TCREUR_Public/070202.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

             Friday, February 2, 2007, Vol. 8, No. 24      

                            Headlines


A U S T R I A

ASTEK LLC: Claims Registration Period Ends February 26
OPULENTIA LLC: Claims Registration Period Ends February 27


F R A N C E

ALCATEL-LUCENT: LGS Unit Commences Operations & Names Executives
COMPAGNIE GENERALE: Moody's Rates US$300-Mln Notes at (P)Ba3
PERNOD RICARD: Hikes Sales Growth Forecast for 2007


G E R M A N Y

ASTHETIK TEAM: Claims Registration Ends Feb. 22
AVM ALLGEMEINE: Creditor's Meeting Slated for February 28
AW MASCHINENBAU: Creditor's Meeting Slated for Feb. 22
BABEL'S PARK: Creditor's Meeting Slated for Feb. 27
BUECHNER & CRUSTEWITZ: Claims Registration Ends Feb. 19

COMPLETE STYLEZ: Claims Registration Ends Feb. 27
DIENSTLEISTUNGS VERWALTUNGS: Claims Registration Ends March 12
DIRK REUTER: Claims Registration Ends February 14
DOSTLAR LEBENSMITTEL: Claims Registration Ends Feb. 5
DRUCKHAUS J. FLEISSIG: Claims Filing Period Ends March 21

ELANTEC GMBH: Claims Filing Period Ends Feb. 13
EMIL HASENFRATZ: Claims Filing Period Ends March 1
ENTERPRISE SOLUTIONS: Claims Filing Period Ends Feb. 28
FLAMM IMMOBILIEN: Claims Registration Period Ends Feb. 23
FRITZ NEUMERKEL: Claims Registration Period Ends March 8

GLEISBERG & HUSMANN: Claims Registration Period Ends May 23
GUENKA IMPEX: Claims Registration Period Ends Feb. 22
HANSE-PC-SERVICE: Claims Registration Period Ends Feb. 16
HAUTKLINIK PODBI-PARK: Claims Registration Ends February 20
HERMES VORSORGE: Claims Registration Ends March 5

HEUSER'S EXPRESS: Claims Registration Ends February 16
HIGHSPEED WIRELESS: Claims Registration Ends March 26
HPAL HAMBURGER: Claims Registration Ends February 28
INTRONIC GMBH: Claims Registration Ends February 20
ISOLIERTECHNIK GARBE: Claims Registration Ends February 22

J.B. SYSTEMPACK-DIESTLEISTUNGS: Claims Registration Ends March 5
JENKE INNENAUSBAU: Claims Registration Ends March 7
JU-BAU GMBH: Creditors Must Register Claims by February 13
KIS KULTUR: Creditors' Meeting Slated for February 20
KOERNER-MARKT BACKNANG: Creditors Must File Claims by March 14

LASSOW EVENT: Creditors Must Register Claims by February 24
LOHNBETRIEB BEHM: Creditors Must Register Claims by February 26
LOOXOR GMBH: Creditors Must Register Claims by February 7
MAISON NOBLESSE: Creditors Must Register Claims by March 1
MASCHU MALEREI: Creditors' Meeting Slated for March 5

MEDIFACTS INT'L: Organizational Meeting Scheduled on February 7
METALLBAU WEST: Creditors Must Register Claims by February 28
NETCACAO GMBH: Creditors Must Register Claims by March 2
NOCTUA GMBH: Creditors Must Register Claims by February 5
SCHULTE GMBH: Creditors Must Register Claims by March 5

SHT LOGISTIK: Creditors Must Register Claims by February 27
SIEGEL BAU-GMBH: Claims Registration Ends March 2
SISO TEXTIL: Creditors Must Register Claims by March 2
SKO GMBH: Claims Registration Ends February 17
SPAREPARTS GMBH: Claims Registration Ends March 20

STULKEN UND VUEST: Claims Registration Ends April 17
SURFER'S POINT: Claims Registration Ends March 16
TANGENS VERWALTUNGS: Claims Registration Ends March 7
ULRICH PAUL: Claims Registration Ends Feb. 28
USERWORLD COMPUTERSCHULUNGEN: Claims Registration Ends Feb. 13

VIT MANAGEMENT: Creditors' Meeting Slated for Feb. 20
W. K. OMNIBUSREISEN: Claims Registration Ends February 25
WAGNER VERSICHERUNGSVERMITTLUNGS: Creditors' Mtg. Set for Feb. 9
WOHN- UND GEBAEUDESERVICE: Claims Filing Period Ends Feb. 20
WOSI WOHN: Claims Registration Period Ends March 1

ZEITSPRUNG GMBH: Claims Registration Period Ends March 14
ZELENY CONSULTING: Claims Registration Period Ends Feb. 28


I R E L A N D

ZURICH BANK: Moody's Assigns D Bank Financial Strength Rating


I T A L Y


ALITALIA SPA: 11 Buyers Commence Melee for Italy's 30.1% Stake
ALITALIA SPA: Group Net Debt Up to EUR1.02 Bln in December 2006


K A Z A K H S T A N

AKJARSKOYE PATP: Claims Filing Period Ends March 9
BANK CENTERCREDIT: Fitch Rates US$500-Mln Eurobond Issue at BB-
GAS AKTOBE: Claims Registration Ends March 9
JOLJONDEU SERVICE: Claims Filing Period Ends March 9
ELENA LLP: Proof of Claim Deadline Slated for March 9

JOMART LLP: Creditors Must File Claims by March 9
MAKSAT LLP: Claims Registration Ends March 9
PLASTIC LLP: Claims Filing Period Ends March 9
SHYGYS LLP: Claims Registration Ends March 9
TECH TRANS: Creditors' Claims Due March 9

TEPLO IMPORT-ASIA: Claims Filing Period Ends March 9


K Y R G Y Z S T A N

KARA-UNKUR SUU: Creditors' Meeting Slated for February 9
RIVERA LLC: Creditors' Meeting Slated for February 14


N E T H E R L A N D S

CEVA GROUP: S&P Cuts Rating to B on Proposed Recapitalization


R U S S I A

ATAL-VOLGA OJSC: Court Names I. Dmitriev as Insolvency Manager
BANK SOYUZ: Moody's Rates Loan Participation Notes at B1
BAYMAKSKIY MEAT-PACKING: Creditors Must File Claims by Feb. 13
BUILDING ENTERPRISE 3: Creditors Must File Claims by March 13
DALNENSKOYE CJSC: Creditors Must File Claims by Feb. 13

EURO-TOBACCO CJSC: Court Names T. Kraynova as Insolvency Manager
GAGARINSKOYE GRAIN: Creditors Must File Claims by February 13
GAZPROM NEFT: Oil Production Dips to 44.4 Mln Tons in 2006
KOMSOMOLSKOYE CJSC: Bankruptcy Hearing Slated for Feb. 21
KORKATOVSKIY PIT: Creditors Must File Claims by March 13

KUZBASSKAYA COMPANY: Creditors Must File Claims by February 13
RENAISSANCE CAPITAL: Losses Cue Fitch to Assign Low-B IDR
RESORTS OF BASHKORTOSTAN: Bankruptcy Hearing Slated for March 14
ROMANOVSKIY FACTORY: Creditors Must File Claims by February 13
ROMANOVSKIY OJSC: Creditors Must File Claims by February 13

ROSNEFT OIL: To Expand Production Capacity; Eyes Asian Market
SBERBANK ROSSII: Commences US$12.3-Billion IPO in Russia
SITRONICS JSC: Reveals Indicative Price Range for Planned IPO
UVAT-OIL-GAS CJSC: Creditors Must File Claims by February 13
YUKOS OIL: ESN Consortium Makes First Bid for Bankrupt Assets

ZARECHNOYE CJSC: Creditors Must File Claims by February 13


S L O V E N I A

ABANKA: Fitch Rates EUR120 Million Hybrid Capital Notes at BB+


S W I T Z E R L A N D

NYCOMED A/S: Moody's Upgrades Corporate Family Rating to B1


T U R K E Y

TURKCELL ILETISIM: Teliasonera Wins Turkcell Share Purchase Deal


U K R A I N E

ARTEMOVSK MOTOR-CAR: Creditors Must Submit Claims by Feb. 14
DNIEPRODZRZHYNSK MOTO-CAR: Claims Filing Deadline Set Feb. 10
NIVA LLC: Claims Submission Deadline Set February 14
POLTAVA METAL: Creditors Must Submit Claims by February 14
UKRAINE LLC: Creditors Must Submit Claims by February 14

UKRSOTSBANK: Moody's Rates Loan Participation Notes at Ba3
VVD LLC: Creditors Must Submit Claims by February 14


U N I T E D   K I N G D O M

A1ST BOILER: Taps Liquidators from Ashcrofts
ABITIBI-CONSOLIDATED: CEP Says Merger Should Raise "Alarm Bells"
ABITIBI-CONSOLIDATED: Credit-Default Swaps Fell 35%
ABITIBI-CONSOLIDATED: Fitch Puts BB- Rating on Secured Bank Debt
ADVANCED VISUAL: Claims Filing Period Ends February 28

ALUKO BROOKS: Claims Filing Period Ends March 7
AUSTIN HAMILTON: Trade Secretary Submits Wind Up Petition
BRADSHAW AND DAVIS: Creditors' Meeting Slated for February 12
BRITISH SKY: Dec. 31 Balance Sheet Upside-Down by GBP145 Million
BRITISH SKY: Gets Valid Acceptances for 365 Media Cash Offer

CABTIVATE: Executives Opt for Liquidation Due to Financial Woes
CAFE INTERIORS: Creditors' Meeting Slated for February 12
CNET NETWORKS: Earns US$387.7 Million in Fourth Quarter 2006
CORUS GROUP: Auction Completion Cues S&P to Affirm BB Rating

CORUS GROUP: Fitch Keeps Watch Negative on Tata Bid
CSB LTD: Creditors' Meeting Slated for February 12
DEESIDE CYCLES: Appoints Laurence S. Burt as Liquidator
DESIRE JEWELLERY: Creditors' Meeting Scheduled for February 12
DOMINION RACING: Creditors' Claims Due February 28

ERIKA ISSITT: Creditors' Meeting Scheduled for February 13
FEET FIRST: Brings In Liquidator from Findlay James
FELTFAB BUILDING: Susan Purnell Leads Liquidation Procedure
FORD MOTOR: May Get Revised Offers for Aston Martin Sports Car
GENERAL MOTORS: S&P Says Result Restatement Won't Affect Ratings

GENERAL MOTORS: GMAC's Mortgage Risks May Hit GM, Analysts Say
GENERAL MOTORS: Plans to Sell Allison Transmission to Cut Costs
GREETING CARD: Brings In Joint Administrators from PwC
HSH ASSET: Claims Registration Ends March 31
INTERIOR INNOVATIONS: Joint Liquidators Take Over Operations

LEX MACHINERY: Creditors' Meeting Slated for February 6
LIGHTPOINT PAN-EUROPEAN: Moody's Rates EUR9.5-Mln Notes at Ba3
MEDCREST N.D.T.: Hires Liquidators from KPMG LLP
MICHAEL KAVANAGH: Taps Tony Mitchell to Liquidate Assets
MOORE ON THE MENU: Creditors' Meeting Slated for February 12

ONE58 ASSOCIATES: Creditors' Claims Due February 26
PENNINE ROOFING: Names Jonathan Lord Liquidator
RANK GROUP: Moody's Lowers Ba3 Corporate Family Rating to Ba2
RIVER FM: Shuts Down after Owner Fails to Find a Buyer
SCREEN ARTS: Creditors' Meeting Slated for February 6

SIMCLAR GROUP: Shuts Down Two Factories in Scotland
SUSSEX REFINED: Creditors' Meeting Slated for February 15
VIOLET INK: Creditors' Meeting Scheduled for February 6
VISUAL DISPLAYS: Calls In Liquidators from Begbies Traynor
WELD-TEK WEST: Creditors' Meeting Slated for February 8

* BOOK REVIEW: American Arbitration: Its History, Functions and
               Achievements

                            *********

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


ASTEK LLC: Claims Registration Period Ends February 26
------------------------------------------------------
Creditors owed money by LLC ASTEK (FN 269755z) have until
Feb. 26 to file written proofs of claim to court-appointed
estate administrator Thomas Steiner at:

         Mag. Thomas Steiner
         c/o Dr. Renate Steiner
         Weihburggasse 18-20/50
         1010 Vienna, Austria
         Tel: 513 53 63
         Fax: 513 53 63-17
         E-mail: steiner.steiner@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on March 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 12 (Bankr. Case No. 3 S 5/07s).  Renate Steiner
represents Mag. Steiner in the bankruptcy proceedings.


OPULENTIA LLC: Claims Registration Period Ends February 27
----------------------------------------------------------
Creditors owed money by LLC Opulentia (FN 271956k) have until
Feb. 27 to file written proofs of claim to court-appointed
estate administrator Christian Bachmann at:

         Dr. Christian Bachmann
         c/o Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna, Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on March 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 12 (Bankr. Case No. 6 S 121/06w).  Eva-Maria Bachmann-
Lang represents Dr. Bachmann in the bankruptcy proceedings.


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


ALCATEL-LUCENT: LGS Unit Commences Operations & Names Executives
----------------------------------------------------------------
LGS, a subsidiary of Alcatel-Lucent dedicated to serving the
U.S. Government community, is now fully operational and serving
its customers.

LGS, headquartered in Vienna, Va., and with offices in
California, Colorado, Maryland, New Jersey and North Carolina,
was created by merging Lucent and Alcatel's Government business
units and Bell Labs Government.  LGS is the sole sales and
contracting channel for all classified and unclassified business
contracted from U.S. federal agencies and departments, both
military and civilian.

Reporting to LGS Chief Executive Ron Iverson and Chief Operating
Officer/CTO Dave Bishop are a talented team of people
representing the deep government and industry expertise of the
three organizations that combined to create LGS.

They include:

   -- Dan Bigbie, Vice President Sales & Business Development

   -- Edward C. Bursk, Chief Marketing Officer

   -- John D'Amore, Chief Financial Officer

   -- Edward M. Eldridge Jr., Director of Operations

   -- Michael D. Garson, General Counsel and Chief Compliance
      Officer

   -- Michael J. Geller, Vice President of Products and
      Technology

   -- Kevin L. Kelly, Chief Strategist

   -- Theresa J. Quallich, SPHR, CCP, Director of Human
      Resources

   -- Andrew D. Walker, Chief Security Officer

                    About Alcatel-Lucent

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

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

                          *     *     *

As of Feb. 1, Alcatel-Lucent carries these ratings:

Moodys:

   * Alcatel

   -- Corporate Family Rating: Ba2
   -- Senior Debt ratings: Ba2
   -- short-term debt: Not-Prime

   * Lucent

   -- Corporate Family Rating: B1 (withdrawn)
   -- Senior Debt ratings: B1
   -- Subordinated debt & trust preferreds ratings: B2
   -- Preferred Stock Issuable: P(B3)

Standard & Poor's:

   -- Long-Term Corporate Credit Rating: BB-
   -- Short-Term Corporate Credit Rating: B
   -- Senior Unsecured Debt Ratings: BB-
   -- Outlook: positive.

Fitch Ratings:

   * Alcatel

   -- Issuer Default Rating: BB
   -- Senior Unsecured Debt: BB


COMPAGNIE GENERALE: Moody's Rates US$300-Mln Notes at (P)Ba3
------------------------------------------------------------
Moody's Investors Services assigned a rating of (P)Ba3, stable
outlook, to Compagnie Generale de Geophysique-Veritas' proposed
New Senior Notes of US$300-million due May 2017.

The final confirmation of the rating is subject to signing of
the offering circular.  The additional notes are part of the
same series as the existing 7-1/2% Senior Notes due 2015 rated
Ba3 with stable outlook.

The proposed notes, together with cash on hand, will refinance
the US$700 million drawn under a bridge credit facility raised
in January 2007 by Compagnie Generale de Geophysique to fund its
merger with Veritas DGC Inc.  The terms and conditions of the
notes are expected to be identical to those of the two tranches
of existing CGG Senior Notes due May 2015 and rated Ba3, stable
outlook, by Moody's.  The notes will be issued by CGGVeritas and
are expected to benefit from upstream guarantees from certain
operating subsidiaries accounting in aggregate for at least 50%
of the group's operating income.  The guarantees will be on an
unsecured senior basis.  

The (P)Ba3 rating on the notes reflects their effective
subordination to:

   (i) the US$1-billion Term Loan and US$340-million proposed
       Revolving Credit Facilities that are secured by a first
       ranking pledge on the group's multi-client libraries in
       the Gulf of Mexico, two vessels and a number of
       streamers, and

  (ii) the goup's other secured obligations and the obligations
       of the remaining subsidiaries that do not guarantee the
       Notes.

Moody's last rating action on CGGVeritas was on Jan. 12, 2007,
when the rating agency confirmed CGG's ratings.

The recently renamed Compagnie Generale de Geophysique-Veritas,
headquartered in Paris, France, is a leading global seismic
services provider and manufacturer of seismic equipment.  In
2006, its combined revenues amounted to around US$2.4 billion.


PERNOD RICARD: Hikes Sales Growth Forecast for 2007
---------------------------------------------------
Pernod Ricard S.A. revised its revenue forecast for 2007 after
posting a lucrative sales figure for the October-December 2006
period, Scott Reid writes for The Scotsman.

Pernod forecasts a 6% increase in year-on-year revenue, up from
previous estimate of 4%-6%, following a 12.4% sales hike in the
second quarter of its 2006-2007 fiscal year to GBP1.35 billion,
The Scotsman says.  Pernod attributed the improvement to changes
in the group structure and exchange rate movements.

"Our excellent 2006-7 first-half net sales testify to the
strength of our global network and to the quality of our
portfolio," Patrick Ricard, Pernod's chairman, said.

The company posted growth in the Americas, Asia and Russia and
steady progress on Europe.  Pernod, however, said the U.K. and
Italian markets "remained difficult," The Scotsman relays.

Pernod boosted its second quarter sales by selling more
expensive cognacs, whiskies and wines.  The company posted a 9%
rise in sales for the first half ended Dec. 31, 2006, for its 15
key brands, including Martell cognac, Havana Club rum and
Beefeater gin, and whisky brands Glenlivet and Ballantine's.

The winemaker said it was testing direct selling of premium
wines and spirits brands via a new Web site in France.

                       About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes   
spirits and wines.  The Company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *     *     *

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

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


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


ASTHETIK TEAM: Claims Registration Ends Feb. 22
-----------------------------------------------
Creditors of Asthetik Team GmbH have until Feb. 22 to register
their claims with court-appointed insolvency manager Marc
Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on March 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall 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 District Court of Tostedt opened bankruptcy proceedings
against Asthetik Team GmbH on Jan 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Marc Odebrecht
         Sechslingpforte 2
         22087 Hamburg
         Germany
         Tel: 040/22 66 77
         Fax: 040/22 66 7 888

The Debtor can be reached at:

         Asthetik Team GmbH
         Steinbecker Str. 44
         21244 Buchholz
         Germany

         Attn: Frank Neuhaus
         Kapellenufer 71
         44285 Dortmund
         Germany


AVM ALLGEMEINE: Creditor's Meeting Slated for February 28
---------------------------------------------------------
The court-appointed insolvency manager for AVM Allgemeine Bau-
Verwaltungs- und Management-GmbH & Co. KapHag Fonds, Udo Feser,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:55 a.m. on Feb. 28.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on June 6 at the same venue.

Creditors have until April 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against AVM Allgemeine Bau-Verwaltungs- und
Management-GmbH & Co. KapHag Fonds on Jan. 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         AVM Allgemeine Bau-Verwaltungs- und Management-GmbH &
         Co. KapHag Fonds
         Zweite Tranche
         Oranienstrasse 196
         10999 Berlin
         Germany


AW MASCHINENBAU: Creditor's Meeting Slated for Feb. 22
------------------------------------------------------
The court-appointed insolvency manager for AW Maschinenbau GmbH,
Heiner Thyssen, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
Feb. 22.

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

         The District Court of Osnabrueck
         Meeting Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on April 12 at the same venue.

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

The insolvency manager can be reached at:

         Heiner Thyssen
         Schloss Str. 11
         49186 Bad Iburg
         Germany
         Tel: 05403/7333-0
         Fax: 05403/5802

The District Court of Osnabrueck opened bankruptcy proceedings
against AW Maschinenbau GmbH on Jan. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AW Maschinenbau GmbH
         Werkstr 8
         49324 Melle
         Germany


BABEL'S PARK: Creditor's Meeting Slated for Feb. 27
---------------------------------------------------
The court-appointed insolvency manager for Babel's Park
Management GmbH, Thomas Wulsten, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:15 a.m. on Feb. 27.

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

         The District Court of Charlottenburg
         2nd Stock Hall 218
         Geritch Platz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on June 12 at the same venue.

Creditors have until April 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Wulsten
         Gross-Berliner Damm 73c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Babel's Park Management GmbH on Jan. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Babel's Park Management GmbH
         Fasanenstr 85
         10623 Berlin
         Germany


BUECHNER & CRUSTEWITZ: Claims Registration Ends Feb. 19
-------------------------------------------------------
Creditors of Buechner & Crustewitz GmbH & Co. KG have until
Feb. 19 to register their claims with court-appointed insolvency
manager Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Buechner & Crustewitz GmbH & Co. KG on
Dec. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Buechner & Crustewitz GmbH & Co. KG
         Theodor-Koerner-Str. 17
         06686 Grossgoerschen
         Germany

         Attn: Rene Crustewitz
         Woellnerstr 3
         04249 Leipzig
         Germany


COMPLETE STYLEZ: Claims Registration Ends Feb. 27
-------------------------------------------------
Creditors of Complete Stylez GmbH have until Feb. 27 to register
their claims with court-appointed insolvency manager Lars
Knipper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Park Avenue 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Lars Knipper
         Rothenbaumchaussee 3
         20148 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
Complete Stylez GmbH on Jan 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Complete Stylez GmbH
         GF Stephan Riemann
         Rathausstr 10
         22926 Ahrensburg
         Germany


DIENSTLEISTUNGS VERWALTUNGS: Claims Registration Ends March 12
--------------------------------------------------------------
Creditors of Dienstleistungs Verwaltungs GmbH have until
March 12 to register their claims with court-appointed
insolvency manager Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 4:05 p.m. on April 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Area 35
         Untermarkt 17
         Muehlhausen
         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 Hauter
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Dienstleistungs Verwaltungs GmbH on Jan 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dienstleistungs Verwaltungs GmbH
         Planplatz 8
         99706 Sondershausen
         Germany


DIRK REUTER: Claims Registration Ends February 14
-------------------------------------------------
Creditors of Dirk Reuter have until Feb. 14 to register their
claims with court-appointed insolvency manager Martin Sarris.

Creditors and other interested parties are encouraged to attend
the meeting 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 Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         Germany      

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

The insolvency manager can be reached at:

         Martin Sarris
         Bahnhofstrasse 27-33
         65185 Wiesbaden
         Germany
         Tel: 0611-166 66 0
         Fax: 0611-166 66 77

The District Court of Wiesbaden opened bankruptcy proceedings
against Dirk Reuter on Jan 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Dirk Reuter
         Schlosser
         Otto-Schwabe-Strasse 7
         65239 Hochheim am Main
         Germany


DOSTLAR LEBENSMITTEL: Claims Registration Ends Feb. 5
-----------------------------------------------------
Creditors of Dostlar Lebensmittel GmbH 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 9:45 a.m. 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
         Area A 409
         Fourth 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:

         Friedrich Knoop
         Robertstrasse 3
         40229 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Dostlar Lebensmittel GmbH on Jan 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Dostlar Lebensmittel GmbH
         Hall 8
         Ulmenstr 275
         40468 Duesseldorf

         Attn: Gazi Sarioglu
         Goudewinde Straat 64
         NLD-6833 Dp Arnheim
         Germany


DRUCKHAUS J. FLEISSIG: Claims Filing Period Ends March 21
---------------------------------------------------------
Creditors of Druckhaus J. Fleissig Geschaeftsfuehrungs GmbH have
until March 21 to register their claims with court-appointed
insolvency manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Boardroom 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:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against Druckhaus J. Fleissig Geschaeftsfuehrungs GmbH on
Jan. 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Druckhaus J. Fleissig Geschaeftsfuehrungs GmbH
         Druffels Weg 86
         48653 Coesfeld
         Germany

         Attn: Alexandra Ferlings, Manager
         Am alten Kotten 5
         45768 Marl
         Germany


ELANTEC GMBH: Claims Filing Period Ends Feb. 13
-----------------------------------------------
Creditors of ELANTEC GmbH have until Feb. 13 to register their
claims with court-appointed insolvency manager Franz-Ludwig
Danko.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Franz-Ludwig Danko
         Nieritzstrasse 14
         01097 Dresden
         Germany
         Web site: http://www.kuebler-gbr.de/

The District Court of Dresden opened bankruptcy proceedings
against ELANTEC GmbH on Jan. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ELANTEC GmbH
         Schweriner Str. 35
         01067 Dresden
         Germany

         Attn: Juergen Fechner, Manager
         Hauptstrasse 29
         01097 Dresden
         Germany


EMIL HASENFRATZ: Claims Filing Period Ends March 1
--------------------------------------------------
Creditors of Emil Hasenfratz Beteiligungs-GmbH have until
March 1 to register their claims with court-appointed insolvency
manager Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Pforzheim
         Room 310
         Third Floor
         Mannheimer Strasse 17
         75179 Pforzheim
         Germany      

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

The insolvency manager can be reached at:

         Marc Schmidt-Thieme
         Soldnerstr. 2
         68219 Mannheim
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Emil Hasenfratz Beteiligungs-GmbH on Jan. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Emil Hasenfratz Beteiligungs-GmbH
         Attn: Peter Mueller, Manager
         Hohenzollernstr. 109
         75177 Pforzheim
         Germany


ENTERPRISE SOLUTIONS: Claims Filing Period Ends Feb. 28
-------------------------------------------------------
Creditors of Enterprise Solutions GmbH have until Feb. 28 to
register their claims with court-appointed insolvency manager
Markus Eibofner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 181
         Ground Floor
         Hauffstr. 5
         70190 Stuttgart
         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:

         Markus Eibofner
         Wilhelmstr. 4
         70182 Stuttgart
         Germany

The District Court of Stuttgart opened bankruptcy proceedings
against Enterprise Solutions GmbH on Jan. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Enterprise Solutions GmbH
         Attn: Luigi Miragliuolo, Manager
         Calwerstr. 11
         70173 Stuttgart
         Germany


FLAMM IMMOBILIEN: Claims Registration Period Ends Feb. 23
---------------------------------------------------------
Creditors of Flamm Immobilien GmbH have until Feb. 23 to
register their claims with court-appointed insolvency manager
Dirk-Henning Toennesmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Bonn
         Meeting Hall S 2.22
         Second Floor
         Wilhelmstr. 23
         53111 Bonn
         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:

         Dirk-Henning Toennesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen
         Germany
         Tel: 02251/65081-22
         Fax: 02251/65081-25

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

The Debtor can be reached at:

         Flamm Immobilien GmbH
         Schonscheider Weg 12
         53902 Bad Muenstereifel
         Germany

         Attn: Manfred Klein, Manager
         Birkenweg 18
         50126 Bergheim
         Germany


FRITZ NEUMERKEL: Claims Registration Period Ends March 8
--------------------------------------------------------
Creditors of Fritz Neumerkel GmbH & Co. have until March 8 to
register their claims with court-appointed insolvency manager
Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Hamburg
         Hall B 405
         Fourth Floor
         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:

         Karsten Toetter
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Fritz Neumerkel GmbH & Co. on Jan. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Fritz Neumerkel GmbH & Co.
         Alsterdorfer Strasse 233
         22297 Hamburg
         Germany

         Attn: Annegret van der Ven, Manager
         Anne-Frank-Strasse 36
         22587 Hamburg
         Germany


GLEISBERG & HUSMANN: Claims Registration Period Ends May 23
-----------------------------------------------------------
Creditors of Gleisberg & Husmann Baumanagement Erfurt GmbH have
until May 23 to register their claims with court-appointed
insolvency manager Mr. Reinhardt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on June 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 6
         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:

         Mr. Reinhardt
         Windthorststr.  17
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Gleisberg & Husmann Baumanagement Erfurt GmbH on
Jan. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gleisberg & Husmann Baumanagement Erfurt GmbH
         Alten Ziegelei 18
         99091 Erfurt
         Germany


GUENKA IMPEX: Claims Registration Period Ends Feb. 22
-----------------------------------------------------
Creditors of GUENKA Impex-Handels-GmbH have until Feb. 22 to
register their claims with court-appointed insolvency manager
Peer Moeller.

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

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall E3
         Castle Field 7
         23568 Luebeck
         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. Peer Moeller
         Untere Querstr. 1
         23730 Neustadt
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against GUENKA Impex-Handels-GmbH on Jan. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GUENKA Impex-Handels-GmbH
         Attn: Bruno Dohrendorf, Manager
         Alte Dorfstrasse 39
         23554 Luebeck
         Germany


HANSE-PC-SERVICE: Claims Registration Period Ends Feb. 16
---------------------------------------------------------
Creditors of Hanse-PC-Service GmbH have until Feb. 16 to
register their claims with court-appointed insolvency manager
Stefan Schuppa.

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

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Franconia Dam 17
         Stralsund
         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:

         Stefan Schuppa
         Bleichstrasse 15
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Hanse-PC-Service GmbH on Jan. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hanse-PC-Service GmbH
         Wolgaster Street 7
         17489 Greifswald
         Germany


HAUTKLINIK PODBI-PARK: Claims Registration Ends February 20
-----------------------------------------------------------
Creditors of Hautklinik Podbi-Park Verwaltungs-GmbH & Co. KG
have until Feb. 20 to register their claims with court-appointed
insolvency manager Peter Baumgarte.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Hanover
         Hall 226
         Second Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Baumgarte
         Lange-Hop-Strasse 158
         30539 Hanover
         Germany
         Tel: 0511 954750
         Fax: 0511 9547599

The District Court of Hanover opened bankruptcy proceedings
against Hautklinik Podbi-Park Verwaltungs-GmbH & Co. KG on
Jan. 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Hautklinik Podbi-Park Verwaltungs-GmbH & Co. KG
         Listerstr. 9
         30163 Hanover
         Germany

         Attn: Wolf-Dieter Lixfeld, Manager
         Altenbekenerdamm 49
         30173 Hanover
         Germany


HERMES VORSORGE: Claims Registration Ends March 5
-------------------------------------------------
Creditors of HERMES Vorsorge AG have until March 5 to register
their claims with court-appointed insolvency manager Goerge
Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         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 reached at:

         Goerge Scheid
         Jacobstrasse 25
         04105 Leipzig
         Germany
         Tel: 0341/702520
         Tel/Fax: 0341/7025244
         E-mail: Sozietaet@Voigt-Scheid.de

The District Court of Leipzig opened bankruptcy proceedings
against HERMES Vorsorge AG on Jan. 15. Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HERMES Vorsorge AG
         Karl-Heine-Str. 20
         04229 Leipzig
         Germany


HEUSER'S EXPRESS: Claims Registration Ends February 16
------------------------------------------------------
Creditors of Heuser's Express Kuriere GmbH have until Feb. 16 to
register their claims with court-appointed insolvency manager
Mechthild Greve.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 23, 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 Koblenz
         Hall 123
         Main Law Courts
         Karmeliterstrasse 14
         56068 Koblenz
         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:

         Mechthild Greve
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/30479-0
         Fax: 0261/9114729
         E-mail: info@lieser-rechtsanwaelte.de

The District Court of Koblenz opened bankruptcy proceedings
against Heuser's Express Kuriere GmbH Jan. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Heuser's Express Kuriere GmbH
         Provinzialstr. 1
         56182 Urbar
         Germany

         Attn: Juergen Schneider, Manager
         Dr. Luessem-Str. 15
         56566 Neuwied
         Germany


HIGHSPEED WIRELESS: Claims Registration Ends March 26
-----------------------------------------------------
Creditors of Highspeed Wireless - Lan GmbH have until March 26
to register their claims with court-appointed insolvency manager
Tim F. Gatcke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Feb. 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 Celle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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:

         Tim F. Gatcke
         Hans-Boeckler-Allee 26
         30173 Hanover
         Germany
         Tel: 0511/360960
         Fax: 0511/3609696
         E-mail: k.lange@wedlerundgaetcke.de

The District Court of Celle opened bankruptcy proceedings
against Highspeed Wireless - Lan GmbH on Jan. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Highspeed Wireless - Lan GmbH
         Attn: Peter S. Murray, Manager
         Hannoversche Heerstr. 68
         29227 Celle
         Germany


HPAL HAMBURGER: Claims Registration Ends February 28
----------------------------------------------------
Creditors of HPAL Hamburger Paletten Logistik GmbH have until
Feb. 28 to register their claims with court-appointed insolvency
manager Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         Fourth Floor Anbau
         Sievkingplatz 1
         20355 Hamburg
         Germany         

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against HPAL Hamburger Paletten Logistik GmbH Jan. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HPAL Hamburger Paletten Logistik GmbH
         Attn: Ahmet Demirel, Manager
         Zweibrueckenstrasse 13
         20539 Hamburg
         Germany


INTRONIC GMBH: Claims Registration Ends February 20
---------------------------------------------------
Creditors of intronic GmbH have until Feb. 20 to register their
claims with court-appointed insolvency manager Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Hall 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
         Fax: 089/2609204

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

The Debtor can be reached at:

         intronic GmbH
         Attn: Wolfgang Schmidmueller, Manager
         Ehrenbreitsteiner Str. 32
         80993 Munich
         Germany


ISOLIERTECHNIK GARBE: Claims Registration Ends February 22
----------------------------------------------------------
Creditors of Isoliertechnik Garbe und Losch GmbH have until
Feb. 22 to register their claims with court-appointed insolvency
manager Dr. Winfrid Andres.

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

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second 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. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Isoliertechnik Garbe und Losch GmbH on Jan. 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Isoliertechnik Garbe und Losch GmbH
         Hafenstr. 21
         59067 Hamm
         Germany
      
         Attn: Horst Losch, Manager
         Moewenweg 7
         59077 Hamm und Thomas Garbe
         Germany


J.B. SYSTEMPACK-DIESTLEISTUNGS: Claims Registration Ends March 5
----------------------------------------------------------------
Creditors of J.B. Systempack-Diestleistungs GmbH have until
March 5 to register their claims with court-appointed insolvency
manager Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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 Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against J.B. Systempack-Diestleistungs GmbH on Jan. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         J.B. Systempack-Diestleistungs GmbH
         Attn: Marcel Schneller, Manager
         Industriestr.8 - 14
         45739 Oer-Erkenschwick
         Germany


JENKE INNENAUSBAU: Claims Registration Ends March 7
---------------------------------------------------
Creditors of Jenke Innenausbau GmbH have until March 7 to
register their claims with court-appointed insolvency manager
Henning Bosse.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Henning Bosse
         Hafen 2
         38112 Braunschweig
         Germany
         Tel: 0531/8891942
         Fax: 0531/8891944
         E-mail: braunschweig@brfpartner.de

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

The Debtor can be reached at:

         Jenke Innenausbau GmbH
         Attn: Wolfgang Puder, Manager
         Donnerburgstr. 14
         38321 Gross Denkte
         Germany


JU-BAU GMBH: Creditors Must Register Claims by February 13
----------------------------------------------------------
Creditors of JU-Bau GmbH have until Feb. 13 to register their
claims with court-appointed insolvency manager Dr. Volkhard
Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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. Volkhard Frenzel
         Magdeburger Str. 23
         D 06112 Halle
         Germany
         Tel: 0345/231110
         Fax: 0345/2311199

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against JU-Bau GmbH on Jan. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         JU-Bau GmbH
         Attn: Jutta Ultsch, Manager
         Brunnenstr. 19
         06246 Delitz am Berge
         Germany


KIS KULTUR: Creditors' Meeting Slated for February 20
-----------------------------------------------------
The court-appointed insolvency manager for KIS Kultur im
Spannwerk GmbH & Co. KG, Dr. Wolfgang Schroeder, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:20 a.m. on Feb. 20.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:25 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:

         Dr. Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against KIS Kultur im Spannwerk GmbH & Co. KG on
Jan. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         KIS Kultur im Spannwerk GmbH & Co. KG
         Paul-Lincke-Ufer 20/22
         10999 Berlin
         Germany


KOERNER-MARKT BACKNANG: Creditors Must File Claims by March 14
--------------------------------------------------------------
Creditors of Koerner-Markt Backnang GmbH have until March 14 to
register their claims with court-appointed insolvency manager
Steffen Beck.

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

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/252566-0

The District Court of Ludwisburg opened bankruptcy proceedings
against Koerner-Markt Backnang GmbH on Jan. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Koerner-Markt Backnang GmbH
         Attn: Dieter Dreher, Manager
         Hofgut Hagenbach
         71522 Backnang
         Germany


LASSOW EVENT: Creditors Must Register Claims by February 24
-----------------------------------------------------------
Creditors of Lassow Event GmbH have until Feb. 24 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Feb. 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 Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         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: 02557-652
         E-mail: info@RA-Sontopski.de

The District Court of Vechta opened bankruptcy proceedings
against Lassow Event GmbH on Jan. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Lassow Event GmbH
         Robert-Bosch-Strasse 18
         49401 Damme
         Germany

         Attn: Horst Lassow, Manager
         Ohlkenbergsweg 12
         49401 Damme
         Germany


LOHNBETRIEB BEHM: Creditors Must Register Claims by February 26
---------------------------------------------------------------
Creditors of Lohnbetrieb Behm GmbH have until Feb. 26 to
register their claims with court-appointed insolvency manager
Helmut Gattermann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:25 p.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Husum
         Hall 4
         Theodor-Storm-Strasse 55
         Husum
         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:

         Helmut Gattermann
         Lehmweg 17
         20251 Hamburg
         Germany

The District Court of Husum opened bankruptcy proceedings
against Lohnbetrieb Behm GmbH on Jan. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Lohnbetrieb Behm GmbH
         Norder-Kronenburg 5
         25860 Horstedt
         Germany


LOOXOR GMBH: Creditors Must Register Claims by February 7
---------------------------------------------------------
Creditors of Looxor GmbH have until Feb. 7 to register their
claims with court-appointed insolvency manager Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany         

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

The insolvency manager can be reached at:

         Thomas Krafft
         Leipziger Strasse 70
         06108 Halle/Saale
         Germany
         Tel: 0345/67878-0
         Fax: 0345/67878-10
         E-mail: halle-saale@hww-kanzlei.de

The District Court of Magdeburg opened bankruptcy proceedings
against Looxor GmbH on Jan. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Looxor GmbH
         Gustav-Ricker-Str. 62
         39120 Magdeburg
         Germany

         Attn: Thomas Ryll, Manager
         Chausseestr. 10
         06348 Grossoerner
         Germany


MAISON NOBLESSE: Creditors Must Register Claims by March 1
-----------------------------------------------------------
Creditors of Maison Noblesse Fashion Design GmbH have until
March 1 to register their claims with court-appointed insolvency
manager Dirk Decker.

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 his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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:

         Dirk Decker
         Speersort 4/6
         20095 Hamburg
         Tel: 040/30 30 10
         Fax: 040/30 30 11 11
         Germany

The District Court of Lueneburg opened bankruptcy proceedings
against Maison Noblesse Fashion Design GmbH on Jan. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Maison Noblesse Fashion Design GmbH
         Attn: Uwe Stautmeister, Manager
         Hauptstr. 10a
         21376 Salzhausen
         Germany


MASCHU MALEREI: Creditors' Meeting Slated for March 5
-----------------------------------------------------
The court-appointed insolvency manager for MaSchu Malerei GmbH,
Dr. Wolfgang Schroeder, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:20 a.m. on March 5.

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

         The District Court of Charlottenburg
         2nd Stock Hall 218
         Geritch Platz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:55 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 MaSchu Malerei GmbH on Jan. 12.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MaSchu Malerei GmbH
         Ringstr.71
         12205 Berlin
         Germany


MEDIFACTS INT'L: Organizational Meeting Scheduled on February 7
---------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, will
hold an organizational meeting to appoint an official committee
of unsecured creditors in Medifacts International Inc.'s chapter
11 case at 11:00 a.m., on Feb. 7 at Room 5209, J. Caleb Boggs
Federal Building, 844 North King Street, in Wilmington,
Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.  The
meeting is not the meeting of creditors pursuant to Section 341
of the Bankruptcy Code.  However, a representative of the
Debtors will attend and provide background information regarding
the cases.

Creditors interested in serving on a Committee should complete
and return to the U.S. Trustee a statement indicating their
willingness to serve on an official committee.

Official creditors' committees, constituted under Section 1102
of the Bankruptcy Code, ordinarily consist of the seven largest
creditors who are willing to serve on a committee.  In some
Chapter 11 cases, the U.S. Trustee is persuaded to appoint
multiple creditors' committees.

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

Based in Rockville, Maryland, Medifacts International Inc. --
http://www.medifacts.com/-- provides quality clinical trial  
services to pharmaceutical, biotech and medical device companies
that are developing therapeutic drugs and products.  The company
employs 176 people in the North America, China and Europe.  The
company filed for chapter 11 protection on Jan. 28, 2007 (Bankr.
D. Del. Case No. 07-10110).  Joseph A. Malfitano, Esq., at
Young, Conaway, Stargatt & Taylor, LLP, represents the Debtor in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed estimated assets and debts of
US$10 million to US$50 million.


METALLBAU WEST: Creditors Must Register Claims by February 28
-------------------------------------------------------------
Creditors of Metallbau West GmbH have until Feb. 28 to register
their claims with court-appointed insolvency manager Dr. Petra
Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on March 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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. Petra Hilgers
         Goethestrasse 85
         10623 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Metallbau West GmbH on Jan. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Metallbau West GmbH
         Attn: Axel Schumann, Manager
         Bahnhofstrasse 49
         14612 Falkensee
         Germany


NETCACAO GMBH: Creditors Must Register Claims by March 2
--------------------------------------------------------
Creditors of NetCacao GmbH have until March 2 to register their
claims with court-appointed insolvency manager Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on April 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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Falk Eppert
         Vietmannsdorfer Str. 23
         17268 Templin
         Germany

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

The Debtor can be reached at:

         NetCacao GmbH
         Friedenstrasse 9
         17309 Pasewalk
         Germany


NOCTUA GMBH: Creditors Must Register Claims by February 5
---------------------------------------------------------
Creditors of Noctua GmbH 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 9:35 a.m. 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 Hall A 409
         Fourth 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:

         Friedrich Knoop
         Robertstrasse 3
         40229 Duesseldorf
         Germany

The District Court of Dueselldorf opened bankruptcy proceedings
against Noctua GmbH on Jan. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Noctua GmbH
         Tilsiter Weg 1
         41564 Kaarst
         Germany         

         Attn: Ingo Fleischer, Manager
         Moosheide 25
         47877 Willich
         Germany


SCHULTE GMBH: Creditors Must Register Claims by March 5
-------------------------------------------------------
Creditors of Schulte GmbH Fachgrosshandel fuer Sanitar und
Heizung have until March 5 to register their claims with court-
appointed insolvency manager Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Schulte GmbH Fachgrosshandel fuer Sanitar und Heizung on
Jan. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Schulte GmbH Fachgrosshandel fuer Sanitar und Heizung
         Ruhrallee 175
         45136 Essen
         Germany

         Attn: Dr. Guido Sandler, Manager
         Ruhrallee 175
         45136 Essen
         Germany


SHT LOGISTIK: Creditors Must Register Claims by February 27
-----------------------------------------------------------
Creditors of SHT Logistik GmbH & Co. KG have until Feb. 27 to
register their claims with court-appointed insolvency manager
Rolf Otto Neukirchen.

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 of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against SHT Logistik GmbH & Co. KG on Jan. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SHT Logistik GmbH & Co. KG
         Ruhrallee 175
         45136 Essen
         Germany


SIEGEL BAU-GMBH: Claims Registration Ends March 2
-------------------------------------------------
Creditors of Siegel Bau-GmbH have until March 2 to register
their claims with court-appointed insolvency manager Jutta
Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Eschwege
         Meeting Hall 2
         1st Stock
         Friedr. Wilh. Strasse 39
         37269 Eschwege
         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:

         Jutta Ruedlin
         Markt 4
         34212 Melsungen
         Germany
         Tel: 05661/926 28-0
         Fax: 05661/926 28-20

The District Court of Eschwege opened bankruptcy proceedings
against Siegel Bau-GmbH on Jan. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Siegel Bau-GmbH
         Landstrasse 85
         37287 Wehretal
         Germany

         Attn: Reiner Eisfeld, Manager
         Steingasse 1
         37296 Ringgau
         Germany


SISO TEXTIL: Creditors Must Register Claims by March 2
------------------------------------------------------
Creditors of SISO Textil GmbH have until March 2 to register
their claims with court-appointed insolvency manager Frank
Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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 Wiedemann
         Eupener Str. 181
         52066 Aachen
         Germany
         Tel: 0241/6052800
         Fax: 0241/6052799

The District Court of Aachen opened bankruptcy proceedings
against SISO Textil GmbH on Jan. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SISO Textil GmbH
         Neuenhofstr. 191
         52078 Aachen
         Germany

         [REDACTED Jan. 11, 2014]


SKO GMBH: Claims Registration Ends February 17
----------------------------------------------
Creditors of A. SKO GmbH have until Feb. 17 to register their
claims with court-appointed insolvency manager Andreas Pantlen.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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 Moenchengladbach
         Meeting Room A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Pantlen
         Fliethstrasse 112
         41061 Moenchengladbach
         Tel: 02161 / 2470646
         Fax: 02161 / 2470647

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

The Debtor can be reached at:

         A. SKO GmbH
         Karstrasse 104
         41068 Moenchengladbach
         Germany


SPAREPARTS GMBH: Claims Registration Ends March 20
--------------------------------------------------
Creditors of Spareparts GmbH have until March 20 to register
their claims with court-appointed insolvency manager Ralph
Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanover
         Hall 226
         Second Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ralph Buenning
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511 554706-0
         Fax: 0511 554706-99

The District Court of Hanover opened bankruptcy proceedings
against Spareparts GmbH on Jan. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Spareparts GmbH
         Attn: Matthias Rowold, Manager
         Lessingstr. 5
         30916 Isernhagen
         Germany


STULKEN UND VUEST: Claims Registration Ends April 17
----------------------------------------------------
Creditors of Stulken und Vuest Bauunternehmung GmbH have until
April 17 to register their claims with court-appointed
insolvency manager Heiko Janssen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Aurich
         Room 018
         Schlossplatz 2
         26603 Aurich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Heiko Janssen
         Julianenburger Str. 19
         D 26603 Aurich
         Germany
         Tel: 04941 /97 44 0
         Fax: 04941 / 9744137

The District Court of Aurich opened bankruptcy proceedings
against Stulken und Vuest Bauunternehmung GmbH on Jan. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stulken und Vuest Bauunternehmung GmbH
         Attn: Martin Stulken and Guenter Vuest, Managers
         Eckelkamp 30b
         26607 Aurich
         Germany


SURFER'S POINT: Claims Registration Ends March 16
-------------------------------------------------
Creditors of Surfer's Point Hamburg GmbH have until March 16 to
register their claims with court-appointed insolvency manager
Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 of Hamburg
         Meeting Room B405
         Fourth Floor
         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:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Surfer's Point Hamburg GmbH on Jan. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Surfer's Point Hamburg GmbH
         Deelboege 5-7
         22297 Hamburg
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on March 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall 34
         Ringstrasse 79
         55543 Bad Kreuznach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Bad Kreuznach opened bankruptcy
proceedings against Tangens Verwaltungs GmbH on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

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


ULRICH PAUL: Claims Registration Ends Feb. 28
---------------------------------------------
Creditors of Ulrich Paul Bauunternehmung GmbH have until Feb. 28
to register their claims with court-appointed insolvency manager
Markus Walter.  

The insolvency manager can be reached at:

         Markus Walter
         Waldhofer Str. 17
         69123 Heidelberg
         Germany

The District Court of Heidelberg opened bankruptcy proceedings
against Ulrich Paul Bauunternehmung GmbH on Jan. 12.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ulrich Paul Bauunternehmung GmbH
         Bahnhofstrasse 13
         74933 Neidenstein
         Germany


USERWORLD COMPUTERSCHULUNGEN: Claims Registration Ends Feb. 13
--------------------------------------------------------------
Creditors of Userworld Computerschulungen GmbH have until
Feb. 13 to register their claims with court-appointed insolvency
manager Werner F. Muehlenbrock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Room 185
         First Floor
         Zweigertstrasse 52
         45130 Essen
         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:

         Werner F. Muehlenbrock
         Overwegstr. 47
         45879 Gelsenkirchen
         Germany

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

The Debtor can be reached at:

         Userworld Computerschulungen GmbH
         Romanusstr. 17
         45894 Gelsenkirchen
         Germany


VIT MANAGEMENT: Creditors' Meeting Slated for Feb. 20
-----------------------------------------------------
The court-appointed insolvency manager for VIT Management GmbH,
Christian Koehler-Ma, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on Feb. 20.

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

         The District Court of Charlottenburg
         2nd Stock Hall 218
         Geritch Platz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on June 5 at the same venue.

Creditors have until April 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         VIT Management GmbH
         Unter den Linden 21
         10117 Berlin
         Germany


W. K. OMNIBUSREISEN: Claims Registration Ends February 25
---------------------------------------------------------
Creditors of W. K. Omnibusreisen GmbH have until Feb. 25 to
register their claims with court-appointed insolvency manager
Dr. Thorsten Fuest.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstrasse 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:

         Dr. Thorsten Fuest
         Gerichtsstr. 3
         33602 Bielefeld
         Germany

The District Court of Detmold opened bankruptcy proceedings
against W. K. Omnibusreisen GmbH on Jan. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         W. K. Omnibusreisen GmbH
         Rosenweg 1
         32816 Schieder-Schwalenberg
         Germany


WAGNER VERSICHERUNGSVERMITTLUNGS: Creditors' Mtg. Set for Feb. 9
----------------------------------------------------------------
The court-appointed insolvency manager for Wagner
Versicherungsvermittlungs GmbH, Hermann Berding, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m. on Feb. 9.

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

         The District Court of Cloppenburg
         Hall 6, Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg
         Germany

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

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

The insolvency manager can be reached at:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471/9126-0
         Fax: 04471/82997

The District Court of Cloppenburg opened bankruptcy proceedings
against Wagner Versicherungsvermittlungs GmbH on Jan. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wagner Versicherungsvermittlungs GmbH
         Attn: Nikolai Mueller, Manager
         Liese-Meitner-Str. 5a
         49661 Cloppenburg
         Germany


WOHN- UND GEBAEUDESERVICE: Claims Filing Period Ends Feb. 20
------------------------------------------------------------
Creditors of Wohn- und Gebaeudeservice F. Donisch GmbH have
until Feb. 20 to register their claims with court-appointed
insolvency manager Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 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. Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228-8100056
         Fax: 022881000820

The District Court of Cologne opened bankruptcy proceedings
against Wohn- und Gebaeudeservice F. Donisch GmbH on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wohn- und Gebaeudeservice F. Donisch GmbH
         Attn: Frank Donisch, Manager
         Aachener Str. 82
         50389 Wesseling
         Germany


WOSI WOHN: Claims Registration Period Ends March 1
--------------------------------------------------
Creditors of WOSI Wohn- und Siedlungsbau Verwaltungs-GmbH have
until March 1 to register their claims with court-appointed
insolvency manager Heinrich Klenk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         Ground Floor
         Ritterstrasse 5
         Stuttgart
         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:

         Heinrich Klenk
         Moehringer Landstr. 5
         70563 Stuttgart
         Germany
         Tel: 0711/90134-20
         Fax: 0711/90134-199

The District Court of Esslingen opened bankruptcy proceedings
against WOSI Wohn- und Siedlungsbau Verwaltungs-GmbH on Jan. 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WOSI Wohn- und Siedlungsbau Verwaltungs-GmbH
         Attn: Karin Geissler, Manager
         Kolpingstr. 20
         72636 Frickenhausen
         Germany


ZEITSPRUNG GMBH: Claims Registration Period Ends March 14
---------------------------------------------------------
Creditors of Zeitsprung GmbH have until March 14 to register
their claims with court-appointed insolvency manager
Eduard Spaeth.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on April 10, 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         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:

         Eduard Spaeth
         Strassberger Str. 1
         08527 Plauen
         Germany
         Tel: 03741/289499
         Fax: 03741/289498

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

The Debtor can be reached at:

         Zeitsprung GmbH
         Attn: Olga Karpushenko, Manager
         Culmitzhammer 3
         95119 Naila
         Germany


ZELENY CONSULTING: Claims Registration Period Ends Feb. 28
----------------------------------------------------------
Creditors of Zeleny Consulting GmbH have until Feb. 28 to
register their claims with court-appointed insolvency manager
Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Am Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Christian Plail
         c/o SKP Partnerschaftsgesellschaft
         Eserwallstr. 1-3
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Zeleny Consulting GmbH on Jan. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Zeleny Consulting GmbH
         Attn: Marcus Zeleny, Manager
         Gratzmuellerstr. 1
         86150 Augsburg
         Germany


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


ZURICH BANK: Moody's Assigns D Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D to Zurich Bank.  The rating carries a stable
outlook.

The bank is a subsidiary of Zurich Group Holding and by
extension Zurich Financial Services.  The A1 deposit ratings, A3
senior debt ratings and Baa1 subordinated debt ratings have been
affirmed with a stable outlook.

Zurich Bank is primarily active in U.K. commercial property
lending via its U.K. subsidiary, Dunbar Bank plc, and also
continues to manage a number of structured lending transactions.
Going forward, the institution intends to concentrate on U.K.
property lending, deposit-taking and premium financing and offer
wealth management products to existing clients of ZFS.  However,
with the exception of its property lending business, Moody's
recognizes that Zurich Bank has yet to establish a solid track
record and build a sustainable franchise along its chosen
business lines.

The D BFSR also takes into consideration the sound credit
quality of Zurich Bank's property loan portfolio and the fact
that the market risk of the bank is contained.  Nevertheless,
Moody's notes the existence of a number of large individual
exposures relative to equity in regard to the interbank and
structured lending business of Zurich Bank.  In mitigation,
these interbank exposures are to highly rated entities and have
a short-term duration whilst the total return swaps are
partially cash collateralized.  Zurich Bank is still primarily
reliant on short-term wholesale funding sources.

Nevertheless, the integration of Dunbar Bank Plc and Zurich Bank
International Ltd. in 2005 has enhanced the group's overall
funding profile.  Moody's also notes positively the fact that
Zurich Bank has committed facilities in the amount of GBP255
million at its disposal and also has access to some of the
group's cash deposits.  Dunbar Bank is the primary earnings
driver of the group.

Zurich Bank's continued ability to grow its business and
franchise and maintain credit quality could place upward
pressure on the BFSR.  Conversely, downward pressure on Zurich
Bank's BFSR could occur if the bank were unable to grow its
business and franchise and suffer a deterioration in credit
quality and profitability.

These ratings were affirmed:

   -- A1 Long-term deposit rating
   -- A3 Senior unsecured debt rating
   -- Baa1 Subordinated debt rating
   -- Prime-1 Short-term deposit rating

Zurich Bank is headquartered in Dublin, Ireland and reported
pre-tax income of EUR32 million for the year to Dec. 31, 2005
(2004: EUR12 million).  Total assets amounted to
EUR2.392 billion as at Dec. 31, 2005.


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


ALITALIA SPA: 11 Buyers Commence Melee for Italy's 30.1% Stake
--------------------------------------------------------------
Eleven bidders submitted their non-binding offers to acquire the
Italian government's 30.1% stake in Alitalia S.p.A.,
Bloomberg News reports.

Most of the bidders are private equity funds hoping that
Alitalia would recover via massive restructuring, Reuters says.

According to the Italian Treasury, bidders include:

   1) UBM, a unit of Unicredito Italiano S.p.A.,

   2) Texas Pacific Group Europe LLP,

   3) AP Holding S.p.A., owned by AirOne chief Carlo Toto;

   4) a consortium of Management & Capitali S.p.A., Cerberus
      European Investments LLC, ELQ Investors Ltd. and
      Lefinalc S.p.A.

   5) Benstar-Saturn Enterprises Ltd.

   6) Fabio Scaccia, a professor

   7) MatlinPatterson Global Advisers LLC,

   8) Net Present Value S.p.A., backed by Unione Piloti

   9) a consortium of Porcellana Castello S.p.A. and Capper-NO
      S.p.A.,

  10) Terra Firma Investments (GP) 3 Ltd., and

  11) Wonders & Dreams U.K. Ltd. a consortium headed by
      Paolo Alazraki.

Air-France KLM, who had been tagged as potential bidder for
Alitalia, did not submit an offer.  Other interested parties can
still join the bidding process by taking part in a consortium
set up by any of the 11 bidders.

Alessandro Bianchi, Italy's Transport Minister, expressed
satisfaction with the bidder turnout, but said 11 offers "are
really a lot" and a selection will be made, AFX News relates.

The Economy Ministry, advised by Merrill Lynch and Chiomenti
Studio Legale, is reviewing the bids to choose qualified
candidates for the next phase of the tender.  

Mr. Bianchi told La Stampa that he expects the process to be
complete within a few months.  He added that Giancarlo Cimoli's
tenure as chairman and CEO of Alitalia is currently in
discussion with Economy Minister Tommaso Padoa-Schioppa and
Prime Minister Romano Prodi.

"The 11 expressions of interest are not that significant, given
that they are not binding," Fabrizio Solari, secretary of
Federazione Italiana Lavoratori dei Trasporti-     
Confederazione Generale Italiana del Lavoro union, said.  "One
has to note that they carry different weight and I think the
final buyer will be someone that is not on the list."

The deadline for submission of non-binding offers for the
Italian government's 30.1% stake in national carrier Alitalia
S.p.A. ended at 6:00 p.m. on Jan. 29.

In a TCR-Europe report on Jan. 3, the government launched the
bidding process for its stake in Alitalia on Dec. 29, 2006.

Italy's Ministry of Economy and Finance invited interested
parties to submit a non-binding offer for around 30.1% to 49.9%
of Alitalia's capital and 1,207,147,404 convertible bonds of the
carrier's 7.5% 2002-2010 debenture loan.  The sale will take
place through a competitive procedure involving direct
negotiations with potential buyers.

According to the Ministry, potential buyers will be selected
based on the economic terms of the offers received and an
analysis of the business plans.  The Ministry will also examine
the compatibility of the offers and business plans with the
Alitalia's restructuring, development and relaunch objectives.

The Ministry also outlined mandatory commitments for the buyer
to:

   -- keep at least a 30.1% stake in Alitalia until the business
      plan is successfully carried out:

   -- safeguard Alitalia's national identity; and

   -- guarantee the quality and quantity of services offered and
      coverage of the territory.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for  
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered
EUR93 million in net profits in 2002 after a EUR1.4 billion
capital injection.  The carrier booked consecutive annual net
losses of EUR520 million in 2003, EUR813 million in 2004, and
EUR168 million in 2005.


ALITALIA SPA: Group Net Debt Up to EUR1.02 Bln in December 2006
---------------------------------------------------------------
Alitalia Group disclosed a net financial position of EUR1.03
billion as of Dec. 31, 2006, showing an increase in net
indebtedness of EUR62 million (+6.4%) compared to the situation
on Nov. 30, 2006.

The net financial position of the parent company Alitalia S.p.A.
on Dec. 31, 2006, amounted to EUR998 million showing an increase
in net indebtedness of EUR59 million (+6.3%) compared to the
situation on Nov. 30, 2006, and including short-term net
financial credits for subsidiaries.  

Cash-to-hand and short-term financial credits on Dec. 31, 2006,
at the Group level and for Alitalia, amounted to EUR726 million
and EUR762 million respectively, also including an investment of
EUR55 million regarding their duration.

It should be noted that on Dec. 31, 2006, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR132 million -- whose capital share, including
lease closure value, amounted to EUR148 million, of which
EUR19 million represent the current capital share falling due
within 12 months of the reference date, with EUR16 million held
by the parent company.  By comparison, the same figure on
Nov. 30, 2006, amounted to EUR152 million, of which EUR21
million falling due in the 12 months from the reference date.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees or by personal guarantees.  
The relative financing contracts contain standard legal clauses
relating to withdrawal.  None of the contracts refer to specific
requirements regarding assets or economic/financial aspects, in
order to maintain the credit line.

During December 2006, repayments were made of medium/long-term
financing amounting to about EUR19 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Dec. 31, 2006, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Dec. 31, 2006,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to a
single airport management company for disputed debts amounting
to a total of about EUR82 million on Dec. 31, 2006.  

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

   -- five injunctions issued by an airport management company
      for a total of about EUR14 million;  

   -- a further injunction has been issued by an IT services
      supplier for about EUR812,000;

   -- another injunction has been issued by a professional
      studio for about EUR534,000;

   -- a contractor for restructuring work has issued an
      injunction for about EUR635,000;

   -- a further injunction has been issued by a supplier of
      videos to be shown onboard aircraft, for about EUR909,000;  

   -- six injunctions issued by suppliers for a total of around
      EUR110,000.

There are no other injunction orders or executive actions
undertaken by creditors notified as of Dec. 31, 2006, nor are
there any threats by suppliers to suspend operations.     

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in   
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


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


AKJARSKOYE PATP: Claims Filing Period Ends March 9
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Akjarskoye Patp insolvent.

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

         LLP Akjarskoye Patp
         Peschanaya Str. 3
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 50-17-76
              8 (3232) 705 525 11-37
              8 (3232) 705 901 35-39
         

BANK CENTERCREDIT: Fitch Rates US$500-Mln Eurobond Issue at BB-
---------------------------------------------------------------
Fitch Ratings assigned Center Credit International B.V.'s US$500
million 8.625% eurobond issue due 2014 a final rating of Long-
term 'BB-'.  

The notes will be irrevocably and unconditionally guaranteed by
JSC Bank CenterCredit rated Long-term Issuer Default 'BB-
'/Stable Outlook, Short-term 'B', Support '3', Individual 'D'.

BCC is one of the six largest banks in Kazakhstan with a market
share of around 7.8% at end-September 2006, and focuses
primarily on the SME and retail segments, utilizing its
countrywide branch network.  Bakhytbek Bayseitov, current
Chairman of the Board of Directors, is now consolidating a 51%
stake in the bank.  The management team has increased its stake
since Jan. 1 and now owns a 22% stake in BCC.


GAS AKTOBE: Claims Registration Ends March 9
--------------------------------------------
LLP Oil Gas Aktobe has declared insolvency.  Creditors have
until March 9 to submit written proofs of claim to:

         LLP Oil Gas Aktobe
         Maresiev Str. 79-48
         Aktube
         Aktube Region
         Kazakhstan


JOLJONDEU SERVICE: Claims Filing Period Ends March 9
----------------------------------------------------
LLP Joljondeu Service has declared insolvency.  Creditors have
until March 9 to submit written proofs of claim to:

         LLP Joljondeu Service
         Baatyr Str. 18
         Mambet, Taraz
         Jambyl Region
         Kazakhstan


ELENA LLP: Proof of Claim Deadline Slated for March 9
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Elena insolvent.

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

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


JOMART LLP: Creditors Must File Claims by March 9
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Jomart insolvent.

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

         LLP Jomart
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan
         Tel: 8 (3152) 46-35-83


MAKSAT LLP: Claims Registration Ends March 9
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region has declared LLP Maksat insolvent.  

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

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


PLASTIC LLP: Claims Filing Period Ends March 9
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region has declared LLP Plastic insolvent.

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

         LLP Plastic
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 26-24-41


SHYGYS LLP: Claims Registration Ends March 9
--------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Shygys insolvent.

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

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


TECH TRANS: Creditors' Claims Due March 9
-----------------------------------------
LLP Tech Trans Company has declared insolvency.  Creditors have
until March 9 to submit written proofs of claim to:

         LLP Tech Trans Company
         Office 321b
         Abai Ave. 76/109
         Almaty
         Kazakhstan
         Tel: 8 (3272) 50-71-89


TEPLO IMPORT-ASIA: Claims Filing Period Ends March 9
----------------------------------------------------
LLP Joint Enterprise Teplo Import-Asia has declared insolvency.
Creditors have until March 9 to submit written proofs of claim
to:

         LLP Joint Enterprise Teplo Import-Asia
         Turgut Ozal Str. 129
         Almaty
         Kazakhstan


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


KARA-UNKUR SUU: Creditors' Meeting Slated for February 9
--------------------------------------------------------
Creditors of JSC Kara-Unkur Suu Kurulush will convene at
11:00 a.m. on Feb. 9 at:

         JSC Kara-Unkur Suu Kurulush
         Bazarkorgonsky District
         Djalal-Abad Region
         Kyrgyzstan

The Inter-District Court of Djalal-Abad Region for Economic
Issues commenced bankruptcy proceedings on the company after
finding it insolvent on Dec. 1, 2006.  The case is docketed
under Case No.70-55/2006 MB.

Creditors must submit their proofs of claim and register within
seven days before the meeting with the temporary insolvency
manager.  Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Taalaibek Boronov           
         Tel: (0-502) 61-35-25
              (0-502) 11-64-37


RIVERA LLC: Creditors' Meeting Slated for February 14
-----------------------------------------------------
Creditors of LLC Rivera will convene at 10:00 a.m. on Feb. 14
at:

         Lev Tolstoi Str. 100b
         Bishkek
         Kyrgyzstan

The meeting of creditors will discuss:

   -- the transformation of bankruptcy proceedings
      into rehabilitation procedure;
   
   -- the affirmation of rehabilitation plan; and

   -- the commencement of rehabilitation procedure.

Proxies must have authorization to vote.  

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


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


CEVA GROUP: S&P Cuts Rating to B on Proposed Recapitalization
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on CEVA Group PLC, the holding company
for The Netherlands-based contract logistics group Ceva Ltd. to
'B' from 'B+'.  

This follows the group's planned recapitalization.  The outlook
is stable.

"The rating action reflects our expectation that the company's
financial policy will be more aggressive and its financial
profile weaker, owing to an increased use of leverage after the
recapitalization, which has been announced just three months
after the closing of the acquisition of the company by a private
equity investor in November 2006," said Standard & Poor's credit
analyst Eve Greb.  In addition, equity redemption or dividends
were not factored into the previous rating. After the proposed
transaction, valued at approximately EUR250 million, the group
will have pension and lease-adjusted debt of about
EUR1.9 billion pro-forma on Sept. 30, 2006.

Since the LBO in November 2006, leverage has decreased slightly
to total lease- and pension-adjusted debt to EBITDA of 6.3x,
from 6.4x previously, due to low capital expenditure and
positive working capital management. Pro forma the
recapitalization, total lease- and pension-adjusted debt to
EBITDA is expected to be about 7x for the 12 months to
Sept. 30, 2006, compared with 6.4x after the buyout, which was
already weak for the previous rating.

The ratings reflect the business and financial risk profiles of
the main operating company Ceva.  

The ratings are constrained by Ceva's:

   -- leveraged financial profile;

   -- weak credit measures; and

   -- limited free cash flow generation, which will limit
      meaningful debt reduction.  

Ceva operates within the highly fragmented and competitive
logistics industry but benefits from a satisfactory business
profile, underpinned by its global network and strong market
positions, particularly in Europe.  The group's highly leveraged
financial structure, however, outweighs the benefits of its
investment-grade business risk profile and is the key driver of
the ratings.

With EUR3.4 billion of total revenues in 2005, Ceva is the
second-largest contract logistics provider globally and has
leading market positions in targeted key industries.  In
November 2006, Ceva was bought by private equity investor Apollo
Management from TNT N.V., a global provider of mail, express,
and freight management services.

"The stable outlook reflects our expectation that CEVA Group's
credit protection measures will be in the range of debt to
EBITDA of 6x to 7x," said Ms. Greb.  "Exceptional transition
costs during 2007 are likely to limit the potential for ratio
improvements in the short term."


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


ATAL-VOLGA OJSC: Court Names I. Dmitriev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Chivashiya Republic appointed Mr. I.
Dmitriev as Insolvency Manager for OJSC Corporation Atal-Volga.  
He can be reached at:

         I. Dmitriev
         Office 12
         P. Lumumby Str. 8
         Cheboksary
         Chivashiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A79-7842/2006.

The Debtor can be reached at:

         OJSC Corporation Atal-Volga
         Cheboksary
         Chivashiya Republic
         Russia


BANK SOYUZ: Moody's Rates Loan Participation Notes at B1
--------------------------------------------------------
Moody's Investors Service has assigned a rating of B1 to the
Loan Participation Notes to be issued on a limited recourse
basis by SB Funding Ltd. for the sole purpose of funding a loan
to Bank Soyuz.  The outlook for the rating is stable.

Moody's understands that the holders of the notes will be
relying for repayment solely and exclusively on the ability of
Bank Soyuz to make payments under the loan agreement.  Bank
Soyuz is currently rated B1/Not Prime for long- and short-term
foreign- and local-currency deposits and E+ for financial
strength, all with stable outlook.  The amount and the tenor of
the notes have yet to be determined.

The obligations of Bank Soyuz to make payments under the loan
agreement will rank at all times at least pari passu with the
claims of all other unsecured creditors of the borrower, save
for those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.
Moody's notes that Russia is in general a country with
individual depositor preference, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

According to the terms and conditions of the loan agreement,
Bank Soyuz must maintain on a consolidated basis total assets at
not less than US$2 billion and a minimum total capital adequacy
ratio of 11% calculated in accordance with BIS guidelines or, if
higher, the minimum capital adequacy ratio required by the
Central Bank of Russia, and must comply with a number of other
covenants such as negative pledge, limitations on any
reorganization, as well as on disposals and transactions with
affiliates.

The loan agreement, the notes and the trust deed will be
governed by and construed in accordance with English law, and
the courts of England will have exclusive jurisdiction to settle
any dispute, arising from or connected with the loan agreement.

Bank Soyuz is incorporated in Moscow, Russia, and reported total
consolidated assets of US$2.166 billion in accordance with IFRS
as at Sept. 30, 2006.  SB Funding is an orphan special purpose
vehicle domiciled in Ireland that was established for this
transaction.


BAYMAKSKIY MEAT-PACKING: Creditors Must File Claims by Feb. 13  
--------------------------------------------------------------
Creditors of LLC Baymakskiy Meat-Packing Factory (TIN
0254008420) have until Feb. 13 to submit written proofs of claim
to:

         F. Yunusov, Insolvency Manager
         Br. Kadomtsevykh Str. 6
         Ufa
         450059 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A07-20495/
06-G-FLE.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         F. Yunusov, Insolvency Manager
         Br. Kadomtsevykh Str. 6
         Ufa
         450059 Bashkortostan Republic
         Russia


BUILDING ENTERPRISE 3: Creditors Must File Claims by March 13  
-------------------------------------------------------------
Creditors of LLC Building Enterprise 3 (TIN 0277056740) have
until March 13 to submit written proofs of claim to:

         A. Dergachev, Insolvency Manager
         Gorkogo Str. 69a
         Ufa
         450112 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A07-5954/
06-G-KhRM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Building Enterprise 3
         Gorkogo Str. 69a
         Ufa
         450112 Bashkortostan Republic
         Russia


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

         A. Vasilyev, Insolvency Manager
         Apartment 1 b
         Volskaya Str. 11 a
         Saratov 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-57-438B/06-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Dalnenskoye
         Dalniy
         Krasnopartizanskiy Region
         Saratov Region
         Russia


EURO-TOBACCO CJSC: Court Names T. Kraynova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Ms. T. Kraynova
as Insolvency Manager for CJSC Production Commercial Company
Euro-Tobacco (TIN 5044025428).  She can be reached at:

         T. Kraynova
         Apartment 36
         Nizhegorodskaya Str. 10
         109029 Moscow Region
         Russia

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

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Production Commercial Company Euro-Tobacco
         Malinskaya Str. 2
         Ruzino
         Solnechnogorskiy Region
         141414 Moscow Region
         Russia


GAGARINSKOYE GRAIN: Creditors Must File Claims by February 13  
-------------------------------------------------------------
Creditors of OJSC Gagarinskoye Grain Receiving Enterprise have
until Feb. 13 to submit written proofs of claim to:

         P. Utkin, Insolvency Manager
         Apartment 37
         Ak. Krylova Str. 1
         Cheboksary
         428003 Chuvashiya Republic
         Russia

The Arbitration Court of Smolensk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62-3508/2005 (690-N/05).

The Debtor can be reached at:

         P. Utkin, Insolvency Manager
         Apartment 37
         Ak. Krylova Str. 1
         Cheboksary
         428003 Chuvashiya Republic
         Russia


GAZPROM NEFT: Oil Production Dips to 44.4 Mln Tons in 2006
----------------------------------------------------------
OAO Gazprom Neft released its consolidated oil production
results for the full year 2006.

Gazprom Neft, along with its subsidiaries, produced 44.4 million
metric tons of oil in 2006, 1.7% lower than its results in 2005,
RIA Novosti reports.  The company alone produced 32.7 million
tons of oil in 2006, a percent lower than its figures in 2005.

Gazprom Neft said its integration with parent OAO Gazprom would
provide access to more resources and create a basis for
production growth.

                      About Gazprom Neft

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

                          *     *     *

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


KOMSOMOLSKOYE CJSC: Bankruptcy Hearing Slated for Feb. 21
---------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
will convene at 11:15 a.m. on Feb. 21 to hear the bankruptcy
supervision procedure on CJSC Komsomolskoye.  The case is
docketed under Case No. A56-19568/2006.

The Temporary Insolvency Manager is:

         O. Elisovetskiy
         Obvodnogo Kanala Quay 181
         190103 St. Petersburg Region
         Russia

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 Komsomolskoye
         Kamyshevka
         Vyborgskiy Region
         Leningrad Region
         Russia


KORKATOVSKIY PIT: Creditors Must File Claims by March 13  
--------------------------------------------------------
Creditors of OJSC Korkatovskiy Pit have until March 13 to submit
written proofs of claim to:

         N. Smyshlyaev, Insolvency Manager
         Post User Box 75
         Yoshkar-Ola
         424007 Mariy El Republic
         Russia

The Arbitration Court of Mariy El Republic commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-38-1592/19/2002-2006.

The Debtor can be reached at:

         OJSC Korkatovskiy Pit
         Kutyuk-Kiner
         Mariy El Republic
         Russia


KUZBASSKAYA COMPANY: Creditors Must File Claims by February 13  
--------------------------------------------------------------
Creditors of LLC Kuzbasskaya Company have until Feb. 13 to
submit written proofs of claim to:

         A. Mundusova, Temporary Insolvency Manager
         Post User Box 255
         Central Post Office
         Gorno-Altaysk
         649000 Altay Republic
         Russia

The Arbitration Court of Altay Republic commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A02-1211/06g.

The Arbitration Court of Altay Region is located at:

         Lenina Pr. 76
         Barnaul
         656015 Altay Region
         Russia

The Debtor can be reached at:

         LLC Kuzbasskaya Company
         Komsomolskaya Str. 13
         Gorno-Altaysk
         Altay republic
         Russia


RENAISSANCE CAPITAL: Losses Cue Fitch to Assign Low-B IDR
---------------------------------------------------------
Fitch Ratings has assigned Russia-based CB Renaissance Capital
ratings of Issuer Default 'B-', Short-term 'B', Support '5',
Individual 'D/E' and National Long-term 'BB'. A Stable Outlook
has been assigned to both Issuer Default and National Long-term
ratings.

The ratings reflect CBRC's short track record of operations and
the fact that it has yet to break even on a full-year basis, as
well as its still developing asset base and franchise.  The
ratings also consider the high credit, operational and liquidity
risks associated with the rapid loan growth being pursued in
retail lending and the bank's significant loan loss levels
experienced to date.

However, the ratings also take into account the bank's
experienced management, presently sound capital levels and low
market risk appetite.  In addition, they acknowledge the bank's
efforts to develop an infrastructure to support the planned
business expansion, although Fitch notes that the effectiveness
of risk management systems will be tested as the business
continues to grow.

The successful implementation of the bank's growth plans,
coupled with acceptable asset quality, improved profitability
and reasonable capital levels, may cause upward pressure on the
ratings.  Downward pressure is viewed as unlikely at present,
but could arise mainly from any substantial weakening in asset
quality as the bank grows its loan book.

The bank is a part of Renaissance Group, which also includes the
investment banking entity Renaissance Capital Holdings Ltd.  
CBRC benefits from capital provided by RG's shareholders and its
owners' high commitment to the bank's development; non-equity
funding has also been made available to CBRC by other RG
entities, and the bank should also be able to utilize RG's
expertise in tapping the debt capital markets.

Nonetheless, while in Fitch's opinion RG's shareholders would
have a strong propensity to provide support to CBRC in case of
need, their ability to do so, outside of RCHL, is hard to
assess.  Furthermore, Fitch does not expect that RG's
shareholders would use RCHL as a source of capital and liquidity
support for CBRC in all circumstances, in particular given the
planned rapid growth of CBRC's business and balance sheet.
Therefore, while shareholder support for CBRC is possible in
case of need, in Fitch's view it cannot be relied upon, and
hence CBRC's ratings are currently driven by its stand-alone
financial strength.

CBRC is a specialist consumer finance bank that has been fully
operational since 2004.  The bank currently has a relatively
small balance sheet, but was within the top 30 Russian consumer
lenders at end of third quarter of 2006, and has built a network
of 50 regional offices and 3,000 points-of-sale.  CBRC is owned
by Renaissance Holdings Management Ltd., which also holds RCHL
and Renaissance Partners, an entity that has made investments in
the Russian forestry, Ukrainian agriculture and African banking
sectors.


RESORTS OF BASHKORTOSTAN: Bankruptcy Hearing Slated for March 14
----------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
10:30 a.m. on March 14 to hear the bankruptcy supervision
procedure on LLC Resorts of Bashkortostan (TIN 0274093776).

The case is docketed under Case No. A07-22182/06-G-GRA.

The Temporary Insolvency Manager is:

         E. Ivanov
         Apartment 109
         Stepana Kuvykina Str. 31
         Ufa
         450106 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Resorts of Bashkortostan
         Sochinskaya Str. 8
         Ufa
         450103 Bashkortostan Republic
         Russia


ROMANOVSKIY FACTORY: Creditors Must File Claims by February 13  
--------------------------------------------------------------
Creditors of CJSC Romanovskiy Factory have until Feb. 13 to
submit written proofs of claim to:

         A. Stepanov, Insolvency Manager
         Post User Box 211
         196084 St. Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and Leningrad Region
commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A56-17229/2006.

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 Romanovskiy Factory
         Kirpichnyj Zavod St.
         Vsevolzhskiy Region
         Leningrad Region
         Russia


ROMANOVSKIY OJSC: Creditors Must File Claims by February 13  
-----------------------------------------------------------
Creditors of OJSC Diary Romanovskiy have until Feb. 13 to submit
written proofs of claim to:

         N. Bolotnikov, Temporary Insolvency Manager
         Zapadnaya Str. 1
         Romanovka
         412270 Saratov Region
         Russia

The Arbitration Court of Saratov Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-57-14690/06-40.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Diary Romanovskiy
         Sovetskaya Str. 147
         Romanovka
         412270 Saratov Region
         Russia


ROSNEFT OIL: To Expand Production Capacity; Eyes Asian Market
-------------------------------------------------------------
OAO Rosneft Oil Co. will expand its refining capacity by
investing in eastern Russia, RIA Novosti reports citing chief
executive Sergei Bogdanchikov as saying.

Rosneft plans to increase the production capacity of its
Komsomolsk-on-Amur refinery to 8 million tons of oil in 2008.  
The company also plans to build more refineries in Russia's
eastern coast, one near the port of Nakhokdka, RIA Novosti
relays.

"Rosneft is viewing the possibility of shipping both crude and
oil products to the Asian market," Mr. Bodganchikov said.

Mr. Bodganchikov also revealed expanding its cooperation deal
with India, allowing the Asian country access to the company's
oil assets in Russia.  He said India could gain access to shelf
projects on Sakhalin in exchange for giving the company access
to its oil refining and sales market.

"Taking into account their positive experience in cooperation
within the Sakhalin-I Project, India's oil and gas corporation
ONGC and Rosneft have agreed to expand cooperation by
undertaking other projects in Russia and India, as well as in
third countries," Mr. Bodganchikov told RIA Novosti.

                        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.


SBERBANK ROSSII: Commences US$12.3-Billion IPO in Russia
--------------------------------------------------------
OAO Sberbank Rossii commenced its initial public offering on
Feb. 1 in Moscow, Russia, Bloomberg News reports.

Sberbank is selling 3.5 billion shares during the 20-day IPO
period.  The company is eyeing to raise US$12 billion from the
IPO, and is planning to use the amount to finance its expansion.  
Sberbank is trying to break Rosneft's IPO record for Russian
companies after Rosneft raised around US$10.4 billion in July
2006.

"Sberbank has grown so fast over the past year that it needs to
replenish its capital, so it's coming to the equity markets with
a potentially record-breaking share issue," Alexander
Kantarovich of MDM Bank, said.  "A successful sale will allow
Sberbank to boost its loan portfolio by tens of billions of
dollars over the next few years."

As previously reported in the TCR-Europe, the Russian government
plans to reduce its controlling stakes in foreign trade bank
Vneshtorgbank and savings bank Sberbank.  The Russian government
holds a 99.9% stake in VTB while the Central Bank owns 65.7% of
Sberbank's shares.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii --
http://www.sbrf.ru/eng/-- provides a full range of banking  
services, including commercial, investment, merchant, mortgage
and retail banking, and a complete range of travel, lending and
credit services.  The Bank operates through 17 territorial
banks, 921 divisions and 19,390 subdivisions across Russia.

                        *     *     *

As of Feb. 1, 2006, Sberbank carries these ratings:

Moody's:

   -- Financial Strength Rating: D
   -- Outlook: Stable

Fitch:

   -- Individual Rating: C


SITRONICS JSC: Reveals Indicative Price Range for Planned IPO
-------------------------------------------------------------
JSC Sitronics disclosed of the indicative price range for its
proposed initial public offering of ordinary shares and global
depositary receipts representing interests in its shares.

Sitronics intends to list its GDRs on the London Stock Exchange.
The ordinary shares are listed on the RTS Stock Exchange and the
Moscow Stock Exchange.  The offering is subject to receipt of
all necessary regulatory approvals by the U.K. Financial
Services Authority.

The GDRs will be offered in the United States to qualified
institutional buyers under Rule 144A of the U.S. Securities Act
of 1933 and outside the United States and Russian Federation in
offshore transactions under Regulation S of the Securities Act.
The shares are being offered in the Russian Federation, in the
United States to QIBs in reliance on Rule 144A and outside the
United States in offshore transactions in reliance on
Regulation S.

                    Summary of the Offering

   -- the indicative price range of US$12 to US$15 per GDR
      and US$0.24 to US$0.30 per ordinary share, with
      one GDR representing an interest in 50 ordinary shares

   -- the offering will include both newly issued and
      existing shares in the form of GDRs and existing
      ordinary shares

   -- the indicative price range reflects an implied
      market capitalization of Sitronics of
      approximately US$1.92 billion to US$2.4 billion
      before taking into account the proceeds received
      by Sitronics in connection with the offering

Sitronics intends to use approximately 50% of the proceeds from
the offering for acquisitions, including for the consolidation
of minority interests in its subsidiaries, 25% of the proceeds
for the repayment of indebtedness and the remaining 25% of the
proceeds for general corporate purposes, including for the
development of new projects and for working capital.

Credit Suisse, Goldman Sachs International and Renaissance
Capital are acting as joint global coordinators and bookrunners
of the Offering.  HSBC is acting as co-lead manager.

                        About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications  
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

Fitch Ratings assigned Sitronics JSC a Long-term IDR rating of
B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.


UVAT-OIL-GAS CJSC: Creditors Must File Claims by February 13  
------------------------------------------------------------
Creditors of CJSC Uvat-Oil-Gas (TIN 7202129730) have until
Feb. 13 to submit written proofs of claim to:

         A. Lychagin, Temporary Insolvency Manager
         Vugi 10
         Lyubertsy
         140004 Moscow Region
         Russia

The Arbitration Court of Tyumen Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A70-5820/3-06.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Uvat-Oil-Gas
         Vodoprovodnaya Str. 32
         625000 Tyumen Region
         Russia


YUKOS OIL: ESN Consortium Makes First Bid for Bankrupt Assets
-------------------------------------------------------------
Energogaz, an ESN holding, asked the Federal Anti-Monopoly
Service to approve a bid for certain gas assets of bankrupt OAO
Yukos Oil Co., published reports say citing ESN spokeswoman
Marianna Belousova.  Ms. Belousova did not identify the specific
assets ESN plans to take over.

ESN's interest makes it the first candidate to bid for Yukos'
upcoming auction, Miriam Elder of The St. Petersburg Times
reports.

Ms. Elder reveals close links between Gazprom and ESN, which
heads a consortium comprising of Italy's Eni and Enel, through:

    * a cooperation agreement between Gazprom and Eni in 2006,
      which allows Gazprom to sell gas directly to Italy and
      extend supply contracts through 2035; and

    * the steady investment of Enel in Russia's electricity
      sector and its reported purchase of OGK-5's stake when it
      was spun off from Unified Energy Systems in 2006.

ESN holds 50.1 percent of the consortium, while ENI and Enel
have 30 and 19 percent respectively, Reuters reports.

Analysts suggest that Gazprom could use the ESN bid to procure
Yukos' assets for its own interest while avoiding legal risks,
Ms. Elder relates.

Gazprom participated in a bidding war for Yukos' main production
unit, Yuganskneftegaz, in a December 2004 auction, but
immediately backed out at the last minute due to a legal
injunction by the U.S. Bankruptcy Court for the Southern
District of Texas.  The asset was sold to Baikalfinansgroup for
US$9.35 billion, as payment for US$27.5 billion in tax arrears
for 2000- 2003.  It was eventually bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.  A planned merger between Rosneft and Gazprom was called
off in May 2005.

Although Gazprom and Rosneft have signed cooperation agreements
ahead of the Yukos auctions, analysts believe the two firms
could still battle over certain assets, The St. Petersburg Times
relates.

The remaining assets of what was once Russia's largest oil
producer include refineries and two oil production units.  These
assets, which are due to be liquidated this year, are initially
valued at more than US$22 billion as of January 2007.

An unidentified source told Russian daily Vedomosti last month
that the company's final market value could be slightly over
US$20 billion, US$4 billion short of the total creditor claims
against Yukos.  The sale of Yukos's assets will begin following
the completion of the valuation process this month.

In a Troubled Company Reporter-Europe report on Oct. 26, 2006,
Yevgeny Neiman, general director of Roseco, one of the five
valuers in the consortium, said Yukos's assets may be sold at a
discount after appraisers complete the valuation of the
company's properties.

"The discount on the liquidation price will depend on which
asset we are valuing.  The discount could be 10 percent or it
could be 90 percent," he said.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is   
an open joint stock company existing under the laws of the
Russian Federation.  Yukos is involved in energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.  
06-0775), in an attempt to halt the sale of Yukos' 53.7%  
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


ZARECHNOYE CJSC: Creditors Must File Claims by February 13  
----------------------------------------------------------
Creditors of CJSC Zarechnoye have until Feb. 13 to submit
written proofs of claim to:

         O. Novikov, Temporary Insolvency Manager
         Post User Box 12
         163071 Arkhangelsk-71
         Russia

The Arbitration Court of Arkhangelsk Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A05-11152/2006-6.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         O. Novikov
         Post User Box 12
         163071 Arkhangelsk-71
         Russia


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


ABANKA: Fitch Rates EUR120 Million Hybrid Capital Notes at BB+
--------------------------------------------------------------
Fitch Ratings assigned Slovenia-based Abanka's EUR120 million
issue of callable perpetual capital instruments a final Long-
term rating of 'BB+'.

The rating is two notches below Abanka's Issuer Default rating
of 'BBB', in line with Fitch's rating policy for hybrid
securities.

Based upon Fitch's equity credit criteria, these securities are
assigned Class E equity treatment, giving them 100% equity
credit.  This classification recognizes the securities'
subordinated ranking, their perpetual nature, the mechanisms for
deferral of interest as well as the non-cumulative nature of the
deferred interest. Fitch limits equity credit for these and
other hybrid securities to 30% of the total consolidated capital
base of Abanka.


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


NYCOMED A/S: Moody's Upgrades Corporate Family Rating to B1
-----------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Nycomed A/S to B1 from B2 and has withdrawn the B3 senior
secured rating on the notes issued by Nyco Holding 2 Aps due in
2013 following the redemption of the notes.

The corporate family rating upgrade concludes the review
initiated on Sept. 22, 2006, following the company's
announcement of the intention to acquire ALTANA Pharma AG.  The
outlook on the rating is stable.

The B1 rating reflects a low Baa to high Ba business risk of the
combined group as well as low single B credit metrics on a pro-
forma basis.  The combined group will benefit from:

   (i) Altana R&D expertise and pipeline;

  (ii) the enlarged scale of the group; and

(iii) the expected growing cash flow generation that mitigates
       the initial high indebtedness.

The rating also takes into consideration the company's exposure
to patent expiration over the next three years, the high
financial leverage, measured as operating cash flow to Debt in a
range of 5-10% in the near term, and a degree of integration
risk.  

In addition Moody's highlights the lack of track record of the
combined group and the degree of uncertainty surrounding the
current pipeline on which future cash flow generation will
partly depend upon.

The stable outlook on the rating recognizes the company's
expected strong cash flow generation that should facilitate debt
reduction over the intermediate term and thus credit metrics
enhancement, but also the fact that future operating performance
are still subject to a degree of integration risk and the
successful implementation of the current pipeline.  Should the
company prove successful in integrating the two businesses
achieving the expected level of synergies, in the contest of a
clear trend in reducing financial debt from 2006 pro-form
levels, the outlook might be revised to positive.

Reduction in financial leverage, measured as Total Debt to
EBITDA, towards less than 4x, Cash Flow from Operations to Total
Debt in excess of 15% and Free Cash Flow to Total Debt above 10%
are likely to place upward pressure on the rating.  On the
contrary the rating could be revised downward in case of
failures in the late stage pipeline or in case generics
companies would be successful in their patent challenges to
Protonix.  The rating could also be downgraded if the company
decides to adopt a more aggressive financial policy than
expected going forward, limiting the expected reduction in
financial leverage from current levels.

Headquarter in Zurich, Switzerland, Nycomed group is a
pharmaceutical conglomerate combining its traditional core
marketing and distribution capabilities together with the R&D
expertise of recently acquired Altana Pharma.  During the FYE
December 2006 the combined group generated around EUR3.4 billion
and EUR927 million of revenues and EBITDA on a pro-forma basis,
respectively.


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


TURKCELL ILETISIM: Teliasonera Wins Turkcell Share Purchase Deal
----------------------------------------------------------------
An arbitration tribunal of the International Chamber of Commerce
has issued an award finding that a binding share purchase
agreement was concluded between TeliaSonera AB and Cukurova
Group in 2005.

The award calls for Cukurova to sell all the remaining shares in
Turkcell Holding, the Netherlands-based parent company of
Turkcell Iletisim Hizmetleri A.S., to TeliaSonera for a cash
consideration of US$3.1 billion (approximately SEK21.7 billion),
thereby increasing TeliaSonera's effective ownership to
64.3% in Turkcell.

The tribunal held that Cukurova is obligated to join TeliaSonera
in good faith efforts to bring about a closing of the Turkcell
Holding transaction.  The tribunal retains jurisdiction of the
matter until the parties report back on their efforts to reach
closing.  The tribunal further held that even if Cukurova
proceed to closing of the transaction, the responsibility to pay
potential damages due to the delay in proceeding to closing
remains.

"I am of course very pleased with this decision, which is in
line with what we have claimed all the time," comments Anders
Igel, president and CEO of TeliaSonera, and continues "We hope
to conclude the transaction with Cukurova, but even if the share
purchase agreement is binding, we do not yet know if Cukurova is
willing to, or able to, proceed with a transfer of the shares to
TeliaSonera."

On March 25, 2005, an agreement was disclosed in which Cukurova
agreed to sell all the remaining shares in Turkcell Holding to
TeliaSonera.  The award results from an arbitration proceeding
in Geneva that TeliaSonera commenced in May 2005, against
Cukurova after Cukurova withdrew from the transaction.

                         About Turkcell

Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri
A.S. -- http://www.turkcell.com.tr/-- provides high-quality  
mobile voice and data services through its own GSM network, with
30.8 million subscribers as of September 2006.  The company also
operates in the Ukraine through its indirect subsidiary Astelit,
in Azerbaijan, Kazakhstan, Georgia and Moldova through its
associate Fintur, and in Northern Cyprus through its wholly
owned subsidiary Kibris Telekom.

                         *     *     *

As reported in the TCR-Europe on Dec. 27, 2006, Moody's
Investors Service assigned Ba2 foreign currency and
Ba2 domestic currency corporate family ratings to Turkcell
Iletisim Hizmetleri A.S.  Moody's said the outlook is stable.

As reported by the TCR-Europe on Dec. 5, 2006, Standard & Poor's
Ratings Services raised to 'BB-' from 'B+' its long-term foreign
currency corporate credit rating on Turkcell Iletisim Hizmetleri
A.S., the leading Turkish mobile telecommunications group.  S&P
said the outlook is stable.

In August 2006, Fitch Ratings upgraded the foreign currency
Issuer Default rating for Turkcell Iletisim Hizmetleri A.S. to
BB from BB- and remains on Outlook Positive, reflecting the
existing Positive Outlook on Fitch's BB- FC IDR.


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


ARTEMOVSK MOTOR-CAR: Creditors Must Submit Claims by Feb. 14
------------------------------------------------------------
Creditors of OJSC Artemovsk Motor-Car Repair Plant (code EDRPOU
05461450) have until Feb. 14 to submit written proofs of claim
to:

         Vladimir Nesvit, Temporary Insolvency Manager
         Independency Square 1-B
         36003 Poltava Region
         Ukraine

The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on the company on Dec. 14, 2006.  The case
is docketed under Case No. 7/127.

The Economic Court of Poltava Region is located at:

         Zigin Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         OJSC Artemovsk Motor-Car Repair Plant
         Artemovka
         Chutov District
         38800 Poltava Region
         Ukraine


DNIEPRODZRZHYNSK MOTO-CAR: Claims Filing Deadline Set Feb. 10
-------------------------------------------------------------
Creditors of OJSC Dnieprodzrzhynsk Moto-Car Plant (code EDRPOU
05482481) have until Feb. 14 to submit written proofs of claim
to:

         I. Kapeliushny, Liquidator
         P.O. Box 53
         03037 Kiev Region-37
         Ukraine

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against the company on Dec. 25, 2006, after finding
it insolvent.  The case is docketed under Case No. B
40/15/176/02.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Dnieprodzrzhynsk Moto-Car Plant
         Stasov Str. 79
         Dnieprodzerzhynsk
         Dnipropetrovsk Region
         Ukraine


NIVA LLC: Claims Submission Deadline Set February 14
----------------------------------------------------
Creditors of have until Feb. 14 to submit written proofs of
claim to:

         Vitaly Bahtin, Liquidator
         Suvorov Str. 45
         Svoboda
         Beregivskoe District
         Zakarpatye Region
         Ukraine

The Economic Court of Zakarpatye Region commenced bankruptcy
proceedings against the company on Dec. 14, 2006, after finding
it insolvent.  The case is docketed under Case No. 6/199.

The Economic Court of Zakarpatye Region is located at:

         Kociubinsky Str. 2a
         Uzhgorod
         88000 Zakarpatye Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Niva
         Suvorov Str. 45
         Svoboda
         Beregivskoe District
         Zakarpatye Region
         Ukraine


POLTAVA METAL: Creditors Must Submit Claims by February 14  
----------------------------------------------------------
Creditors of LLC Poltava Metal Syndicate (code EDRPOU 32544960)
have until Feb. 14 to submit written proofs of claim to:

         Igor Avramenko, Temporary Insolvency Manager
         Independence Square 1-B
         36003 Poltava Region
         Ukraine

The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on the company on Dec. 12, 2006.  The case
is docketed under Case No. 4/287.

The Economic Court of Poltava Region is located at:

         Zigin Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Poltava Metal Syndicate
         October Str. 19
         Poltava Region
         Ukraine


UKRAINE LLC: Creditors Must Submit Claims by February 14  
--------------------------------------------------------
Creditors of Agricultural LLC Ukraine (code EDRPOU 05524819)
have until Feb. 14 to submit written proofs of claim to:

         Igor Avramenko, Temporary Insolvency Manager
         Independence Square 1-B
         36003 Poltava Region
         Ukraine

The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on the company on Dec. 12, 2006.  
The case is docketed under Case No. 18/200.

The Economic Court of Poltava Region is located at:

         Zigin Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ukraine
         Paschenki
         Reshetilovka District
         Poltava Region
         Ukraine


UKRSOTSBANK: Moody's Rates Loan Participation Notes at Ba3
----------------------------------------------------------
Moody's Investors Service assigned a rating of Ba3 to the Loan
Participation Notes to be issued by Credit Suisse International
on a limited recourse basis for the sole purpose of funding an
unsecured and unsubordinated loan to Ukrsotsbank.  

The rating of the LPNs is under review for possible upgrade, in
line with other Ukrsotsbank's ratings.

Moody's noted that holders of the notes will be relying for
repayment solely and exclusively on the ability of Ukrsotsbank
to make payments under the loan agreement.  Moody's Ba3 rating
is based on the fundamental credit quality of Ukrsotsbank and
matches Ukraine's Ba3 foreign currency sovereign ceiling for
bonds.  The rating is likely to be upgraded if and when the
current owner of Ukrsotsbank completes the sale of a controlling
stake in the bank to Intesa Sanpaolo S.p.A. (rated Aa3/P-1/B).

The obligations of Ukrsotsbank to make payments under the loan
agreement will rank at all times at least pari-passu in right of
payment with the claims of all its other unsecured creditors,
save those whose claims are preferred by any relevant law.
According to Ukrainian legislation, accounts of individuals are
ranked senior in right of payment to the claims under the loan
agreement.  The loan agreement contains an acceleration clause
as well as covenants such as negative pledge, cross default,
maintenance of NBU required capital adequacy, limitations on
mergers, disposals, and transactions with affiliates and
restricted payments.

The notes might be eligible for early redemption by the
noteholders if the bank's ratings were to be downgraded due to
the change of ownership.  However, Moody's believes that such
change of ownership, which may lead to a rating downgrade, is
unlikely in the near- to medium-term.

Ukrsotsbank is headquartered in Kiev, Ukraine, and as of
Sept. 30, 2006, reported total IFRS assets of US$2.85 billion
and US$31.7 million of net profit for nine months ended
Sept. 30, 2006.


VVD LLC: Creditors Must Submit Claims by February 14
----------------------------------------------------
Creditors of LLC VVD (code EDRPOU 22910056) have until Feb. 14
to submit written proofs of claim to:

         The Economic Court of Kiev Region
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev Region
         Ukraine

The Economic Court of Kiev Region commenced the bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 15/779-b.  

The Debtor can be reached at:

         LLC VVD
         Moskow Str. 7
         01010 Kiev Region
         Ukraine


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


A1ST BOILER: Taps Liquidators from Ashcrofts
---------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
joint liquidators of A1st Boiler & Heating Services Ltd. on  
Jan. 24 for the creditors' voluntary winding-up procedure.

Ashcrofts -- http://www.ashcrofts.net/-- offers hands-on  
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

A1st Boiler & Heating Services Ltd. can be reached at:

         681 Romford Road  
         Newham  
         London E12 5AD  
         England  
         Tel: 020 8553 3434  
         Fax: 020 8553 1234  


ABITIBI-CONSOLIDATED: CEP Says Merger Should Raise "Alarm Bells"
----------------------------------------------------------------
The announced merger of Abitibi-Consolidated Inc. and Bowater
Inc. should raise "alarm bells" in government and community
circles, says Communications, Energy, and Paperworkers Union of
Canada.

The 150,000-member CEP, Canada's largest union of forest
industry workers, expressed concern that the merger may lead to
more devastation in dozens of already hard hit forest
communities across the country.

"This announcement is yet one more reason for Prime Minister
Harper to immediately convene a national summit of all
stakeholders to discuss the future of the forestry sector," CEP
President Dave Coles said.

"There are many issues underlying this announced merger which
should raise alarm bells in Ottawa," he said.  "Our forest based
industries and communities are already in crisis with the loss
of some 10,000 jobs over the past few years.

"Our history with mergers and acquisitions has been that so
called 'synergies' really mean more mill closures, job losses
and devastation in our communities.  

"We intend to meet with these companies to avoid a repeat of
that history.  We intend to fight for investment in the sector
to save and expand jobs," Mr. Coles added.

So far, he noted, that neither Abitibi-Consolidated nor Bowater
have been clear about any future new investment plans in the
sector and in fact, say their merger will create synergies of
$250 million.

"All Canadians have a stake in what is going on and deserve to
know that this merger meets the test of broad public interest,"
Mr. Coles said.

"The forests are one of Canada's greatest publicly owned natural
resources, and we think Prime Minister Harper needs to force the
industry's hand in clarifying their plans."

                    About Bowater Incorporated

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


ABITIBI-CONSOLIDATED: Credit-Default Swaps Fell 35%
---------------------------------------------------
Abitibi-Consolidated Inc.'s credit-default swaps on bonds fell
35% this week, Shannon D. Harrington of Bloomberg News reports
citing CMA Datavision in London.

Abitibi's increase in credit quality perception is due to its
planned merger with Bowater Inc.

Bowater's credit default swaps also fell 6.6% this week,
Bloomberg notes.

Credit-default swaps are the fastest growing derivative, which
are financial documents obtained from stocks, bonds, loans, and
others, Bloomberg says.  They have become the best gauge of
changes in credit quality, Bloomberg adds.

The TCR-Europe reported on Jan. 31, that the combined company,
which will be called AbitibiBowater Inc., will have pro forma
annual revenues of approximately US$7.9 billion or CDN$9.3
billion, making it the third largest publicly traded paper and
forest products company in North America and the eight largest
in the world.  The current combined enterprise value of the two
companies is in excess of US$8 billion or CDN$9.4 billion.

The combination is expected to generate approximately US$250
million or CDN$295 million of annualized cost synergies from
improved efficiencies in such areas as production, selling,
general and administrative costs, distribution and procurement.

At the same time, Moody's Investors Service also "expects the
combined company to have an improved ability to appropriately
anticipate the evolving supply-demand dynamic in the North
American mechanical pulp-based communication paper market."

Accordingly, Moody's expects in the interim that "the prospect
of the transaction's benefits forestalls adverse rating
activity."

                    About Bowater Incorporated

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

                  About Abitibi-Consolidated Inc.

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 1,
Dominion Bond Rating Service placed the ratings of Abitibi-
Consolidated Inc.'s notes at Positive BB (low) under review;
Abitibi-Consolidated Company of Canada's senior unsecured debt
at Positive BB (low) under review; Bowater Inc.'s issuer rating
at Positive BB (low) under review; and Bowater Canadian Forest
Products Inc.'s senior debentures at Positive BB (low) under
review with Positive Implications.

In a TCR-Europe report on Jan. 31, Moody's Investors Service
affirmed Abitibi-Consolidated Inc.'s B1 corporate family, B2
senior unsecured and SGL-2 speculative grade liquidity ratings
but revised the outlook to developing from stable.

In addition, Standard & Poor's Ratings Services revised its
outlook on Abitibi-Consolidated Inc. to negative from stable.  
At the same time, the ratings on the company, including the
long-term corporate credit rating, were affirmed at 'B+'.


ABITIBI-CONSOLIDATED: Fitch Puts BB- Rating on Secured Bank Debt
----------------------------------------------------------------
Fitch has placed the ratings of Abitibi-Consolidated Inc. and
Bowater Inc. on Rating Watch Positive and Evolving,
respectively, after the companies' joint report of an intent to
merge in an all stock transaction.

Fitch rates ABY's debt as:

   -- Issuer Default Rate 'B+';
   -- Senior unsecured debt 'B+/RR4';
   -- Secured bank debt 'BB-/RR3'.

Fitch rates BOW's debt as follows:

   -- Issuer Default Rate 'BB-';
   -- Senior unsecured debt 'BB-';
   -- Secured bank debt 'BB'.

ABY and BOW have overlapping footprints in newsprint and
supercalendered papers and lumber.  ABY makes and sells about
3.4 million metric tons of newsprint per year compared to BOW's
2.2 million metric tons.

Both companies make specialty and supercalendered grades, and
each manufactures lumber in Canada.  In addition BOW makes
light-weight coated grades of paper, primarily at its newly
converted mill in Catawba, South Carolina and manufactures and
sells about one million metric tons of market pulp per year.

Fitch believes the merger is a positive step forward for both
companies.   Paper mill locations are complementary and lend
support to an estimated US$250 million in cost synergies to be
gained by employing the 'best practices' of each.  These
encompass not only manufacturing but also procurement and
delivery and extend to lumber operations as well.

Moreover, the combination will provide the companies a stronger
platform to compete in the challenging newsprint industry, which
witnessed a 6.3% decline in consumption last year.  It will also
help address cost inflation, which is largely responsible for
last year's record high newsprint prices.  The consolidation
will allow the Number 1 and Number 2 newsprint producers on the
continent to find collaborative solutions that deal with North
America's shift to the internet for information, likely at more
reasonable costs than if each were to forge ahead independently.
Offsetting the positive aspects of the merger is the high
leverage of both companies amid deteriorating industry
fundamentals.

The merger will require shareholders' approval and the blessing
of regulatory authorities in both Canada and the U.S.  Approvals
by the latter could extend the timetable for the merger and
conditions for approval could affect the benefits of the merger.
As the merger moves forward, the financial risks to investors
will become clearer and will be evaluated by Fitch.  Until the
merger is consummated both companies will operate independently
and conduct their financial affairs to reduce debt through
available cash flow and announced asset sales.

Through the third quarter of last year, ABY had total debt
outstanding of almost CDN$4.3 billion, including asset
securitizations.  The company's 12 month rolling EBITDA,
calculated by Fitch, was CDN$563 million.  BOW had US$2.4
billion in debt outstanding at Sept. 30, 2006; 12 month rolling
EBITDA was US$379 million.


ADVANCED VISUAL: Claims Filing Period Ends February 28
------------------------------------------------------
Creditors of Advanced Visual Systems Ltd. have until Feb. 28 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:

         Andrew John Whelan
         Liquidator
         60-62 Old London Road  
         Kingston Upon Thames KT2 6QZ
         England


ALUKO BROOKS: Claims Filing Period Ends March 7
-----------------------------------------------
Creditors of Aluko Brooks Architects Ltd. have until March 7 to
send their names and addresses with particulars of their debts
or claims to:

         David Moore
         Joint Liquidator
         Begbies Traynor
         No 1 Old Hall Street
         Liverpool L3 9HF
         England

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on Jan. 24.

The company can be reached at:

         Aluko Brooks Architects Ltd.
         59 Seel Street  
         Liverpool  
         Merseyside L1 4AZ  
         England
         Tel: 0151 707 8187  
         Fax: 0151 707 8557  


AUSTIN HAMILTON: Trade Secretary Submits Wind Up Petition
---------------------------------------------------------
The Secretary of State for Trade and Industry has presented a
petition in the High Court to wind up Austin Hamilton Associates
Ltd. in the public interest.

The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch
under Section 447 of the Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator
of the company.

The petitioner's solicitor is Cobbetts LLP.

Headquartered in Bury, England, Austin Hamilton Associates Ltd.
trades as an endowment mortgage compensation specialist.


BRADSHAW AND DAVIS: Creditors' Meeting Slated for February 12
-------------------------------------------------------------
Creditors of Bradshaw and Davis Ltd. will meet at 11:00 a.m. on
Feb. 12 at the offices of:
  
         Elliot, Woolfe & Rose
         First Floor
         Equity House
         128-136 High Street
         Edgware
         Middlesex HA8 7TT
         England
      
Melvyn L. Rose of Elliot, Woolfe & Rose will furnish creditors
with information concerning the company's affairs.


BRITISH SKY: Dec. 31 Balance Sheet Upside-Down by GBP145 Million
----------------------------------------------------------------
British Sky Broadcasting Group PLC released its unaudited
interim financial results for the six months ended
Dec. 31, 2006.

British Sky posted GBP246 million in net profit against
GBP2.2 billion in revenues for the six months ended
Dec. 31, 2006, compared with GBP274 million in net profit
against GBP2 billion in revenues for the same period in 2005.

At Dec. 31, 2006, the Groups' balance sheet showed
GBP4.1 billion in total assets, GBP4.3 billion in total
liabilities, and GBP145 million in stockholders' deficit.

The Group's Dec. 31 balance sheet also showed strained liquidity
with GBP1.8 billion currents assets available to pay GBP2.2
billion in total liabilities coming due within the next 12
months.

The Group disclosed of an interim dividend of 6.6p in respect of
the six months to December 2006.

The ex-dividend date will be March 28 and the dividend will be
paid on April 24 to shareholders of record on March 30.

"In the last six months we have achieved a number of important
milestones in building our business for the future," James
Murdoch, Chief Executive said.  "Sales of new Sky boxes were the
highest for six years, Sky+ broke through the two million
barrier and Sky HD almost doubled in size after a strong
Christmas sales period.  With over one in four of our customers
now taking an additional service from Sky, more people are
choosing more of our products than ever before.

"At the end of our first full quarter as a broadband provider,
benefits are starting to flow through the business.  Sky
Broadband is attracting new and existing customers with more
than two-thirds opting for our faster, paid-for products.  The
rollout of our all-IP broadband network is progressing ahead of
schedule.  As a result, we now reach more households than the
entire U.K. cable network with our 'See, Speak, Surf'
combination of TV, telephony and broadband products.

"We are committed to making a difference with energy efficiency
and climate change.  Sky was recognized recently as a National
Energy Efficiency Champion and I want to thank all our staff for
making this possible.

"In 2007, we will continue to drive towards our goal of being
the leader in entertainment and communications in the U.K. and
Ireland.  We're on track for our targets and our expansion into
broadband and telephony positions us well to take advantage of a
growing opportunity in a GBP20 billion industry."

Headquartered in Isleworth, England, British Sky Broadcasting
Group PLC -- http://www.sky.com/-- is the holding company of  
the British Sky Broadcasting group of companies.  British Sky
Broadcasting Group plc and its subsidiaries operate the pay
television broadcast service in the United Kingdom and Ireland.  
The Company acquires programming to broadcast on its channels
and supplies certain of those channels to cable operators for
them to retransmit to their subscribers in the United Kingdom
and Ireland.  It retails channels (both its own and third
parties) to direct-to-home subscribers and to a limited number
of digital subscriber line subscribers.  The Company also makes
three of its channels available via the United Kingdom free-to-
air digital terrestrial television (DTT) platform, which markets
itself under the brand Freeview.  

A full-text copy of the company's financial statements for the
six months ended Dec. 31, 2006, is available for free
at http://ResearchArchives.com/t/s?1943


BRITISH SKY: Gets Valid Acceptances for 365 Media Cash Offer
------------------------------------------------------------
Sky Holdings, a wholly owned subsidiary of British Sky
Broadcasting Group PLC, acquired or received valid acceptances
under a recommended cash offer (with a Loan Note Alternative)
for the entire issued and to be issued share capital of 365
Media.  

As at 3:00 p.m. (London time) on Jan. 29, it has obtained
137,747,957 365 Media Shares, representing approximately 97.1%
of the existing share capital of 365 Media.

As valid acceptances of the Offer have been received in respect
of more than nine-tenths in value of 365 Media Shares to which
the Offer relates, Sky Holdings has sent to non-assenting
365 Media Shareholders notices implementing the procedure set
out in sections 428 to 430F of the Companies Act 1985 to acquire
compulsorily those 365 Media Shares which have not been assented
to the Offer.

The Offer will remain open for acceptance until further notice
and remains subject to the terms set out in the Offer Document.

On Jan. 24, application was made to the London Stock Exchange
for the cancellation of the admission of 365 Media Shares to AIM
in accordance with Rule 41 of the AIM Rules, such cancellation
of admission will take effect on Feb. 20, which is 20 business
days following the date of that announcement.

On Jan. 23, the Offer was declared unconditional in all
respects.

Headquartered in Isleworth, England, British Sky Broadcasting
Group PLC -- http://www.sky.com/-- is the holding company of  
the British Sky Broadcasting group of companies.  British Sky
Broadcasting Group plc and its subsidiaries operate the pay
television broadcast service in the United Kingdom and Ireland.  
The Company acquires programming to broadcast on its channels
and supplies certain of those channels to cable operators for
them to retransmit to their subscribers in the United Kingdom
and Ireland.  It retails channels (both its own and third
parties) to direct-to-home subscribers and to a limited number
of digital subscriber line subscribers.  The Company also makes
three of its channels available via the United Kingdom free-to-
air digital terrestrial television platform, which markets
itself under the brand Freeview.  

At Dec. 31, 2006, the Groups' balance sheet showed
GBP4.1 billion in total assets, GBP4.3 billion in total
liabilities, and GBP145 million in stockholders' deficit.

The Group's Dec. 31 balance sheet also showed strained liquidity
with GBP1.8 billion in currents assets available to pay
GBP2.2 billion in current liabilities.


CABTIVATE: Executives Opt for Liquidation Due to Financial Woes
---------------------------------------------------------------
Taxi advertising company Cabtivate has ceased trading after Mark
Greenhalgh, founder and managing director, and James Neilson,
executive director, petitioned for the company's liquidation on
Jan. 22, The Herald reports.

The Herald reveals that the company has debts of almost GBP1
million, including a GBP100,000 investment from Scottish
Enterprise's Business Growth Fund.

In Cabtivate's last financial year, it reported an asset
deficiency of GBP375,000 after losses more than doubled from
GBP466,000 to GBP957,000.  Debts to creditors increased from
GBP312,000 to GBP483,000 in the same fiscal year, The Herald
relates.

The company then owed GBP171,000 from secured creditors, but the
final balance due to principal creditor Bank of Scotland is
estimated at about GBP300,000, The Herald states.

"We are focused on whether any of the company's assets, which
are mainly intangible, have any value at all.  The prospects
don't look very good at all," said Ken Pattullo, a liquidator at
Begbies Traynor, said.

The firm confirmed that the company has "run into cash flow
difficulties" and will lay off eight of its staff members, The
Scotsman reports.

Meanwhile, Iain Mackenzie, Cabtivate's finance director,
resigned on Dec. 4 while Sara Maclean resigned on Jan. 7, The
Herald relates.

According to the report, Mr. Greenhalgh, who launched Cabtivate
in 2002, also set up Independent Taxi Services, a livery
advertising service, in 1996.  He was also the director of seven
other companies between 2001 and 2005.

The company installs 15-inch television screens in taxicabs with
an installation cost of GBP3,500-plus VAT, triggering a GBP104-
a-month payment in a four-year agreement with finance companies
such as Haydock Finance, the Herald says.

After the installation, the company then sells advertising on
them with Mr. Greenhalgh promising to pay the drivers an income
of GBP192 a month, with an increase in the future, giving them a
profit of GBP88 a month, the Herald relates.

"There is talk of it costing GBP700 to GBP800. If he has signed
me up for finance of over three grand, what happened to the
rest?" asked taxi driver and Cabtivate customer Graham Nicholl.

"As far as the finance company are concerned it is a separate
agreement to pay them.  If you don't pay, they can take you to
court and it will affect your credit rating," he added.

Concurrently, Bedford-based Graffit, the company that installed
the television units, claims Cabtivate owes them several hundred
pounds for services that Graffit rendered in September 2006, the
Herald discloses.

"We were calling Iain Mackenzie, but not getting any answer,"
said Graffit Director John Battezzato.

                         About Cabtivate

Headquarters in Edinburgh, Scotland, Cabtivate --
http://www.cabtivate.com/-- is a taxi advertising company that  
installs 15-inch television screens in taxicabs and then sells
advertising on them.  The company collects an installation cost
of GBP3,500-plus VAT but pays the drivers an income of GBP192 a
month.

The company has racked up debts of almost GBP1 million,
including a GBP100,000 investment from Scottish Enterprise's
Business Growth Fund.  On January 22, its directors filed a
petition for the company's liquidation.  The company has since
then been forced to cease trading.


CAFE INTERIORS: Creditors' Meeting Slated for February 12
---------------------------------------------------------
Creditors of Cafe Interiors Ltd. will meet at 10:45 a.m. on  
Feb. 12 at the offices of:

         DTE Leonard Curtis
         DTE House  
         Hollins Mount
         Bury BL9 8AT
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 8.

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.


CNET NETWORKS: Earns US$387.7 Million in Fourth Quarter 2006
------------------------------------------------------------
CNET Networks Inc. reported results for the fourth quarter and
year ended Dec. 31, 2006.

Financial highlights for the year ended Dec. 31, 2006, are:

   -- total revenues of US$387.7 million, a 15% increase
      compared with revenues of US$338 million for the same
      period of 2005.  

   -- operating income totaled US$9.4 million during 2006
      compared with operating income of US$29.9 million for the
      same period of 2005.  Reported operating income also
      reflects US$13.7 million in costs related to the company's
      restatement and stock option investigation.  

   -- operating income before depreciation, amortization,
      impairments, and stock compensation expense was
      US$66.7 million for the year ended Dec. 31, 2006.  
      Excluding stock option investigation costs of
      US$13.7 million, operating income before depreciation,
      amortization, impairments, and stock compensation expense
      was US$80.5 million, a 24% increase compared with US$65
      million during 2005.  

   -- the profit margin of operating income before depreciation,
      amortization, impairments, and stock compensation expense
      was 17%.  Excluding stock option investigation expenses,
      the profit margin of operating income before depreciation,
      amortization, impairments, and stock compensation expense
      increased to 21% from 19% during 2005.  

   -- net cash provided by operating activities for the year of
      2006 was US$61.8 million, up from US$43.2 million in the
      same period of 2005.  Free cash flow for the year of 2006
      was US$29 million.  Free cash flow is defined as cash flow
      from operating activities less capital expenditures.  

   -- on a reported basis, net income for the year of 2006
      was US$7.8 million.  This compares with net income of
      US$19.6 million in 2005.  Reported net income was
      negatively impacted by stock option investigation costs of
      US$13.7 million.  

   -- Excluding stock compensation expense, impairment, realized
      gain on investments, loss from discontinued operations and
      stock option investigation costs, adjusted net income
      for the year of 2006 was US$43.6 million compared to
      US$36.8 million in 2005.  

"We were able to deliver solid performance in the fourth
quarter," said Neil Ashe, chief executive officer of CNET
Networks.  "We will continue to demonstrate our ability to build
interactive media brands for people and the things they are
passionate about.  Our brands combined with our ability to
generate, fund and promote emerging media provide us the
platform for success in the evolving media landscape."

Headquartered in San Francisco, Calif., CNET Networks Inc.
(Nasdaq: CNET) -- http://www.cnetnetworks.com/-- is an   
interactive media company that builds brands for people and the
things they are passionate about, such as gaming, music,
entertainment, technology, business, food, and parenting.  The
Company's leading brands include CNET, GameSpot, TV.com,
MP3.com, Webshots, CHOW, ZDNet and TechRepublic.  Founded in
1993, CNET Networks has a strong presence in the US, Asia and
Europe including Russia, Germany, Switzerland, France and the
United Kingdom.

                        *     *     *

On Oct. 23, 2006, Standard & Poor's Ratings Services lowered its
ratings on CNET Networks Inc., including lowering the corporate
credit rating to 'CCC+' from 'B', and placed the ratings on
CreditWatch with developing implications.


CORUS GROUP: Auction Completion Cues S&P to Affirm BB Rating
------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' long-term
corporate credit rating on U.K.-based steelmaker Corus Group PLC
on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the dislocure of an initial bid by Tata Steel.

"The CreditWatch status of Corus reflects ongoing uncertainty
regarding the long-term financial structure of the transaction
and its implications for Corus," said Standard & Poor's credit
analyst Tatiana Kordyukova.

Standard & Poor's understands that Tata Steel has arranged
bridge financing for the acquisition, but as the ultimate
financial structure is unknown, the ratings on Corus could be
affected positively or negatively.

Tata Steel previously announced that part of the acquisition
financing would use nonrecourse debt that would be serviced by
Corus' cash flows.  Absent adequate support from Tata Steel,
this could lead to a downgrade of Corus.

Standard & Poor's note that the materially increased acquisition
price has reduced the upside potential for Corus' ratings.  The
debt burden of the combined entity is likely to increase
following completion of the transaction, implying lower
ability and incentives for Tata Steel to support Corus.

Nevertheless, under certain scenarios, the combined entity might
be rated higher than the current rating on Corus.  If there is
sufficient evidence that Tata Steel will provide financial
support to Corus, the ratings on Corus could be raised.

Furthermore, integration with Tata Steel's low-cost operations
might benefit Corus' weak business profile in the medium term.

"In resolving the CreditWatch placement, we will seek further
details on the new entity's long-term financial structure and
integration plans," added Ms. Kordyukova.

Standard & Poor's will also consider whether Corus' weak
business risk profile will be enhanced, and whether Tata Steel
would be likely to support Corus in case of financial
difficulty.


CORUS GROUP: Fitch Keeps Watch Negative on Tata Bid
---------------------------------------------------
Fitch Ratings said that Corus Group Plc's Issuer Default 'BB-'
and Short-term 'B' ratings remain on Rating Watch Negative
following a recommended bid, valued at GBP6.2 billion, from
India-based Tata Steel Ltd. in the wake of an auction process
conducted by the U.K. Takeover Panel on Jan. 30-31.  

The RWN also applies to the 'B+' ratings on CS's EUR800 million
7.5% senior notes and Corus Finance Plc's GBP200m 6.75%
guaranteed bonds.

"The increased absolute level of debt associated with Tata
Steel's revised offer increases the risk of CS's ratings being
downgraded," says Peter Archbold, Director of Fitch's EMEA
Industrials team.  Tata Steel's revised GBP6.2 billion offer
represents a 32% increase on its December 2006 offer of
GBP4.7 billion, and a 44% increase on its original October 2006
offer of GBP4.3 billion.  Fitch notes that the proposed
acquisition multiple of 9x based on LTM third quarter of 2006
continuing EBITDA is materially higher than other recent
transactions' multiples in the steel sector.  Tata Steel
indicated in its statement that it will raise additional debt
and make a further cash contribution under its new offer.  Based
on previous funding plans Fitch expects the new debt to be
raised by the acquisition vehicle -- Tata Steel U.K. Ltd. --
which will not benefit from any credit support provided by Tata
Steel, its parent entity, but be dependent on CS's standalone
cash flows for debt service.

Fitch continues to view that a tie-up with Tata Steel would be
positive for CS's operational profile.  However, it remains
uncertain to what extent operational benefits, such as the
ability to access cheap semi-finished steel from Tata Steel's
Indian operations, will be reflected in an improvement in its
financial metrics.  Fitch notes that currently there are some
limitations on the export of iron ore from India.

CS's ratings were placed on RWN on 20 October 2006 following
disclosure of the ring-fenced nature of Tata Steel's acquisition
financing arrangements.  Previously, on 18 October 2006, Fitch
had assigned a Rating Watch Positive on the expectation that a
combined CS / Tata Steel would have a stronger operational
profile and higher margins compared to CS on a standalone basis.
Fitch will resolve the Rating Watch following greater clarity on
the structure of the financing arrangements of the revised
offer, further details regarding the level of synergies and
operational benefits that could accrue, and the closure of the
deal, which is expected in mid-March 2007.

CS is the world's ninth largest steel maker with production of
18.2 million tons and revenue of GBP10.1 billion in fiscal year
2005.  Tata Steel is the second-largest Indian steel maker with
crude steel capacity of 7.2 million tons and 2006 revenues of
GBP2.6 billion.


CSB LTD: Creditors' Meeting Slated for February 12
--------------------------------------------------
Creditors of CSB Ltd. will meet at noon on Feb. 12 at:
  
         First Floor  
         1 East Poultry Avenue
         West Smithfield
         London EC1A 9PT
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge by appointment on Feb. 8
at:

         M. J. Ryan & Co.
         129 Hythe Avenue
         Bexleyheath  
         Kent DA7 5NQ
         England


DEESIDE CYCLES: Appoints Laurence S. Burt as Liquidator
-------------------------------------------------------
Laurence S. Burt of Ganley Burt was nominated liquidator of
Deeside Cycles Ltd. (formerly Cougar Racing Ltd., Velosave
(Wholesale Supplies) Ltd. and Novelsure Ltd.) on Jan. 24 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Deeside Cycles Ltd.
         3 Chester Road East  
         Shotton  
         Deeside  
         Clwyd CH5 1QA  
         Wales  
         Tel: 01244 831 110  
         Fax: 01244 812 067  


DESIRE JEWELLERY: Creditors' Meeting Scheduled for February 12
--------------------------------------------------------------
Creditors of Desire Jewellery Ltd. will meet at 11:00 a.m. on  
Feb. 12 at:
  
         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 8 and Feb. 9 at the said address.

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


DOMINION RACING: Creditors' Claims Due February 28
--------------------------------------------------
Creditors of Dominion Racing Ltd. have until Feb. 28 to send in
their names and addresses, particulars of their debts or claims,
and the names and addresses of their solicitors, if any, to:

         T. J. Heaselgrave
         Liquidator
         The Till Morris Partnership
         2 Church Street
         Warwick CV34 4AB
         England

T. J. Heaselgrave of The Till Morris Partnership was appointed
liquidator of the company on Jan. 22.

The company can be reached at:

         Dominion Racing Ltd.
         Arden House  
         Arden Road  
         Saltley  
         Birmingham  
         West Midlands B8 1DE  
         England
         Tel: 01564 822 392  
         Fax: 01564 822 392  


ERIKA ISSITT: Creditors' Meeting Scheduled for February 13
----------------------------------------------------------
Creditors of Erika Issitt Associates Ltd. will meet at
11:30 a.m. on Feb. 13 at:
  
         Tenon Recovery
         Third Floor
         Lyndean House
         43-46 Queens Road
         Brighton
         East Sussex BN1 3XB
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, and, unless they
are individual creditors attending in person, ensure their proxy
forms are received, at noon on Feb. 12 at the said address.  
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 9.

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


FEET FIRST: Brings In Liquidator from Findlay James
---------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed liquidator of
Feet First Scuba Ltd. on Jan. 23 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Feet First Scuba Ltd.
         Unit E1  
         Northway Lane  
         Northway Trading Estate  
         Tewkesbury  
         Gloucestershire GL2 08JH  
         England
         Tel: 078 9987 0790  
         Fax: 01684 850 063  


FELTFAB BUILDING: Susan Purnell Leads Liquidation Procedure
-----------------------------------------------------------
Susan Purnell was appointed liquidator of Feltfab Building
Contractors Ltd. on Jan. 16 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Feltfab Building Contractors Ltd.
         13 Kelvedon Street  
         Newport  
         Gwent NP1 90DW  
         Wales  
         Tel: 01633 251 888  
         Fax: 01633 251 886  


FORD MOTOR: May Get Revised Offers for Aston Martin Sports Car
--------------------------------------------------------------
Ford Motor Co. is expected to get revised offers from the
remaining bidders for its Aston Martin sports car brand,
MarketWatch reports citing the Financial Times as its source.

Remaining bidders on the brand are thought to include property
tycoon Simon Halabi, buyout company Doughty Hanson, Canadian car
parts company Magna, and a consortium including Australian media
billionaire James Packer, MarketWatch says, referring to the
FT's report.

Ford has explored strategic options for its Aston Martin sports-
car unit in August, with particular emphasis on a potential sale
of all or a portion of the unit.

Aston Martin, up for sale for more than GBP450 million, is part
of the company's premier automotive group -- the organization
under which all of Ford's European brands are grouped.  The
group also includes other brands like Volvo, Land Rover, and
Jaguar.  

The sale of Aston Martin is in line with the company's cost
reduction plan, which according to its chief executive officer
Alan R. Mulally, includes reduction of the number of vehicle
platforms the company uses around the world and increasing the
number of shared parts.

                    Restructuring Efforts

Moving on with its restructuring efforts, Ford will be closing a
day-care center near its Kentucky Truck Plant -- one of the
seven day care facilities the company intends to shut down -- on
June 29, Robert Schoenberger of The Courier-Journal says.

Company spokesman Tom Hoyt told The Courier-Journal that the
company can no longer afford to subsidize the program.  Mr. Hoyt
did not disclose of how much of the program Ford subsidized.

As reported Troubled Company Reporter-Europe on Jan. 26, Ford
posted US$12.75 billion in losses against US$160.1 billion in
revenues for the full year 2006, compared with US$1.4 billion in
net profit against US$176.9 billion in revenues for 2005.

Ford also posted US$5.76 billion in net loss against US$40.3
billion in revenues for the fourth quarter of 2006, compared
with US$74 million in net loss against US$46.3 billion in
revenues for the same period in 2005.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                           *     *     *

As reported in the TCR-Europe on Dec. 13, 2006, Standard &
Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co. after the company increased
the size of its proposed senior secured credit facilities to
between US$17.5 billion and US$18.5 billion, up from US$15
billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


GENERAL MOTORS: S&P Says Result Restatement Won't Affect Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said that General Motors
Corp.'s (GM; B/Negative/B-3) announcement that it is restating
financial results from 2002 through the third quarter of 2006
raises new concerns about the integrity of the company's
financial reporting and internal controls, but has no immediate
effect on the ratings on GM, GMAC LLC (BB+/Developing/B-1), or
GMAC unit Residential Capital LLC (ResCap; BBB/Negative/A-3).
The accounting issues GM is working to resolve encompass several
areas, including FAS 133 hedge accounting and accounting for
deferred tax liabilities.

In addition, GMAC has not yet finalized its financial statements
for 2006, after GM sold a majority stake in the finance unit to
an investor group in November.  GM still expects to file its
10-K by the March 1, 2007, deadline.  S&P does not believe these
errors will affect cash and cash equivalents, which were US$26.4
billion at the end of 2006. However, the ratings could be placed
on CreditWatch with negative implications if GM were to miss the
March 1 filing date with the SEC, even with the brief and
normally available extension period.  The heavy ongoing funding
requirements of GMAC and ResCap add particular significance to
the timely filing of financial statements.  The ratings could
also be placed on CreditWatch if additional serious concerns are
uncovered or if there is any other material near-term effect on
GM's liquidity, neither of which S&P currently anticipates.

As with the early 2006 restatement, this current restatement
could raise potential issues regarding GM's access to its
US$4.48 billion revolving credit facility.  At a minimum, GM,
GMAC, and ResCap could have to seek waivers on financial
reporting requirements from lenders. However, in contrast to the
circumstances surrounding the 2006 restatement, GM's current
bank revolving credit facility is secured, and lenders may be
more inclined to provide accounting-related waivers. In
addition, the GMAC sale has closed, GM's cash position is
larger, some progress has been made in the North American
restructuring plan, and S&P believes that that resolution of
GM's operational and financial exposure to bankrupt former unit
Delphi Corp. is well within the scope of GM's liquidity.

Still, the need to attend to these accounting issues adds to the
various challenges that management continues to face on a number
of non-operating issues, including the Delphi situation.

GM still faces SEC investigations into certain accounting
practices, including its pension and OPEB assumptions.  These
investigations remain concerns, although the magnitude of their
effect is uncertain.

Prospects for GM's automotive operations remain clouded. The
ratings could be lowered further if S&P came to expect that GM's
substantial cash outflow would fail to moderate because of
setbacks, whether GM-specific or stemming from market
conditions.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

As reported in the TCR-Europe on Nov. 16, 2006, Standard &   
Poor's Ratings Services assigned its 'B+' bank loan rating to
General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.   
   
At the same time, Moody's Investors Service assigned a Ba3,   
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corp.


GENERAL MOTORS: GMAC's Mortgage Risks May Hit GM, Analysts Say
--------------------------------------------------------------
General Motors Corp.'s decision of its delayed fourth quarter
earnings filing could reflect in part the toll U.S. mortgage
market has taken on its recently divested GMAC Financial
Services lending unit, John D. Stoll of the Wall Street Journal
reports citing industry watchers.

In a statement made by Lehman Brothers auto analyst Brian
Johnson, WSJ relates that complications in connection to
estimating the value of GMAC's ResCap mortgage unit could cost
the company US$300 million to US$400 million in cash charges in
the first half.

According to WSJ, GMAC portfolio viewed ResCap as its crown
jewel but has fallen under industrywide pressure that has hurt
traditionally strong lenders and might have diminished ResCap's
value.

Mr. Johnson further said in the report that potential provisions
for loan losses from subprime mortgages in GMAC's case, might
need growth, and residual interest in trading securities might
need mark-to-market modifications.

GMAC and Cerberus must sort out issues related to ResCap, said
GM Chief Financial Officer Fritz Henderson.  He concluded that
settlements related to the changes in the mortgage industry
should be established.

GMAC officials were unavailable for comment and Cerberus
spokesman Peter Duda refused to comment, WSJ says.

GM, as reported in the Troubled Company Reporter last week,
expected to have been profitable in the fourth quarter with
record revenue, but did not provide figures.  GM said it will
provide further information on the progress of its financial
reporting on Feb. 5, 2007.  The company currently anticipated
that it will file its annual report on Form 10-K by its due date
of March 1, 2007.

In addition, GMAC has informed GM that it continues to finalize
its financial statements for 2006 and its balance sheet as of
Nov. 30, the date of the sale of 51% of the equity of GMAC.  As
a result, GMAC advised GM that it is not yet able to provide the
financial information needed to complete GM's fourth quarter
financial results.

GM would also restate its financial statements for 2002 through
the third quarter of 2006 as a result of these anticipated
adjustments related to the deferred tax liabilities, hedging
activities and other miscellaneous items.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

As reported in the TCR-Europe on Nov. 16, 2006, Standard &   
Poor's Ratings Services assigned its 'B+' bank loan rating to
General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.   
   
At the same time, Moody's Investors Service assigned a Ba3,   
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corp.


GENERAL MOTORS: Plans to Sell Allison Transmission to Cut Costs
---------------------------------------------------------------
General Motors Corp. is considering strategic options for
subsidiary Allison Transmission, including a possible sale, in
an effort to boost liquidity, Reuters reports.

The company, Reuters says, is in the middle of a restructuring
effort that focuses on cutting costs and improving cash flow.

"This process is another potential step in GM's plan to improve
liquidity through the assessment of strategic options for a
business that is not central to GM's mission of designing,
manufacturing and selling cars and light trucks globally," GM
said in a statement cited by Reuters.

Indianapolis-based Allison makes transmissions and hybrid
propulsion systems for commercial trucks and buses and military
vehicles and employs more than 4,000 workers.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

As reported in the TCR-Europe on Nov. 16, 2006, Standard &   
Poor's Ratings Services assigned its 'B+' bank loan rating to
General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.   
   
At the same time, Moody's Investors Service assigned a Ba3,   
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corp.


GREETING CARD: Brings In Joint Administrators from PwC
------------------------------------------------------
Michael J. A. Jervis and Mark N. Cropper of
PricewaterhouseCoopers LLP were appointed joint administrators
for:

   -- Card Control Ltd. (Company Number 02223511);
   -- Card Warehouse Group Ltd. (Company Number 03198333);
   -- Card Warehouse Ltd. (Company Number 03538711);
   -- Card Warehouse Holdings Ltd. (Company Number 04569019);
   -- Designer Greetings Ltd. (Company Number 02954268);
   -- GCG Holdings Ltd. (Company Number 02958169);
   -- Glebelion Ltd. (Company Number 01843024);
   -- Greeting Card Group Ltd. (Company Number 02568990);
   -- Kandies Ltd. (Company Number 00560360); and
   -- John Waddington Greetings Cards Ltd. (Company
      Number 03207437).

"Greeting Card Group is well established and historically
profitable, but has suffered from the generic decrease in high
street footfall over recent months; additionally the core
profitable stores have been impacted by the loss making ones,
which have absorbed working capital and management time, out of
proportion to their value," Miker Jervis, partner and joint
administrator at PricewaterhouseCoopers was quoted by The Times
as saying.

"The core stores have been and are expected to continue to be
successful - as a result we expect to achieve a going concern
sale and are currently in talks with a number of interested
parties with a view to achieving this," Mr. Jervis added.
   
Headquartered in Peterborough, England, Greeting Card Group Ltd.
is the second largest specialist card and gift retailer in the
U.K.  It employs over 2,500 staff and trades from over 470
stores across the U.K., mostly under the brands of Cardfair and
Card Warehouse.

For the year ended June 30, 2006, the group's turnover was GBP70
million.

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


HSH ASSET: Claims Registration Ends March 31
--------------------------------------------
Creditors of HSH Asset Management Ltd. have until March 31 to
send their full names and addresses, together with full
particulars of their debts or claims to:

         Peter O'Duffy
         Liquidator
         IP Services Ltd.
         9 Woodhill Road
         Portishead
         Bristol BS20 7EU
         England

Creditors confirmed the appointment of Peter O'Duffy of IP
Services Ltd. as liquidator of the company on Jan. 25.

The company can be reached at:

         HSH Asset Management Ltd.
         Bath Street  
         Cheddar  
         Somerset BS273AA  
         England
         Fax: 01256 406 671  


INTERIOR INNOVATIONS: Joint Liquidators Take Over Operations
------------------------------------------------------------
D. J. Oprey and K. W. Touhey, of Chantrey Vellacott DFK LLP were
appointed joint liquidators of Interior Innovations Ltd. on  
Jan. 17 for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Chantrey Vellacott DFK LLP
         16-17 Boundary Road
         Hove
         East Sussex BN3 4AN
         England


LEX MACHINERY: Creditors' Meeting Slated for February 6
-------------------------------------------------------
Creditors of Lex Machinery U.K. Ltd. will meet at 11:00 a.m. on
Feb. 6 at:
  
         Hilton London Tower Bridge
         5 More London Place
         Tooley Street
         London SE1 2BY
         Englan
      
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 and Feb. 5 at the offices of:

         Recovery hjs
         12-14 Carlton Place
         Southampton
         Hampshire SO15 2EA
         England


LIGHTPOINT PAN-EUROPEAN: Moody's Rates EUR9.5-Mln Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by LightPoint Pan-European CLO 2006 p.l.c.:

   -- EUR220-million Class A Floating Rate Notes Due 2022: Aaa;
   
   -- EUR23.5-million Class B Floating Rate Notes Due 2022: Aa2;
   
   -- EUR20.5-million Class C Deferrable Floating Rate Notes Due
      2022: A3;

   -- EUR20-million Class D Floating Rate Notes Due 2022: Baa3;
      and

   -- EUR9.5-million Class E Floating Rate Notes Due 2022: Ba3.

The Moody's ratings of the Notes address the ultimate cash
receipt of all required interest and principal payments, as
provided by the Notes' governing documents, and are based on the
expected loss posed to Note holders, relative to the promise of
receiving the present value of such payments.

The ratings reflect the risks due to the diminishment of cash
flow from the underlying portfolio -- consisting primarily of
Senior Secured Loans -- due to defaults, the transaction's legal
structure and the characteristics of the underlying assets.

LightPoint Capital Management LLC will manage the selection,
acquisition and disposition of collateral on behalf of the
Issuer.


MEDCREST N.D.T.: Hires Liquidators from KPMG LLP
------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Medcrest N.D.T. Ltd. on Jan. 22
for the creditors' voluntary winding-up procedure.

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

Medcrest N.D.T. Ltd. can be reached at:

         Station Road Industrial Estate  
         Valley Road  
         Wombwell  
         Barnsley  
         South Yorkshire S73 0BS  
         England
         Tel: 01226 759 360  
         Fax: 01226 757 392  


MICHAEL KAVANAGH: Taps Tony Mitchell to Liquidate Assets
--------------------------------------------------------
Tony Mitchell of Cranfield Recovery Ltd. was appointed
liquidator of Michael Kavanagh Building & Roofing Contractors
Ltd. on Jan. 22 f or the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Michael Kavanagh Building & Roofing Contractors Ltd.
         Warwick Street  
         Coventry  
         West Midlands CV5 6ET  
         England
         Tel: 01635 435 12


MOORE ON THE MENU: Creditors' Meeting Slated for February 12
------------------------------------------------------------
Creditors of Moore on the Menu Ltd. will meet at 11:00 a.m. on
Feb. 12 at:

         Vantis plc
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing BN11 1RY
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, and (unless they
are individual creditors attending in person) ensure their proxy
forms are received, at noon on Feb. 9 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. 8.

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


ONE58 ASSOCIATES: Creditors' Claims Due February 26
---------------------------------------------------
Creditors of One58 Associates Ltd. have until Feb. 26 to send in
their names, their addresses and descriptions, full particulars
of their debts or claims, and the names and addresses of their
solicitors, if any, to:

         David N. Hughes
         Joint Liquidator
         Janes
         Owen House
         Trinity Lane
         Cheltenham
         Gloucestershire GL52 2NT
         England

David N. Hughes of Janes and Colin A. Prescott of Moore Stephens
LLP were appointed joint liquidators of the company on Jan. 19.

The company can be reached at:

         One58 Associates Ltd.
         Unit 1  
         Grove Street  
         Cheltenham  
         Gloucestershire GL503LZ  
         England  
         Tel: 01242 241 158  
         Fax: 01242 241 580  


PENNINE ROOFING: Names Jonathan Lord Liquidator
-----------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of
Pennine Roofing & Building Ltd. on Jan. 23 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Bridgestones
         125-127 Union Street
         Oldham OL1 1TE
         England


RANK GROUP: Moody's Lowers Ba3 Corporate Family Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Ba2 the
corporate family and issuer ratings of the The Rank Group Plc   
and the debt ratings of its subsidiary Rank Group Finance plc.  
The outlook is negative.

The downgrade reflects the weakening of the company's credit
profile following the sale of its Hard Rock operations.   
Proceeds from the sale will be largely returned to shareholders
thus weakening credit metrics and the disposal further reduces
the scale, scope and diversification of the group's operations.

On the other hand Moody's acknowledges the benefits of the
strategic focus Rank has gained now that its operations are
concentrated in U.K. gaming.  The new Ba3 ratings also reflect
concerns about the outlook for the company's U.K. bingo business
which has to content not only with an underlying trend of
declining attendance, but also with the negative effects of a
smoking ban which has already been introduced in Scotland and by
July 2007 will cover all of the U.K.  The uncertainties
regarding:

   (i) the impact of the smoking ban on Bingo attendance and
       profits and

  (ii) the potential interest of financial buyers in the
       company inform a negative outlook.

On the upside, Rank has made good progress in exiting from the
Deluxe Media businesses as planned with a complete exit
envisioned by mid-2007 and overall cash costs expected to remain
within the GBP57 million provision established in 2005.  Moody's
also believes that Rank's casino business remains well
positioned to benefit from the positive operating environment in
the sector as regulation eases, the range of permitted gaming
activities widens and casinos become acceptable as a mainstream
leisure destination over time.

In addition, a significant number of casinos will be built under
license from both the old and the new U.K. gambling act.  This
should help to stimulate demand, but it will also significantly
increase competition, increasing pressure on Rank's management
to be effective in managing estate and brand extension.  While
Rank has put measures in place to counteract the effects of the
upcoming smoking ban in England and Wales, some of which have
been trailed, the extent to which revenues and profits will be
affected remains very difficult to predict.

Given Rank's operational challenges, the rating leaves no leeway
for further material share buy-backs or acquisitions.  Any
indication that the ratio Debt/ EBITDA as calculated by Moody's,
which includes adjustments for operating leases and pensions
exceeds 5.5 times would lead to downward pressure on the
ratings.  On the other hand, evidence of successful mitigation
of the effects of the smoking ban combined with sound underlying
operating process over the next 18-24 months could help to
stabilize the rating outlook.

Moody's regards Rank's liquidity currently as overall adequate.
The company does not face any material debt maturities until
early 2008 when US$100 million of Yankee bonds fall due.  Rank
has also represented that it is fully funded until at least
December 2007 after effecting the planned distribution of
GBP350 million to shareholders.  The rating is based on the
assumption that medium term finance will be put in place to fund
the distribution and failure to arrange this in the near term
would result in ratings pressure.  All material debt elements in
the company's capital structure are currently unsecured, ranking
pari-passu with other unsecured payments obligations of the
group.  The introduction of any form of material secured
financing to the capital structure that ranks ahead of the bonds
or material subsidiary borrowing is likely to have negative
notching consequences for the rated bonds and the issuer rating.

In its November 2006 trading statement Rank said that trading in
its Mecca Bingo had been impacted negatively by the smoking ban
in Scotland where revenues were down by 15% for the 48 weeks to
Nov. 26 2006, counterbalanced only to an extent by a gain in
market share.  In England and Wales Rank's clubs grew revenues
by 1% with a 2% increase in spend per head off-setting a 1%
admissions decline.  Grosvenor Casino's revenues were up by 6%
for the 48 weeks to Nov. 26 2006, but growth slowed down in the
second half of the year as comparables became more demanding.
Rank reported "strong trading" for its Blue Square betting
operation.

Ratings downgraded to Ba3 from Ba2 are:

   * The Rank Group Plc:

     -- Corporate Family Rating
     -- Senior Unsecured Issuer Rating

   * Rank Group Finance (guaranteed by The Rank Group Plc):

     -- US$100-million Guaranteed note due 2008
     -- US$14.3-million Guaranteed note due 2018

The Rank Group Plc is a gaming group with interests in casinos,
bingo, online and telephone betting, mainly in the UK.  The
company is based in London, England.


RIVER FM: Shuts Down after Owner Fails to Find a Buyer
------------------------------------------------------
Scottish radio station River FM stopped its operations this week
after its owner, Kingdom Radio Group, failed to find a buyer,
The Scotsman reports.

The Kingdom Radio Group earlier disclosed that it would also
return the station's West Lothian license to the Office of
Communications.

According to Scotsman, Ofcom may give the license to a community
radio station.

Based in Livingston, Scotland, River FM was launched in
September 2003.  The station was run by Gerry Burke.


SCREEN ARTS: Creditors' Meeting Slated for February 6
-----------------------------------------------------
Creditors of Screen Arts Ltd. will meet at 11:30 a.m. on Feb. 6
at:
  
         Begbies Traynor
         1 Winckley Court  
         Chapel Street
         Preston PB1 8BU
         England

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

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


SIMCLAR GROUP: Shuts Down Two Factories in Scotland
---------------------------------------------------
The Simclar Group shut down its Irvine and Kilwinning factories
in Scotland, leading to 200 more jobs lost, BBC News reports.

According to BBC News, in November 2006, the company cut 240
jobs at their electronics manufacturing plant in Irvine
following the company's decision to withdraw from hard-tooling
manufacturing.

"The current market conditions have made the continued operation
of Simclar (Ayrshire) impossible," a Simclar spokesman told BBC
News.

"Simclar has made every attempt to restructure and save the
business but it would not be in the best interests of the group
as a whole to continue to do so in the long-term," he added.
"The company will work with the local enterprise and employment
agencies to offer information and support to those affected by
this closure in their search for new employment."

Simclar workers' union, Community, told BBC that a loyal
workforce had been treated callously.  The union said it would
make sure that members received the pay they are owed.

"In this day and age there is absolutely no excuse for treating
a high-skilled, highly-motivated and loyal workforce so
callously," Willie Paterson, Scottish regional secretary, told
BBC.

Mr. Paterson said that workers in Kilwinning had turned up to
find the factory gates padlocked while Irvine workers were
escorted to the canteen, told that they were being made
redundant and then escorted off the premises.

Allan Wilson, deputy minister for enterprise, said: "This is
devastating news for those who will lose their jobs and their
families, full and immediate support will now be made
available."

Simclar (Ayrshire) will be placed in administration.  The
company disclosed that its site in Dunfermline, with 300
workers, would continue to operate.

Headquartered in Dunfermline, Scotland, The Simclar Group --
http://www.simclar.com/-- is a global solutions provider,  
offering complete manufacturing and fulfillment services to
customers.  The company has facilities in Europe, the U.S.
Mexico and China with about 1,800 employees worldwide.


SUSSEX REFINED: Creditors' Meeting Slated for February 15
---------------------------------------------------------
Creditors of Sussex Refined Oils Ltd. will meet at 11:30 a.m. on
Feb. 15 at:
  
         16 The Avenue
         Eastbourne
         East Sussex BN21 3YD
         England
         
Creditors who want to vote at the meeting must submit
particulars of their claims or of any securi ty, and (unless
they are individual creditors attending in person) ensure their
proxy forms are received, at noon on Feb. 14 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. 13.


VIOLET INK: Creditors' Meeting Scheduled for February 6
-------------------------------------------------------
Creditors of Violet Ink Design Consultants Ltd. will meet at  
2:00 p.m. on Feb. 6 at the offices of:

         B&C Associates
         Trafalgar House  
         Grenville Place
         Mill Hill
         London NW7 3SA
         England

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


VISUAL DISPLAYS: Calls In Liquidators from Begbies Traynor
----------------------------------------------------------
R. A. Segal and P. M. Davis of Begbies Traynor (South) LLP were
appointed joint liquidators of Visual Displays (U.K.) Ltd. on
for the creditors' voluntary winding-up procedure proceeding.

The joint liquidators can be reached at:

         Begbies Traynor (South) LLP
         32 Cornhill
         London EC3V 3BT
         England

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


WELD-TEK WEST: Creditors' Meeting Slated for February 8
-------------------------------------------------------
Creditors of Weld-Tek (West Midlands) Ltd. will meet at 11:30
a.m. on Feb. 8 at:
  
         Himley Hall
         Dudley Road
         Himley
         Dudley DY3 4DF
         England

Creditors who want to vote at the meeting must submit
particulars of their claims or of any security, and (unless they
are individual creditors attending in person) ensure their proxy
forms are received, at noon on Feb. 7 to:

         Secretary of the company c/o F A Hatch & Co.
         Castle View
         48 Salop Street
         Dudley DY1 3AY
         United Kingdom
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 6 and Feb. 7 at the office of F A Hatch & Co.


* BOOK REVIEW: American Arbitration: Its History, Functions and
               Achievements
---------------------------------------------------------------
Author:     Frances Kellor
Publisher:  Beard Books
Paperback:  280 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122581/internetbankru
pt  

Frances Kellor's American Arbitration: It's History, Functions
and Achievements covers the rise of the American Arbitration
Association, and the beginnings of the important role that
arbitration has come to play in the commercial arena.

This book makes for interesting reading as it traces the two
pioneer organizations that consolidated in 1926 to form the
American Arbitration Association.

The role and influence of the Association in its first 20 years
of existence are noteworthy as the book covers the practice of
American arbitration and the American concept and organization
of international commercial arbitration.

The final chapter is devoted to the builders of American
arbitration.

                           *********

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.


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