TCREUR_Public/070207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, February 7, 2007, Vol. 8, No. 27

                            Headlines


A U S T R I A

ADVISIONS LLC: Creditors' Meeting Slated for February 28
CHRISTIAN KONRAD: Claims Registration Period Ends March 13
D.P.A. ANLAGENBAU: Court Orders Business Shutdown
M.K.W. BETEILIGUNG: Claims Registration Period Ends March 12
STAGEPARTNER VERANSTALTUNGSBUEHNEN: Claims Filing Ends March 1

TOP LEVEL: Claims Registration Period Ends March 5
ZERO GASTRO: Claims Registration Period Ends February 12


F R A N C E

AIRBUS SAS: German Workers Protest Over Job Security


G E R M A N Y

AIRBUS SAS: German Workers Protest Over Job Security
B.I.M. ESTRICH: Claims Registration Ends February 13
BERGE LADENBAU: Claims Registration Ends March 30
BEYAZ GMBH: Claims Registration Ends March 12
BKN-DAS MEDIAHAUS: Claims Registration Ends March 30

BRUHN LOGISTICS: Claims Registration Ends March 7
CALIBR8 GESELLSCHAFT: Claims Registration Ends February 23
CARTRATEC GESELLSCHAFT: Claims Registration Ends April 2
CASPIEN FRISCHFISCH: Claims Registration Ends February 26
CQM CONVENIENCE: Claims Registration Ends February 12

D 3 DER DIGITALE: Claims Registration Ends March 2
DAIMLERCHRYSLER AG: Chrysler Group January 2007 Sales Up 11%
DESIGN TV: Claims Registration Ends February 27
ELW GMBH: Claims Registration Ends February 26
FEUER & FLAMME: Claims Registration Ends March 21

FLEISCH- UND: Claims Registration Ends March 21
GEOEXPERT GMBH: Creditors' Meeting Slated for March 22
GRAJEWSKI VERWALTUNGS: Claims Registration Ends February 12
H & D HAUSMEISTER: Claims Registration Ends March 5
HANSE LOGISTIK: Claims Registration Ends March 1

HOETEX HEIMTEXTIL: Claims Registration Ends March 21
HOTEL WESTFALEN: Claims Registration Ends March 5
HWS STAHLBAU: Claims Registration Ends February 16
IMMO-CONSULT: Claims Registration Ends February 16
KURT SCHROEDER: Claims Registration Ends February 20

LUISE GASTSTATTENBETRIEBS: Claims Registration Ends February 28
M. M. GERUESTBAU: Claims Registration Ends February 28
MEDEOCOM GESELLSCHAFT: Claims Registration Ends March 7
MF MANAGEMENT: Claims Registration Ends February 27
MMK FENSTERTECHNIK: Claims Registration Ends February 27

MODE AM BERLINER: Claims Registration Ends March 14
MODRAIN GMBH: Claims Registration Ends February 19
MUELLER BAU: Creditors Must Register Claims by March 2
NIC EUROPE: Creditors Must Register Claims by March 1
OBERHOFER & HOERNER: Claims Registration Ends March 9

PIXELWORX -SCIENCE: Creditors Must Register Claims by Feb. 22
RIA '97: Creditors Must Register Claims by March 10
ROPLASTO FENSTERPROFILE: Financial Woes Prompt Insolvency Filing
SCHNEIDER DRUCK: Creditors Must Register Claims by March 5
SIBEMA GMBH: Creditors Must Register Claims by February 14

WALTHER GMBH: Claims Registration Ends Feb. 26
VERWALTUNGSGESELLSCHAFT GRUNDBESITZ: Claims Bar Date Set Feb. 28
WT CELLE: Claims Registration Ends March 5
VS VERBUNDSCHALUNGEN: Claims Registration Ends March 7
VARUS BERATUNGSGESELLSCHAFT: Claims Registration Ends March 22


I T A L Y

FIAT GROUP: Aims to Gain 35% Italian Market Share by 2010


K A Z A K H S T A N

AIMA JOL: Creditors Must File Claims by March 16
ALTYN TOBE: Economic Court Starts Bankruptcy Proceedings
ASIA-TRADE LLP: Proof of Claim Deadline Slated for March 16
ENTERPRISE BEREKE: Claims Registration Ends March 16
JAS LLP: Claims Filing Period Ends March 16

KAVEY LLP: Creditors Must File Claims by March 16
PIN TRANS: Creditors' Claims Due March 16
TECHCOMPLECT LLP: Proof of Claim Deadline Slated for March 16
TEMIR-TAS 2: Claims Registration Period Ends March 16


K Y R G Y Z S T A N

INFORS-BUILD STROY: Claims Filing Period Ends March 16
PROPERTY HOLDING: Creditors' Claims Due March 23


L U X E M B O U R G

DANA CORP: Gets Approval to Amend Postpetition Credit Facility
DANA CORP: Wants E&Y's Work Expanded to Add Internal Audit Task


N E T H E R L A N D S

FIXED LINK: Moody's Keeps B2 Rating on Debt Restructuring Plan
MORGAN STANLEY: Moody's Rates Three Note Classes at Low-B
QUEEN STREET: Moody's Rates EUR20-Million Class E Notes at Ba3


R U S S I A

ADAMANT LLC: Bankruptcy Hearing Slated for April 24
AK BARS: Fitch Upgrades IDR to BB- with Stable Outlook
BUILDER OJSC: Creditors Must File Claims by February 20
EAST OJSC: Orel Bankruptcy Hearing Slated for March 14
FOODSTUFFS OJSC: Asset Bidding Deadline Slated for February 20

KANSKIY BIO-CHEMICAL: Creditors Must File Claims by March 20
KUVSHINOVO-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 20
LUKOIL OAO: Unveils Candidates for Board and Audit Elections
MAGNITOGORSK IRON: Fitch Lifts IDR to BB on Plant Modernization
MALACHITE LLC: Creditors Must File Claims by February 20

MERCURY-T CJSC: Creditors Must File Claims by March 20
ONEZHETS-MARKET LLC: Bankruptcy Hearing Slated for April 20
PETROVSKOYE FREIGHT: Creditors Must File Claims by February 20
PROGRESS CJSC: Creditors Must File Claims by February 20
SEL-KHOZ-KHIMIYA OJSC: Amur Court Starts Bankruptcy Supervision

SIBERIAN FUEL-ENERGY: Omsk Court Starts Bankruptcy Supervision
SUVOROVSKOYE OJSC: Court Starts Bankruptcy Supervision Procedure
URAN TRADE: Creditors Must File Claims by March 20

* Fitch Puts Low-B Ratings to Sakha Republic's Currency Ratings
* Fitch Affirms Low-B Currency Ratings for Tatarstan Republic


S W I T Z E R L A N D

CIRIBA LLC: Solothurn Court Closes Bankruptcy Proceedings
FOHAPOL JSC: St. Gallen Court Closes Bankruptcy Proceedings
HAFFMANS VERLAG: Zurich Court Closes Bankruptcy Proceedings
JAVICO JSC: Glarus Court Closes Bankruptcy Proceedings
LUCA & LAURA: Creditors' Liquidation Claims Due February 21

PROMAT FINANZ: Creditors' Liquidation Claims Due February 22
RMT RISK: Creditors' Liquidation Claims Due February 26
SIAC JSC: Creditors' Liquidation Claims Due February 19
STEELMET JSC: Creditors' Liquidation Claims Due February 23
TREUCON JSC: Creditors' Liquidation Claims Due February 22


U K R A I N E

CHKALOV LLC: Claims Submission Deadline Set February 17
FREE-PISTON ENGINES: Creditors Must Submit Claims by February 17
KRASNOZAPOROZHSKOYE OJSC: Creditors Must File Claims by Feb. 17
MILKSELLER LLC: Creditors Must Submit Claims by February 17
NAFTOGAZ NJSC: Moody's Confirms Ba3 Corporate Family Rating

SUVOROV OJSC: Claims Submission Deadline Set February 17
UKRAINIAN TECHNICAL: Creditors Must Submit Claims by February 21


U N I T E D   K I N G D O M

247 STAFF: Andrew T. Clay Leads Liquidation Procedure
ADVANCED MARKETING: Committee Opposes Wells Fargo DIP Financing
AMBIANCE RESTAURANTS: Appoints BDO Stoy as Administrators
APANA PRESSINGS: Brings In Begbies Traynor to Administer Assets
ARARAT LTD: Brings In Joint Administrators from BDO Stoy

BRITISH AIRWAYS: Moody's Changes Rating Outlook to Positive
BRYANT JACKSON: Taps Joint Administrators from Vantis
CHARISMA MIRRORS: Claims Filing Period Ends March 30
CRAMPTON SPORTSWEAR: Barclays Bank Taps Deloitte as Receivers
COLLINS & AIKMAN: Eyes Job Cuts at Two Canadian Plastic Plants

DEBT RECOVERY: Insolvency Probe Spurs Liquidation
DYSFUNCTIONAL CLOTHING: Creditors' Meeting Slated for Feb. 12
E S CONSULTING: Creditors' Meeting Slated for February 14
EMI GROUP: S&P Cuts Rating to BB- on Operating Pressure & Debt
ENAMCO LTD: Hires Liquidator from Begbies Traynor

FESTIVE THOUGHT: Creditors' Claims Due April 16
GEMFISH LTD: Names Kian Seng Tan Liquidator
GREAT HALL: Moody's Rates GBP14.28-Mln Class E Notes at (P)Ba2
GREAT HALL: S&P Puts BB Prelim Rating to GBP14-Mln Class E Notes
GROWING TECHNOLOGIES: Claims Filing Period Ends April 26

ISOFT GROUP: Posts GBP647,000 Net Loss in Six-Half Ended Oct. 31
ISOFT GROUP: Appoints Bill Henry as New Board Member
MARKETING DYNAMIC: Brings In Liquidator from Leonard Curtis
MAX WASTE: Creditors' Meeting Slated for February 23
MUSIC ZONE: Sells 67 Stores to Music Retailer Fopp Limited

RANK GROUP: In a Strong Position to Apply New Casino Licenses
RED LIZARD: Creditors' Meeting Slated for February 15
SNAPPER FROZEN: Names Philip John Gorman Liquidator
SOLUTIA INC: Court Increases Total OCP Payments to US$15 Million
SWANN WHEATCROFT: Creditors Confirm Liquidator's Appointment

VANTAGE COMPUTERS: PCA Expulsion Results to Liquidation
VISIONCREST HOLDINGS: Appoints A. J. Clark to Liquidate Assets
WATERFRONT FINANCIAL: Insolvency Probe Spurs Liquidation
WEST COAST: Taps Vincent A. Simmons to Liquidate Assets

* Grant Thornton Recovery & Reorganization Appoints New Partners
* Insolvency Service Shows 3,194 Fourth Qtr. Liquidations in UK

                            *********

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


ADVISIONS LLC: Creditors' Meeting Slated for February 28
--------------------------------------------------------
Creditors owed money by LLC Advisions (FN 236622z) are
encouraged to attend the creditors' meeting at 9:15 a.m. on
Feb. 28 for the examination of claims.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 30, 2006 (Bankr. Case No. 4 S 133/06w).  Josef Ebner
serves as the court-appointed property manager of the bankrupt
estate.  Andrea Eisner represents Dr. Ebner in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Josef Ebner
         c/o Mag. Andrea Eisner
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 29 94
         Fax: 512 29 04
         E-mail: rae.ebner.eisner@aon.at


CHRISTIAN KONRAD: Claims Registration Period Ends March 13
----------------------------------------------------------
Creditors owed money by LLC Christian Konrad (FN 36569d) have
until March 13 to file written proofs of claim to estate
administrator Bernhard Schatz at:

         Dr. Bernhard Schatz
         Enzersdorfer Str. 4
         2340 Moedling, Austria
         Tel: 02236/893377
         Fax: 02236/893377 95
         E-mail: bernhard.schatz@bpv-huegel.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 27 for examination
of claims.

The meeting of creditors will be held at:

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

Headquartered in Brunn am Gebirge, Austria, the Debtor declared
bankruptcy on Jan. 18 (Bankr. Case No. 11 S 6/07d).


D.P.A. ANLAGENBAU: Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Wiener Neustadt entered, Jan. 18, an order
shutting down the business of LLC D.P.A. Anlagenbau (FN
192462h).

Court-appointed estate administrator Michael Lentsch recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


M.K.W. BETEILIGUNG: Claims Registration Period Ends March 12
------------------------------------------------------------
Creditors owed money by LLC M.K.W. Beteiligung (FN 120563z) have
until March 12 to file written proofs of claim to estate
administrator Eva Wexberg at:

         Dr. Eva Wexberg
         c/o Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on March 26 for 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. 18 (Bankr. Case No. 3 S 7/07k).  Walter Kainz represents
Dr. Wexberg in the bankruptcy proceedings.


STAGEPARTNER VERANSTALTUNGSBUEHNEN: Claims Filing Ends March 1
--------------------------------------------------------------
Creditors owed money by LLC Stagepartner Veranstaltungsbuehnen
(FN 207498w) have until March 1 to file written proofs of claim
to estate administrator Heinz Pichler at:

         Dr. Heinz Pichler
         Burggasse 61
         8750 Judenburg
         Austria
         Tel: 03572 82372
         Fax: 03572 82372-19
         E-mail: kanzlei-j@pichler-schuetz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 14 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben, Austria

Headquartered in Zeltweg, Austria, the Debtor declared
bankruptcy on Jan. 18 (Bankr. Case No. 17 S 3/07w).


TOP LEVEL: Claims Registration Period Ends March 5
--------------------------------------------------
Creditors owed money by LLC Top Level Personalservice (FN
223985s) have until March 5 to file written proofs of claim to
estate administrator Klaus Fischer at:

         Dr. Klaus Fischer
         c/o Mag. Susanne Fink
         Marktstrasse 12
         6850 Dornbirn
         Austria
         Tel: 05572/25871
         Fax: 05572/25871-2
         E-mail: office@fischer-walla-matt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:10 a.m. on March 15 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor
         Feldkirch, Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Jan. 17 (Bankr. Case No. 13 S 3/07g).  Susanne
Fink represents Dr. Fischer in the bankruptcy proceedings.


ZERO GASTRO: Claims Registration Period Ends February 12
--------------------------------------------------------
Creditors owed money by LLC Zero Gastro (FN 258864h) have until
Feb. 12 to file written proofs of claim to estate administrator
Christoph Ganahl at:

         Dr. Christoph Ganahl
         Schwefel 93/7
         6850 Dornbirn
         Austria
         Tel: 05572/890890
         Fax: 05572/890890-8
         E-mail: kanzlei@ganahl.cc

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 22 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor, Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Jan. 17 (Bankr. Case No. 14 S 1/07w).


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


AIRBUS SAS: German Workers Protest Over Job Security
----------------------------------------------------
IG Metall union and the works council at Airbus S.A.S. in
Germany threatened to hold up aircraft deliveries in protest
against deep cost-cutting measures, the Wall Street Journal
reports.

More than 24,000 production employees and suppliers walked off
the job Friday at four of Airbus' seven German factories to
oppose a possible reduction of at least 10,000 jobs in Airbus
Germany and the closure of several plants, Bloomberg News
states.

"If we see that we are not achieving our aims, the company will
have to revise its delivery schedules for 2007," Airbus Germany
works council head Ruediger Luetjen was quoted by WSJ as saying.
"We will certainly not stand by while things are simply pushed
through once cost-saving measures have been decided."

The protests came as parent European Aeronautic Defence & Space
Co. prepares to launch its Power8 restructuring plan for Airbus,
which is slated for implementation this year.

The European Metalworkers' Federation warned more protests
across Europe if EADS pushes through with the mass job cuts, WSJ
relates.

"Today's demonstrations in Germany mark only the beginning of a
possible Europe-wide wave of protest should the EADS management
plan mass layoffs and site closures," EMF General Secretary
Peter Scherrer said.

Airbus currently employs more than 29,000 workers in Germany,
according to published reports.

                       Restructuring Plan

Airbus aims to slash up to EUR2 billion in annual costs over the
next four years as it tries to push for the development of
another new plane, the A350, to compete with Boeing Co.'s 787
Dreamliner, Andrea Rothman writes for Bloomberg.

Airbus CEO Louis Gallois will present the details of the
restructuring plan, called Power8, to unions on Feb. 20.

According to Bloomberg News, potential cost-cutting measures
include:

   -- the transfer of all A380 cabin work to Toulouse, France,
      from Hamburg, Germany;

   -- the shift of cabin interior furnishings work on the
      single-aisle A320 to Toulouse from Hamburg; and

   -- the decision to give Hamburg no work on building fuselages
      or installing equipment on the A350.

                           A380 Delays

Airbus has been plagued by the two-year production delays of its
A380 jets.  The delays, caused by Airbus' failure to provide
uniform software to aircraft design teams, and the ever-weaker
U.S. dollar, prompted Airbus to estimate a loss before-interest-
and-tax in 2006.

EADS has forecast up to EUR4.8 billion in losses by 2010 on the
A380, Bloomberg says.

"Our financial estimate is a consequence of our 2006 turbulences
-- in particular reflecting the effect of the A380 delay.  We
are also taking into account the launch of the A350 XWB and the
financial impact of Power 8, which we originally expected for
2007," says Airbus President and CEO Louis Gallois.  "Clearly we
are cleaning the grounds and preparing for a new Airbus."

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

                A380 Eyes First Delivery in October

Mr. Gallois revealed last month that Airbus, which has recently
fixed electrical problems in the A380, was "determined to
complete this first delivery in October 2007, as we announced,
and to prepare ourselves for the next deliveries in 2008," BBC
News relates.

The group said it is now on track to deliver the A380 superjumbo
to its launch customer, Singapore Airlines, in October.

Headquartered in Toulouse, France, Airbus S.A.S. --
http://www.airbus.com/en-- is a leading aircraft manufacturer
in Europe with around 55,000 people employed at sixteen sites in
Germany, France, Spain and the United Kingdom.


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


AIRBUS SAS: German Workers Protest Over Job Security
----------------------------------------------------
IG Metall union and the works council at Airbus S.A.S. in
Germany threatened to hold up aircraft deliveries in protest
against deep cost-cutting measures, the Wall Street Journal
reports.

More than 24,000 production employees and suppliers walked off
the job Friday at four of Airbus' seven German factories to
oppose a possible reduction of at least 10,000 jobs in Airbus
Germany and the closure of several plants, Bloomberg News
states.

"If we see that we are not achieving our aims, the company will
have to revise its delivery schedules for 2007," Airbus Germany
works council head Ruediger Luetjen was quoted by WSJ as saying.
"We will certainly not stand by while things are simply pushed
through once cost-saving measures have been decided."

The protests came as parent European Aeronautic Defence & Space
Co. prepares to launch its Power8 restructuring plan for Airbus,
which is slated for implementation this year.

The European Metalworkers' Federation warned more protests
across Europe if EADS pushes through with the mass job cuts, WSJ
relates.

"Today's demonstrations in Germany mark only the beginning of a
possible Europe-wide wave of protest should the EADS management
plan mass layoffs and site closures," EMF General Secretary
Peter Scherrer said.

Airbus currently employs more than 29,000 workers in Germany,
according to published reports.

                       Restructuring Plan

Airbus aims to slash up to EUR2 billion in annual costs over the
next four years as it tries to push for the development of
another new plane, the A350, to compete with Boeing Co.'s 787
Dreamliner, Andrea Rothman writes for Bloomberg.

Airbus CEO Louis Gallois will present the details of the
restructuring plan, called Power8, to unions on Feb. 20.

According to Bloomberg News, potential cost-cutting measures
include:

   -- the transfer of all A380 cabin work to Toulouse, France,
      from Hamburg, Germany;

   -- the shift of cabin interior furnishings work on the
      single-aisle A320 to Toulouse from Hamburg; and

   -- the decision to give Hamburg no work on building fuselages
      or installing equipment on the A350.

                           A380 Delays

Airbus has been plagued by the two-year production delays of its
A380 jets.  The delays, caused by Airbus' failure to provide
uniform software to aircraft design teams, and the ever-weaker
U.S. dollar, prompted Airbus to estimate a loss before-interest-
and-tax in 2006.

EADS has forecast up to EUR4.8 billion in losses by 2010 on the
A380, Bloomberg says.

"Our financial estimate is a consequence of our 2006 turbulences
-- in particular reflecting the effect of the A380 delay.  We
are also taking into account the launch of the A350 XWB and the
financial impact of Power 8, which we originally expected for
2007," says Airbus President and CEO Louis Gallois.  "Clearly we
are cleaning the grounds and preparing for a new Airbus."

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

                A380 Eyes First Delivery in October

Mr. Gallois revealed last month that Airbus, which has recently
fixed electrical problems in the A380, was "determined to
complete this first delivery in October 2007, as we announced,
and to prepare ourselves for the next deliveries in 2008," BBC
News relates.

The group said it is now on track to deliver the A380 superjumbo
to its launch customer, Singapore Airlines, in October.

Headquartered in Toulouse, France, Airbus S.A.S. --
http://www.airbus.com/en-- is a leading aircraft manufacturer
in Europe with around 55,000 people employed at sixteen sites in
Germany, France, Spain and the United Kingdom.


B.I.M. ESTRICH: Claims Registration Ends February 13
----------------------------------------------------
Creditors of B.I.M. Estrich GmbH have until Feb. 13 to register
their claims with court-appointed insolvency manager Christian
Plail.

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

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Hall 149
         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 contacted at:

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

The District Court of Augsburg opened bankruptcy proceedings
against B.I.M. Estrich GmbH on Jan. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         B.I.M. Estrich GmbH
         Attn: Dogan Baki, Manager
         Eschenhofstrasse 36
         86154 Augsburg
         Germany


BERGE LADENBAU: Claims Registration Ends March 30
-------------------------------------------------
Creditors of Berge Ladenbau GmbH have until March 30 to register
their claims with court-appointed insolvency manager Sebastian
Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 18, 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 Meiningen
         Hall A 0105
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be contacted at:

         Sebastian Nolte
         Peterstrasse 5
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Berge Ladenbau GmbH on Jan. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Berge Ladenbau GmbH
         Attn: Helmut Berge, Manager
         Hoehe 8
         99834 Gerstungen
         Germany


BEYAZ GMBH: Claims Registration Ends March 12
---------------------------------------------
Creditors of Beyaz GmbH have until March 12 to register their
claims with court-appointed insolvency manager Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 4, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be contacted at:

         Rolf G. Pohlmann
         Richard-Strauss-Str. 69
         81677 Munich
         Germany
         Tel: (089) 548033-0
         Fax: (089) 548033-111

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

The Debtor can be contacted at:

         Beyaz GmbH
         Heufelder Str. 2
         81671 Munich
         Germany


BKN-DAS MEDIAHAUS: Claims Registration Ends March 30
----------------------------------------------------
Creditors of bkn - das mediahaus AG have until March 30 to
register their claims with court-appointed insolvency manager
Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 20, 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be contacted at:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against bkn - das mediahaus AG on Jan. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         bkn - das mediahaus AG
         Attn: Waldemar Braun and Juergen Nolte, Managers
         Hermannstr. 26
         33602 Bielefeld
         Germany


BRUHN LOGISTICS: Claims Registration Ends March 7
-------------------------------------------------
Creditors of Bruhn Logistics GmbH have until March 7 to register
their claims with court-appointed insolvency manager Joachim
Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 18, 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on May 16, at the same venue.

The insolvency manager can be contacted at:

         Joachim Buettner
         Osdorfer Highway 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Bruhn Logistics GmbH on Jan. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Bruhn Logistics GmbH
         Attn: Helga Bruhn-Braas, Manager
         Heidenkampsweg 73
         20097 Hamburg
         Germany


CALIBR8 GESELLSCHAFT: Claims Registration Ends February 23
----------------------------------------------------------
Creditors of Calibr8 Gesellschaft fuer digitales Farbmanagement
mbH have until Feb. 23 to register their claims with court-
appointed insolvency manager Wolfgang Ott.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 2, 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be contacted at:

         Dr. Wolfgang Ott
         Nymphenburger Str. 139
         80636 Munich
         Germany

The District Court of Munich opened bankruptcy proceedings
against Calibr8 Gesellschaft fuer digitales Farbmanagement mbH
on Jan. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Calibr8 Gesellschaft fuer digitales Farbmanagement mbH
         Wald--friedhofstr. 94
         81377 Munich
         Germany


CARTRATEC GESELLSCHAFT: Claims Registration Ends April 2
--------------------------------------------------------
Creditors of Cartratec Gesellschaft fuer Autotransportzubehoer
GmbH & Co. KG have until April 2 to register their claims with
court-appointed insolvency manager Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at noon on April 16, 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 Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         Germany

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

The insolvency manager can be contacted at:

         Dr. Hubert Ampferl
         Stahlstrasse 17
         90411 Nuernberg
         Germany
         Tel: 0911/951 285-0
         Fax: 0911/951 285-10

The District Court of Amberg opened bankruptcy proceedings
against Cartratec Gesellschaft fuer Autotransportzubehoer GmbH &
Co. KG on Jan. 16.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Cartratec Gesellschaft fuer
         Autotransportzubehoer GmbH & Co. KG
         Prackendorf 58
         92542 Dieterskirchen
         Germany


CASPIEN FRISCHFISCH: Claims Registration Ends February 26
---------------------------------------------------------
Creditors of Caspien Frischfisch di Mare GmbH have until Feb. 26
to register their claims with court-appointed insolvency manager
Claus-Peter Langer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 a.m. on March 19, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be contacted at:

         Claus-Peter Langer
         Herzog-Wilhelm-Str. 17
         80331 Munich
         Germany
         Tel: 236858-0
         Fax: 2603440

The District Court of Munich opened bankruptcy proceedings
against Caspien Frischfisch di Mare GmbH on Jan. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Caspien Frischfisch di Mare GmbH
         Attn: Bianka Florian, Manager
         Feringastr. 16
         85774 Unterfoehring
         Germany


CQM CONVENIENCE: Claims Registration Ends February 12
-----------------------------------------------------
Creditors of CQM Convenience Quality Marketing GmbH have until
Feb. 12 to register their claims with court-appointed insolvency
manager Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on March 12, 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 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 contacted at:

         Stephan Poppe
         Emil-Eichhorn-Str. 1
         06114 Halle
         Germany
         Tel: 0345/530490
         Fax: 0345/5304926

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against CQM Convenience Quality Marketing GmbH on
Dec. 22, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         CQM Convenience Quality Marketing GmbH
         Attn: Helmut Szymczak, Manager
         Neustadter Passage 17 B
         06122 Halle
         Germany


D 3 DER DIGITALE: Claims Registration Ends March 2
--------------------------------------------------
Creditors of D 3 Der Digitale Druck GmbH have until March 2 to
register their claims with court-appointed insolvency manager
Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on April 4, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         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 contacted at:

         Dr. Tjark Thies
         Domstrasse 15
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against D 3 Der Digitale Druck GmbH on Jan. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         D 3 Der Digitale Druck GmbH
         Holsteinischer Kamp 51
         22081 Hamburg
         Germany

         Attn: Bernd Philip, Manager
         Kirchstrasse 4
         30855 Langenhagen
         Germany


DAIMLERCHRYSLER AG: Chrysler Group January 2007 Sales Up 11%
------------------------------------------------------------
Chrysler Group, the U.S. arm of DaimlerChrysler AG, disclosed
January 2007 sales outside North America increased 11% compared
with the same month last year and marked the strongest January
the company has seen in nine years.  The month also upheld the
company's consecutive year-over-year increases, now at an
unprecedented 20 straight months.

The Dodge brand was a key contributor to the January sales
increases.  Another month of strong Dodge Caliber sales
(2,566 units) made it the top-selling vehicle in markets outside
North America, outselling all other Chrysler Group products for
the first time.  Since its international introduction in June of
last year, Caliber has remained among the top-five-selling
vehicles.

"The unique styling, appealing features and overall value of
Dodge Caliber has made it very attractive to customers
throughout Europe and many other parts of the world," said
Thomas Hausch, Executive Director of International Sales and
Marketing. "And as the brand continues to expand this year with
the Dodge Nitro SUV and Avenger D-segment sedan, we expect to
see continued positive developments."

Dodge will not be alone in the introduction of new Chrysler
Group products this year.  In 2007, the company will launch more
vehicles than ever before in its history, with at least eight
new vehicles available to customers before the end of the year,
and a total of 20 or more vehicles available in most markets
around the world.

Many regions continue to experience increased demand for
Chrysler Group's new products.  In Western Europe, January sales
were up 13% (8,489 units) compared with last year, signifying a
strong start to 2007.  In addition to Western Europe, sales have
been steadily growing in regions such as Asia Pacific, up three
percent, and the Middle East, where sales jumped 52%.

"Our growth will need to focus not only on an abundance of
product," cautioned Hausch, "but on having the right products in
the right markets, as well as a skilled dealer network to
support our customers.  We have been working together over the
last few years to improve our retail facilities as well as
dealer training, and in turn increase customer satisfaction.
The positive results can be seen in our recent sales success as
well as a smooth integration of new vehicles into our product
portfolio."

Chrysler Group sells and services vehicles in more than 125
countries around the world, and Chrysler Group sales outside
North America currently account for around eight percent of the
company's total global sales.  Vehicles available range across
all three Chrysler Group brands, with limited availability on
some trucks and SUV models.  The company's operations outside
North America have been experiencing year-over-year sales
increases since 2004, and will continue to increase the number
of product offerings, powertrain options and RHD availability
through 2007.

                      About DaimlerChrysler

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

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

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

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

                             Outlook

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

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


DESIGN TV: Claims Registration Ends February 27
-----------------------------------------------
Creditors of DESIGN TV GmbH have until Feb. 27 to register their
claims with court-appointed insolvency manager Joachim
Walterscheid.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be contacted at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against DESIGN TV GmbH on Jan. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         DESIGN TV GmbH
         Potsdamer Str. 4
         10785 Berlin
         Germany

         Attn: Tobias Lindemann, Manager
         Tempelhofer Weg 1
         32547 Bad Oeynhausen
         Germany


ELW GMBH: Claims Registration Ends February 26
----------------------------------------------
Creditors of ELW GmbH have until Feb. 26 to register their
claims with court-appointed insolvency manager Johannes
Koepsell.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 12, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be contacted at:

         Johannes Koepsell
         Morianstrasse 3
         42103 Wuppertal
         Germany

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

The Debtor can be contacted at:

         ELW GmbH
         Attn: Jacques-Gregor Esser, Manager
         Emmastrasse 32
         42287 Wuppertal
         Germany


FEUER & FLAMME: Claims Registration Ends March 21
-------------------------------------------------
Creditors of Feuer & Flamme Event GmbH have until March 21 to
register their claims with court-appointed insolvency manager
Gert Wasner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on April 11, 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 Uelzen
         Hall 2
         Main Building
         Fritz-Roever-Str 5
         29525 Uelzen
         Germany

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

The insolvency manager can be contacted at:

         Dr. Gert Wasner
         Veersser Str. 41
         29525 Uelzen
         Germany
         Tel: 0581/16006
         Fax: 0581/17159

The District Court of Uelzen opened bankruptcy proceedings
against Feuer & Flamme Event GmbH on Jan. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Feuer & Flamme Event GmbH
         Ginsterweg 3
         29525 Uelzen
         Germany

         Attn: Bruno Swajkiewicz, Manager
         Wiesenstrasse 60
         29525 Uelzen
         Germany


FLEISCH- UND: Claims Registration Ends March 21
-----------------------------------------------
Creditors of Fleisch- und Wurstwarenlieferservice Hahn GmbH have
until March 21 to register their claims with court-appointed
insolvency manager Gunther Neef.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on April 18, 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
         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:

         Gunther Neef
         Bismarckstrasse 21
         95028 Hof
         Tel: 09281/140056
         Fax: 09281/14005777

The District Court of Hof opened bankruptcy proceedings against
Fleisch- und Wurstwarenlieferservice Hahn GmbH on --.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fleisch- und Wurstwarenlieferservice Hahn GmbH
         Am Weiher 2 in
         95233 Helmbrechts
         Germany


GEOEXPERT GMBH: Creditors' Meeting Slated for March 22
------------------------------------------------------
The court-appointed insolvency manager for GeoExpert GmbH,
Dr. Wolfgang Schroeder, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:35 a.m. on March 22.

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

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on May 24 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:

         Dr. Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         GeoExpert GmbH
         Hallerstr. 6
         10587 Berlin
         Germany


GRAJEWSKI VERWALTUNGS: Claims Registration Ends February 12
-----------------------------------------------------------
Creditors of Grajewski Verwaltungs- und Beteiligungs
GmbH have until Feb. 12 to register their claims with court-
appointed insolvency manager Dirk Oelbermann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 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 Hanover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 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:

         Dirk Oelbermann
         Leonhardtstr. 10
         30175 Hanover
         Germany
         Tel: 0511 1233268-0
         Fax: 0511 1233268-20

The District Court of Hanover opened bankruptcy proceedings
against Grajewski Verwaltungs- und Beteiligungs
GmbH on Jan. 17.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Grajewski Verwaltungs- und Beteiligungs GmbH
         Attn: Jakub Andreas Grajewski, Manager
         Schwanebecker Str. 7
         38820 Halberstadt
         Germany


H & D HAUSMEISTER: Claims Registration Ends March 5
---------------------------------------------------
Creditors of H & D Hausmeister Dienste GmbH have until March 5
to register their claims with court-appointed insolvency manager
Erik van der Vorm.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 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 Hanover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hanover
         Germany

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

The District Court of Hanover opened bankruptcy proceedings
against H & D Hausmeister Dienste GmbH on Jan. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Erik van der Vorm
         Am Husalsberg 13
         30900 Wedemark
         Germany
         Tel: 05130 609035
         Fax: 05130 609634

The Debtor can be reached at:

         H & D Hausmeister Dienste GmbH
         Wohldamm 14
         30855 Langenhagen
         Germany


HANSE LOGISTIK: Claims Registration Ends March 1
------------------------------------------------
Creditors of HANSE Logistik und Montage GmbH have until March 1
to register their claims with court-appointed insolvency manager
Sven Krueger.

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

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall E3
         Am Burgfeld 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:

         Sven Krueger
         Roeckstrasse 40
         23568 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against HANSE Logistik und Montage GmbH on Jan. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HANSE Logistik und Montage GmbH
         Attn: Herrn Bernt Niese, Manager
         Kronsforder Avenue 130
         D 23560 Luebeck
         Germany


HOETEX HEIMTEXTIL: Claims Registration Ends March 21
----------------------------------------------------
Creditors of Hoetex Heimtextil-Handels GmbH have until March 21
to register their claims with court-appointed insolvency manager
Markus Schneckener.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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 Bielefeld opened bankruptcy proceedings
Hoetex Heimtextil-Handels GmbH on Jan. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Markus Schneckener
         Ruegenweg 14
         32427 Minden
         Germany

The Debtor can be reached at:

         Hoetex Heimtextil-Handels GmbH
         Viktoriastr. 35 a
         32423 Minden
         Germany


HOTEL WESTFALEN: Claims Registration Ends March 5
-------------------------------------------------
Creditors of Hotel Westfalen Betriebs GmbH have until March 5 to
register their claims with court-appointed insolvency manager
Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.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 Niebuell
         Hall 2
         Law Courts
         Sylter Bogen 1 A
         25899 Niebuell
         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:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany

The District Court of Niebuell opened bankruptcy proceedings
against Hotel Westfalen Betriebs GmbH on Jan. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hotel Westfalen Betriebs GmbH
         Attn: Dagmar Moritzen and Mario Moritzen, Managers
         Klockries 7
         25920 Risum-Lindholm
         Germany


HWS STAHLBAU: Claims Registration Ends February 16
--------------------------------------------------
Creditors of HWS Stahlbau + Umformtechnik GmbH have until
Feb. 16 to register their claims with court-appointed insolvency
manager Thomas Neumann.

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

The meeting of creditors will be held at:

         The District Court of Hagen
         Room 259
         Second Floor
         Heinitzstr. 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Thomas Neumann
         Altenaer Str. 2
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings
against HWS Stahlbau + Umformtechnik GmbH on Jan. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HWS Stahlbau + Umformtechnik GmbH
         Rosenweg 7
         58849 Herscheid
         Germany


IMMO-CONSULT: Claims Registration Ends February 16
--------------------------------------------------
Creditors of Immo-Consult GmbH have until Feb. 16 to register
their claims with court-appointed insolvency manager Andreas
Grund.

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

The meeting of creditors will be held at:

         The District Court of Hagen
         Room 259
         Second Floor
         Heinitzstr. 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Andreas Grund
         Grabenstr. 28
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Immo-Consult GmbH on Jan. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Immo-Consult GmbH
         Bonkampstr. 52
         58339 Breckerfeld
         Germany


KURT SCHROEDER: Claims Registration Ends February 20
------------------------------------------------
Creditors of Kurt Schroeder Studio 1 GmbH have until
Feb. 20 to register their claims with court-appointed insolvency
manager Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Feb. 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 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:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Kurt Schroeder Studio 1 GmbH on Jan. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kurt Schroeder Studio 1 GmbH
         Jahnstrasse 2a
         40215 Duesseldorf
         Germany


LUISE GASTSTATTENBETRIEBS: Claims Registration Ends February 28
---------------------------------------------------------------
Creditors of Luise Gaststattenbetriebs GmbH have until Feb. 28
to register their claims with court-appointed insolvency manager
Andreas Fischer.

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

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be contacted at:

         Andreas Fischer
         Kriegsstr. 25
         76133 Karlsruhe
         Germany
         Tel: (0721) 9338 060

The District Court of Karlsruhe opened bankruptcy proceedings
against Luise Gaststattenbetriebs GmbH on Jan. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Luise Gaststattenbetriebs GmbH
         Attn: Erika Schwendemann, Manager
         Industriestr. 11 a
         76275 Ettlingen
         Germany


M. M. GERUESTBAU: Claims Registration Ends February 28
------------------------------------------------------
Creditors of M. M. Geruestbau und Industrieservice GmbH have
until Feb. 28 to register their claims with court-appointed
insolvency manager Kerstin Richter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 7, 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 Cottbus
         Hall 210
         Gerichtsplatz 2
         Cottbus
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on March 28, at the same venue.

The insolvency manager can be reached at:

         Kerstin Richter
         Genossenschaftsstrasse 70
         12489 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against M. M. Geruestbau und Industrieservice GmbH on Jan. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         M. M. Geruestbau und Industrieservice GmbH
         Bahnhofstrasse 54
         03046 Cottbus
         Germany


MEDEOCOM GESELLSCHAFT: Claims Registration Ends March 7
-------------------------------------------------------
Creditors of MEDEOCOM Gesellschaft fuer Informations- und
Kommunikationssysteme mbH have until March 7 to register their
claims with court-appointed insolvency manager Dr. Achim
Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 18, 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         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. Achim Ahrendt
         Lange Strasse 1a
         Haus der Schiffahrt
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against MEDEOCOM Gesellschaft fuer Informations- und
Kommunikationssysteme mbH on Jan. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MEDEOCOM Gesellschaft fuer Informations- und
         Kommunikationssysteme mbH
         Attn: Uwe Rethfeldt and Eberhardt Osten, Managers
         Hansestrasse 27
         18182 Bentwisch
         Germany


MF MANAGEMENT: Claims Registration Ends February 27
---------------------------------------------------
Creditors of MF Management GmbH have until Feb. 27 to register
their claims with court-appointed insolvency manager Heiko
Rautmann.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Magdeburg opened bankruptcy proceedings
against MF Management GmbH on Jan. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MF Management GmbH
         Attn: Bernd Glutsch, Manager
         Halberst"dter Str. 40 a
         39112 Magdeburg, Germany


MMK FENSTERTECHNIK: Claims Registration Ends February 27
--------------------------------------------------------
Creditors of MMK Fenstertechnik GmbH have until Feb. 27 to
register their claims with court-appointed insolvency manager
Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 Leipzig
         Hall 145
         First Upper Floor
         Enforcement Court
         Bernhard Goering Str. 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:

         Dr. Nikolaus Schmidt
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/231110
         Fax: 0345/2311199
         E-mail: Dr.Frenzel.u.Kollegen@t-online

The District Court of Leipzig opened bankruptcy proceedings
against MMK Fenstertechnik GmbH on Jan. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MMK Fenstertechnik GmbH
         Attn: Swen Sueptitz, Manager
         Suedstrasse 5
         04178 Leipzig
         Germany


MODE AM BERLINER: Claims Registration Ends March 14
---------------------------------------------------
Creditors of Mode am Berliner Platz GmbH have until March 14 to
register their claims with court-appointed insolvency manager
Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 11: 20 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 of Hanover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 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:

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

The District Court of Hanover opened bankruptcy proceedings
against Mode am Berliner Platz GmbH on Jan. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Mode am Berliner Platz GmbH
         Walsroder Str. 11
         30851 Langenhagen
         Germany

         Attn: Dagmar Bannasch, Manager
         Sandberge 20 A
         31515 Wunstorf
         Germany


MODRAIN GMBH: Claims Registration Ends February 19
--------------------------------------------------
Creditors of MoDrain GmbH have until Feb. 19 to register their
claims with court-appointed insolvency manager Natascha Habura.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 12, 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 Kleve
         Meeting Room C 58
         Ground Floor
         Schlossberg 1 (Swan Castle)
         47533 Kleve, 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:

         Natascha Habura
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151-80580

The District Court of Kleve opened bankruptcy proceedings
against MoDrain GmbH on Jan. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MoDrain GmbH
         Attn: Hans Peter Krings, Manager
         Konrad-Zuse-Strasse 22
         47445 Moers
         Germany


MUELLER BAU: Creditors Must Register Claims by March 2
------------------------------------------------------
Creditors of Mueller Bau GmbH have until March 2 to register
their claims with court-appointed insolvency manager
Johannes Franke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Johannes Franke
         Verdener Platz 1
         30419 Hannover
         Tel: 0511/794573
         Fax: 0511/794576
         Germany

The District Court of Goettingen opened bankruptcy proceedings
against Mueller Bau GmbH on Jan. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Mueller Bau GmbH
         Attn: Shkelzen Gjini, Manager
         Kleine Bahnhofstr. 12
         37434 Bilshausen


NIC EUROPE: Creditors Must Register Claims by March 1
-----------------------------------------------------
Creditors of NIC Europe GmbH have until March 1 to register
their claims with court-appointed insolvency manager Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 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:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

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

The Debtor can be reached at:

         NIC Europe GmbH
         Holterkamp 6
         40880 Ratingen
         Germany

         Attn: Peter Kargl, Germany
         Oederweg 34
         60318 Frankfurt
         Germany


OBERHOFER & HOERNER: Claims Registration Ends March 9
-----------------------------------------------------
Creditors of Oberhofer & Hoerner Wohnbau GmbH have until
March 9 to register their claims with court-appointed insolvency
manager Alexander Bergfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 16, 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 Ingolstadt
         Meeting Hall 28
         First Floor
         Schrannenstr. 3
         85049 Ingolstadt
         Germany

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

The insolvency manager can be contacted at:

         Alexander Bergfeld
         Peuntgasse 3
         90402 Nuernberg
         Germany
         Tel: 0911/279800
         Fax: 0911/2798090

The District Court of Ingolstadt opened bankruptcy proceedings
against Oberhofer & Hoerner Wohnbau GmbH on Jan. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Oberhofer & Hoerner Wohnbau GmbH
         Scheinerstr. 31
         85051 Ingolstadt
         Germany


PIXELWORX -SCIENCE: Creditors Must Register Claims by Feb. 22
-------------------------------------------------------------
Creditors of pixelworx -science media services GmbH have until
Feb. 22 to register their claims with court-appointed insolvency
manager Ruediger Stoll.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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
         Hall S 2.22
         Second Stock
         William-Str. 21
         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:

         Ruediger Stoll
         Sankt Augustiner Str. 94 a
         53225 Bonn
         Germany
         Tel: 0228/ 40 09 40
         Fax: 0228/ 40 09 479
         Germany

The District Court of Bonn opened bankruptcy proceedings against
pixelworx -science media services GmbH on Jan 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         pixelworx -science media services GmbH
         Bonner Talweg 57
         53113 Bonn
         Germany

         Attn: Joerg Bereths, Manager
         Herwarthstr. 26
         53115 Bonn
         Germany


RIA '97: Creditors Must Register Claims by March 10
---------------------------------------------------
Creditors of RIA '97 Spielbetriebs GmbH have until March 10 to
register their claims with court-appointed insolvency manager
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Dueselldorf opened bankruptcy proceedings
against RIA '97 Spielbetriebs GmbH on Jan. 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         RIA '97 Spielbetriebs GmbH
         Am Sandbach 12
         40878 Ratingen
         Germany

         Attn: Andrea Kosch, Manager
         Luettelbrachter Str. 14 A
         41379 Brueggen
         Germany


ROPLASTO FENSTERPROFILE: Financial Woes Prompt Insolvency Filing
----------------------------------------------------------------
Roplasto Fensterprofile GmbH filed for insolvency protection in
Cologne on Jan. 12.  The filing leaves about 70 workers,
including the 30 who were fired Jan. 16, with an uncertain
future, Plastics & Rubber Weekly reports.

Roplasto, a German window profile manufacturer, has appointed
Hans-Gerd H. Jauch of the Cologne-based Goerg partnership of
attorneys as temporary administrator, Plastics Information
Europe states.

Mr. Jauch said that the company is currently in negotiations
with a strategic investor, who is willing to market Roplasto's
products.  For the meantime, the company will continue to supply
customers with its products, Plastics Information Europe
relates.

According to reports, Mr. Jauch also disclosed that the main
reason for the company's insolvency is the constant increase in
raw material prices.

Jacques Rooryck, the company's managing director, blamed the
company's financial problems on the "poor economic situation" of
the profiles sector, Plastics Information Europe reveals.

Roplasto tried to address the problem through a network of 15
European subsidiaries, as well as the May 2005 purchase of
Plastmo's extrusion business in Central and Eastern Europe,
which introduced PVC profile extrusion in both Wroclaw, Poland,
and Moscow, Russia, Plastics & Rubber Weekly states.

Meanwhile, the local branch of the IG BCE mining, chemical, and
energy industries trade union expressed surprise over the
company's recent insolvency disclosure, Plastics & Rubber Weekly
reports.

IG BCE agreed to 64 redundancies in 2004 to guarantee that the
Bergisch Gladbach facility will be preserved.  However, the
union claims that the British investor currently involved in
negotiations with the company does not intend to keep the
Bergisch Gladbach operation, Plastics & Rubber Weekly reveals.

                        About the Company

Headquartered in Gladbach, Germany, Roplasto Fensterprofile GmbH
-- http://www.roplasto.com/en/-- specializes in the extrusion
of PVC window and door systems.

The company filed for the opening of insolvency proceedings on
Jan. 12 in the wake of an imminent collapse in liquidity.


SCHNEIDER DRUCK: Creditors Must Register Claims by March 5
----------------------------------------------------------
Creditors of Schneider Druck GmbH have until March 5 to register
their claims with court-appointed insolvency manager Manfred
Kuersch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 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 Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         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:

         Manfred Kuersch
         Kirchstrasse 19
         53518 Adenau
         Germany
         Tel: 02691/93283
         Fax: 02691/932840

The District Court of Wittlich opened bankruptcy proceedings
against Schneider Druck GmbH on Jan. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schneider Druck GmbH
         Attn: Thomas Probst, Manager
         Lindenstr. 14
         54550 Daun
         Germany


SIBEMA GMBH: Creditors Must Register Claims by February 14
----------------------------------------------------------
Creditors of Sibema GmbH have until Feb. 14 to register their
claims with court-appointed insolvency manager Juergen Toemp.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on March 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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. Juergen Toemp
         Wilhelmshofallee 75
         47800 Krefeld
         Tel: 02151-5813140
         Fax: 02151-5813247
         Germany

The District Court of Kleve opened bankruptcy proceedings
against Sibema GmbH on Jan. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sibema GmbH
         Industriestrasse 40
         47652 Weeze
         Germany

         Attn: Johannes Pieter, Manager
         Berkenlaan 2
         BEL-2390 Westmalle
         Germany


WALTHER GMBH: Claims Registration Ends Feb. 26
----------------------------------------------
Creditors of Walther GmbH have until Feb. 26 to register their
claims with court-appointed insolvency manager Wolfgang
Grossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 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:

         Wolfgang Grossmann
         Amthausstr. 1
         70839 Gerlingen
         Germany

The District Court of Ludwigsburg opened bankruptcy proceedings
against Walther GmbH on Jan. 23.   Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Walther GmbH
         Robert-Bosch-Str. 1
         71691 Freiberg
         Germany


VERWALTUNGSGESELLSCHAFT GRUNDBESITZ: Claims Bar Date Set Feb. 28
----------------------------------------------------------------
Creditors of Verwaltungsgesellschaft Grundbesitz Wittenf"rden
GmbH have until Feb. 28 to register their claims with court-
appointed insolvency manager Stefan N. Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Scherwin
         Hall 7
         Demmlerplatz 14
         Scherwin
         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. Stefan N. Frielinghaus
         H.-Mann-Str. 18
         19053 Schwerin
         Germany

The District Court of Scherwin opened bankruptcy proceedings
against Verwaltungsgesellschaft Grundbesitz Wittenf"rden GmbH on
Jan. 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Verwaltungsgesellschaft Grundbesitz Wittenf"rden GmbH
         Attn: Dieter Meyer, Manager
         Nordring 8
         19073 Wittenforden
         Germany


WT CELLE: Claims Registration Ends March 5
------------------------------------------
Creditors of WT Celle GmbH have until March 5 to register their
claims with court-appointed insolvency manager Hans-Peter
Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Apr. 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 Celle
         Hall 14
         Ground Floor
         Muhlenstrasse 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:

         Hans-Peter Valentiner
         Bahnhofstr. 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722
         E-Mail: Rae_valentiner_blaha_buchholz@gmx.de

The District Court of Celle opened bankruptcy proceedings
against WT Celle GmbH on Jan. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WT Celle GmbH
         Erichsgasse 12
         29225 Celle
         Germany


VS VERBUNDSCHALUNGEN: Claims Registration Ends March 7
------------------------------------------------------
Creditors of Verbundschalungen Verwaltungs GmbH have until
March 7 to register their claims with court-appointed insolvency
manager Michael Bleek.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Michael Bleek
         Andreasstrasse 39
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Verbundschalungen Verwaltungs GmbH on Jan. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Verbundschalungen Verwaltungs GmbH
         Attn: Gernot Gruber, Manager
         Gewerbegebiet Im Wolfsgraben
         36414 Unterbreizbach
         Germany


VARUS BERATUNGSGESELLSCHAFT: Claims Registration Ends March 22
--------------------------------------------------------------
Creditors of Varus Beratungsgesellschaft GmbH have until
March 22 to register their claims with court-appointed
insolvency manager Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on April 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         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:

         Christoph Henningsmeier
         Osdorfer Highway 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Varus Beratungsgesellschaft GmbH on Jan. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Varus Beratungsgesellschaft GmbH
         Attn: Vinzenz Grothgar, Manager
         Strandweg 86
         22587 Hamburg
         Germany


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


FIAT GROUP: Aims to Gain 35% Italian Market Share by 2010
---------------------------------------------------------
Fiat Group Automobiles S.p.A. is aiming to capture around 35% of
the Italian car market by 2010, Bloomberg News reports citing
chief executive Sergio Marchionne.

Mr. Marchionne, speaking during the launching of its Bravo
compact car, said the company's Italian market share would
continue to exceed 30%, adding the figure "has become sacred."

"The important thing is to see how we can get above 31%," Mr.
Marchionne was quoted by Bloomberg News as saying.  "It won't
happen in January, but in February with the new Bravo we'll
see."

Spurred by production of new models and government tax
incentives, Fiat exceeded its 30% market share for the first
time since 2002.

The Bravo car will replace Stilo model, as part of Mr.
Marchionne's effort to capture more customers in Europe's car
market.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat Group Automobiles S.p.A.
(fka Fiat S.p.A.) -- http://www.fiatgroup.com/-- manufactures
and sells automobiles, commercial vehicles, and agricultural and
construction equipment.  It also manufactures, for use by the
company's automotive sectors and for sale to third parties,
other automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                          *     *     *

In a TCR-Europe report on Jan. 30, Standard & Poor's Ratings
Services revised its outlook on Italian industrial group Fiat
S.p.A. to positive from stable.  At the same time, the 'BB'
long-term and 'B' short-term corporate credit ratings on Fiat
were affirmed.

The ratings on Fiat could be raised if the group confirms in the
next few months that its improved trading margin and cash
generation are sustainable.  Standard & Poor's will also look
closely at the launch of the group's new Fiat Bravo car.

Fitch Ratings upgraded Fiat S.p.A.'s and Fiat Finance and Trade
Ltd. S.A.'s respective Issuer Default and senior unsecured
ratings to 'BB' from 'BB-'.  Fiat's Short-term rating is
affirmed at 'B'.  The Outlook on the Issuer Default rating
remains Positive.

As reported in the TCR-Europe on Nov. 6, 2006, Moody's Investors
Service changed the outlook on Fiat S.p.A.'s Ba3 Corporate
Family Rating to positive from stable and affirmed the long-term
senior unsecured ratings as well as the short-term non-Prime
rating.

Issuers: Fiat Finance & Trade Ltd.
         Fiat Finance Canada Ltd.
         Fiat Finance Luxembourg S.A.
         Fiat Finance North America Inc.
         Fiat France S.A.
         Fiat S.p.A.

    * Outlook, Changed To Positive From Stable


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



AIMA JOL: Creditors Must File Claims by March 16
------------------------------------------------
LLP Aima Jol Service has declared insolvency.  Creditors have
until March 16 to submit written proofs of claim to:

         No. 9-3
         Micro District "Mamyr-2"
         Almaty
         Kazakhstan


ALTYN TOBE: Economic Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has started bankruptcy proceedings against CJSC Mining
Company Altyn Tobe on Dec. 8, 2006.


ASIA-TRADE LLP: Proof of Claim Deadline Slated for March 16
-----------------------------------------------------------
LLP Asia-Trade Ltd. has declared insolvency.  Creditors have
until March 16 to submit written proofs of claim to:

         LLP Asia-Trade Ltd
         Korolev Str. 88-77
         Ekibastuz
         Pavlodar, Kazakhstan


ENTERPRISE BEREKE: Claims Registration Ends March 16
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared State Utility Enterprise Bereke
insolvent.

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

         State Utility Enterprise Bereke
         Jumabaev Str. 109-308
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


JAS LLP: Claims Filing Period Ends March 16
-------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Jas insolvent.

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

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


KAVEY LLP: Creditors Must File Claims by March 16
-------------------------------------------------
LLP Foreign Commerce Company Kavey has declared insolvency.
Creditors have until March 16 to submit written proofs of claim
to:

         LLP Foreign Commerce Company Kavey
         Ak. Chokin Str. 87-187
         Pavlodar
         Pavlodar, Kazakhstan


PIN TRANS: Creditors' Claims Due March 16
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Pin Trans insolvent on Dec. 27, 2006.

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

         LLP Pin Trans
         No. 138
         Micro District "Taugul-3"
         Almaty, Kazakhstan
         Tel: 8 333 223 07-71


TECHCOMPLECT LLP: Proof of Claim Deadline Slated for March 16
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region has declared LLP Techcomplect insolvent.

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

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


TEMIR-TAS 2: Claims Registration Period Ends March 16
-----------------------------------------------------
JSC Temir-Tas 2 has declared insolvency. Creditors have until
March 16 to submit written proofs of claim to:

         JSC Temir-Tas 2
         1st Kilometer
         Ilyiskoye Highway
         Almaty
         Kazakhstan
         Tel: 8 (3272) 36-40-43


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


INFORS-BUILD STROY: Claims Filing Period Ends March 16
------------------------------------------------------
LLC Infors-Build Story has declared insolvency.  Creditors have
until March 16 to submit written proofs of claim to:

         LLC Infors-Build Story
         Pobeda Str. 37
         Tokmok
         Chui Region
         Kyrgyzstan


PROPERTY HOLDING: Creditors' Claims Due March 23
------------------------------------------------
LLC Property Holding has declared insolvency.  Creditors have
until March 23 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-48-84.


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


DANA CORP: Gets Approval to Amend Postpetition Credit Facility
--------------------------------------------------------------
The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for
the Southern District of New York authorizes Dana Corp. and its
debtor-affiliates to amend their postpetition credit facility to
provide for:

   (a) a $200,000,000 increase of their term loan commitments;

   (b) a 0.25% increase of the annual rate at which interest
       accrues on amounts borrowed under the term facility;

   (c) reduction of certain minimum global EBITDAR covenant
       levels and an increase of the annual amount of cash
       restructuring charges excluded in the calculation of
       EBITDAR;

   (d) the implementation of a corporate restructuring of their
       European non-Debtor subsidiaries to facilitate the
       establishment of a European credit facility and improve
       treasury and cash management operations; and

   (e) their ability to receive and retain proceeds from the
       trailer axle asset sales that closed on January 5, 2007,
       without potentially triggering a mandatory repayment to
       the lenders of the amount of proceeds received.

The Debtors, the Guarantors, and Citicorp North America, Inc.,
as Administrative Agent for the Incremental Term Lenders,
entered into an Amended and Restated Credit Agreement on Jan.
25, 2007.  Pursuant to the Amendment, the Debtors can borrow up
to US$900,000,000 in the term loan portion of its DIP Facility.

Moreover, each Revolving Credit Lender that executes a
counterpart to the Amendment will be paid an amendment fee in an
amount equal to 0.125% in respect of its Revolving Credit
Commitment, which will be earned on the Effective Date of the
Amendment and become due and payable upon the funding of all or
any portion of the Incremental Term Facility.

The Debtors expect the increase in the Term Loan Facility to
alleviate their short-term liquidity issues, but may need to
seek additional financing to complete their restructuring
initiatives, Michael L. DeBacker, the Debtors' vice president
and general counsel, says in a filing with the Securities and
Exchange Commission.

                          About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed $7,900,000,000 in total
assets and $6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until Mar. 5, 2007, to solicit acceptances to
that plan.

(Dana Corporation Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DANA CORP: Wants E&Y's Work Expanded to Add Internal Audit Task
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to
expand the scope of Ernst & Young LLP's services to include
certain internal audit tasks, nunc pro tunc to Jan. 1, 2007.

The Internal Audit Services include, among others:

   (a) providing a client service charter for approval by the
       Management and the Audit Committee every year;

   (b) conducting a risk assessment focused on the Debtors'
       articulated areas of risk and concern

   (c) finalizing an annual audit plan and an annual budget;

   (d) enhancing the Debtors' understanding of and compliance
       with legislation like Section 404 of the Sarbanes-Oxley
       Act;

   (e) providing pragmatic review and assessment of controls
       over financial reporting;

   (f) recommending improvements of efficiency and control of
       business processes related to the Debtors' information
       technology; and

   (g) providing reports and results from the performance of
       risk assessment procedures.

The Debtors' Internal Audit Department has historically provided
the Internal Audit Services.  As a consequence of the expansion
of E&Y's employment, the Audit Department will no longer be
maintained, Corinne Ball, Esq., at Jones Day, in New York,
relates.

Certain of the Audit Department's 33 employees will be offered
reassignments within the Debtors' business or terminated or
offered employment with E&Y, Ms. Ball says.

The Debtors believe that outsourcing of the Internal Audit
Services will result in greater efficiencies and potentially
significant cost savings for the benefit of their Chapter 11
estates.  E&Y's provision of the Internal Audit Services on an
hourly basis will eliminate the burdensome costs and
inefficiencies associated with employee downtime and will help
ensure that the Debtors only receive and pay for Internal
Auditing Services as and when needed.

The Debtors estimate that the elimination of those
inefficiencies through the proposed outsourcing program could
result in annual savings of as much as US$3,000,000.

The Debtors will pay E&Y according to its customary hourly
rates:

                   U.S.    UK & German  Other Int'l.   Other
  Level          Personnel  Personnel    Personnel   Specialist
  -----          --------- ----------- ------------- ----------
  Partner/
  Principal/
  Executive Dir.  US$345    US$525       US$380    US$490 - 650
  Senior Manager     250       370          275       300 - 550
  Manager            200       310          220       250 - 500
  Senior             143       245          157       200 - 375
  Staff              110       160          121       145 - 180

The Debtors will also reimburse E&Y for any necessary and
reasonable out-of-pocket expenses and applicable taxes.

                          About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed $7,900,000,000 in total
assets and $6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until Mar. 5, 2007, to solicit acceptances to
that plan.

(Dana Corporation Bankruptcy News, Issue No. 31; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


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


FIXED LINK: Moody's Keeps B2 Rating on Debt Restructuring Plan
--------------------------------------------------------------
Moody's Investors Service confirmed the un-guaranteed long-term
debt ratings of Fixed Link Finance 2 B.V. at B2, with a
developing outlook.

This concludes the rating review that was first initiated in
June 2006 and then maintained following a rating downgrade on
July 14, 2006.

In addition, the Aaa rating of FLF2's GBP620-million of
Guaranteed Notes, which is based upon the unconditional and
irrevocable guarantee of principal and interest by MBIA
Assurance S.A., and which was not on review, was affirmed.

FLF2 is a special purpose company that has lent the proceeds of
the notes it has issued to the Eurotunnel PLC/S.A. group in the
form of Tier 1A Loans.  The last rating action was on
July 14, 2006, when Moody's downgraded the un-guaranteed long-
term debt ratings from B1 to B2 and maintained the ratings on
review with direction uncertain.

The rating action takes account of the payment default on the
Un-guaranteed Debt, as well as the recent publication of
Eurotunnel's Debt Restructuring Plan, which states that the FLF2
bonds will be repaid as part of a debt restructuring, and the
acceptance of the Debt Restructuring Plan by the required
majority of Eurotunnel's creditors and the Commercial Court of
Paris.

As anticipated by Moody's in its rating action on July 14, 2006,
the entering into the French corporate rehabilitation process of
'procedure de sauvegarde' and the time taken to agree and
implement a Debt Restructuring Plan have led to an interest
payment default on the Un-guaranteed Debt, which occurred on 1
February 2007.

It is now clear from the publication of the Debt Restructuring
Plan that all FLF2 bonds will be repaid together with all
interest accrued up to the point of repayment, which will occur
at the time of the consummation of the Debt Restructuring Plan.
This will be achieved through the raising of new finance, which
Moody's understands has already been underwritten subject to
final documentation.  However, FLF2 bondholders will not receive
any compensation for the late payment of interest from Feb. 1,
2007 until the date that the FLF2 bonds are repaid -- hence the
Un-guaranteed Debt will experience a small loss, such loss being
determined by the length of time it takes to conclude the Debt
Restructuring Plan.

Moody's considers this expected loss, together with the residual
uncertainty that the Debt Restructuring Plan will not be
completed as envisaged, to be commensurate with a B2 rating.
The rating agency would expect that payments of interest on the
notes guaranteed by MBIA Assurance S.A. will be met by MBIA
Assurance S.A. prior to the repayment of such notes and that
such guaranteed note-holders will be repaid at par.

The developing outlook recognizes that the credit
characteristics of the Un-guaranteed Debt are dependent upon the
successful implementation of the Debt Restructuring Plan.
However, Moody's believes it probable that the Debt
Restructuring Plan will be consummated and that, even if the
repayment of the FLF2 obligations were to take place beyond the
anticipated date of June 2007, the loss experienced by the Un-
guaranteed Debt would still be commensurate with a B2 rating.
The prospects for a successful conclusion have been boosted by
the agreement of the required majority of Eurotunnel creditors
and the Commercial Court of Paris to the terms, and Eurotunnel
has commitments to provide the required new facilities.

However, shareholders will need to tender a minimum of 60% of
existing Eurotunnel shares, and the outcome of the tender
process is somewhat uncertain given the high percentage of
private shareholders.  This remains a key risk in concluding the
Debt Restructuring Plan, and warrants the developing outlook

The rating of the Un-guaranteed Debt will likely be lowered if
it becomes apparent that the Debt Restructuring Plan will not be
consummated.  While such debt sits towards the top of the
Eurotunnel capital structure, the greater uncertainty as to the
amount and timing of recovery absent the Debt Restructuring
Plan, probably through a process of Substitution, would not be
commensurate with a B2 rating.  The rating would not likely be
upgraded unless the terms of the Debt Restructuring Plan were
changed to the extent that holders of Un-guaranteed Debt would
face no material losses on their bonds.

Following this rating action, Fixed Link Finance 2 B.V. has the
ratings outstanding:

   -- GBP620-million 5.78% Guaranteed Notes due 2028: Aaa;
   -- Underlying Rating of the above: B2; and
   -- GBP120-million 8.15% Class A Notes due 2026: B2.

Fixed Link Finance 2 B.V. is a special purpose company
incorporated in the Netherlands solely for the purpose of
issuing Class A Notes and Guaranteed Notes and lending the
proceeds to members of the Eurotunnel PLC and Eurotunnel S.A.
group.  The Eurotunnel PLC and Eurotunnel S.A. group manages the
infrastructure of the Channel Tunnel and operates passenger
shuttle and truck shuttle services between Folkestone in the
U.K. and Coquelles in France.


MORGAN STANLEY: Moody's Rates Three Note Classes at Low-B
---------------------------------------------------------
Moody's assigned long term credit ratings to eight classes of
notes issued by Morgan Stanley Investment Management Garda B.V.,
a Dutch special purpose company.  The ratings are:

   -- EUR254-million Class A Senior Floating Rate Notes due
      2022: Aaa;

   -- EUR22-million Class B Senior Floating Rate Notes due 2022:
      Aa2;

   -- EUR21-million Class C Deferrable Interest Floating Rate
      Notes due 2022: A2;

   -- EUR14-million Class D Deferrable Interest Floating Rate
      Notes due 2022: Baa2;

   -- EUR13-million Class E Deferrable Interest Floating Rate
      Notes due 2022: Ba2;

   -- EUR6-million Class F Deferrable Interest Floating Rate
      Notes due 2022: B2;

   -- EUR6-million Class P Combination Notes due 2022: A1; and

   -- EUR4-million Class S Combination Notes due 2022: Ba1.

The ratings address the expected loss posed to investors by the
legal final maturity in April 2022.

The ratings assigned to the Class P and S Combination Notes by
Moody's address the expected loss posed to the investors by the
legal final maturity in 2022 as a proportion of the Rated
Balance, where the Rated Balance is equal, at any time, to the
principal amount of the Class P and S Combination Notes on the
closing date minus the aggregate of all payments made from the
closing date to such date, either through interest or principal
payments. It is not an opinion about the ability of the issuer
to pay interest.

These definitive ratings are based upon:

   1. an assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. the protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. the overcollateralization of the Notes;

   4. the proposed currency swap transactions, which insulate
      the Issuer from the volatility of the foreign currency
      exchange rates in respect of non-Euro denominated
      obligations;

   5. the expertise of Morgan Stanley Investment Management
      Ltd. as a collateral manager; and

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of around EUR351-million,
comprised primarily of European senior and mezzanine loans and
high yield bonds.  Morgan Stanley Investment Management Ltd.
managed this portfolio.  This portfolio will be partially
acquired at closing date and partially during the 9 months ramp-
up period in compliance with portfolio guidelines.  Thereafter,
the portfolio of loans will be actively managed and the
portfolio manager will have the option to buy or sell assets in
the portfolio.  Any addition or removal of assets will be
subject to a number of portfolio criteria.

Morgan Stanley arranged the transaction.



QUEEN STREET: Moody's Rates EUR20-Million Class E Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to twelve
classes of notes issued by Queen Street CLO I B.V., a private
company with limited liability established in the Netherlands:

   -- EUR266-million Class A1 Senior Secured Floating Rate Notes
      due 2023: Aaa;

   -- EUR66.5-million Class A2 Senior Secured Floating Rate
      Notes due 2023: Aa1;

   -- EUR38.75-million Class B Senior Secured Floating Rate
      Notes due 2023: Aa2;

   -- EUR41.3-million Class C1 Senior Secured Deferrable
      Floating Rate Notes due 2023: A3;

   -- EUR1.2-million Class C2 Senior Secured Deferrable Fixed
      Rate Notes due 2023: A3;

   -- EUR12.95-million Class D1 Senior Secured Deferrable
      Floating Rate Notes due 2023: Baa3;

   -- EUR5.8-million Class D2 Senior Secured Deferrable Fixed
      Rate Notes due 2023: Baa3;

   -- EUR20-million Class E Senior Secured Deferrable Floating
      Rate Notes due 2023: Ba3;

   -- EUR7-million Class X Combination Notes due 2023: Baa1;

   -- EUR10-million Class Y Combination Notes due 2023: Baa3;
      and

   -- EUR33.14-million Class Z Combination Notes due 2023: Aa2.

The EUR47.5-million Class F Subordinated Notes due 2023 were not
rated.

The ratings address the expected loss posed to investors by the
legal final maturity in 2023.

The rating assigned to the Class X Combination Notes addresses
the expected loss posed to the investors by the legal final
maturity as a proportion of the Rated Balance, where the Rated
Balance is equal on any payment date to the Rated Balance on the
preceding payment date increased by the rated coupon of 0.25%
per annum and reduced by the aggregate of all payments made on
such payment date, either through interest or principal.

The ratings assigned to the Class Y Combination Notes and the
Class Z Combination Notes address the ultimate repayment of the
Rated Balance on or before the legal final maturity, where the
Rated Balance is equal at any time to the principal amount of
the each Combination Note on the Issue Date minus the aggregate
of all payments made from the Issue Date to such date, either
through interest or principal payments. They are not an opinion
about the ability of the issuer to pay interest.

These ratings are based upon:

   1. an assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. the protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. the par coverage and interest coverage tests, which divert
      cash flows towards senior notes;

   4. the hedging strategy to be implemented to cover currency
      and interest rate risk;

   5. the expertise of Indicus Investment Management Ltd. as
      collateral manager; and

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of EUR486.2 million, comprised
primarily of senior secured loans (minimum 85% of the
portfolio), mezzanine loans, unsecured loans, high-yield bonds
and whole business securitizations.  At closing around 79% of
the portfolio has been acquired and the remaining portion of the
portfolio will be acquired during the ramp-up period in
compliance with portfolio guidelines.  Thereafter, Indicus
Investment Management Ltd., who will have the option to buy or
sell assets in the portfolio, will actively manage the portfolio
of loans.  Any addition or removal of assets will be subject to
a number of portfolio criteria.


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


ADAMANT LLC: Bankruptcy Hearing Slated for April 24
---------------------------------------------------
The Arbitration Court of Bashkortostan will convene at 10:00
a.m. on April 24 to hear the bankruptcy supervision procedure on
LLC Transport Agency Adamant.  The case is docketed under Case
No. A07-25447/06-G-GIA.

The Temporary Insolvency Manager is:

         E. Ivanov
         Apartment 109
         Stepana Kivykina Str. 317
         Ufa
         450106 Bashkortostan
         Russia

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan, Russia

The Debtor can be reached at:

         LLC Transport Agency Adamant
         Gafuri Str. 25
         Ufa
         450076 Bashkortostan
         Russia


AK BARS: Fitch Upgrades IDR to BB- with Stable Outlook
------------------------------------------------------
Fitch Ratings upgraded AK BARS Bank's ratings to Issuer Default
'BB-' from 'B+', Support '3' from '4' and National Long-term
'A+' from 'A-'.  The Outlooks on the Issuer default rating and
National Long-term rating remain Stable.  At the same time Fitch
has affirmed the bank's other ratings at Short-term 'B' and
Individual 'D'.

The upgrades follow the Republic of Tatarstan's upgrade on
Feb. 5, to IDR 'BB+'/Stable Outlook from 'BB' and National Long-
term 'AA+'/Stable Outlook from 'AA', and therefore the higher
ability of RT to provide support to Ak Bars in case of need.  In
Fitch's opinion, RT would have a strong propensity to support Ak
Bars in light of its controlling ownership, the servicing by Ak
Bars of the RT budget, the bank's extensive retail franchise in
the republic and AK Bars' importance to the republic's banking
system.  Fitch notes that in December 2006, following a RUB11.2
billion equity increase, the government has retained a majority
interest.

The Individual rating reflects Ak Bars' significant loan book
concentrations, rapid loan growth, sizable related-party funding
and ambitious expansion plans, which could elevate the bank's
risk profile.  However, the rating also takes into account
improving bottom-line results, currently strong capitalization,
good asset quality, and large shares in the local retail and
corporate sectors.

Upward or downward pressure on Ak Bars' Issuer Default and
National Long-term ratings could result from an upgrade or
downgrade, respectively, of the RT's IDR, although this is not
expected in the near-term.  Upward pressure on the Individual
rating is unlikely in the near-term, however further successful
franchise diversification, continued low loan impairment and
strengthening profitability would be positive for the bank's
stand-alone financial strength.  Downward pressure on the rating
is also viewed as unlikely in the near-term given the recent
equity increase.  Expected rapid corporate and retail loan
growth will cause capital ratios to moderate, but they should
remain adequate in the medium-term.

Ak Bars was founded by the Tatarstan government in 1993.  It is
the largest bank in the republic by assets and is among the
largest 20 banks in Russia.  The RT indirectly controls a large
majority of the bank's shares.  Ak Bars is diversifying its
franchise into the retail market and rapidly expanding its loan
portfolio outside the republic.


BUILDER OJSC: Creditors Must File Claims by February 20
-------------------------------------------------------
Creditors OJSC Builder have until Feb. 20 to submit written
proofs of claim to:

         A. Pshenkov, Insolvency Manager
         Lenina Pr. 79-102
         400078 Volgograd
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-78B/06-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov, Russia

The Debtor can be reached at:

         OJSC Builder
         Turki
         Saratov, Russia


EAST OJSC: Orel Bankruptcy Hearing Slated for March 14
------------------------------------------------------
The Arbitration Court of Orel Region will convene at 11:00 a.m.
on March 14 to hear the bankruptcy supervision procedure on OJSC
East.  The case is docketed under Case No. A48-3935/06-20b.

The Temporary Insolvency Manager is:

         N. Shirokov
         4th floor
         3rd Kurskaya Str., 15
         302004 Orel
         Russia

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         OJSC East
         Naberezhnaya Str. 1
         Khomutovo
         Novoderevenkovskiy
         Orel, Russia


FOODSTUFFS OJSC: Asset Bidding Deadline Slated for February 20
--------------------------------------------------------------
S. Pakhomov, the insolvency manager, the bidding organizer for
OJSC Foodstuffs, will open a public auction for the company's
properties at 3:00 p.m. on Feb. 21 at:

         OJSC Foodstuffs
         215 Area (Post User Box 2716)
         Angarsk
         665813 Irkutsk
         Russia

The company has set a RUR172,754,200 starting price for the
auctioned assets.

The case is docketed under Case No. A19-43391/05-38-29.

Interested participants have until Feb. 20 to deposit an amount
equivalent to two percent of the starting price to:

         OJSC Foodstuffs (TIN 3801003351)
         ettlement Account 40702810418310101901 in Angarskoye
         OSB 7690 of Baykalskiy bank SB RF
         Irkutsk
         Correspondent Account 3010181090000000607
         BIK 042520607
         KPP 380101001
         OKONKh 71200, 84500, 71100

Bidding documents must be submitted to:

         S. Pakhomov, insolvency manager
         215 Area
         Angarsk
         665813 Irkutsk
         Russia
         Tel: (8-3951) 54-38-00
         Fax: (8-3951) 54-34-39

The Debtor can be reached at:

         OJSC Foodstuffs
         215 and 251 Areas
         Angarsk
         665813 Irkutsk
         Russia


KANSKIY BIO-CHEMICAL: Creditors Must File Claims by March 20
------------------------------------------------------------
Creditors CJSC Kanskiy Bio-Chemical Factory have until March 20
to submit written proofs of claim to:

         R. Safaryanov, Insolvency Manager
         Room 407, 422
         Mira Pr. 36
         660049 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-4053/2006.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         CJSC Kanskiy Bio-Chemical Factory
         Krasnoyarskaya Str. 13
         Kansk
         663613 Krasnoyarsk
         Russia


KUVSHINOVO-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 20
----------------------------------------------------------------
Creditors OJSC Kuvshinovo-Agro-Prom-Khimiya (TIN 6929000350)
have until March 20 to submit written proofs of claim to:

         S. Kurochkin, Insolvency Manager
         Post User Box 0620
         Tver-100
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A66-4313/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver, Russia

The Debtor can be reached at:

         S. Kurochkin, Insolvency Manager
         Post User Box 0620
         Tver-100
         Russia


LUKOIL OAO: Unveils Candidates for Board and Audit Elections
------------------------------------------------------------
The Board of Directors of OAO Lukoil specified the list of
candidates for election of the Board of Directors and Audit
Commission at the Annual General Shareholders Meeting held on
Feb. 3.

The candidates for the election of the Board of Directors
include:

   1. Vagit Yu. Alekperov, President of OAO Lukoil;

   2. Igor V. Belikov, Director of the Russian Institute
      of Directors;

   3. Mikhail P. Berezhnoi, General Director of the
      Non-State Pension Fund LUKOIL-GARANT;

   4. Donald Evert Wallette (Jr.), President of
      Russia/Caspian Region, ConocoPhillips

   5. Valery I. Grayfer, General Director of OAO RITEK;

   6. Oleg E. Kutafin, Rector of the Moscow State Academy
      of Law;

   7. Ravil U. Maganov, First Executive Vice President of
      OAO Lukoil;

   8. Richard H. Matzke, former Vice Chairman of
      Chevron Corp.;

   9. Sergei A. Mikhailov, General Director of
      OOO Upravlyayuschaya kompaniya Management-Consulting;

  10. Nikolai A. Tsvetkov, Chairman of OAO URALSIB
       Management Committee;

  11. Igor V. Sherkunov, Chairman of the Board of Directors
       of ZAO Investitsionnaya Gruppa Kapital
       (Capital Investment Group); and

  12. Alexander N. Shokhin, President of Russian Union
      of Industrialists and Entrepreneurs (employers).

The candidates for the election of the Audit Commission include:

   1.  Lyudmila M. Bulavina, Chief Accountant, OOO
       LUKOIL-Nizhnevolzhskneft;

   2.  Pavel G. Kondratiev, Chief Accountant of OAO
       LUKOIL-Nizhegorodnefteorgsintez; and

   3.  Vladimir N. Nikitenko, President of
       OAO Petrocommerce Bank.

                          About Lukoil

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

                          *     *     *

As of Feb. 6, OAO Lukoil carry these ratings:

    * Standard & Poor's

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


MAGNITOGORSK IRON: Fitch Lifts IDR to BB on Plant Modernization
---------------------------------------------------------------
Fitch Ratings upgraded Magnitogorsk Iron and Steel Works's
Issuer Default and senior unsecured ratings to 'BB' from 'BB-'.
The Outlook on the Issuer Default rating remains Stable.

"The rating upgrade reflects the modernization of MMK's plant
resulting in greater operational efficiency, sustainable low
leverage and strong liquidity, and improved transparency
regarding ownership of the company," says Peter Archbold,
Director of Fitch's EMEA Industrials team.

MMK has a high level of profitability and has maintained a
conservative financial structure over the past three years with
gross leverage of 0.4x at FYE05.  An ongoing focus on higher
value-added steel products, together with improving operational
efficiency and lower production costs as a result of MMK's plant
modernization, should enable the company to maintain a
conservative financial profile, including gross leverage of
below 1x, even if a moderation in steel prices were to occur.

In contrast to a majority of its domestic peers, at present MMK
has limited self-sufficiency in key steel-making raw materials.
Fitch, however, recognizes the company's good bargaining
position relative to certain key suppliers; this has allowed MMK
to maintain operating margins that are comparable to those of
domestic peers with higher levels of raw material self-
sufficiency. Fitch also considers favorably the provisions made
by MMK to increase its raw material self-sufficiency in coming
years.

Fitch also notes the increased transparency in MMK's
shareholding structure.  Specifically a 26.5% interest in the
company previously owned by an undisclosed group of investors
has now come under the control of company management, increasing
its ownership to more than 89%.

The Stable Outlook reflects Fitch's expectation that MMK's low-
cost operating position in Russia, the efficiency of its
operations and a favorable bargaining position relative to
certain raw material providers will enable it to maintain strong
operating margins and a conservative financial structure despite
a potential moderation in steel prices.  The Outlook also
factors in a reduction in dividend payments from FY07 onwards.

Based in Magnitogorsk, MMK is Russia's third-largest steel
producer with 2005 production of 11.4 million tons of steel and
revenues of US$5.4 billion.  The company focuses on the
production of flat-steel products for use in construction, pipe
production and machinery manufacture.


MALACHITE LLC: Creditors Must File Claims by February 20
--------------------------------------------------------
Creditors LLC Malachite have until Feb. 20 to submit written
proofs of claim to:

         V. Nikolskaya, Insolvency Manager
         Post User Box 01212
         Kalinina Pr. 18
         170001 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A66-9966/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver, Russia

The Debtor can be reached at:

         LLC Malachite
         Sovetskaya Str. 54
         Tver, Russia


MERCURY-T CJSC: Creditors Must File Claims by March 20
------------------------------------------------------
Creditors CJSC Progress have until March 20 to submit written
proofs of claim to:

         I. Tikhonovich, Insolvency Manager
         Pulkovskaya Str. 9-71
         614030 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-12257/2006-B.

         I. Tikhonovich, Insolvency Manager
         Pulkovskaya Str. 9-71
         614030 Perm
         Russia

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm, Russia

The Debtor can be reached at:

         CJSC Mercury-T
         Pisareva Str. 1
         Perm, Russia


ONEZHETS-MARKET LLC: Bankruptcy Hearing Slated for April 20
-----------------------------------------------------------
The Arbitration Court of Kareliya will convene at 10:50 a.m. on
April 20 to hear the bankruptcy supervision procedure on LLC
Onezhets-Market.  The case is docketed under Case No. A26-7094/
2006-182.

The Temporary Insolvency Manager is:

         D. Ryndenko
         Post User Box 13
         Rybinsk
         152930 Yaroslavl
         Russia

The Court is located at:

         The Arbitration Court of Kareliya
         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya
         Russia

The Debtor can be reached at:

         LLC Onezhets-Market
         Kalinina Str. 1
         Petrozavodsk
         185610 Kareliya
         Russia


PETROVSKOYE FREIGHT: Creditors Must File Claims by February 20
--------------------------------------------------------------
Creditors CJSC Petrovskoye Freight Transport Enterprise have
until Feb. 20 to submit written proofs of claim to:

         V. Mayorov, Insolvency Manager
         Post User Box 410
         150051 Yaroslavl
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A82-3929/06-43-B/61.

The Debtor can be reached at:

         CJSC Petrovskoye Freight Transport Enterprise
         Zheleznodorozhnaya Str. 7
         Petrovsk
         Rostovskiy
         Yaroslavl, Russia


PROGRESS CJSC: Creditors Must File Claims by February 20
--------------------------------------------------------
Creditors CJSC Progress have until Feb. 20 to submit written
proofs of claim to:

         A. Kocheshkov, Insolvency Manager
         Kavalergardskaya Str. 6
         St. Petersburg
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-24159/06.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         A. Kocheshkov, Insolvency Manager
         Kavalergardskaya Str. 6
         St. Petersburg
         Russia


SEL-KHOZ-KHIMIYA OJSC: Amur Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Amur commenced bankruptcy supervision
procedure on OJSC Sel-Khoz-Khimiya.  The case is docketed under
Case No. A04-7128/06-12/201 B.

The Temporary Insolvency Manager is:

         A. Dovlatbegov
         Room 212
         Sv. Innokentiya Per. 13
         Blagoveshensk
         675000 Amur
         Russia

The Debtor can be reached at:

         OJSC Sel-Khoz-Khimiya
         Zelvino
         Rajchikhinsk
         Bureyskiy
         676770 Amur
         Russia


SIBERIAN FUEL-ENERGY: Omsk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Omsk Region commenced bankruptcy
supervision procedure on OJSC Siberian Fuel-Energy Company.
The case is docketed under Case No. A46-10321/2006.

The Temporary Insolvency Manager is:

         A. Shipitsyn
         Post User Box 5222
         Omsk-43
         Russia

The Debtor can be reached at:

         OJSC Siberian Fuel-Energy Company
         Krasnoyarskiy Trakt 155
         Omsk
         Russia


SUVOROVSKOYE OJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on OJSC Suvorovskoye.  The case is
docketed under Case No. A-32-28478/2006-2/2673-B.

The Temporary Insolvency Manager is:

         K. Serikov
         Post User Box 6480
         350911 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Suvorovskoye
         Suvorovskoye
         Ust-Labinskoye
         352347 Krasnodar
         Russia


URAN TRADE: Creditors Must File Claims by March 20
--------------------------------------------------
Creditors LLC Uran Trade have until March 20 to submit written
proofs of claim to:

         A. Nekhina, Insolvency Manager
         Post User Box 17
         127562 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-38465/06-78-757 B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow, Russia

The Debtor can be reached at:

         LLC Uran Trade
         Building 1
         Bolshoy Strochenovskiy Per. 4
         113054 Moscow
         Russia


* Fitch Puts Low-B Ratings to Sakha Republic's Currency Ratings
---------------------------------------------------------------
Fitch Ratings assigned the Republic of Sakha ratings at Long-
term foreign and local currency 'B+' and Short-term foreign
currency 'B' and National Long-term 'A'.  The Outlooks on all
the Long-term ratings are Stable.

The ratings reflect the republic's continuously improving debt
structure and the increasing efficiency of its broad public
sector management.  However, the ratings also factor in its high
budgetary rigidity and dependence on a single taxpayer, ALROSA
diamond mining company, which results in its budget performance
being vulnerable to commodity price fluctuations.

The republic's issued debt accounted for 48% of the region's
total debt at end-2006, up from 4% in 2002, replacing the
restructured budget loans.  The share of the latter decreased
significantly to 21% from 80% during the same period.  Total
debt-to-current revenues ratio averaged 28.3% in 2005-2006
compared to 36.7% in 2003-2004.

The Republic of Sakha ran a privatization program in 2006, under
which the number of public sector companies decreased to 544 in
2006 from 639 in 2005, limiting the republic's exposure to the
indirect risks of the public sector.  According to its public
sector restructuring plan for 2007, the number of public sector
companies will decrease by a further 117.

At the same time the republic's budget demonstrates a high level
of rigidity. The share of transfers to the municipalities'
budgets increased to 38.5% of total expenditures in 2006 from
31% in 2005.  The share of rigid expenditures averaged 85% of
the republic's operating expenditures in 2005-2006.  Because of
the remoteness of the republic, transportation of supplies to
municipalities are costly, adding to the rigidity of
expenditure.

In addition, the ratings take into account the high dependence
of the republic's economy and budgetary performance on primary
industries and the slowdown of economic development due to the
current mining output stagnation.

The republic is among the richest regions in the Russian
Federation.  It is the third largest in the Russian Federation
in terms of natural resources endowment.  The value of its
natural reserves is estimated at US$1.3 trillion or 1.5% of
global natural resources.

The Republic of Sakha is situated in the western half of the far
east region of the Russian Federation.  It is Russia's largest
territorial unit with a population of just under 1 million
people.


* Fitch Affirms Low-B Currency Ratings for Tatarstan Republic
-------------------------------------------------------------
Fitch Ratings upgraded the Republic of Tatarstan's Long-term
foreign and local currency ratings to 'BB+' from 'BB'.  The
Short-term foreign currency rating is affirmed at 'B'.  Fitch
has also upgraded its National Long-term rating to 'AA+' from
'AA'.  The Outlooks on the International and National Long-term
ratings remain Stable.

The upgrade reflects Tatarstan's continued strong budgetary
performance, tight controls over operating expenditure and
ability to finance capital expenditure through own sources,
keeping direct debt insignificant.  However, the ratings also
take into account the republic's high dependence on local
economic performance, as tax income becomes the main source of
budget revenue.

The republic has demonstrated consistently strong budgetary
performance that allowed it to register high operating and
current budget surpluses.  Operating expenditure remains tightly
controlled, with staff expenditure only accounting for 13.2% of
operating expenditure in 2006, while capital expenditure
averaged 36% of total expenditure in 2002-2006.  The republic
has been able to offset the negative effects of the decline in
federal transfers by stimulating tax revenue, whose share in
overall revenue has been rising to account for 65% of the total
in 2006.

The local economy is diversified with a strong industrial
sector, allowing economic growth to be sustainable. The
republic's industrial sector includes oil production, highly
developed petrochemicals and machinery building sectors, which
produce a large proportion of Russia's synthetic rubber
products, industrial equipment and heavy cargo trucks.  However,
the republic's economy is vulnerable to macroeconomic risk of
the national economy and exogenous shocks from the international
markets.

Tatarstan's budget has seen an increasing share of social
spending and financial support of municipalities.  The recent
budgetary reforms have seen the republic's social expenditure
grow to 22.5% of total spending in 2006 from 9.7% in 2001.  At
the same time, financial support of municipalities increased to
32% in 2006 from 17.7% in 2001.  The need to index these
payments to the consumer price index may reduce the republic's
operating expenditure flexibility.

The republic has a significant exposure to indirect risk since
the guarantee for LPN of SINEK, a holding company wholly-owned
by the government, accounts for 68.5% of its total debt.
However, the risk is mitigated by the fact that dividends from
the shareholdings and the return on investments exceed the
annual coupon payments.

The Republic of Tatarstan is located at the central part of
Russia on the East-European plain.  The region accounts for 2.4%
of GDP of the Russian Federation and around 2.6% of its
population.


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


CIRIBA LLC: Solothurn Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Solothurn entered Jan. 5, an order
closing the bankruptcy proceedings of LLC Ciriba.

The Debtor can be reached at:

         LLC Ciriba
         Solothurnstrasse 139
         2540 Grenchen
         Lebern, Solothurn
         Switzerland

The Bankruptcy Service of Solothurn can be reached at:

         Bankruptcy Service of Solothurn
         4702 Oensingen
         Gau, Solothurn
         Switzerland


FOHAPOL JSC: St. Gallen Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of St. Gallen entered Jan. 15, an order
closing the bankruptcy proceedings of JSC Fohapol.

The Debtor can be reached at:

         JSC Fohapol
         Ringgasse 27
         9450 Altstatten
         Rheintal, St. Gallen
         Switzerland

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Arthur Kollegger
         9471 Buchs
         St. Gallen
         Switzerland


HAFFMANS VERLAG: Zurich Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Zurich entered Jan. 5, an order
closing the bankruptcy proceedings of JSC Haffmans Verlag.

The Debtor can be reached at:

         JSC Haffmans Verlag
         Seefeldstr. 301
         8008 Zurich
         Switzerland

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8034 Zurich
         Switzerland


JAVICO JSC: Glarus Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Glarus entered Jan. 10, an order
closing the bankruptcy proceedings of JSC Javico.

The Debtor can be reached at:

         JSC Javico
         8750 Glarus
         Switzerland

The Bankruptcy Service of Glarus can be reached at:

         Bankruptcy Service of Glarus
         8750 Glarus
         Switzerland


LUCA & LAURA: Creditors' Liquidation Claims Due February 21
-----------------------------------------------------------
Creditors of JSC Luca & Laura have until Feb. 21 to submit their
claims to:

         Werner Herde
         Liquidator
         Frohbuhlstrasse 4
         8052 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Luca & Laura
         Dietikon
         Zurich, Switzerland


PROMAT FINANZ: Creditors' Liquidation Claims Due February 22
------------------------------------------------------------
Creditors of JSC Promat Finanz have until Feb. 22 to submit
their claims to:

         JSC Citrafin
         Liquidator
         Wehntalerstrasse 249
         8046 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Promat Finanz
         Zurich, Switzerland


RMT RISK: Creditors' Liquidation Claims Due February 26
-------------------------------------------------------
Creditors of LLC RMT Risk Management & Trading have until
Feb. 26 to submit their claims to:

         Stephan Martin Koch
         Liquidator
         Koch & Battig Rechtsanwalte
         Obmoos 4
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC RMT Risk Management & Trading
         Zug, Switzerland


SIAC JSC: Creditors' Liquidation Claims Due February 19
-------------------------------------------------------
Creditors of JSC SIAC have until Feb. 19 to submit their claims
to:

         Beat Schweikart
         Liquidator
         Bahnstrasse 18
         P.O. Box 267
         8603 Schwerzenbach
         Switzerland

The Debtor can be reached at:

         JSC SIAC
         Kilchberg
         Zurich, Switzerland


STEELMET JSC: Creditors' Liquidation Claims Due February 23
-----------------------------------------------------------
Creditors of JSC Steelmet have until Feb. 23 to submit their
claims to:

         JSC STM Steuerberatung & Treuhand Mettler
         Liquidator
         Lowenstrasse 53
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Steelmet
         Zug, Switzerland


TREUCON JSC: Creditors' Liquidation Claims Due February 22
----------------------------------------------------------
Creditors of JSC Treucon have until Feb. 22 to submit their
claims to:

         Rinaldo Rossi
         Liquidator
         JSC Finoreco
         Alpenstrasse 1
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Treucon
         6304 Zug
         Switzerland


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


CHKALOV LLC: Claims Submission Deadline Set February 17
-------------------------------------------------------
Creditors of LLC Chkalov (code EDRPOU 30834177) have until
Feb. 17 to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on Dec. 26, 2006.  The case is docketed
under Case No. 7/147.

The Economic Court of Poltava is located at:

         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         Chkalov LLC
         Berbenicy
         Lohvick District
         37200 Poltava


FREE-PISTON ENGINES: Creditors Must Submit Claims by February 17
----------------------------------------------------------------
Creditors of JSC Research Design Office of Free-Piston Engines
(code EDRPOU 23149584) have until Feb. 17 to submit their proofs
of claims to:

         M. Sorokin, Liquidator
         Dobroliubov Str. 18
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on Dec. 18, 2006, after finding it
insolvent.  The case is docketed under Case No. B-39/102-06.

The Economic Court of Kharkov is located at:

         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         JSC Research Design Office of Free-Piston Engines
         Dmitry Pozharsky Str. 2
         Kharkov
         Ukraine


KRASNOZAPOROZHSKOYE OJSC: Creditors Must File Claims by Feb. 17
---------------------------------------------------------------
Creditors of OJSC Krasnozaporozhskoye (code EDRPOU 00852171)
have until Feb. 17 to submit written proofs of claim to:

         Liudmila Alekseva, Liquidator
         Lukashevo
         Zaporozhje District
         Schastlivaya Str. 5
         70410 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/202/06.

The Economic Court of Zaporozhje is located at:

         Shaumiana Str. 4
         69001 Zaporizhje
         Ukraine

The Debtor can be reached at:

         OJSC Krasnozaporozhskoye
         Vilniansk District
         Lenin Str. 3
         Solonoe
         70021 Zaporozhje
         Ukraine


MILKSELLER LLC: Creditors Must Submit Claims by February 17
-----------------------------------------------------------
Creditors of LLC Milkseller (code EDRPOU 20506747) have until
Feb. 17 to submit written proofs of claim to:

         Liudmila Alekseva, Liquidator
         Lukashevo,
         Zaporozhje District
         Schastlivaya Str. 5
         70410 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company Dec. 27, 2006, after finding it
insolvent.  The case is docketed under Case No. 19/165-16/62/06.

The Economic Court of Zaporozhje is located at:

         Shaumiana Str. 4
         69001 Zaporizhje
         Ukraine

The Debtor can be reached at:

         LLC Milkseller
         May Str. 24
         Bolshaya Belozerka
         Bolshaya Belozerka District
         71400 Zaporozhje
         Ukraine


NAFTOGAZ NJSC: Moody's Confirms Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's confirmed the Ba3 Corporate Family Rating as well as the
Ba2 rating for the US$500-million senior unsecured Loan
Participation notes of NJSC Naftogaz of Ukraine.  The rating
outlook is stable.

At the same time, Moody's has lowered the Baseline Credit
Assessment to 17 from 16, which however has no impact on the
ratings given ongoing strong expected support and low
dependence.

This rating action concludes the review for possible downgrade
for Naftogaz initiated on Aug. 09, 2007.

The downgrade of the BCA reflects Naftogaz's weakened financial
profile as a result of increased gas prices that it needs to pay
its key supplier, Gazprom, and ongoing uncertainty to what
extent the political and regulatory framework will allow
Naftogaz to compensate this cost push with domestic price
increases both to wholesale and retail customers.

The resolution of the gas dispute between Gazprom and Ukraine in
2005 and 2006 about adequate pricing levels for gas, which was
supplied both for transit and domestic purposes, had resulted in
a significant increase of the gas price.  The impact on Naftogaz
was further exacerbated by its inability to increase supplies
from other providers such as Turkmenistan.

During this period, Naftogaz faced political resistance in its
domestic market to increase tariffs sufficiently to cover its
increased cost base.  Despite only a moderate capex programme
below its depreciation levels, this inability to offset rising
input costs with price increases, combined with cash flow
pressures from increasing working capital needs resulted in
Naftogaz incurring negative free cash flows and increasing debt
levels to fund its cash needs.

However, the BCA of "17" also incorporates that in 2006 the
Ukrainian government approved some initial tariff increases,
which from 2007 on should be based on economic principles.  If
successfully implemented, this should mitigate some of the
margin pressure, result in high-single digit operating margins
in 2007 (from low single digit levels between 1 and 2% expected
for FYE 2006) and a positive free cash flow (from a significant
expected cash burn in 2006), thereby restoring some stability to
the weak financial profile of Naftogaz.

The other elements of Naftogaz's rating, high support and low
dependence, remain unaffected by this change in the BCA and
support the stable outlook.

Naftogaz, headquartered in Kiev, Ukraine, is an integrated
hydrocarbon company with operations in oil and gas exploration
and production, domestic and international transportation,
storage and supply.  In 2005 the company generated revenue of
36.9 billion hryvnia (app. US$7.38 billion) and operating profit
of 1.9 billion hryvnia (app. US$386 million), while net profit
was negative at 1 billion hryvnia.  It has proven oil reserves
of around 234 million barrels and oil equivalent and gas of some
210 bcm.


SUVOROV OJSC: Claims Submission Deadline Set February 17
--------------------------------------------------------
Creditors of Joint Suvorov OJSC (code EDRPOU 00414301) have
until Feb. 17 to submit written proofs of claim to:

         Anatoly Leschenko, Temporary Insolvency Manager
         Hotel South Bug
         October Str. 2
         Vinnica, Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/204-06.

The Economic Court of Vinnica is located at:

         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         Joint Suvorov OJSC
         Voroshylov Str. 57
         Yampil
         24500 Vinnica
         Ukraine


UKRAINIAN TECHNICAL: Creditors Must Submit Claims by February 21
----------------------------------------------------------------
Creditors of LLC Ukrainian Technical World (code EDRPOU 3093201)
have until Feb. 21 to submit written proofs of claim to:

         CJSC Energy Resources, Liquidator
         B. Khmelnitsky Str. 24
         61050 Kharkov
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. 23/545-b.

The Economic Court of Kiev is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Technical World
         Gospitalnaya Str. b. 12
         Kiev, Ukraine


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


247 STAFF: Andrew T. Clay Leads Liquidation Procedure
-----------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed
liquidator of 247 Staff York Ltd. on Jan. 24 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         247 Staff York Ltd.
         4 Coppergate
         York
         North Yorkshire YO1 9NR
         England
         Tel: 01904 644 399
         Fax: 01904 644 399 fax


ADVANCED MARKETING: Committee Opposes Wells Fargo DIP Financing
---------------------------------------------------------------
The Official Committee of Unsecured Creditors and Simon &
Schuster Inc. contend that the DIP Facility offers no benefit to
Advanced Marketing Services Inc. and its debtor-affiliates and
would only serve to improve the secured lenders' position.

As reported in the Troubled Company Reporter on Jan. 10, the
Court authorized the Debtors, on an interim basis, to dip their
hands into the DIP financing facility arranged by Wells Fargo
Foothill.

The Committee also asserts that the DIP Facility effectuates
cross-collateralization of pre and postpetition debt.  The
Committee wants denied the proposed payment of the prepetition
obligations first from the proceeds of Wells Fargo Foothill's
collateral.

Causes of action under Section 549 of the Bankruptcy Code should
also be excluded from Foothill's collateral, the Committee
suggests.

The Committee also wants more time to review the extent,
validity and priority of the prepetition lenders' liens, as well
as any claims against the lenders.  The Committee says the 60-
day probe period in the DIP Motion is too short.  The Committee
also wants equal access to information.

Simon & Schuster says if the Interim DIP Order becomes a final
order, unsecured creditors will be irreparably harmed and unduly
prejudiced.  Representing Simon & Schuster, Craig A. Wolfe,
Esq., at Kelley Drye & Warren LLP, in New York, says unsecured
creditors stand to lose the most in the Debtors' cases.  He
explains that the DIP Loan Facility provides no real benefit to
the Debtor and is simply a mechanism for the senior lenders to
force a quick liquidation of Debtor's businesses while being
paid substantial fees in the process.

Simon & Schuster sold books and multimedia products to the
Debtor.  It asserts a US$26,000,000 prepetition clam against the
Debtor.

During the 45-day period prior to the Dec. 29, 2006, Simon &
Schuster delivered goods aggregating US$5,105,629, including
US$2,146,126 in goods delivered within 20 days before Debtor's
bankruptcy filing.

LearningExpress LLC objects to the DIP Financing Motion to the
extent that the Debtors' request:

   (a) seeks to eliminate its rights of set-off and recoupment
       on account of amounts the Debtors owe against amounts
       LearningExpress owes to the Debtors;

   (b) grants the Debtors' lenders right, title or interest in
       LearningExpress' books, any of its copyrights, trademarks
       and intellectual property rights or the proceeds of sale
       of its books; and

   (c) impairs its reclamation rights.

LearningExpress is a party to a September 2004 marketing and
distribution agreement with Advanced Marketing Services Inc.,
and Publishers Group West Incorporated.  LearningExpress is also
a borrower under a prepetition loan agreement with PGW.

Representing LearningExpress, Michael E. Foreman, Esq., at
Proskauer Rose LLP, in New York, relates that as of the Petition
Date, PGW owes LearningExpress approximately US$167,000 on
account of book sales.  In addition, PGW is holding
LearningExpress' books with estimated market value of
US$2,000,000 to US$2,500,000.

Rich Publishing says the Debtors' request is unclear regarding
any effort by the Debtors' senior secured lender to obtain or
assert a lien against the books PGW holds under their bailment
arrangement.  Rich Publishing is a party to a marketing and
distribution agreement with PGW.  It asserts a US$4,500,000
claim against PGW.

Rich Publishing, hence, wants any order approving the Debtors'
request to recognize that Rich Publishing retains title to all
of its books in PGW's possession and no lien or interest granted
to the Debtors' lenders extends to or includes Rich Publishing's
books or intellectual property in PGW's possession.

Avalon Publishing, Inc., supplies books and other items to PGW
under an April 2006 Marketing and Distribution Agreement.
Avalon holds a US$3,900,000 prepetition claim and an
unliquidated administrative priority claim against PGW.

Representing Avalon, Mark Minuti, Esq., at Saul Ewing, LLP, in
Wilmington, Delaware, asserts that any of Avalon's products in
the Debtors' possession, or coming into their possession, should
not be subject to any lien, claim or encumbrance in favor of the
Senior Lenders or their agent under the Debtors' existing loan
documents.

Carus Publishing Group also has a marketing and distribution
deal with PGW.  Carus also wants any final order approving the
Debtors' request to reflect that the Debtors have no lien or
ownership interest in Carus' books, and the Books remain
property of Carus free of any claim of the Debtors' Lenders.

Meredith Corporation and Leisure Arts, Inc., ask the Court that
any Final Order entered with respect to the DIP Motion must make
clear that each of their set-off, recoupment and reclamation
rights remain preserved and unimpaired.

Meredith and Leisure assert that the Debtors:

   (a) may not be permitted to prime or impair their set-off and
       recoupment rights; and

   (b) seek effectively to prime their right to reclaim their
       reclamation goods even though their rights in the
       reclamation goods are prior to the rights of the
       postpetition lender.

Nowhere in the DIP Motion or proposed final order, Meredith
says, do the Debtors propose to reserve the set-off rights.

                        Foothill Responds

Wells Fargo Foothill Inc., as agent to the Debtors' DIP Lenders,
tells Judge Sontchi that the Debtor and PGW creditors
erroneously argue that the DIP Facility provides the Debtors
with no availability.

Foothill points out that the Debtors enjoy sufficient liquidity
and availability as a result of -- and only because of -- the
DIP Facility.  Moreover, the DIP Facility does not improve the
lender's position in any way, Foothill attests.

Foothill clarifies that the DIP Facility does not effectuate
cross-collateralization of pre- and postpetition debt because it
does not secure prepetition debt with postpetition assets.
Foothill also notes that the payment of the Debtors' prepetition
obligations first from the proceeds of the collateral is a
common feature of postpetition financing, particularly in large
complex Chapter 11 bankruptcies.

The practice, which is referred to as a "roll-up," Foothill
says, makes sense:

   -- on a practical level, the first proceeds coming to
      foothill postpetition are in fact proceeds of prepetition
      collateral; and

   -- roll-ups are typically approved where the secured creditor
      is oversecured because there is no harm to other creditors
      and no preferential benefit to the secured creditor.

Foothill says the Court may impose any remedy, including
disgorgement, if it turns out that Foothill is not oversecured.

With regard to the Qualified Transaction Timeline, Foothill says
it is merely the tail end of a very long and intensive process
in which the Debtors attempted to accomplish a strategic
transaction to resolve significant financial and operational
issues.  The Debtors, Foothill points out, have for more than
six months actively pursued buyers, refinancings and other deals
-- to no avail.

Foothill says it is willing to provide some flexibility in the
timeline.

Foothill also insists that its limited liens on avoidance
actions and on recoveries under Section 549 are reasonable.
That DIP provision, Foothill explains, is designed to protect it
in the event it makes payments on account of the Professional
Fee Carve Out, and then comes up short after the liquidation of
collateral.  The provision, Foothill says, protects against
professionals obtaining a windfall at Foothill's expense in the
form of the carve-out plus, as administrative claimants, the
proceeds of avoidance actions.

Foothill agrees that whatever rights to setoff or recoupment the
vendors have should be retained.  However, Foothill notes that
Section 9-404 of the Uniform Commercial Code addresses the
relative priorities between a secured creditor and the holder of
a setoff right.  A security in an account is subject to the
right of an account debtor to setoff against the account, but
only if that right accrued before the account debtor received
authenticated notice of the security interest in the account.
Foothill believes that most, if not all, of the Debtor's
creditors received that notice, eliminating the seniority of
their setoff rights.

Foothill also reminds Judge Sontchi that in asset-based lending,
the concept of eligible inventory, or inventory included in the
borrowing base, is typically a smaller subset of inventory
collateral.  Hence, if PGW's transactions with its vendors are
true bailments, Foothill says its security interest likely does
not attach to the books.

                    About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007. (Advanced Marketing Bankruptcy News, Issue
No. 4; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMBIANCE RESTAURANTS: Appoints BDO Stoy as Administrators
---------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Ambiance Restaurants Ltd.
(Company Number 02117199) on Jan. 23.

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

Ambiance Restaurants Ltd. can be reached at:

         4 Cheap Street
         Bath
         Avon BA1 1NE
         England
         Tel: 01225 319 169
         Fax: 01225 336 734


APANA PRESSINGS: Brings In Begbies Traynor to Administer Assets
---------------------------------------------------------------
W. John Kelly and James P. N. Martin of Begbies Traynor were
appointed joint administrators of Apana Pressings Ltd. (Company
Number 03141674) on Jan. 24.

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

Apana Pressings Ltd. can be reached at:

         Unit 11 Block 2
         Wednesbury Trading Estate
         Wednesbury
         West Midlands WS10 7JN
         England
         Tel: 0121 556 7200
         Fax: 0121 556 7119


ARARAT LTD: Brings In Joint Administrators from BDO Stoy
--------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Ararat Ltd. (Company Number
02802266) on Jan. 23.

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

Ararat Ltd. can be reached at:

         Unit 6 Priory Retail Park
         Merton High Street
         London SW19 1DN
         England
         Tel: 020 8540 6640


BRITISH AIRWAYS: Moody's Changes Rating Outlook to Positive
-----------------------------------------------------------
Moody's Investors Service changed the outlook on the Ba1
corporate family and Ba2 senior unsecured debt ratings of
British Airways Plc and its guaranteed subsidiaries to positive
from negative.

The rating action is based on the company's improved operating
performance, its continuous improvement in credit metrics and
the agreement reached with unions over changes to pension
conditions.

The change in outlook reflects BA's successful de-leveraging
strategy on the back of improved cash-flow generation and
limited capital expenditures.  Moody's recognizes that BA has
strengthened its debt-protection measures with the recent
recovery in demand for air travel and the company's continuing
focus on reducing leverage and improving competitiveness through
cost reductions, and they now position the company solidly in
the Ba1 rating category.  The company has successfully increased
its operating margin over the years, despite the surge in fuel
price and its business plan for the two years ending March 2008
targets a further GBP450 million in savings and a 10% operating
margin, which, in Moody's view, looks achievable notwithstanding
unforeseen events.  The company's debt repayment schedule is
evenly spread over the coming five years, with average payments
of around GBP350 million per annum.

Furthermore, the change in outlook factors in BA's recent
announcement that its unions will recommend to their members the
company's proposal to address its New Airways Pension Scheme
deficit.  This would include a one-off contribution of GBP800
million into the scheme, as well as additional contributions of
up to GBP150 million over the next three years provided certain
financial targets are met, in return for changes to future
benefits and a one-off employee saving of GBP400 million.  In
Moody's opinion, this agreement will be positive for the
company's credit quality as it will ultimately result in lower
adjusted debt, and will enable management to refocus its
attention on other strategic matters.

The ratings and positive outlook are supported by BA's strong
base at Heathrow, which benefits from significant traffic flows
to and from London, as well as its international network and
membership of the global airlines alliance one world,
management's proven track record of cost cutting and the recent
improvement in traffic trends.  Moreover, the positive outlook
factors in the company's efforts to secure its long-term
positioning as Europe's third-largest carrier and the expected
positive impact of the relocation to Terminal 5 at Heathrow in
2008.

Moody's nevertheless notes that the company needs to renew and
expand its long haul fleet, and plans to launch a substantial
refleeting program in 2008, which will weigh significantly on
its free cash-flow generation and thus limit its ability to make
high debt repayments.  The ratings also take account of the
challenges faced by the company to reform working practices, as
testified by the recent difficult pay negotiations that were
concluded in January 2007.

Moody's moreover notes that uncertainties remain regarding the
industry environment in terms of economic development and
ongoing exposure to geopolitical risks and security threats.  BA
incurred an exceptional loss of GBP100 million in August 2006
following a terrorist alert which resulted in a disruption of
its network and tighter security controls, and will incur a
revenue loss following the recent averted strike which is
estimated at GBP80 million.  The ratings also reflect the
continued strong competition, in particular from European low-
cost carries, which have contributed to fare and margin
pressure, and the adverse effects on profitability from high
fuel prices.  Furthermore, industry consolidation and
deregulation may present medium-term challenges.

The positive outlook is based on Moody's expectation that the
company's operating performance will remain very strong, and
that it will continue to focus on its de-leveraging strategy
despite investment in fleet renewal.

BA's solid liquidity position is supported by its strong cash
position of GBP2.6 billion at end-December 2006, improved cash-
flow generation as well as a moderate committed credit facility
of USD420-million due 2010, which is currently undrawn.

However, the company's significant amount of encumbered assets
is reflected in the one-notch difference between the Ba1
corporate family rating and the Ba2 senior unsecured rating.

British Airways Plc, headquartered in Harmondsworth, the U.K.,
is one of the world's largest airlines, with revenue of GBP8.5
billion in the year ending March 2006.


BRYANT JACKSON: Taps Joint Administrators from Vantis
-----------------------------------------------------
Peter Wastell and Michael Young of Vantis were appointed joint
administrators of Bryant Jackson Communications Ltd. (Company
Number 01257017) on Jan. 25.

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

Bryant Jackson Communications Ltd. can be reached at:

         81 Barwell Business Park
         Leatherhead Road
         Chessington
         Surrey KT9 2NY
         England
         Tel: 020 8974 2242
         Fax: 020 8974 1616


CHARISMA MIRRORS: Claims Filing Period Ends March 30
----------------------------------------------------
Creditors of Charisma Mirrors Ltd. have until March 30 to send
in their full names and addresses, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any), to:

         Gary Bell
         Liquidator
         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 C horley New Road
         Bolton BL1 4QR
         England

Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed liquidator of the company on Jan. 29.

The company can be reached at:

         Charisma Mirrors Ltd.
         Milton Works
         Mule Street
         Bolton
         Lancashire BL2 2AR
         England
         Tel: 01204 382 673
         Fax: 01204 382 673


CRAMPTON SPORTSWEAR: Barclays Bank Taps Deloitte as Receivers
-------------------------------------------------------------
Barclays Bank appointed Ian Brown and Adrian Peter Barry of
Deloitte & Touche LLP joint administrative receivers of Crampton
Sportswear Ltd. (Company Number 2616339) on Jan. 25.

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

Crampton Sportswear Ltd. can be reached at:

         Unit 12a
         Tanfield Lea Industrial Estate North
         Tanfield Lea
         Stanley
         Durham DH9 9UU
         England
         Tel: 01207 281132


COLLINS & AIKMAN: Eyes Job Cuts at Two Canadian Plastic Plants
--------------------------------------------------------------
Collins & Aikman Corp.'s two Canadian plants producing plastic
trim parts will lay off around 525 employees, CanPlastics.com
reports.  The Gananoque, Ontario facility that will close at the
end of February will cut 125 jobs.  Around 400 jobs will be lost
at a plant in Toronto at the end of March.

The Detroit News also reported that Collins will close the Port
Huron plant unless a buyer is found by March 3.  The Port
Huron plant employs 530 people, and is one of the largest
employers in the city.

David Youngman, Collins spokesman, notes that a "saturated
plastics market is one reason why the Port Huron plant is hard
to sell."  The plant was acquired from Textron Inc. in 2001.

The instrument panels manufacturing plant in Missouri will also
be closed, eliminating 250 jobs.  As Collins liquidates its
assets and makes distributions to secured creditors, it is
shutting plants it deems unlikely to be sold.

Mr. Youngman says that the Missouri plant is expected to close
by March 3.  However, the closing date may be postponed if the
facility is needed to fulfill customer orders.

Additional plant closings may be announced at a later date.

Earlier in January, Collins disclosed that three North American
plants and two Canadian plants will be shut, cutting more than
1,100 jobs.

                      About Collins & Aikman

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


DEBT RECOVERY: Insolvency Probe Spurs Liquidation
-------------------------------------------------
The High Court of England and Wales gave an order to wind up
Debt Recovery U.K. Ltd. and Waterfront Financial Ltd., following
an investigation by Companies Investigation Branch (CIB) of the
Insolvency Services.

CIB's investigation found that Debt Recovery was an abandoned
company whose financial position and losses to its clients could
not be established because the company's accounting records had
not been preserved.  Waterfront Financial succeeded Debt
Recovery, operating a similar business under the same control
and using the same employees.

Waterfront Financial induced clients to sign up for its services
by making a number of misrepresentations and had received in
excess of GBP400,000 from clients in advance fees.  The company
was found to be insolvent keeping and using as working capital
the debts it had collected on behalf of its clients.

In winding the companies up the High Court held that this was an
operation intended to cheat customers.

Petitions to wind up the companies in the public interest were
presented on Nov. 13, 2006, under the provisions of Section 124A
of the Insolvency Act 1986 following an investigation conducted
under section 447 of the Companies Act 1985 by the Companies
Investigation Branch of the Insolvency Service.

On Nov. 23, 2006, the Official Receiver was appointed as
provisional liquidator of Waterfront Financial.  Both Waterfront
Financial and Debt Recovery went into compulsory liquidation on
Jan. 8.

The Official Receiver can be reached at:

         Public Interest Unit
         PO Box 326
         17 - 21 Chorlton Street
         Manchester M60 3ZZ
         England
         E-mail: piu.north@insolvency.gsi.gov.uk

Headquartered in Liverpool, England, Debt Recovery U.K. Ltd. and
Waterfront Financial Ltd. were commercial debt collectors.  Debt
Recovery U.K. Ltd. was incorporated in January 2005 and
commenced trading in April 2005, while Waterfront Financial Ltd.
was incorporated in September 2002 and commenced trading in
October 2003.  The companies offered a debt recovery service to
businesses they recruited by way of cold calling.


DYSFUNCTIONAL CLOTHING: Creditors' Meeting Slated for Feb. 12
-------------------------------------------------------------
Creditors of Dysfunctional Clothing (U.K.) Ltd. will meet at
11:00 a.m. on Feb. 12 at the offices of:

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

Creditors who want to vote at the meeting have until noon on
Feb. 9 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

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

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


E S CONSULTING: Creditors' Meeting Slated for February 14
---------------------------------------------------------
Creditors of E S Consulting Manchester Ltd. will meet at
11:00 a.m. on Feb. 14 at:

         Bridgestones
         125-127 Union Street
         Oldham OL1 1TE
         England

Jonathan Lord of Bridgestones will furnish creditors with
information concerning the company's affairs free of charge on
Feb. 13 as they may reasonably require.


EMI GROUP: S&P Cuts Rating to BB- on Operating Pressure & Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K.-based
music group EMI Group PLC to 'BB-' from 'BB'.  The 'B' short-
term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.

The downgrade follows EMI's announcement that revenues in its
recorded music division, which accounted for 80% of revenues and
61% of EBITDA for the fiscal year ended March 2006, would
decline by 6%-10% in the fiscal year ended March 31, 2007, at
constant currencies.

"The downgrade and CreditWatch placement also reflect our
concerns about EMI's debt burden, which is likely to increase in
the coming months as a result of a new GBP150 million
restructuring program and the buyout of minority interests in
Japan for GBP93 million," said Standard & Poor's credit analyst
Patrice Cochelin.

We expect to resolve the CreditWatch after the company announces
it fiscal-year results, expected at the end of May 2007.

"To resolve the CreditWatch, we will particularly focus on
better understanding the reasons for and extent of the company's
negative revenue trend, the potential disruption caused by the
announced restructure, and EMI's future cash generation
potential, financial structure, and liquidity," said
Mr. Cochelin.


ENAMCO LTD: Hires Liquidator from Begbies Traynor
-------------------------------------------------
I. P. Sykes of Begbies Traynor was appointed liquidator of
Enamco Ltd. on Jan. 30 for the creditors' voluntary winding-up
proceeding.

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

Enamco Ltd. can be reached at:

         Unit S3
         Ford Road
         Rudford Industrial Estate
         Ford, Arundel
         West Sussex BN180BD
         England
         Tel: 01903 731 144
         Fax: 01903 726 026


FESTIVE THOUGHT: Creditors' Claims Due April 16
-----------------------------------------------
Creditors of Festive Thought Ltd. (t/a Brasserie 99) have until
April 16 to prove their debts by sending written statements of
the amounts they claim to be due to them from the company to:

         J. N. R. Pitts
         Joint Liquidator
         Begbies Traynor
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds LS14 1PQ
         England

D. F. Wilson and J. N. R. Pitts were appointed joint liquidators
of the company on Jan. 16.

The company can be reached at:

         Festive Thought Ltd.
         International House
         Turner Way, Wakefield
         West Yorkshire WF2 8EF
         England
         Tel: 01924 377 699


GEMFISH LTD: Names Kian Seng Tan Liquidator
-------------------------------------------
Kian Seng Tan of K S Tan & Co. was appointed liquidator of
Gemfish Ltd. on Jan. 24 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         K S Tan & Co.
         10-12 New College Parade
         Finchley Road
         London NW3 5EP
         England


GREAT HALL: Moody's Rates GBP14.28-Mln Class E Notes at (P)Ba2
--------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by Great Hall Mortgages No. 1 plc,
Series 2007-1:

   -- GBP147-million Class A1 Notes due 2039: (P)Aaa;
   -- GBP525-million Class A2 Notes due 2039: (P)Aaa;
   -- GBP83.58-million Class B Notes due 2039: (P)Aa2;
   -- GBP36.12-million Class C Notes due 2039: (P)A2;
   -- GBP34.02-million Class D Notes due 2039: (P)Baa3; and
   -- GBP14.28-million Class E Notes due 2039: (P)Ba2.

All notes may be issued in GBP or EUR.  All notes will rank
pari-passu and pro-rata with the other notes of the same rating.

This transaction represents the second securitization
transaction sponsored by JPMorgan Chase Bank, N.A. through its
Great Hall Mortgages No. 1 programme.  The collateral was
originated by Platform Funding Ltd., a wholly-owned subsidiary
of Britannia Building Society (A2, Prime-1), a party that has a
good track record in the securitization market.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  The credit enhancement
available in the deal is provided in the form of excess spread,
reserve fund (at closing equal to 1.55% of original note
balance), and subordination of the Class B, C, D, and E Notes.
Subject to certain conditions being met, the reserve fund may
amortize down to a floor of 0.775% of the original note balance.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the final legal maturity date.  Moody's
ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinions regarding the transaction only.  Upon a
conclusive review of the final version of all the documents and
legal opinions, Moody's will endeavor to assign a definitive
rating to the Notes.  A definitive rating may differ from a
provisional rating.


GREAT HALL: S&P Puts BB Prelim Rating to GBP14-Mln Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP840 million mortgage-backed floating-
rate notes series 2007-01 to be issued by Great Hall Mortgages
No. 1 PLC, a special purpose entity.

The collateral comprises a pool of first-ranking mortgages
secured over freehold and leasehold residential properties in
England and Wales.  The series portfolio originator is Platform
Funding Ltd.

This is GHM's second securitization of its acquired mortgage
portfolio from its newly established issuance program.  Series
2006-01 closed in December 2006.

Standard & Poor's expects to rate the notes on a segregated
basis, i.e., the rating on each series will be independent from
the rating on each previous and subsequent series.

                          Ratings List

                 Great Hall Mortgages No. 1 PLC
                 GBP840 Million Mortgage-Backed
                Floating-Rate Notes Series 2007-01

                             Prelim      Prelim Amount
              Class          rating       (Mln. GBP)
              -----          ------      -------------
              A1             AAA            147.00
              A2             AAA            525.00
              B              AA              83.58
              C              A-              36.12
              D              BBB-            34.02
              E              BB              14.28


GROWING TECHNOLOGIES: Claims Filing Period Ends April 26
--------------------------------------------------------
Creditors of Growing Technologies Ltd. (formerly Growtex Ltd.
and Dockspring Ltd.) have until April 26 to send their names and
addresses and particulars of their debts or claims and the names
and addresses of their solicitors (if any), to:

         Peter A. Blair
         Ian M. Rose
         Joint Liquidators
         Begbies Traynor
         Regency House
         21 The Ropewalk
         Nottingham NG1 5DU
         England

Peter A. Blair and Ian M. Rose of Begbies Traynor were appointed
joint liquidators of the company on Jan. 26.


ISOFT GROUP: Posts GBP647,000 Net Loss in Six-Half Ended Oct. 31
----------------------------------------------------------------
iSOFT Group plc released its interim financial results for the
six months ended Oct. 31, 2006.

ISOFT Group posted GBP647,000 in net losses against GBP85.9
million in net revenues for the six months ended Oct. 31, 2006,
compared with GBP8.5 million in net losses against GBP97.2
million in net revenues for the same period in 2005.

At Oct. 31, 2006, the Group's balance sheet showed
GBP254.9 million in total assets and GBP231.1 million in total
liabilities, resulting in a GBP23.8 million in stockholders'
equity.

The Group's Oct. 31 balance sheet also showed strained liquidity
with GBP88.5 million in current assets available to pay
GBP149.1 million in total liabilities coming due within the next
12 months.

                            Funding

The Group signed a new agreement with its banks at the end of
August 2006, which provides facilities of GBP141 million until
November 2007.  The cost of drawings against those facilities
will range from 200 to 450 basis points over LIBOR.  However,
the Group will be required to pay additional payment-in-kind
interest at the rate of 5% per annum on the total committed
facilities in quarter 1 of calendar year 2007, rising to
7.5% per annum in quarter 2 and 10% per annum from July 1, 2007
onwards.  As such, the cost of borrowing will become
increasingly expensive through 2007, providing the Group with a
significant incentive to secure long-term funding swiftly and
before the current facilities expire in November 2007.

Over the next 2-3 years a substantial amount of license
implementation work will take place.  For part of this work the
Group has already received payment up-front in prior years.
Letters of credit and other guarantees of GBP88 million that
were outstanding at May 1, 2006 will also unwind over the next
2-3 years as the contracts are delivered and the revenues are
recognized.  Third-party contract financing arrangements that
amounted to GBP55.7 million at Oct. 31, 2006 will also unwind
over the next three years in the same manner.

Cash management has been an important part of the Group's
Regeneration Plan and in the first half of FY07.  The Group has
been successful in managing its cash resources efficiently.
Net debt of GBP41.8 million at April 30, 2006 increased to
GBP73.8 million at Oct. 31, 2006, but that was better than it
had expected during discussions with its bankers in August.
Total utilization of the term and revolving credit facilities
with the banks amounted to GBP113.2 million at the end of the
period, leaving unused facilities of GBP27.8 million at that
date, with cash of GBP26.8 million also available.  Utilization
of the facilities included advance payments and other guarantees
of GBP69.2 million, issued mainly in the form of letters of
credit.
6
While the Group will have further funding requirements through
2007, LOC commitments will be reduced on a continuous basis as
product implementation and support takes place, thus freeing up
existing bank facilities.  In the event that the Group disposes
of any noncore assets, following mandatory pre-payment of the
proceeds against existing borrowing, additional bank facilities
of up to GBP25 million will become available.  Based on current
projections for trading and cash management and key assumptions,
the Group has adequate facilities for its immediate needs.

                   Accounting Irregularities

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it appears that
some revenues reported in 2003/04 and 2004/05 may have been
recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August, it was confirmed that there
were indeed matters that needed further investigation and the
company handed over relevant documents to the Financial Services
Authority, which is now conducting further investigations.  The
Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board disclosed that it would conduct its own investigation.
The AIDB investigation is a review of the conduct of those
members of accountancy bodies that are regulated by the AIDB who
were executive or non-executive directors of iSOFT during the
relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for
the financial years ended April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                    New Agreement With CSC

There have been important developments in the first half
relating to our involvement with the English National Programme
for IT.

In August 2006, the Group entered into a new contract with CSC,
with whom we have been working successfully in the North West
region since 2004.  Under that contract, iSOFT will in future be
paid by  CSC based on delivery against a number of key
milestones between now and 2008.  The majority of those
milestones involve key product deliverables, which comprise
interim stages leading to the delivery of full LORENZO 3.5
functionality in the first quarter of 2008.  As the quid pro quo
for greater control and certainty over payment, iSOFT has agreed
that in the event that it fails to deliver on time against the
key milestones, CSC will have the right to step in and manage
iSOFT's development operation, but without taking over any
intellectual property rights.

This agreement was entered into in anticipation of a major
redistribution of responsibilities within the NPfIT.  In
September it was disclosed that Accenture would transfer to CSC
its obligations to provide services to the North East and East
and East Midlands regions with effect from Jan. 8.  Also in
September 2006 iSOFT and CSC entered into a further agreement
under which iSOFT will retain exclusivity for providing core
software solutions in the North East and exclusivity for interim
solutions in the EEM region.  iSOFT will retain preferred
supplier status for future solutions in the EEM region, subject
to a benchmarking review.

There are two important positive outcomes from this development.
First, the new deal will underpin the company's expectation of
achieving revenues of at least GBP300 million over the lifetime
of the NPfIT contracts.  Second, iSOFT and Accenture agreed
that no further payments will be made between the two parties
and that any potential litigation relating to the period between
April 2, 2004 and Sept. 28, 2006 will be annulled.

                      Going Concern Doubt

The Board has prepared projected cash flow information for the
period ending 12 months from the date of approval of the interim
financial results.

The projections include certain key assumptions made by the
directors:

   (a) future sales and margins consistent with
       prior experience, which also take into account
       the anticipated effect of the current
       circumstances facing the business;

   (b) significant restructuring of its U.K. and
       international operations to generate cost savings
       from the reduction of resources, the simplification
       and re-engineering of the Group's core processes
       and systems and the streamlining and simplification
       of the Group's product offerings;

   (c) disposal of the Group's non-core activities;

   (d) renegotiation of certain key contractual arrangements;

   (e) the satisfaction of the conditions contained in
       the banking agreement to enable the continuation of
       the bank's facilities; and

   (f) the refinancing of the Group's banking facilities on
       or before their expiry on 14 November 2007.

The nature of the Group's business is such that there can be
considerable unpredictable variation and uncertainty regarding
the timing and/or occurrence of the matters referred to above,
the timing and margin on sales, the quantum and timing of cash
flows from new business activity and the achievement of
contractual milestones.

In preparing these projections, the directors recognize that
there are material uncertainties that may cast significant doubt
on the Group's ability to continue as a going concern.  Having
taken into account the uncertainties inherent in the
assumptions, the directors consider that the cash flow
projections are compiled on a reasonable basis and that it is
appropriate that the financial information should be prepared on
the going concern basis.

Future events may give rise to circumstances not foreseen by the
stated assumptions such that the use of the going concern basis
proves to be inappropriate.  Should the going concern basis be
inappropriate, the company may be unable to realize its assets
and discharge its liabilities in the normal course of business.

A full-text copy of the company's financial report for the six
months ended Oct. 31, 2006 is available for free at:
http://ResearchArchives.com/t/s?1985

                           About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.


ISOFT GROUP: Appoints Bill Henry as New Board Member
----------------------------------------------------
Bill Henry has been appointed as a member of the iSOFT Group
plc's Board with immediate effect.

He joined the Group as chief operating officer on June 28, 2006,
after serving as chief executive of Star Technology Services and
previously as a member of the executive team that turned
Peoplesoft's U.S. services business around and helped to
reorganize and refocus the company's U.S. activities.

"Bill's experience and input have been instrumental in helping
us to make a strong start in turning around the financial
performance and prospects of iSOFT, and the Board is pleased to
recognize his contribution by appointing him as a member of the
Board," John Weston, chairman and acting CEO, said.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it appears that
some revenues reported in 2003/04 and 2004/05 may have been
recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August, it was confirmed that there
were indeed matters that needed further investigation and we
handed over relevant documents to the Financial
Services Authority (FSA), which is now conducting further
investigations.  The Group is working closely and co-operatively
with the FSA in order to complete these investigations as
quickly as possible.  At the current time it would be
inappropriate to comment on the likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the nonexecutive director who is currently
chairman of the audit committee.  The initial investigation into
possible accounting irregularities - conducted by the Group's
current auditors, Deloitte & Touche LLP, in July and August 2006
- did not uncover evidence that any of the current non-executive
directors had any knowledge of the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                        Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


MARKETING DYNAMIC: Brings In Liquidator from Leonard Curtis
-----------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed liquidator of
Marketing Dynamic International Ltd. on Jan. 29 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Marketing Dynamic International Ltd.
         1 Union Court
         Richmond
         Surrey TW9 1AA
         England
         Tel: 020 8948 5331
         Fax: 020 8948 5378


MAX WASTE: Creditors' Meeting Slated for February 23
----------------------------------------------------
Creditors of Max Waste Recycling Ltd. will meet at 11:30 a.m. on
Feb. 23 at:

         The Strathdon Hotel
         Derby Road
         Nottingham
         England

Creditors have until noon on Feb. 22 to submit their proxy forms
together with particulars of their claims or of any security at:

         Smith Cooper Chartered Accountants
         Thomas Stops House
         133 Loughborough Road
         Leicester LE4 5LQ
         England

A list of names and addresses of the company's creditors will be
available for inspection on Feb. 21 at Smith Cooper Chartered
Accountants.


MUSIC ZONE: Sells 67 Stores to Music Retailer Fopp Limited
----------------------------------------------------------
Deloitte & Touche LLP sold substantially all of Music Zone
Services Ltd.'s stores to an associate of music retailer, Fopp
Ltd.

A total of 67 stores, the company's head office and warehouse in
Stockport and the Music Zone warehouse in Denton had been
bought.

"We are pleased with the disposal to Fopp, and wish them every
success in the future.  This represents a much better outcome
for creditors and other stakeholders than a piece-meal
disposal," Bill Dawson a partner at Deloitte disclosed.

Music Zone Services Ltd. and its parent company Music Zone
Holdings Ltd. went into administration on Jan. 3.

According to The Times then, the problems at the 103-store chain
came a year after it almost doubled its sized when it bought
rival music chain MVC from insolvency.

Music Zone's accounts filed with the Companies House for the
year ended May 31, 2005, showed a pre- tax loss of GBP4,000
compared with GBP397,000 profit in 2004.

Sales for the year ended May 31, 2005, were from GBP58.4 million
to GBP70 million.

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

Headquartered in Stockport, England, Music Zone Services Ltd. --
http://www.musiczone.co.uk/-- is a private equity-backed music
retailer operating 104 stores across the U.K.  It employs 1,100
staff.


RANK GROUP: In a Strong Position to Apply New Casino Licenses
-------------------------------------------------------------
A spokesman for Rank Group Plc told AFX News that the gaming
company is in a strong position to apply for new U.K. casino
licenses when the tender process begins citing a track record of
responsible operating, commercial success and a rare combination
of expertise in casino, bingo and betting.

Rank's statement comes after the Casino Advisory Panel
recommended Manchester as the location for a proposed
supercasino.  The panel also identified regions for eight large
and eight small casinos to Culture Secretary Tessa Jowell, AFX
relates.

Under the 2005 Gambling Act, the three new types of casinos are
allowed to operate in Britain.

AFX says Rank, along with Ladbrokes PLC and Gala Coral, is
eyeing to operate in the recommended venues.  However, overseas
operators are likely to acquire many of the licenses.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

As reported in the TCR-Europe on Feb. 2, Moody's Investors
Service downgraded to Ba3 from Ba2 the corporate family and
issuer ratings of The Rank Group Plc and the debt ratings of its
subsidiary Rank Group Finance plc.  Moody's said the outlook is
negative.

In December 2006, Fitch Ratings affirmed The Rank Group Plc's
Issuer Default ratings at B+ with Negative Outlook, senior
unsecured rating at B+ and Short-term rating at B.  The ratings
are simultaneously withdrawn.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RED LIZARD: Creditors' Meeting Slated for February 15
-----------------------------------------------------
Creditors of Red Lizard Ltd. will meet at 11:00 a.m. on Feb. 15
at:

         Hendford Manor
         Hendford
         Yeovil
         Somerset BA20 1UN
         England

Creditors have until noon on Feb. 14 to submit their proxy forms
at:

         Mary Street House
         Mary Street
         Taunton
         Somerset TA1 3NW
         England

Laurence Russell of Albert Goodman will furnish creditors with
information concerning the company's affairs free of charge on
Feb. 14 as they may reasonably require.


SNAPPER FROZEN: Names Philip John Gorman Liquidator
---------------------------------------------------
Philip John Gorman of Hazlewoods LLP was appointed liquidator of
Snapper Frozen Foods Ltd. on Dec. 15, 2006, for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Hazlewoods LLP
         Windsor House
         Barnett Way
         Barnwood
         Gloucester GL4 3RT
         England


SOLUTIA INC: Court Increases Total OCP Payments to US$15 Million
----------------------------------------------------------------
The Honorable Prudence Carter Beatty of the U.S. Bankruptcy
Court for the Southern District of New York increased
Solutia Inc. and its debtor-affiliates' aggregate total amount
payable to their ordinary course professionals from
US$10,000,000 to US$15,000,000, without prejudice to requests
for further increase.

In the Debtors' motion, as published in the TCR-Europe on
Jan. 22, Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in
New York, New York, told the Court that due to the duration of
the Debtors' Chapter 11 cases, Solutia would soon exceed the OCP
Cap.

If the OCP Cap is not increased, Solutia will no longer have the
ability to employ and compensate its OCPs without their
preparation and filing of retention and fee applications,
Mr. Henes averred.

The preparation and filing of the applications is an unnecessary
financial burden to Solutia and its estates as the OCPs are
being retained in the ordinary course of business, Mr. Henes
asserted.  Hence, Mr. Henes said, an increase in the OCP Cap by
US$5,000,000 is in the best interests of the estates.

The Debtors' motion relates to the Court's January 2004 order
approving Solutia's request to employ and pay ordinary course
professionals.  Pursuant to that Order, the OCPs could be
retained and paid without having to file individual retention
and fee applications as long as the aggregate amount of fees do
not exceed US$10,000,000.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

The Debtors' exclusive period to file a plan and to solicit
acceptances to that plan expires on Feb. 13, 2007, and
April 16, 2007, respectively.  (Solutia Bankruptcy News, Issue
No. 78; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SWANN WHEATCROFT: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Swann Wheatcroft Ltd. confirmed on Jan. 19 the
appointment of Ian William Kings of Tenon Recovery as the
company's liquidator.

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

Swann Wheatcroft Ltd. can be reached at:

         St. Josephs Business Centre
         West Lane
         Newcastle Upon Tyne
         Tyne and Wear NE127BH
         England
         Tel: 0191 268 4291
         Fax: 0191 268 9291


VANTAGE COMPUTERS: PCA Expulsion Results to Liquidation
-------------------------------------------------------
Vantage Computers, which stopped trading at the beginning of
January, is now in liquidation following its expulsion from the
Professional Computing Association, PC Pro reports.

The association expelled the company due to Vantage's failure to
solve customer disputes, neglecting to refund at least one
customer's pre-payment, PC Pro states.

According to PC Pro, company officials were quick to reassure
customers regarding purchases made before Vantage went into
liquidation.

"With regards to customers warranties, if customers have
purchased an onsite or extended warranty with their PCs or are
still covered by 24-hour-a-day software support lines, these
warranties will still be valid and will continue until their
completion," Andrew Carter, managing director of Vantage
Computers, said in an e-mail sent to PC Pro.

"Details of customers' appropriate support packages will have
been included with each PC," Mr. Carter added.

The Company's Web site claims: "no orders taken on the website
have had any monies taken since the beginning of 2007."

                     About Vantage Computers

Vantage Computers -- http://www.vantagedirect.co.uk/-- trading
as Vantage Direct, is a Kent-based company that manufactures
personal computers.

The company ceased trading at the beginning of January and has
since then gone into liquidation.


VISIONCREST HOLDINGS: Appoints A. J. Clark to Liquidate Assets
--------------------------------------------------------------
A. J. Clark of Carter Clark was appointed liquidator of
Visioncrest Holdings Ltd. (formerly Planwest Ltd.) on Jan. 22
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Visioncrest Holdings Ltd.
         Laser House 132 140
         Goswell Road
         Islington
         London EC1V 7DY
         England
         Fax: 020 7436 8802


WATERFRONT FINANCIAL: Insolvency Probe Spurs Liquidation
--------------------------------------------------------
The High Court of England and Wales gave an order to wind up
Debt Recovery U.K. Ltd. and Waterfront Financial Ltd., following
an investigation by Companies Investigation Branch (CIB) of the
Insolvency Services.

CIB's investigation found that Debt Recovery was an abandoned
company whose financial position and losses to its clients could
not be established because the company's accounting records had
not been preserved.  Waterfront Financial succeeded Debt
Recovery, operating a similar business under the same control
and using the same employees.

Waterfront Financial induced clients to sign up for its services
by making a number of misrepresentations and had received in
excess of GBP400,000 from clients in advance fees.  The company
was found to be insolvent keeping and using as working capital
the debts it had collected on behalf of its clients.

In winding the companies up the High Court held that this was an
operation intended to cheat customers.

Petitions to wind up the companies in the public interest were
presented on Nov. 13, 2006, under the provisions of Section 124A
of the Insolvency Act 1986 following an investigation conducted
under section 447 of the Companies Act 1985 by the Companies
Investigation Branch of the Insolvency Service.

On Nov. 23, 2006, the Official Receiver was appointed as
provisional liquidator of Waterfront Financial.  Both Waterfront
Financial and Debt Recovery went into compulsory liquidation on
Jan. 8.

The Official Receiver can be reached at:

         Public Interest Unit
         PO Box 326
         17 - 21 Chorlton Street
         Manchester M60 3ZZ
         England
         E-mail: piu.north@insolvency.gsi.gov.uk

Headquartered in Liverpool, England, Debt Recovery U.K. Ltd. and
Waterfront Financial Ltd. were commercial debt collectors.  Debt
Recovery U.K. Ltd. was incorporated in January 2005 and
commenced trading in April 2005, while Waterfront Financial Ltd.
was incorporated in September 2002 and commenced trading in
October 2003.  The companies offered a debt recovery service to
businesses they recruited by way of cold calling.


WEST COAST: Taps Vincent A. Simmons to Liquidate Assets
-------------------------------------------------------
Vincent A. Simmons was appointed liquidator of West Coast Piling
Ltd. on Jan. 25 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         West Coast Piling Ltd.
         Suite 4 Commercial Business Centre
         9 Victoria Street
         Rainhill, Prescot
         Merseyside L35 0LB
         England
         Tel: 01744 600 701


* Grant Thornton Recovery & Reorganization Appoints New Partners
----------------------------------------------------------------
Corporate recovery practitioner David Dunckley and personal
insolvency expert Gareth Neill have been made partners within
Grant Thornton's Recovery & Reorganization practice.

Mr. Dunckley has been a manager in Grant Thornton's Recovery &
Reorganization department since January 2000.  He has
specialized in corporate recovery for over eight years dealing
with a wide range of under performing businesses advising
creditors, directors and other financial stakeholders.  In this
time Mr. Dunckley has undertaken roles including formal
insolvency work, corporate turnarounds and business disposals.

Mr. Dunckley also plays a key role within Grant Thornton's
Automotive Services Team advising creditors and manufacturers in
distressed scenarios.  Following his promotion, Mr. Dunckley's
will continue to be a part of Grant Thornton's successful London
team focusing on the U.K. Mid Corporate Sector.

A licensed insolvency practitioner and working at Grant Thornton
since 1997, Mr. Neill has been instrumental in the development
of Grant Thornton's national IVA initiative and works throughout
the U.K. giving, both individuals and businesses, solutions on
how to recover from insolvent situations.  Mr. Neill also has
more than eight years' experience in workout/turnaround
projects.

As well as playing a major part in the continued growth of the
firm's IVA offering, Mr. Neill will be instrumental in
developing Grant Thornton's IVA Watch service.  The first of its
kind in the market and launched in December 2006, the service is
designed to audit the systems and procedures of the U.K.'s
leading IVA providers in a move which the firm believes will
bring much needed transparency to the industry.  It will provide
critical information for creditors and all stakeholders to allow
them to make informed decisions in this market.

"While the expectation for 2007 is for corporate insolvency
levels to remain broadly in line with this year, increasingly
challenging economic conditions in a number of sectors such as
retail, higher costs and increasing competition from abroad will
put pressure on many businesses," David Dunckley said,
commenting on his appointment.  "U.K. corporates will need to
keep pace with change and be flexible in how they adapt to these
challenges.  In all of these cases debt restructuring and
careful and regular operations reviews will play a major part.
I very much look forward to helping further Grant Thornton's
offering to help businesses deal with difficult financial issues
before it's too late."

"The number of IVAs in the U.K. has skyrocketed in recent years,
growing by 118% in the last year alone," Gareth Neill said.
"Soon IVAs will be the preferred method of dealing with bad
debt.  Not only do I relish the challenge of helping provide an
ever-improved service to deal with the U.K.'s growing debt
problem, but to also play a role in the development of IVA
audits.  These will bring certainty to the IVA market, reassure
users and lenders alike and hopefully help dispel some of the
negative perceptions that the industry has attracted in recent
months, or at least allow the creditors to distinguish the high
performers in the industry."

"I am delighted that both Gareth and David have stepped up to
partnership level," Simon Morris, Managing Partner, Grant
Thornton Recovery & Reorganization said.  "Both have done
sterling work over the past few years.  These appointments
demonstrate how we are fully committed to developing talent and
retaining the very best people in the business.  The continued
growth and expansion of our Recovery & Reorganization practice
demonstrates our determination to be the best in the business."

                  About Grant Thornton

Grant Thornton U.K. LLP is a leading financial and business
adviser with 32 offices nationwide.  The company is a U.K.
member of Grant Thornton International, one of the world's
leading international organizations of independently owned and
managed accounting and consulting firms.  These firms provide a
comprehensive range of business advisory services from around
520 offices in over 110 countries worldwide.  Although Grant
Thornton International is not a worldwide partnership, the firms
share a commitment to providing the same high quality service to
their clients wherever they do business.


* Insolvency Service Shows 3,194 Fourth Qtr. Liquidations in UK
---------------------------------------------------------------
The Insolvency Service released statistics showing insolvencies
in the fourth quarter 2006 in the United Kingdom.

                   Company Liquidations

There were 3,194 liquidations in England and Wales in the fourth
quarter of 2006 on a seasonally adjusted basis.  This was a
decrease of 1.4% on the previous quarter and a decrease of 0.1%
on the same period a year ago.

This was made up of 1,411 compulsory liquidations, an increase
of 4.9% on the previous quarter and an increase of 9.7% on the
corresponding quarter of the previous year, and 1,783 creditors
voluntary liquidations, a decrease of 5.9% on the previous
quarter and a decrease of 6.7% on the corresponding quarter
of the previous year.

0.6% of active companies went into liquidation in the twelve
months ended fourth Quarter of 2006, a decrease from 0.7% in the
previous quarter and the corresponding quarter of 2005.

                  Individual Insolvencies

There were 29,804 individual insolvencies in England and Wales
in the fourth quarter of 2006 on a seasonally adjusted basis.
This was an increase of 7.1% on the previous quarter and an
increase of 44.1% on the same period a year ago.

This was made up of 17,063 bankruptcies, an increase of 9.6% on
the previous quarter and an increase of 24.8% on the
corresponding quarter of the previous year, and 12,741
Individual Voluntary Arrangements, an increase of
3.9% on the previous quarter and an increase of 81.9% on the
corresponding quarter of the previous year.

           Number of Insolvencies in England and Wales
                      (seasonally adjusted)

                         2005   2006   2006   2006   2006
                         Q4     Q1r    Q2r    Q3r    Q4p
                         ----   ----   ----   ----   ----
Company Liquidations     3,198  3,452  3,252  3,239  3,194
of which: Compulsory     1,287  1,441  1,221  1,345  1,411
Creditors Voluntary      1,911  2,011  2,031  1,894  1,783

Individuals              20,679 23,531 26,125 27,828 29,804
of which:  Bankruptcies  13,675 15,321 15,002 15,569 17,063
           IVAs          7,004  8,209  11,122 12,259 12,741

p = provisional,  r = revised

                  Insolvencies in Scotland
                     and Northern Ireland

The following tables present recent trends in insolvencies in
Scotland and Northern Ireland, complementing those for England
and Wales above (longer series back to 1998 are presented in the
accompanying detailed tables).

             Number of Insolvencies in Scotland
                 (not seasonally adjusted)


                          2005   2006   2006   2006   2006
                          Q4     Q1     Q2     Q3     Q4p
                          ----   ----   ----   ----   ----
Company Liquidations      119    128    133    156    132
of which: Compulsory      82     96     99     132    89
Creditors Voluntary       37     32     34     24     43

Individuals               2,961  3,111  3,544  3,601  3,382
of which: Sequestrations  1,289  1,241  1,305  1,528  1,356

Protected Trust Deeds     1,672  1,870  2,239  2,073  2,026

p = provisional

           Number of Insolvencies in Northern Ireland
                   (not seasonally adjusted)

                          2005  2006  2006  2006  2006
                          Q4    Q1    Q2    Q3    Q4p
                          ----  ----  ----  ----  ----
Company Liquidations      31    29    41    28    30
of which: Compulsory      23    19    24    15    20
Creditors Voluntary       8     10    17    13    10

Individuals               394   408   495   425   482
of which:  Bankruptcies   213   245   286   241   264
           IVAs           181   163   209   184   218

p = provisional

Insolvent companies in England & Wales and Scotland are dealt
with under the Insolvency Act of 1986 and, in Northern Ireland,
by the Insolvency (Northern Ireland) Order 1989.  They can
either be the subject of a compulsory liquidation (winding-up)
order obtained from the court by a creditor, shareholder or
director or themselves pass a resolution, subject to the
approval of a creditors' meeting that the company be wound up
voluntarily (creditors voluntary liquidations, registered at
Companies House/Companies Registry).  A third type of winding-
up, members' voluntary liquidation, is not included because it
does not involve insolvency.

The Insolvency Act 1986 and, in Northern Ireland, the Insolvency
(Northern Ireland) Order 1989 also introduced the procedures of
company administration orders and company voluntary arrangements
(CVAs). The administration procedure gives a period of time
during which creditors are restrained from taking action and a
court appointed administrator puts forward proposals to deal
with the company's financial difficulties.  The CVA procedure
aids business by enabling a company in financial difficulty to
come to a binding agreement with its creditors.

The Enterprise Act 2002 introduced revisions to the corporate
administration procedures, replacing Part II of the Insolvency
Act 1986 with Schedule B1.  These include the introduction of
additional entry routes into administration that do not require
the making of an administration order and a streamlined process
for Administrations whereby a company can in some circumstances
be dissolved without recourse to liquidation.  The primary
objective of administration (and of CVAs) is the rescue of the
company as a going concern.  These provisions came into force
on Sept. 15, 2003.  On March 27, 2006, the Insolvency (Northern
Ireland) Order 2005 introduced similar revisions to the
corporate administration procedures in Northern Ireland,
replacing Part III of the Insolvency (Northern Ireland) Order
1989 with Schedule B1.

Receivership appointments comprise administrative receivers
appointed under the 1986 Act (and the 1989 Order for Northern
Ireland) and certain other receivership appointments, for
example under the Law of Property Act 1925.  Due to the use of
the same statutory documentation for different types of
receivership, it is not possible to give a breakdown between
them.  The provisions of the Enterprise Act 2002 [section 250]
(Insolvency [Northern Ireland] Order 2005 [Article 5]) have made
some changes to the procedures for administrative receivership.

Under the Insolvency Act 1986 and the Insolvent Partnerships
Order and, in Northern Ireland, the Insolvency (Northern
Ireland) Order 1989 and the Insolvent Partnerships Order
(Northern Ireland) 1995, insolvent partnerships may be wound up
as an unregistered company or administered following bankruptcy
orders against the partners.  Insolvent Partnerships can also
enter administration or a voluntary arrangement.

A full-text copy of the fourth quarter insolvency statistics
published by The Insolvency Service is available free at:


http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/insolvencylaw.htm

                           *********

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
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                 * * * End of Transmission * * *