA, as a director of the company.

Mr. Ravitz is executive vice president of Grace & White Inc., an
investment advisory firm, which, together with other affiliated
entities and persons, controls approximately 12% of the
company's common stock.

"Marc's firm has been a stockholder for many years.  We're
pleased that he has joined the Board, and we look forward to his
contributions," said Robert F. Bartlett, the Chairman of the
Board.

"I look forward to working with the other members of the Board
and management to chart a positive course for the company," Mr.
Ravitz stated.

The company's meeting of stockholders, scheduled on Jan. 24, was
adjourned to Feb. 23, 8:00 a.m. Pacific Standard Time, at the
company's offices in San Diego, California.  The meeting was
adjourned because less than a majority of the company's shares
outstanding and entitled to vote were represented at the
meeting.  The record date for the meeting remains Dec. 26, 2006,
and only stockholders of record as of the close of business on
that date will be entitled to vote at the meeting.

                     About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 Plan will expire on April 28.


AQUAPETS LTD: Taps A. Poxon to Liquidate Assets
-----------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Aquapets Ltd. on Jan. 22 for the creditors' voluntary winding-up
proceeding.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Aquapets Ltd. can be reached at:

         467 Leigh End  
         Warrington Road  
         Glazebury  
         Warrington  
         Cheshire WA3 5NT  
         England
         Tel: 01942 262 979  
         Fax: 01942 262 979  


CANINE CORP: Taps Grant Thornton to Administer Assets
-----------------------------------------------------
Martin Gilbert Ellis and Nicholas Wood of Grant Thornton U.K.
LLP were appointed joint administrators of Canine Corp. Plc.
(Company Number 05572354) on Jan. 9.

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.

Headquartered in London, England, Canine Corp. Plc. retails dog
accessories.


CAR 4 LIFE: Names Roderick Graham Butcher as Administrator
----------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Ltd. was named
administrator of Car 4 Life (U.K.) Ltd. (Company Number
05171163) on Jan. 19.

The administrator can be reached at:

         Roderick Graham Butcher
         Butcher Woods Ltd.
         79 Caroline Street  
         Birmingham
         West Midlands B3 1UP  
         United Kingdom
         Tel: 0121 236 6001  
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk

Car 4 Life (U.K.) Ltd. can be reached at:

         35A  
         Blackmore Road
         Malvern
         Worcestershire WR14 1QT  
         United Kingdom
         Tel: 01684 576 449


CLASSIC SHOES: Claims Filing Period Ends March 7
------------------------------------------------
Creditors of Classic Shoes Ltd. have until March 7 to send their
names and addresses, with particulars of their debts or claims,
and the names and addresses of their solicitors, if any, to:

         Ashok K. Bhardwaj  
         Liquidator
         Bhardwaj Insolvency Practitioners
         47-49 Green Lane
         Northwood
         Middlesex HA6 3AE
         England

Ashok K. Bhardwaj of Bhardwaj Insolvency Practitioners was
appointed liquidator of the company on Jan. 23.


COLIN COLLINS: Appoints Vantis as Joint Administrators
------------------------------------------------------
Nicholas Hugh O'Reilly and Simon Elliott Glyn of Vantis were
appointed joint administrators of Colin Collins Ltd. (Company
Number 00633749) on Jan. 17.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

Colin Collins Ltd. can be reached at:

         90-100 Pinner Road
         Harrow
         Middlesex HA1 4JD &nbs p;
         United Kingdom
         Tel: 020 8861 1666  
         Fax: 020 8863 0228


COLLINS & AIKMAN: Court OKs First Amended Disclosure Statement
--------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates filed with the
U.S. Bankruptcy Court for the Eastern District of Michigan a
modified First Amended Joint Plan and Disclosure Statement on
Jan. 24, 2007.

The Debtors advised the Court that they have reached an
agreement in principle with the Official Committee of Unsecured
Creditors and the Unofficial Steering Committee for their
senior, secured prepetition lenders regarding the terms of the
Amended Plan.

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

Collins & Aikman Corp. modified the Amended Plan to reflect the
agreement.  Certain provisions of the Amended Plan were also
modified to address the objections filed by governmental
agencies, insurers and other parties-in-interest.

The Honorable Steven W. Rhodes approves the Disclosure Statement
to the modified First Amended Plan and set the hearing to
consider confirmation of that Plan to April 19, 2007.

A copy of the Court-approved Disclosure Statement is available
for free at http://ResearchArchives.com/t/s?192e

A copy of the modified First Amended Plan is available for free
at http://ResearchArchives.com/t/s?192f

                  Disclosure Statement Objections

(1) State of Michigan and IRS

The State of Michigan, Department of Labor & Economic Growth and
Unemployment Insurance Agency, and The United States of America,
on behalf of the Internal Revenue Service, assert postpetition
tax claims arising from the Debtors' business activities, and
requested that the claims be paid at, or before, the
confirmation of the Plan.

Michigan filed a $10,937 administrative tax claim on March 15,
2006, involving the Debtors' subsidiary New Baltimore Holdings,
LLC.  The third and fourth quarter 2005 tax reports were not
filed, and the unemployment tax amount owed is an estimate.

Roland Hwang, assistant attorney general, complained that the
First Amended Plan and Disclosure Statement had no indication
that all postpetition unemployment taxes have been paid and fail
to provide for payment of postpetition unemployment tax
obligations for the Debtors' subsidiary, New Baltimore Holdings
LLC.

John W. Stevens, special assistant U.S. attorney, stated that
the Debtors owe liabilities to the federal government for Form
941, Employer's Quarterly Federal Tax Return taxes.  Based on
the lack of records, the IRS has not yet filed an administrative
claim for the taxes.

The IRS filed a $24,590,752 claim on Aug. 2, 2006, with
$22,471,909 as priority amount and $2,118,843 as unsecured
general amount for various taxes.

Pursuant to Article III.I.(a) of the Plan, payments on
administrative claims will be made either before or after the
Effective Date.  However, there is no defined date when
administrative claims will be paid, Mr. Stevens pointed out.

(2) New Hampshire; Farmington; and MDEQ

The State of New Hampshire Department of Environmental Services
complained that the Debtors failed to disclose their intention
with respect to their responsibility for and the disposition of
certain environmentally contaminated sites in New Hampshire.

Farmington, holder of a claim for prepetition unpaid real estate
taxes, and other two claims arise from environmental conditions
on and emanating from real estate owned by the Debtor, said that
the Disclosure Statement needs to be clarified so as to provide:

  (a) whether a manufacturing plant in Farmington, which is
      subject to a certain Sarah GreenField Agreement with the
      Debtors, and other environmentally contaminated properties
      like the Cardinal Landfill, are covered by the sale
      process contemplated under the Plan; and

  (b) whether the Post-Consummation Trust will pay for clean up
      costs on and after the Effective Date.

The State of Michigan, Department of Environmental Quality,
filed claims relating to oversight or remediation of the
contamination in a Debtor-owned property in Mancelona, Antrim
County, Michigan.  MDEQ pointed out that it is not clear whether
the Post-Consummation Trust and the Litigation Trust
contemplated under the First Amended Plan would address the
environmental claims.

Celeste R. Gill, assistant attorney general, Environment,
Natural Resources, and Agriculture Division, asserted that, to
the extent the Plan is an attempt to abandon the property of the
bankruptcy estate in violation of the environmental laws of
Michigan, it is unconfirmable.

(3) Various Insurers

Various insurers issued policies to the Debtors for real and
personal property, international coverage and excess liability,
including directors and officers' liability:

   -- ACE American Insurance Co., Westchester Fire Insurance Co.
      and other members of the ACE group of companies;

   -- certain insurers including Century Indemnity Co.,
      Continental Insurance Co., Continental Casualty Co., St.
      Paul Surplus Lines Insurance Co., and the Travelers
      Indemnity Co.; and

   -- Fireman's Fund Insurance Co., National Surety Co., and
      other related insurance companies.

David A. Lerner, Esq., at Plunkett & Cooney, P.C., in Bloomfield
Hills, Michigan, separately representing ACE and Certain
Insurers, claimed that the Disclosure Statement does not provide
critical information on how potentially insured claims will be
handled and whether the handling accords with the insurers'
contractual rights, or how the insurance claims against the
Debtors will be treated.

The Disclosure Statement fails to indicate whether the Debtors
will be assuming or rejecting any insurance policies or whether
the Post-Consummation Trust will be performing the Debtors'
obligations under the policies, but the Disclosure Statement
indicates that the Plan will be using insurance policies to
satisfy certain claims, Mr. Lerner pointed out.

Moreover, the Disclosure Statement preserves the Debtors' rights
of setoff, but does not specifically address the rights of
setoffs and recoupment belonging to other parties.  The Debtors
may seek to bar the rights under the injunctive or other
provisions in the proposed Plan, Mr. Lerner averred.

It is also unclear how the Debtors intend to honor the Insurers'
contractual rights to defend, settle, or litigate potentially
covered claims on a post-confirmation basis, Mr. Lerner noted.

FFIC, represented by Kelly A. Myers, Esq., at Myers & Allmand,
PLLC, in Brighton, Michigan, may also be party to certain
agreements, which are executory contracts under Section 365 of
the Bankruptcy Code, relating to the policies.  Mr. Myers said
that the Disclosure Statement fails to disclose meaningful
information regarding the procedures to be utilized by Debtors,
Litigation Trust administrator and Plan Administrator in
liquidating and paying Claims.  The value of the Claims is also
not provided, he added.

Even when the Debtors finally identify which executory contracts
to assume, assign, or reject, Mr. Myers pointed out, the
purported treatment of the contract is rendered meaningless by
the retention of the rights by the Debtors and Post-Consummation
Trust to amend or supplement the list of the executory contracts
to be assumed, at any time after 90 days after the Effective
Date.

The Plan also purports to make FFIC potentially liable to
provide the full amount of insurance coverage while
extinguishing its ability to enforce its reciprocal contractual
rights, Mr. Myers contended.  Additionally, the Plan may provide
for the assignment of the FFIC Agreements without requiring the
Post-Consummation Trust to assume the Debtors' reciprocal
Contractual Obligations.  The allowance of the possible
assignment of the FFIC Agreements would vitiate any coverage
otherwise available under the FFIC Agreements, he said.

(4) RLI Insurance Company

RLI Insurance Company issued three outstanding bonds aggregating
$2,800,000, on behalf of the Debtors.  The Bonds were issued
primarily to cover obligations arising from self-insurance
programs covering workers' compensation liabilities.

Chase Manhattan USA, N.A., now known as JPMorgan Chase Bank,
through the issuance of a letter of credit, is obligated to pay
any obligations owed to RLI arising under or related to the
Bonds.  In addition to the Letter of Credit, RLI has direct
claims against the Debtors, through commercial indemnity
agreements, and subrogation rights through beneficiaries of the
Bonds.

Kay Standridge Kress, Esq., at Pepper Hamilton LLP, in Detroit,
Michigan, notes that there is no information regarding how the
Bonds and the Letter of Credit will be treated.  The Disclosure
Statement should also clearly advise RLI about the ultimate
disposition of the Bonds and whether the releases effected under
the Plan are intended to deprive RLI of its rights under the
Letter of Credit, he asserts.

(5) Hallmark, et al.

Hallmark Technologies, Inc., doing business as Hallmark Tools;
Phillips Tool & Mould; Tri-Way Mfg., Inc., doing business as
Tri-Way Mold and Engineering each have fabricated certain molds
pursuant to the Michigan Mold Lien Act, MCL 445.611 et seq.  
Tri-Way has also fabricated certain tools for the Debtors.

Dennis W. Loughlin, Esq., at Strobl & Sharp, P.C., in Bloomfield
Hills, Michigan, representing the three claimants, complained
that the Disclosure Statement fails to provide adequate
information concerning the treatment of the many tool and mold
suppliers of the Debtors, and their potential tool and mold-
related lien claims under the Act.

The Disclosure Statement provides for a release and discharge of
liens on estate assets.  Hallmark, PTM, and Tri-Way object to
the discharge of any tool or mold-related lien unless their lien
claims are satisfied in full.

The Disclosure Statement fails to recognize the statutory lien
on the Molds and to provide payment to satisfy the liens on the
Molds, Mr. Loughlin asserted.

(6) SEI and PIC

The PIC Group Inc. provided certain quality control-related
services for the Debtors.

At the time of the filing of the bankruptcy petitions, Debtor
C&A Plastics, Inc., was a party defendant in a pending lawsuit
brought by Sales Engineering, Inc., before the Oakland County
Circuit Court, Case No 99-014804-CK.

SEI had obtained, in the lawsuit, a default judgment against C&A
Plastics in an amount in excess of $4,100,000.  The Debtor
appealed the default judgment and, pursuant to a consent order
entered into by the parties, procured for SEI's benefit, as
security, a letter of credit amounting to $5,400,000, issued by
JPMorgan.

Robert A. Peurach, Esq., at Fitzgerald & Dakmak, P.C., in
Detroit, Michigan, stated that the Disclosure Statement is
devoid of any mention of the Oakland lawsuit, much less whether
the stay will be lifted to bring the lawsuit to a conclusion,
and fails to address the treatment of claims that are supported
by a letter of credit.

The injunctive and release provisions contained in the
Disclosure Statement and Plan are unclear whether SEI and other
similarly situated creditors will be deemed, upon confirmation,
to have released JPMorgan from any liability under the letter of
credit, or whether SEI would be enjoined from enforcing the
letter of credit, Mr. Peurach pointed out.

Furthermore, according to Mr. Peurach, knowledge of the
Effective Date is important because it triggers the running of a
number of debtor obligations under the Plan, including the
deadline for the Debtors to file objections to claims.  The
Effective Date should either contain a definitive date, or the
Debtor should provide public notice of the date, he argued.

(7) H.P. Pelzer

H.P. Pelzer Automotive System Inc. maintained that it has set-
off and recoupment rights.  The Disclosure Statement is unclear
on the treatment of H.P. Pelzer's set-off rights and similarly
situated creditors, Charles D. Bullock, at Stevenson & Bullock,
P.L.C., in Southfield, Michigan, tells the Court.  The Debtors
may seek to bar the rights under the injunctive or other
provisions of the proposed Plan, he pointed out.

The Disclosure Statement indicates that the Plan provides only
for the Debtors and the Liquidation Trust to object to and to
settle claims, Mr. Bullock noted.  Moreover, it also indicates
that the Plan will enjoin certain claims against the Debtors,
certain other parties, and the Debtors' assets.

(8) MacKay Shields LLC

Before the Petition Date, MacKay Shields LLC purchased certain
debt securities of one of the Debtors, specifically the 10-3/4%
Senior Notes due 2011 and the 12-7/8% Senior Subordinated Notes
due 2012, on behalf of its investment advisory clients.

Michael S. Etkin, Esq., at Lowenstein Sandler PC, in Roseland,
New Jersey, noted that the Plan treats members of the same class
differently without any explanation or justification.  With
respect to Classes 5 to 7, the Plan provides that only those who
vote in favor of the Plan are entitled to receive a distribution
of Litigation Recovery Interests.  The discriminatory treatment
is not permitted by the bankruptcy Code, he asserts.

Pursuant to the Plan, third-party claims against certain non-
Debtors, including current or potential parties against whom
creditors may have valid claims, are released, waived and
discharged regardless of whether the holder of a Claim or Equity
Interest votes in favor of the Plan, against the Plan, or not
vote at all.  Although non-released parties, potential
defendants of any retained causes of action, are purportedly not
being released from third-party claims, the release is
ambiguous, Mr. Etkin argued.

The Debtors fail to provide any factual basis to establish the
required "unusual circumstances" which justify confirmation of a
plan containing such extraordinary relief, Mr. Etkin told the
Court.

Mr. Etkin maintained that third-party releases, the related
injunctions, and the requirement that a creditor vote in favor
of the Plan in order to be entitled to receive a distribution
must be eliminated or at least sufficiently justified.

                   Debtors Addressed Objections

The Debtors informed Judge Rhodes that Michigan's Agency's tax-
related objection has been resolved.  The Debtors will file a
specific governmental form as soon as practical, and agree that
Michigan reserves the right to pursue collection of unpaid taxes
and to require the filing of the form.

IRS has confirmed that its objection does not relate to the
adequacy of the Disclosure Statement and that it is not
objecting to the approval thereof.

The Amended Disclosure Statement states the Debtors will supply
the relevant local, state and federal environmental agencies
with any additional information that exists regarding the
Debtors' plans on the disposition of the properties no later
than 18 calendar days before the voting deadline and the
deadline to object to the confirmation hearing.

The alternatives for disposition under the Plan are:

   (a) Owned properties;

       * sale or transfer to entities that will assume
         responsibility for environmental investigation and
         cleanup;

       * if sale or transfer is not possible before the
         Effective Date, transfer to a residual trust with
         details of any trust agreement, including a budget as
         it relates to environmental matters, to be supplied to
         the relevant agencies no later than 12 calendar days
         before the voting deadline and deadline to object to
         confirmation hearing; or

       * abandonment, if found by the Court after notice and
         hearing to be permissible under the law;

   (b) Rejection of applicable leases for any leased properties;
       and

   (c) Some other potential resolution under applicable law as
       to owned or leased properties.

Additionally, the Debtors and the relevant environmental
agencies are continuing efforts to seek the most beneficial
outcome of concerns regarding the disposition of the properties,
therefore, the Plan does not specify the ultimate disposition.  
The Customer Agreement does not waive any claims for
environmental remediation or other environmental claims the
Debtors may have against other parties to the Customer
Agreement.

If any of the Debtors' properties located in Michigan, which are
the subject of ongoing environmental investigation or
remediation activities are sold, any environmental
responsibility language in agreements documenting the sales
should be subject to the approval of the MDEQ, and the Debtors
reserve all of their rights with respect thereto.

If any of the Debtors' properties located in Michigan, which are
the subject of ongoing environmental investigation or
remediation activities are abandoned, Michigan should be named
as beneficiaries to any insurance proceeds or pending insurance
claims related to the properties, and the Debtors reserve all of
their rights with respect thereto.

ACE and FFIC reserve all of their rights, claims and defenses,
if any, under the ACE policies or FFIC Agreements, including
their rights to deny coverage.  ACE reserves its rights to
object to confirmation of the Plan and to seek declaratory
relief that the improper treatment of the ACE Policies under the
proposed Plan relieves them of any further obligation to provide
insurance coverage.  FFIC has indicated that it may object to
confirmation of the Plan and seek declaratory relief that the
treatment of the FFIC Agreement under the Plan relieves it of
any further obligation to provide coverage.  The Debtors reserve
all rights and defenses with respect to the FFIC issues.

The Debtors relate that no party to the claims handling
agreement has served any notice of termination, so the claims
handling agreement remains in effect as of Jan. 24, 2007.  
Discussions are in progress with counsel for certain of the
insurers on whether the Debtors will assume the claims handling
agreement.  The Debtors are optimistic that they will agree to a
resolution, which will include modifying and assuming the claims
handling agreement.  If no resolution can be reached, the
Debtors may reject the claims handling agreement.

The Debtors will advise RLI of their intentions with respect to
the RLI bonds on or before the Effective Date.  SEI's Oakwood
lawsuit is currently stayed as a result of the Debtors' Chapter
11 cases.  The Debtors inform the Court that SEI's letter of
credit remains in place.

Notwithstanding anything contrary in the Plan, the third party
releases and exculpation in Articles XII.C, D, and E, or any
other provisions of the Plan, are not intended to and do not
limit the rights, if any, of RLI and SEI to seek and receive a
distribution from the letters of credit issued by JPMorgan.

As mentioned in the Debtors' Amended Disclosure Statement to the
Joint Plan dated Jan. 24, 2007, the Debtors will provide a full
discharge and release to each of the OEMs and the Debtor
Releases, and the OEMs in turn will provide a full discharge and
release to each of the Debtors, except as otherwise set forth in
the Customer Agreement and the OEM excluded claims, on the
Effective Date and effective as of the Effective Date.

Nothing in Article IV.K of the Plan will operate as a release of
any statutory lien on tooling until the lien is satisfied
pursuant to the Plan, and the lien will remain in full force and
effect in the same priority and to the same extent and validity
as existed immediately before the Effective Date until the lien
is satisfied pursuant to the Plan.

The Debtors will provide notice of the Effective Date to PIC
within 15 business days after the Effective Date.

With respect to H.P. Pelzer's objection, the Debtors agreed to
negotiate a stipulation regarding the setoff claim.

The Debtors dispute McKay's position and believe that the
releases and injunctions are valid.  The parties reserve their
rights with respect to the issue for the confirmation hearing.

                            The Trusts

The First Amended Plan provides for the creation of two trusts,
a Post-Consummation Trust and a Litigation Trust, to liquidate
the Debtors' businesses and causes of action after the effective
date of the Plan.  The Disclosure Statement provides that the
Debtors' assets, including Causes of Action, will be transferred
to the Post-Consummation Trust, and the Litigation Trust will
use the assets to make distributions to allowed claims.

The modified First Amended Plan provides that the Litigation
Trust Allocation Exhibit will govern the allocation of the
litigation recovery interests among the holders of the allowed
general unsecured claims in Class 5, the holders of allowed
senior note claims and allowed Pension Benefit Guaranty Corp.
claims in Class 6, and holders of allowed senior subordinated
note claims in Class 7.

Under the Allocation, the Litigation Recovery Interests are
delineated into (i) the Tranche A Litigation Recovery Interests
equal to 75% of the beneficial interest in the proceeds of the
Litigation Trust assets recovered from the effective date until
the Tranche A termination date, when the prepetition facility
claims in Class 3 is fully paid; and (iii) the Tranche B
Litigation Recovery Interests, equal to the remaining 25% of the
beneficial interest in the proceeds and 100% after the Trance A
termination date.

The modified First Amended Plan provides that the releasing
parties include each holder of a claim that votes in favor of
the Debtors' Joint Plan and, to the fullest extent permissible
under applicable law, each person that has held, holds or may
hold a Claim or at any time was a Holder of a Claim and that
does not vote on the Plan.  The original equipment manufacturers
or the Holders of equity interests in Class 8 are excluded from
the Releasing Parties.

The exculpation clause provides that Article XII.D of the Plan
will have no effect on the liability of the Post-Consummation
Trust that results from any acts or omissions in connection with
the customer agreement of the postpetition OEM contracts.  The
OEMs are included in the exculpated parties.

Notwithstanding anything contrary to the Plan, no claims,
obligations, suits judgments, damages, demands, debts, rights,
causes of action or liabilities against any entity other than
the Debtors, the Litigation Trust or the Post-Consummation Trust
with respect to the pension plan, will be released, exculpated,
discharged, enjoined or otherwise affected by the Plan.

On the Effective Date, the Debtors will deposit $3,000,000 with
the Litigation Trust to cover the reasonable costs of
investigating, prosecuting, resolving and reconciling Claims.
The Litigation Trust will have no obligation to and will not
repay the $3,000,000 to the Debtors or the Post-Consummation
Trust.  Any cash in the Litigation Trust will be applied, first,
to the fees, costs, expenses and liabilities of the Litigation
Trust Administrator and the members of the Litigation Trust
Committee and, second, to the distributions provided for
pursuant to the Plan.

The Post-Consummation Trust will maintain customary insurance
coverage for the protection of persons serving as administrators
and overseers of the Post-Consummation Trust on and after the
effective date.

The Bankruptcy Court, upon motion by a party-in-interest, may
extend the term of the Post-Consummation Trust for a finite
period if an extension is necessary to liquidate the Post-
Consummation Trust Assets or to complete any distribution
required under the Plan.  Multiple extensions may be obtained so
long as Bankruptcy Court approval is obtained at least six
months before the expiration of each term.

The Debtors will have the authority to establish the residual
trust in accordance with the Residual Trust agreement to pay or
otherwise resolve any Residual Trust claims.  The sole right to
recover on account of the Residual Trust Claims will be limited
to the Residual Trust Assets.  Upon satisfaction of the Residual
Trust Claims, any residual assets remaining in the Residual
Trust will be distributed to the Post-Consummation Trust.

The postpetition OEM contracts will remain in full force and
effect without modification by the Plan and, on and after the
Effective Date, will be performed by the Post-Consummation Trust
in the ordinary course of its business.  Nothing in the Plan is
intended to, nor will it, discharge, release or enjoin the
enforcement of any unmatured, unliquidated or contingent claim
of any OEM under any postpetition OEM Contract, provided that no
claim will give rise to an administrative claim, except
otherwise provided in the Customer Agreement.

Nothing in the Customer Agreement is intended to modify, amend
or supersede the agreement regarding Lambda program dated as of
April 24, 2006, between the "Supplier" and General Motors Corp.,
which terms and conditions remain in full force and effect.

A copy of the Customer Agreement along with a list of the
plastics & convertibles plants, including the unsold plants, is
available for free at http://ResearchArchives.com/t/s?172a

                     Other Provisions in Plan

The Debtors relate that with respect to the stipulation with the
Securities & Exchange Commission, SEC had an extension until
Jan. 15, 2007, to file a proof of claim in the Debtors'
Chapter 11 cases.  The SEC has not filed a proof of claim and no
further extension has been negotiated.

As of Jan. 24, the Debtors and Textron Financial Corp. are
attempting to negotiate mutually acceptable treatment of
Textron's claims and rights with respect to the Textron
equipment agreement.  The Debtors anticipate that a consensual
agreement will be reached with Textron with respect to the
Textron Equipment Agreement and all parties continue to reserve
their respective rights, claims, and defenses.

As part of the sale process, the Debtors believe the Collins &
Aikman Pension Plan will be terminated.  The Pension Plan may
only be terminated in accordance with Title IV of Employee
Retirement Income Security Act in an involuntary termination by
the Pension Benefit Guaranty Corp., or a voluntary termination
by the Debtors that is approved by the PBGC.  The PBGC is
currently investigation whether the Pension Plan meets the
criteria for an involuntary termination.

                     Retained Causes of Action

The Debtors filed with the Court a list of over 20,000 potential
parties to the Debtors' pending causes of action, which includes
actions for payments, deposits, holdbacks, reserves or other
amounts owed by any creditor, lessor, utility, supplier, vendor,
insurer, surety, factor, lender, bondholder, lessor or other
party.

A list of the categories of the retained causes of action,
including the potential non-released parties is available for
free at http://ResearchArchives.com/t/s?1930

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


COLLINS & AIKMAN: Liquidation Analysis Under First Amended Plan
---------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates filed on
Jan. 16, 2007, a liquidation analysis in connection with the
Disclosure Statement to their First Amended Joint Plan filed on
Dec. 22, 2006.

The U.S. Trustee, however, complained that there were serious
and substantial discrepancies between the values listed in the
Liquidation Analysis and the numbers reflected in the Debtors'
balance sheet submitted to the U.S. Bankruptcy Court for the
Eastern District of Michigan.

The Debtors' November 2006 balance sheet indicated a total value
for all assets of approximately $5,051,000,000, while the
Liquidation Analysis places a value of $230,000,000, apparently
on the same assets, the U.S. Trustee pointed out.

The Liquidation Analysis also valued Investment in Subsidiaries
at $58,000,000 to $70,000,000, while the most recent financial
report values the assets at $2,479,000,000.

In its objection to the Disclosure Statement, the U.S Trustee
asked the Debtors to fully explain the huge discrepancy between
the values.

The Debtors re-filed their liquidation analysis together with
their modified First Amended Plan and Disclosure Statement on
Jan. 24, 2007.

In response to the U.S. Trustee's concerns, the Debtors note
that the Liquidation Analysis presents the liquidation of the
Debtors on a consolidated basis.  Proceeds realized from each
Debtor are aggregated in a common distribution source.  For
purposes of distribution, each and every asserted Claim against,
and Equity Interest in, any Debtor is entitled to a distribution
from the aggregated proceeds.  Any Claim against a Debtor, any
guarantee executed by any other Debtor and any joint or several
liability of any of the Debtors are deemed one right to a
distribution from the aggregated proceeds.

Value estimates were derived from a combination of actual
balances as of Nov. 30, 2006, the date of the Customer
Agreement; Dec. 31, 2006; and expected balances as of March 31,
2007, the assumed effective date.

The financial information filed in the Debtors' Monthly
Operating Reports represents aggregate book value of the each of
the Debtors assets on a non-consolidated basis.  In the November
2006 MOR, the aggregate assets were approximately
$5,000,000,000.  According to the Debtors, this is not an
accurate indicator of liquidation value of the Debtors' assets
for two main reasons:

   (a) It does not reflect the Debtors' balance sheet on a
       consolidated basis; and

       The Debtors equity interests in subsidiaries have no
       liquidation value.

   (b) It reflects book value, not liquidation or fair market
       value.

       Historical values were adjusted in accordance with
       certain accounting rules.

The projected range of cash balances reflects cash that is
assumed to be available to the Debtors in a liquidation scenario
as of March 31, 2007.  In each of the high and low value cases,
the estimated balance is derived from the actual balance of
$86,000,000, as reported in the November 2006 MOR, plus December
activity and also includes estimates of settlements and wind-
down proceeds expected to be realized before the Assumed
Effective Date.

The balance is net of the assumed pay down of the DIP Facility
Claims as well as estimated wind-down costs through the Assumed
Effective Date.  The balance includes restricted cash of
approximately $21,000,000 relating to incurred or anticipated
professional fees.

In the MOR, the Debtors reported a balance of $268,000,000.  The
Debtors' estimated recovery on accounts receivable reflects
updated information through December 2006 and projected proceeds
from future collections of the accounts receivable.
Additionally, the analysis considers the prepetition and
postpetition status of the balances.

The Debtors estimate the net liquidation proceeds available for
distribution at a high of $169,200,000, and a low of
$106,000,000.

                         Liquidation Analysis
                     Estimated Liquidation Proceeds
                           (Amounts in 000's)

                                     Estimated Liquidation Value
                                           High         Low
                                      -------------------------
Statement of Assets
   Cash                                 $138,300       $118,300
   Fabrics                                     0              0
   A/R, Top OEMs, Production & Other           0              0
   A/R, Other OEMs, Production & Other         0              0
   A/R, Non OEMs, Production & Other           0              0
   A/R, Top OEMS, Tooling                  8,800          7,000
   A/R, Other OEMS, Tooling                  400            300
   A/R, Non OEMs, Tooling                    500            400
   Inventory                                   0              0
   Prepaid Tooling & Molding, Current          0              0
   Investments in Subsidiaries                 0              0
   InterCo Receivable - Canada            10,000              0
   InterCo Receivable - Mexico             3,000              0
   InterCo Receivable - European          39,000         27,000
   Prepaid and Miscellaneous Assets            0              0
   Other Long Term Assets                      0              0
   Goodwill                                    0              0
   Deferred Tax Assets                         0              0
   Property Plant & Equipment             30,000         12,500
                                      -------------------------
Gross Liquidation Proceeds               230,000        165,500

Costs of Liquidation
   Chapter 7 Expenses                    $18,900        $18,900
   Chapter 7 Wind Down Costs              15,700         15,700
   Chapter 11 Prof. Fee Holdback          21,000         21,000
   Chapter 7 Trustee Fees                  5,200          3,300
                                      -------------------------
Total Costs of Liquidation                60,800         58,900
                                      -------------------------
Net Liquidation Proceeds for Dist.      $169,200       $106,600

                                 Estimated Liquidation Recovery
                                           High         Low
                                      -------------------------
Net Liquidation Proceeds for Dist.      $169,200       $106,600

Less: Purchase Money Security Interests   25,900         25,900

Less: Secured Lien Claims                  9,700          7,700

Less: Secured Claims
   Prepetition Facility Claims           133,600         73,000
   OEM Jr. Secured Loan & Related Int.         0              0
   OEM Launch Cost Funding                     0              0

Less: Ch. 11 Administrative & Priority Claims
   Headquarter Lease Rejection                 0              0
   Other Chapter 11 Lease Rejection            0              0
   OEM Administrative Loan                     0              0
   Environmental Claims                        0              0
   Chapter 11 Priority Claims                  0              0

Less: Unsecured Claims
   General Unsecured Claims                    0              0
   Real Estate Lease Rejection Claims          0              0
   Equipment Lease Rejection Claims            0              0
   Prep. OEM Damage & Cancel. Claims           0              0
   10.75% Senior Notes due 2011                0              0
   12.875% Sr. Sub. Notes due 2012             0              0
                                      -------------------------
                                              $0             $0

A copy of the Liquidation Analysis is available for free at
http://ResearchArchives.com/t/s?1932

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


COLLINS & AIKMAN: Reveals Composition of Possible Allowed Claims
----------------------------------------------------------------
In Collins & Aikman Corp. and its debtor-affiliates' modified
First Amended Joint Plan and Disclosure Statement, the Debtors
disclosed that, as of Jan. 24, their claims agent received
around 9,246 claims, comprising of:

   -- 1,037 secured claims amounting to US$3,176,773,827;
   -- 44 administrative claims totaling US$2,380,409;
   -- 910 priority claims aggregating US$7,887,323,690; and
   -- 7,255 unsecured claims amounting to US$42,756,485,600.

The Debtors are in the process of objecting to invalid,
untimely, duplicative and overstated claims.  Through withdrawal
and disallowance of claims, a total of 556 claims totaling
US$4,4414,393,899 have been expunged.

The Debtors estimate that at the conclusion of the Claims
objection, reconciliation and resolution process, the aggregate
amount of allowed claims will be:

    -- administrative claims, US$74,000,000;
    -- secured claims, US$827,000,000;
    -- priority claims, US$12,000,000;
    -- senior note claims, US$521,000,000;
    -- senior subordinated note claims, US$428,000,000;
    -- PBGC claims, US$110,000,000 to US$208,000,000; and
    -- general unsecured claims, US$539,000,000.

The Administrative Claim estimate does not include the
US$26,000,000 of original equipment manufacturers'
administrative debtor-in-possession claims payment, and the
Allowed Secured Claims estimate does not include the
US$82,500,000 OEM Subordinated DIP loan payment, which are
expected to be waived pursuant the Customer Agreement and in
exchange for a release in the Amended Joint Plan.

The Debtors and the Pension Benefit Guaranty Corp. are currently
in discussions regarding the treatment of the PBGC Claims.

                     About Collins & Aikman

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


DAMOVO GROUP: Debt-to-Equity Swap Spurs S&P to Withdraw D Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' long-term
corporate credit rating on U.K.-based telecommunication services
provider Damovo Group S.A., and 'D' senior secured debt ratings
and '4' recovery rating on subsidiary Damovo III S.A.  

The recovery rating was on CreditWatch negative, reflecting
uncertain recovery prospects for noteholders.  The withdrawal
was made at the request of the company, whose noteholders
recently approved a debt-to-equity swap.  As part of the
company's recent financial restructuring, noteholders approved
?50 million in new funding for the group's Italian subsidiaries.  
Damovo's Italian subsidiaries had EUR358 million in factoring
liabilities at Oct. 31, 2006.


DIRECT CATERING: Creditors' Meeting Slated for February 5
---------------------------------------------------------
Creditors of Direct Catering Fabrications Ltd. will meet at
11:15 a.m. on Feb. 5 at the offices of:
  
         Adcroft Hilton Ltd.
         269 Church Street
         Blackpool
         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 on Feb. 1.
  

DUPLI PHOTO: Creditors' Meeting Slated for February 6
-----------------------------------------------------
Creditors of Dupli Photo Ltd. will meet at 11:00 a.m. on Feb. 6
at the offices of:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TB
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, and ensure their
proxies are received (unless they are individual Creditors
attending in person), 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.

Bond Partners LLP -- http://www.bondpartners.co.uk/--  
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.


DURA AUTOMOTIVE: Judge Carey Approves CFO Employment Agreement
--------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware approves the Debtors' employment
agreement dated Dec. 20, 2006, with David L. Harbert, as chief
financial officer of Dura Automotive Systems Inc., and a related
service agreement with Mr. Harbert's firm, Tatum, LLC, for
payment of a placement fee and the provision of certain
resources and support in connection with Mr. Harbert's
employment.

Judge Carey, however, did not approve the indemnification
provisions stated in the Employment Agreement.

Judge Carey rules that Mr. Harbert will be entitled to receive
indemnification from the Debtors to the extent and in a manner
as the Debtors' other current officers and directors.

Judge Carey did not approve the early termination fee and states
that it should not be paid unless approved by a separate Court
order.

Every payment and distribution obligation of the Debtors under
the Employment Agreement and Tatum Agreement will be treated as
an administrative expense pursuant to Section 503(b)(1)(A) of
the Bankruptcy Code, Judge Carey says.

The terms of the agreement, as published in the Troubled Company
Reporter on Jan. 15, 2007, are:

   (a) The Employment Agreement will be deemed effective as of
       December 9, 2006;

   (b) As chief financial officer, Mr. Harbert will:

         * perform all duties as are consistent therewith as the
           Chief Executive Officer or the Board of Directors
will
           designate;

         * report directly to Dura's chief executive officer;

         * devote his full time and attention and expend his
           best efforts, energies and skills on behalf of Dura
           in the performance of his duties and
           responsibilities;

   (c) Dura will pay Mr. Harbert $43,200 a month payable in
       accordance with the Company's normal payroll periods and
       procedures, but no less frequently than on a semi-monthly
       basis.  Dura, in its sole discretion, may increase
       Mr. Harbert's salary.

       Dura will pay Mr. Harbert an early termination fee should
       it elect to terminate the Employment Agreement within 90
       days of the Beginning Date.  Dura will pay Mr. Harbert in
       an amount such that the total of Salary and Early
       Termination Fee paid is equal to $2,250 per day worked by
       Mr. Harbert from the Beginning Date to the date of
       termination of the agreement;

   (d) During the course of Mr. Harbert's employment, he will
       remain a partner at Tatum.  Mr. Harbert will share with
       Tatum a portion of his economic interest in any stock
       options or equity bonus that Dura may, in its discretion,
       grant him.  He may also share with Tatum a portion of any
       cash bonus and severance the Company may, in its
       discretion, pay him, to the extent specified in that
       certain Interim Engagement Resources Agreement between
       Dura and Tatum.

       Dura will promptly reimburse Mr. Harbert directly for
       reasonable travel and out-of-pocket business expenses in
       accordance with Dura's expense reimbursement policies and
       procedures and a per diem of $50.00;

   (e) Mr. Harbert will be eligible for:

         * any 401(k) plan offered to Dura's senior management
           in accordance with the terms and conditions of that
           401(k) plan;

         * holidays consistent with Dura's policy as it applies
           to senior management; and

         * vacation accrued at 1.67 days per month.

       Mr. Harbert be exempt from any waiting periods required
       for eligibility under any benefit plan of Dura, other
       than a qualified retirement plan or if that exemption
       would otherwise cause impermissible discrimination under
       the income tax laws applicable to employee benefit plans;

   (f) Mr. Harbert must receive written evidence that Dura
       maintains directors' and officers' insurance to cover him
       in an amount comparable to that provided to senior
       management of the Company at no additional cost.  Dura
       will maintain that insurance at all times while the
       Employment Agreement remains in effect.

       Furthermore, Dura will maintain that insurance coverage
       with respect to occurrences arising during the term of
       the Employment Agreement for at least three years after
       the termination or expiration of the Employment
       Agreement, or will purchase a directors' and officers'
       extended reporting period, or "tail," policy to cover Mr.
       Harbert.

       Dura has also agreed to indemnify Mr. Harbert for any
       claim arising from, related to or in connection with the
       his performance of the services.

   (g) Dura or Mr. Harbert may terminate the Employment
       Agreement for any reason on at least 30 days' prior
       written notice.  Mr. Harbert will continue to render
       services and to be paid during that 30-day period,
       regardless of who give that notice;

   (h) Mr. Harbert may terminate the agreement immediately if
       Dura has not remained current in its obligations under
       the Employment Agreement or the Tatum Agreement, or if
       Dura engages in, or asks him to engage in or to ignore,
       any illegal or unethical conduct;

   (i) Dura may terminate the Employment Agreement immediately
       for cause; and

   (j) Either party may terminate the agreement in the event the
       Court declines to approve the Employment Agreement on or
       before January 23, 2007.

             Service Agreement with Mr. Harbert's Firm

Dura entered into a related services agreement dated Dec. 20,
2006, with Tatum for the provision of resources and support in
connection with Mr. Harbert's employment.

The Tatum Agreement is subject to Court approval and will be
deemed effective as of Dec. 9, 2006.

Pursuant to the Tatum Agreement, Dura will pay directly to Tatum
a fee equal to 25% of Mr. Harbert's salary as partial
compensation for resources provided.  In the event Mr. Harbert
will be paid a bonus, Dura will pay Tatum, whether cash or
equity, 25% of the total bonus paid by Dura during the term of
the Tatum Agreement.

Dura will have the opportunity to make Mr. Harbert a full-time
permanent member of Dura management at any time during the term
of the Tatum Agreement entering into another form of agreement.

The Tatum Agreement will terminate immediately upon the earlier
of:

   (a) the effective date of the Termination;
   (b) expiration of Mr. Harbert's employment with Dura; or
   (c) Mr. Harbert ceasing to be a partner of Tatum.

During the 12-month period following termination or expiration
of the Tatum Agreement, other than in connection with another
agreement with the firm, Dura will not employ Mr. Harbert or
engage him as an independent contractor, to render services of
substantially the same nature as those for which Tatum is making
him available pursuant to the Agreement.  The parties agree that
a breach by Dura of this provision would result in the loss to
Tatum of Mr. Harbert's valuable expertise and revenue potential.  
Thus, in the event of breach, Tatum will be entitled to receive
liquidated damages in an amount equal to 45% of Mr. Harbert's
Annualized Compensation.

In the event a court or arbitrator, as applicable, determines
that liquidated damages are not appropriate for the breach,
Tatum will have the right to seek actual damages.  The amount
will be due and payable to Tatum upon written demand to Dura.

The Tatum Agreement defines "annualized compensation" as
Mr. Harbert's most recent annual salary and the maximum amount
of any bonus for which he was eligible with respect to the then
current bonus year.

Also, pursuant to the Tatum Agreement, Dura will provide Tatum
or Mr. Harbert written evidence that it maintains directors' and
officers' insurance covering the Partner as it covers similarly
situated executive employees of the company.

                 About DURA Automotive Systems Inc.

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

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had $1,993,178,000
in total assets and $1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


F JOHNSON: Brings In Liquidator from Price & Co.
------------------------------------------------
Alan R. Price of Price & Co. was appointed liquidator of  
F Johnson & Co Heating (1983) Ltd. on Jan. 19 for the creditors'
voluntary winding-up proceeding.

The Liquidator can be reached at:

         Price & Co.  
         PO Box 5895
         Wellingborough
         Northamptonshire NN8 4LQ
         England


FUSION SERVICES: Creditors' Claims Due March 23
-----------------------------------------------
Creditors of Fusion Services Ltd. have until March 23 to send in
their names and addresses and particulars of their debts or
claims and of any security held by them, and the names and
addresses of their solicitors, if any, to:

         Michael James Gregson
         Liquidator
         Bulley Davey
         69-75 Lincoln Road
         Peterborough PE1 2SQ
         England

Michael James Gregson of Bulley Davey was appointed liquidator
of the company on Jan. 19.


GARDEN CITY: Creditors Must File Claims by April 18
---------------------------------------------------
Creditors of Garden City Print and Design Ltd. have until  
April 18 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:

         Kevin Thomas Brown
         Liquidator
         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0AH
         England

Kevin Thomas Brown of Marriotts LLP was appointed liquidator of
the company on Jan. 18.

The company can be reached at:

         Garden City Print and Design Ltd.
         Unit 6  
         Such Close  
         Letchworth Garden City  
         Hertfordshire SG6 1JF  
         England  
         Tel: 01462 679 400  
         Fax: 01462 670 070           


GC IMPSAT: S&P Rates Proposed US$200-Million Notes at B-
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to U.K.-incorporated data transmission holding
company, GC Impsat Holdings I Plc.  The outlook is stable.

Standard & Poor also assigned a 'B-' rating to the company's
proposed US$200 million senior notes expected to mature in 2017.
Proceeds of the issuance and additional funding from Global
Crossing Ltd. will fund the merger of GC Crystal Acquisition
Inc., a Delaware corporation that will be a GC Impsat wholly
owned indirect subsidiary, with and into Impsat Fiber Networks
Inc., a Delaware corporation, with Impsat continuing as the
surviving entity.  

Upon consummation of the merger, Impsat will be a wholly owned
indirect subsidiary of GC Impsat.  If the merger is not
completed by May 25, the company will redeem all outstanding
notes.  The affirmation of the ratings is subject to the
materialization of Impsat's acquisition as well as the full
legal implementation of the guarantees.

As of the consummation of the merger, the notes will be
guaranteed on a senior unsecured basis by all GC Impsat existing
subsidiaries other than Impsat S.A., a Colombian company, until
the latter repays existing obligations.  The notes also benefit
from a debt service reserve account that will be funded in an
amount equivalent to the next two debt service payments of the
notes until the company becomes free cash flow positive for a
cumulative four-quarter period.  The reserve account will be in
place at least until June 2008.

"The ratings on GC Impsat mirror our views on Impsat's credit
quality and the potential fit of those assets within GCL's
strategy," said Standard & Poor's credit analyst Pablo Lutereau.  
Impsat is exposed to very volatile economies in Latin America
and a very competitive core business, both of which incorporate
uncertainties regarding the ability of its operatingsubsidiaries
to generate and upstream cash flow.  S&P also expect Impsat to
face significant financial challenges until its growth strategy
materializes and the company becomes free cash flow positive.
The ratings benefit from Impsat's operational track record and
the relatively long tenor of the new debt with almost no
significant maturities until 2017.

Pro forma after the merger and acquisition, GC Impsat's total
gross senior debt of around US$225 million is expected to be
close to 40% of capitalization.  Total senior consolidated debt
will include the new US$200 million senior notes to be issued by
GC Impsat, US$18.8 million bonds issued by Impsat S.A., and
other financial obligations amounting to US$6.4 million.  At
close, the company is expected to have cash balances of about
US$13.5 million.  S&P believes the use of debt is aggressive
when considering that the expected debt to EBITDA ratio would be
around 3.5x and considering that GC Impsat will remain free cash
flow negative in the near term.  Still, the company benefits
from an unchallenging debt-maturity profile given that the
senior notes, that represent almost 90% of total senior debt,
mature after 2017.

Impsat provides private network integrated data and voice
telecommunications and Internet services for corporate customers
and governmental agencies as well as Internet services to
Internet service and content providers.  Impsat connects the
most important cities in Latin America through proprietary
broadband network combining fiber optics, wireless, and
satellite.  The company has 10,000 kilometers of network, 15
metropolitan networks, 15 data centers, and the majority of
subsea network purchased from Global Crossing.  Impsat currently
has 4,700 customers.

The stable outlook reflects our expectations that a manageable
and protracted debt maturity schedule and a fully funded debt
service reserve account to meet a year of interest payments
counterbalance the volatile economic conditions in the countries
where it operates and its very aggressive business strategy, at
least in the short term.  Rating upside is limited by industry
dynamics as well as the uncertainties regarding cash flow
generation in Venezuela, Ecuador and, to a lesser extent,
Argentina.

Nevertheless, the outlook could be revised to negative in the
next 18 months if the company is unsuccessful in its business
strategy and is unable to evidence a positive trend of free cash
flow performance. Any significant increase in debt would very
likely result in a downgrade if it is not accompanied ay a very
significant cash flow increase.


GDS INTERNATIONAL: Brings In T. Papanicola as Administrator
-----------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of GDS International Ltd. (Company Number 03270673) on Jan. 8.

The administrator can be reached at:

         T. Papanicola
         Bond Partners LLP
         Turnpike Gate House
         Alcester Heath
         Alcester
         Warwickshire B49 5NJ
         United Kingdom
         Tel: 01789 766406  

GDS International Ltd. can be reached at:

         Hill Brow Road
         Liss
         Hampshire GU33 7LQ  
         United Kingdom
         Tel: 01730 895 401  
         Fax: 01730 894 207


GEO GROUP: Closes US$428-Mln Purchase of CentraCore Properties
--------------------------------------------------------------
The GEO Group Inc. closed its acquisition of CentraCore
Properties Trust for approximately US$427.6 million.  GEO paid
US$32.58 per common share of CPT, inclusive of the repayment of
US$40 million in CPT debt and the payment of US$20 million in
transaction related fees and expenses.  

The acquisition was financed through the use of US$365 million
in new term loan borrowings and US$62.6 million cash on hand.  
The amended senior secured credit facility consists of the 7-
year term loan and a US$150 million, 5-year revolving credit
facility.  It was underwritten by BNP Paribas.

"We are pleased with the acquisition of CentraCore Properties
Trust," George C. Zoley, Chairman and Chief Executive Officer of
GEO, said.  "The acquisition allows our company to ensure the
long-term ownership, control, and utilization of these
facilities, while reducing our exposure to escalating use costs
in the future.  We can now move forward toward enhancing the
value of these important new company assets."

Lehman Brothers acted as GEO's financial adviser in connection
with this transaction. Akerman Senterfitt served as GEO's legal
advisor.

                  About CentraCore Properties

Based in Palm Beach Gardens, Florida, CentraCore Properties
Trust (NYSE:CPV) -- http://www.correctionalpropertiestrust.com/
-- is a correctional real estate investment trust.  CPT owns 13
correctional facilities totaling 8,671 beds, of which 11
facilities totaling 7,545 beds are currently leased to GEO under
sale-lease back agreements.
                        
                        About GEO Group

Headquartered in Boca Raton, Florida, The GEO Group, Inc. (NYSE:
GEO) -- http://www.thegeogroupinc.com/-- delivers correctional,  
detention and residential treatment services to federal, state
and local government agencies around the globe.  It has
government clients in the USA, Australia, South Africa, Canada
and the United Kingdom.  Its operations include 62 correctional
and residential treatment facilities, with a total design
capacity of 52,000 beds.
               
                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 23,
Standard & Poor's Ratings Services assigned a BB rating to its
US$515 million senior secured credit facility, with a recovery
rating of 1, indicating a high expectation for full recovery of
principal in the event of a payment default.

S&P has affirmed its BB- corporate credit rating on GEO and
revised the rating outlook to negative from stable.  Also, the
rating on GEO's senior unsecured debt rating was lowered to B
from B+, reflecting unsecured lenders' less favorable recovery
position than the senior secured lenders under the company's pro
forma capital structure.

S&P has also lowered its preliminary senior unsecured shelf debt
rating to B from B+.


GIZMO RETAIL: Brings In Begbies Traynor to Administer Assets
------------------------------------------------------------
James P. N. Martin and W. John Kelly of Begbies Traynor were
appointed joint administrators of Gizmo Retail Ltd. (Company
Number 04303766) on Jan. 10.

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

Gizmo Retail Ltd. can be reached at:

         Unit 4
         Wales Designer Outlet
         Bridgend
         Mid Glamorgan CF32 9SU  
         United Kingdom
         Tel: 01656 659 433


GOG SHOP: Appoints Joint Administrators from UHY Hacker
-------------------------------------------------------
Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were
appointed joint administrators of GOG Shop Ltd. (Company Number
02817757) on Dec. 20, 2006.

The administrators can be reached at:

         Andrew Andronikou and Ladislav Hornan
         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159

GOG Shop Ltd. can be reached at:

         Regent Arcade  
         Brighton  
         East Sussex BN1 1HR  
         United Kingdom  
         Tel: 01273 749 505  
         Fax: 01273 729 511


GOLF INNOVATIONS: Appoints Martin Armstrong as Administrator
------------------------------------------------------------
Martin C. Armstrong of Turpin Barker Armstrong was appointed
administrator of Golf Innovations U.K. Ltd. (Company Number
04683786) on Jan. 18.

Turpin Barker Armstrong -- http://www.turpinba.co.uk/--  
provides accounting, tax and business advisory services.   

Golf Innovations U.K. Ltd. can be reached at:

         24 Holmethorpe Avenue
         Redhill & nbsp;
         Surrey RH1 2NL  
         United Kingdom
         Tel: 01737 764 949  
         Fax: 01737 766 663


GREEN LIGHT: Brings In Cooper Parry as Joint Administrators
-----------------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP were appointed joint administrators of Green
Light Performance Bike Hire Ltd. (Company Number 05290481) on  
Dec. 22, 2006.

Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers  
to private business.  

Green Light Performance Bike Hire Ltd. can be reached at:

         Unit 1
         Hawkins Lane
         Manor Industrial Estate
         Burton-on-Trent
         Staffordshire DE14 1QX  
         United Kingdom
         Tel: 01283 537 584  
         Fax: 01283 569 248


HAINAULT WASTE: Brings In Tenon Recovery as Administrators
----------------------------------------------------------
T J Binyon and S J Parker of Tenon Recovery were appointed joint
administrators of Hainault Waste Management Ltd. (Company Number
3806299) on Jan. 3.

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

Hainault Waste Management Ltd. can be reached at:

         Roebuck Road Trading Estate 15-1 7
         Roebuck Road
         Hainault Business Park
         Ilford
         Essex IG6 3TU  
         United Kingdom
         Tel: 020 8500 4131  
         Fax: 020 8500 0397


HEATFAST MECHANICAL: Appoints Mazars LLP as Joint Administrators
----------------------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint administrators of Heatfast Mechanical Services
Ltd. (Company Number 02197868) on Jan. 12.

Mazars -- http://www.mazars.com/-- provides audit, accounting,  
tax and advisory services.

Heatfast Mechanical Services Ltd. can be reached at:

         55 Halesowen Road
         Netherton
         Dudley DY2 9PY  
         United Kingdom
         Tel: 01384 235 054  
         Fax: 01384 455 343


INTERSTATE HOTELS: Moody's Lifts Rating to B1 on Revenue Growth
---------------------------------------------------------------
Moody's Investors Service raised the corporate family rating of
Interstate Hotels & Resorts to B1, from B2, and revised its
rating outlook to stable.  

The senior secured credit facility rating of Interstate
Operating Company, L.P., Interstate's main operating subsidiary,
is also raised to B1 from B2.  

The rating change reflects the success Interstate has enjoyed in
generating consistent revenue growth while improving credit
metrics, specifically leverage and coverage.  Moody's also
acknowledges the company's increased hotel ownership and reduced
exposure to Blackstone.

According to Moody's, Interstate achieved substantial revenue
growth from lodging activities, reaching in excess of
US$100 million in 2005, excluding cost reimbursement revenues,
versus around US$81 million in 2004.  Additionally, the company
has operated with much reduced leverage -- less than 2X
currently, though Moody's considers this temporary as Interstate
executes its growth strategy.  Coverage is also temporarily high
at above 6X; Moody's expects this figure to be at least 3X to
3.5X in the near to intermediate term.  Recently, Interstate
announced the sale of its corporate housing subsidiary,
BridgeStreet Worldwide.  This is a plus because it reduces
exposure to non-core business and because the company plans to
invest the proceeds into hotel ownership which enables it to
retain a greater share of income per asset.

Liquidity remains a ratings concern for Moody's, as the company
utilizes its credit facility as its primary source of external
liquidity and therefore has moderate to low levels of
availability.  Moody's expects that this would improve with
better capital market access.  Moreover, all assets of the
company either collateralize mortgages or are pledged to the
credit facility, meaning that there are no benefits of liquidity
and flexibility associated with an unencumbered asset base.
Moody's also notes the company has experienced meaningful
management turnover during the last two to three years;
increased tenure of its current officers would help improve
Interstate's ratings prospects.

The stable outlook reflects Moody's expectation that Interstate
will continue to grow assets and revenues while maintaining
around 3.5X leverage (net debt/EBITDA) and coverage.

Moody's would consider raising Interstate's ratings should the
company demonstrate sustained fixed charge coverage in excess of
4X or Net Debt/EBITDA below 3X.  Positive rating momentum could
also be achieved through better capital market access as
evidenced by common stock or senior unsecured debt issues, an
unencumbered asset base approaching 40% of gross assets and
greater tenure of current management.  Conversely, downward
pressure on the rating would likely result from leverage above
4X or coverage below 3X.  Moody's would also view negatively any
loss of contracts resulting in a drop in EBITDA of 10% or more,
or any increase in exposure to any single hotel owner exceeding
40% of total EBITDA.

These ratings were raised from B2 to B1:

   -- Interstate Hotels & Resorts Inc.: Corporate Family Rating

   -- Interstate Operating Company, L.P.: Guaranteed senior
          secured credit facility.

The ratings outlook for Interstate is stable.

In its prior rating action with respect to Interstate, Moody's
revised the rating outlook to positive from stable in September
2005.

Interstate Hotels & Resorts (NYSE: IHR) is headquartered in
Arlington, Virginia, USA and operates 223 hospitality properties
with more than 50,000 rooms in 39 states, the District of
Columbia, Canada, and Europe.  The company operates hotels for
REITs as well as other institutional real estate owners, non-
institutional ownership groups and privately held companies.


MILLFIELD GROUP: Creditors' Meeting Slated for February 6
---------------------------------------------------------
Creditors of Millfield Group Holdings Ltd. will meet at 2:00
p.m. on Feb. 6 at:
  
         PricewaterhouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, together with
their proxy forms if they are not attending in person, 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.

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.   


STANLEY J HOLMES: Joint Liquidators Take Over Operations
--------------------------------------------------------
David E. M. Mond and Lawrence I. Freedman of Hodgsons were
appointed joint liquidators of Stanley J Holmes & Sons Ltd. on
Jan. 15 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Stanley J Holmes & Sons Ltd.
         Vale Mill  
         Chamber Road  
         Oldham  
         Lancashire OL8 4PG  
         England  
         Tel: 0161 621 3000  
         Fax: 0161 627 2046  


UK GLASS: Liquidator Sets March 20 Claims Bar Date
--------------------------------------------------
Creditors of U.K. Glass & Mirror Ltd. have until March 20 to
send in their full names and the addresses of their solicitors,
if any, to:

         Helen Timothe Phillips
         Liquidator
         Phillips & Co.
         21-23 Station Road
         Gerrards Cross
         Buckinghamshire SL9 8ES
         England

Helen Timothe Phillips of Phillips & Co. was appointed
liquidator of the company on Jan. 23 by resolutions of members
and creditors.


WHINSTONE CAPITAL: Fitch Rates Class C1 & C2 Notes at BB
--------------------------------------------------------
Fitch Ratings rates Whinstone 2 Capital Management Ltd. RMBS
Class C1 and Class C2 notes at 'BB'.  

The Whinstone 2 notes reference the performance of the Granite
Master Issuer plc reserve fund and the Granite Finance Funding 2
Ltd. platform reserve fund.

To determine appropriate credit enhancement levels, Fitch
analised the collateral using its default model, details of
which can be found in the report "U.K. Residential Default Model
III" dated July 26. 2005.  The agency modeled the transaction
cash flows using default and loss severity assumptions indicated
by the default model under various recession timings, prepayment
speeds, interest rates, and originator default / downgrade
scenarios.  

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


XL DISPLAYS: Claims Filing Period Ends February 14
--------------------------------------------------
Creditors of XL Displays Ltd. have until Feb. 14 to send in
their names and addresses, particulars of their debts or claims,
and the names and addresses of their solicitors, if any, to:

         Tim J. Heaselgrave
         Liquidator
         The Till Morris Partnership
         2 Church Street
         Warwick CV34 4AB
         England

Tim J. Heaselgrave of The Till Morris Partnership was appointed
liquidator of the company on Jan. 22.

The company can be reached at:

         XL Displays Ltd.
         Unit 12  
         Madeley Road  
         Moons Moat North Ind Est  
         Redditch  
         Worcestershire B98 9NB  
         England
         Tel: 01527 659 00  
         Fax: 01527 658 20  

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

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

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

February 6-7, 2007
   INSTITUTIONAL INVESTOR EVENTS
      Turnaround Management & Distressed Investing Forum
         New York, NY
            Contact: http://www.iievents.com/

February 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Rooney's Irish Pub, Jupiter, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

February 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Comedy Night at
         Governors, Levittown, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

February 7-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      VALCON: Hedge Funds, Distressed Debt, Risk and
         Restructurings
            Red Rock Casino, Resort and Spa, Las Vegas, NV
               Contact: http://www.airacira.org/

February 8, 2007
   INSTITUTIONAL INVESTOR EVENTS
      Corporate Restructuring & Investing in Post-Crisis Latin
         America Forum
            New York, NY
               Contact: http://www.iievents.com/

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

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

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

February 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      9th Annual TMA Symposium
         Four Seasons Hotel, Toronto, ON
            Contact: http://www.turnaround.org/

February 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Marketing Strategies
         available to the Turnaround Practitioner
            Sydney, Australia
               Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Martini Networking Event
         Gibson's Steakhouse, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Valuation Outlook - What's in Store for 2007
         University Club, Portland, OR
            Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Window of Opportunity: Maximizing Value in a Retail
         Bankruptcy
            Denver Athletic Club, Denver, CO
               Contact: http://www.turnaround.org/

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

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

February 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development
         Brisbane, Australia
            Contact: http://www.turnaround.org/

February 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Gordon Biersch Brewery Restaurant, Miami, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA-NOW Networking & Panel: Discussing Women's Networking
         Issues
            PBI, Philadelphia, PA
               Contact: 215-657-5551 or
                        http://www.turnaround.org/

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

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

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

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Maggianos, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

February 27, 2007
   PRACTISING LAW INSTITUTE
      Intercreditor Agreements & Bankruptcy Issues Workshop
         San Francisco, CA
            Contact: http://www.pli.edu/

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

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

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

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

March 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Great Debate
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 14-15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Atlanta, GA
         Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, NY
            Contact: http://www.turnaround.org/

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

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

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

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, NY
            Contact: http://www.westlegalworks.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/
March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

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

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

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


April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, FL
            Contact: http://www.turnaround.org/

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

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, DC
            Contact: http://www.iwirc.org/

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

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

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

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

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

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

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

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

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

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

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

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

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

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, OH
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, NY
            Contact: http://www.frallc.com/

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

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

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

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

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

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

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

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

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

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, IL
            Contact: http://www.nabt.com/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

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

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

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

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

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

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-   
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

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 * * *