TCREUR_Public/070208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, February 8, 2007, Vol. 8, No. 28   

                            Headlines


A U S T R I A

ARCHE NOVA: Claims Registration Period Ends February 21
ERDBAU MISCHINGER: Creditors' Meeting Slated for March 1
FINISHED METAL: Creditors' Meeting Slated for February 28
JOSEF BRANDL: Claims Registration Period Ends February 21
POELZ LLC: Claims Registration Period Ends March 5

ST. POELTNER GIESSEREI: Creditors' Meeting Slated for March 13
TROCKENBAU HAKBILIR: Claims Registration Period Ends March 13


B E L G I U M

ARVINMERITOR INC: Offering US$175 Million of Sr. Unsecured Notes
ARVINMERITOR: Inks Pact to Sell Emissions Tech. to One Equity
ARVINMERITOR INC: S&P Says Tech Biz Sale Won't Affect Ratings


B U L G A R I A

COMMERCIAL LEAGUE: AstraZeneca Initiates Insolvency Proceedings


F I N L A N D

FLEXTRONICS INT'L: Revenue Growth Cues Moody's Stable Outlook


F R A N C E

ALCATEL-LUCENT: Jyske Bank Analyst Reaffirms Firm's Sell Rating
ALCATEL-LUCENT: Inks Access Network Deal with Softbank Mobile
CA INC: Moody's Holds Negative Outlook After Earnings Report


G E R M A N Y

A-Z HAND-WERKER: Claims Registration Ends February 28
A & B CONSULTING: Claims Registration Ends March 2
AAW HOCH: Claims Registration Ends April 24
AED LEITERPLATTEN: Claims Registration Ends March 28
ALLTAX TAXIBETRIEBSGESELLSCHAFT: Creditors' Claims Due March 23

BLOCKHAUS NATUR: Creditors' Meeting Slated for March 9
BMT ABSACK: Claims Registration Ends March 2
COMPANION GMBH: Claims Registration Ends March 9
CR COPY-RIGHT: Claims Registration Ends March 2
CUBA GASTRONOMIE: Claims Registration Ends March 8

DAIMLERCHRYSLER AG: Prepares Plan to Address U.S. Arm Losses
DPK DIGITAL: Claims Registration Period Ends March 10
DS DATA: Claims Registration Ends February 21
FE FLUGHAFENENTWICKLUNG: Claims Registration Ends February 19
EFFIZIENT GEBAUDEPFLEGE: Creditors Must File Claims by April 20

EVROKONTAKT EXHIBITION: Creditors Must File Claims by March 19
FPL WARMERUECKGEWINNUNG: Creditors Must File Claims by Feb. 27
HATRONIK DATEN-SYSTEME: Creditors Must File Claims by March 17
IMPARIAL AG: Claims Registration Ends February 27
INCOM GMBH: Claims Registration Ends February 13

IRA REPRODUKTION: Creditors Must Register Claims by March 5
KDS GMBH: Claims Registration Ends February 23
KIESGEWINNUNG SELMSDORF: Claims Registration Ends March 2
KOEBERICH & SCHMAUCH: Claims Registration Ends February 22
KOMMANDITGESELLSCHAFT ZWEITE: Claims Registration Ends March 22

KRESBACH GMBH: Claims Registration Ends March 7
LENTERNI EINZELHANDELS: Claims Registration Ends March 16
MKM AUTOMOBILE: Claims Registration Ends March 6
NEWARK GROUP: S&P Affirms B+ Credit Rating with Stable Outlook
NTS NORD: Claims Registration Ends March 15

MOTAWI SPORTMARKETING: Claims Registration Ends April 19
PAN BAUSYSTEME: Claims Registration Ends March 13
RAINBOW HAIR: Claims Registration Ends February 15
RESTAURANT MAXWELL: Creditors' Meeting Slated for March 15
SCHUH-TEAM: Claims Registration Ends March 20

TEKA TIEFBAU: Claims Registration Ends February 23
VVUD VERMITTLUNGS: Claims Registration Ends March 9


G R E E C E

ASPIS BANK: Acquires 51% Stake in First Business Bank
ASPIS BANK: Bid for Another Bank Changes Outlook to Stable


H U N G A R Y

AES CORP: EdeEste Replaces Damaged Light Posts in Colonial City


I R E L A N D

MERCATOR CLO: Moody's Rates EUR19.5-Mln Class B-2 Notes at Ba3


I T A L Y

PARMALAT SPA: Inks EUR25-Mln Settlement with Popolare di Milano
TK ALUMINUM: Mulls Court-Supervised Restructuring Proceedings


K A Z A K H S T A N

AGROTECHSERVICE OJSC: Court Begins Bankruptcy Proceedings
ALLIANCE BANK: Fitch Assigns EUR750-Mln Notes Final BB- Rating
DRUJBA LLP: Claims Registration Ends March 16
ENTERPRISE MEREY: Claims Filing Period Ends March 16
KAMYSHENSKY LLP: Creditors Must File Claims by March 16

NECTAR LLP: Proof of Claim Deadline Slated for March 16
REMSTROYINVEST LLP: Creditors Must File Claims by March 16
REMSTROYSERVICE JSC: Claims Filing Period Ends March 23
SERVICETECHNOSTROY-XXI LLP: Claims Registration Ends March 23
TAUEKEL LLP: Creditors' Claims Due March 23


K Y R G Y Z S T A N

METALL-SERVICE LLP: Creditors' Claims Due March 23
SHED-GLASS LLC: Claims Filing Period Ends March 23


L U X E M B O U R G

DANA CORP: Wants to Reject CBAs & Modify Retiree Benefits
DANA CORP: Wants Divestiture Order to Admit Restructuring Pacts
EDEL CAPITAL: Fitch Upgrades US$250-Million Notes to BB+
NORTEL NETWORKS: Peter Currie to Step Down as EVP & CFO
TEKSID ALUMINUM: Mulls Supervised Restructuring Proceedings


N E T H E R L A N D S

ACXIOM CORP: Declares US$0.06 Per Share Quarterly Dividend
HERBALIFE LTD: Receives US$39 Per Share Cash Offer from Whitney
KONINKLIJKE AHOLD: Class Suit vs. U.S. Foodservice to Proceed
KONINKLIJKE AHOLD: Swedish Regulator Okays ICA Unit's Store Deal
NEWARK GROUP: S&P Affirms B+ Credit Rating with Stable Outlook


R U S S I A

ABRAMOVSKAYA NIVA: Voronezh Court Hearing Slated for March 21
DIAMOND LLC: Creditors Must File Claims by March 20
DYATKOVSKIY CRYSTAL: Court Starts External Bankruptcy Procedure
ECOPARK CJSC: Bankruptcy Hearing Slated for March 29
KRUPPSKIY FISHING: Creditors Must File Claims by March 20

NOVOMELOVATSKOYE LLC: Bankruptcy Hearing Slated for April 19
NOVOSILSKIY DIARY: Creditors Must File Claims by March 20
ORENBURG-ALCO OJSC: Asset Sale Slated for February 27
PIROGOVO LLC: Voronezh Bankruptcy Hearing Slated for March 14
PLANET OJSC: Court Names V. Luklyanov as Insolvency Manager

RYAZHSK-MEAT CJSC: Creditors Must File Claims by February 20
SIB-EXPRESS CJSC: Court Names N. Semenikhin to Manage Assets
SOYUZ-AGRO OJSC: Court Names P. Zhdankov as Insolvency Manager
WEST-SIBERIAN MINING: Creditors Must File Claims by February 20
YAREGA-PAINT OJSC: Creditors Must File Claims by March 20


S P A I N

LEAR CORP: Carl Icahn Makes US$36 Per Share Acquisition Offer
LEAR CORP: Icahn Acquisition Offer Cues Fitch's Negative Watch
LEAR CORP: Icahn Offer Prompts Moody's to Review B2 Ratings


S W E D E N

KONINKLIJKE AHOLD: Class Suit vs. U.S. Foodservice to Proceed
STENA AB: Soliciting Consents to Amend 9-5/8% Bond Indenture


S W I T Z E R L A N D

A-ZONE LLC: Creditors' Liquidation Claims Due February 19
BLUE MOON: Creditors' Liquidation Claims Due April 30
CC VERANSTALTUNGEN: Creditors' Liquidation Claims Due Feb. 19
ERMATECH LLC: Creditors' Liquidation Claims Due March 23
ERNST GERBER: Creditors' Liquidation Claims Due March 1

GLADIUM WATCH: Creditors' Liquidation Claims Due February 26
H & P MONTAGEN: Creditors' Liquidation Claims Due March 15
LEONIDAS LLC: Creditors' Liquidation Claims Due February 22
ORSIS LLC: Creditors' Liquidation Claims Due February 23
UWOPLAST JSC: Creditors' Liquidation Claims Due February 19


U K R A I N E

DIBROVA LLC: Creditors Must Submit Claims by February 21
GALESCHINA BREADRECEIVING: Creditors Must File Claims by Feb. 21
KIROVOGRAD FURNITURE: Creditors Must Submit Claims by Feb. 21
LASIRKY GRAIN: Claims Submission Deadline Set February 21
UKRAINIAN ENERGY: Creditors Must Submit Claims by February 21

UKRAINIAN HYDRO-SPECIAL: Claims Filing Deadline Set Feb. 21


U N I T E D   K I N G D O M

ADAMS CHILDRENSWEAR: Brings In PwC as Joint Administrators
ADAMS CHILDRENSWEAR: Sells Business & Assets to John Shannon
ADVANCED MARKETING: Seeks to Employ Capstone as Advisors
ADVANCED MARKETING: Wells Fargo Won't Object to PGW Payment
ANGLOWIDE LEISURE: Creditors' Meeting Slated for February 14

AP HYDRAULICS: PwC Eyes GBP75-Mln Distribution to Pensioners
BEARINGPOINT INC: S&P Withdraws B- Ratings For Lack of Info
BURGER KING: Earns GBP19.4 Million in Second Quarter 2006
CAPITAL DIRECTORIES: Creditors' Meeting Slated for February 12
COLLINS & AIKMAN: Can Obtain Financing Under Customer Agreement

CONSTELLATION BRANDS: Acquires SVEDKA Vodka Brand for US$384 Mln
DISPERSE GROUP: Taps Joint Administrators from Deloitte
ELIZABETH GEE: Creditors' Meeting Slated for February 14
EXCHANGE CLEANING: Creditors' Meeting Slated for February 15
FEDERAL-MOGUL: Supplemental Disclosure Statement Approved

FEDERAL-MOGUL: Plan Confirmation Hearing Scheduled on May 8
FORD MOTOR: Faces Lawsuits in Ill. Over Defective Speed Switches
FORD MOTOR: January Sales Down 19% & Daily Rentals Cut by 65%
GAP INC.: Moody's Lowers Senior Unsecured Notes' Rating to Ba1
GLENFARNE ASSOCIATES: Creditors' Meeting Slated for February 15

GREAT HALL: Fitch Assigns BB Ratings to GBP14.28 Million Notes
HARRIER SHOES: Creditors' Meeting Slated for February 15
JAMES GRAY: Creditors' Meeting Slated for February 14
JAYS SOUTH: Creditors' Meeting Slated for February 15
LOFT CONVERSIONS: Brings In Liquidators from Wilson Field

MARKEL CORP: S&P Affirms BB Rating on Preferred Stock
MEDIFORCE PARAMEDIC: Claims Filing Period Ends April 24
NIGEL DIXON: Creditors Confirm Liquidators' Appointment
OSM GRAPHIX: Joint Liquidators Take Over Operations
PLASTICS 2 GO: Creditors' Meeting Slated for February 20

PORTABLE FLOORMAKERS: Taps M. D. Hardy to Liquidate Assets
RACKWELL ENGINEERING: Creditors' Meeting Slated for February 19
RAILWAY TILE: Affects 44 Employees as Nine Stores Close
ROCK ROSE: Creditors' Meeting Slated for February 13
ROSE IVANA: Jonathan Lord Leads Liquidation Procedure

SCOTTISH RE: Won't Remarket HyCUs Convertible Preferred Shares
SCOTTISH RE: To Unveil Full Year 2006 Results on February 14
TURNWILL LTD: Hires Liquidators from Wilson Field
TYSON FOODS: Executives Positive on Firm's Profitability
VAN LAUREN: Creditors' Meeting Slated for February 14

W. KNIGHT: Taps Liquidators from Harrisons
WILLS ENGINEERS: Creditors' Meeting Slated for February 13

* Upcoming Meetings, Conferences and Seminars

                            *********

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


ARCHE NOVA: Claims Registration Period Ends February 21
-------------------------------------------------------
Creditors owed money by LLC Arche Nova Pflanzenzuchtsysteme (FN
244793s) have until Feb. 21 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: 01/505 88 31
         Fax: 01/505 94 64
         E-mail: kanzlei@kainz-wexberg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 7 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg, Austria

Headquartered in Ganserndorf, Austria, the Debtor declared
bankruptcy on Jan. 22 (Bankr. Case No. 36 S 8/07d).  Walter
Kainz represents Dr. Wexberg in the bankruptcy proceedings.


ERDBAU MISCHINGER: Creditors' Meeting Slated for March 1
--------------------------------------------------------
Creditors owed money by LLC Erdbau Mischinger (FN 249652k) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
March 1 for the examination of claims.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz, Austria

Headquartered in Pistorf, Austria, the Debtor declared
bankruptcy on July 24, 2006 (Bankr. Case No. 26 S 77/06b).  
Wolfgang Reinisch serves as the court appointed estate
administrator of the bankrupt estate.  

The estate administrator can be reached at:

         Dr. Wolfgang Reinisch
         LLC Reinisch & Wisiak Rechtsanwalte
         Hauptplatz 28
         8430 Leibnitz
         Austria
         Tel: 03452/83296
         Fax: 03452/83296-20
         E-mail: leibnitz@reinisch-wisiak.at


FINISHED METAL: Creditors' Meeting Slated for February 28
---------------------------------------------------------
Creditors owed money by LLC Finished Metal Products (FN 245356v)
are encouraged to attend the creditors' meeting at 9:30 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 Nov. 13, 2006 (Bankr. Case No. FN 245356v).  Thomas Engelhart
serves as the court-appointed property manager of the bankrupt
estate.  Karl F. Engelhart represents Dr. Engelhart in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Thomas Engelhart
         c/o Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30 30
         Fax: 712 33 30 30
         E-mail: kanzlei@engelhart.at


JOSEF BRANDL: Claims Registration Period Ends February 21
---------------------------------------------------------
Creditors owed money by LLC Josef Brandl (FN 66637x) have until
Feb. 21 to file written proofs of claim to estate administrator
Herwig Ernst at:

         Dr. Herwig Ernst
         Hauptplatz 32
         2100 Korneuburg
         Austria
         Tel: 02262/756 57
         Fax: 02262/723 17
         E-mail: lawoffice@mack-ernst.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 7 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg, Austria

Headquartered in Stockerau, Austria, the Debtor declared
bankruptcy on Jan. 19 (Bankr. Case No. 36 S 5/07p).  


POELZ LLC: Claims Registration Period Ends March 5
--------------------------------------------------
Creditors owed money by LLC Poelz (FN 230848h) have until
March 5 to file written proofs of claim to estate administrator
Franz Hafner at:

         Dr. Franz Hafner
         Marktstrasse 1
         4813 Altmuenster
         Austria
         Tel: 07612/88273
         Fax: 07612/88273-15
         E-mail: ra.haf-berg@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on March 15 for examination
of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Konrad, Austria, the Debtor declared
bankruptcy on Jan. 19 (Bankr. Case No. 20 S 13/07y).  


ST. POELTNER GIESSEREI: Creditors' Meeting Slated for March 13
--------------------------------------------------------------
Creditors owed money by LLC St. Poeltner Giesserei (FN 132624 k)
are encouraged to attend the creditors' meeting at 12:10 p.m. on
March 13 for the examination of claims.

The creditors' meeting will be held at:

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

Headquartered in St.Poelten, Austria, the Debtor declared
bankruptcy on Feb. 26, 1997 (Bankr. Case No. 27 S 83/97k).  
Werner Pennerstorfer serves as the court-appointed property
manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Werner Pennerstorfer
         Herrengasse 4
         3100 St.Poelten
         Austria
         Tel: 02742/35 42 34
         Fax: 35 14 48


TROCKENBAU HAKBILIR: Claims Registration Period Ends March 13
-------------------------------------------------------------
Creditors owed money by OEG Trockenbau Hakbilir (FN 220190i)
have until March 13 to file written proofs of claim to estate
administrator Norbert Mooseder at:

         Dr. Norbert Mooseder
         Stelzhamerstrasse 1
         4400 Steyr
         Austria
         Tel: 07252/42424
         Fax: 07252/42424-24
         E-mail: lawfirm@gltp.at  

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 Linz
         Hall 522
         Fifth Floor
         Linz, Austria

Headquartered in Ansfelden, Austria, the Debtor declared
bankruptcy on Jan. 19 (Bankr. Case No. 38 S 4/07b).  


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


ARVINMERITOR INC: Offering US$175 Million of Sr. Unsecured Notes
----------------------------------------------------------------
ArvinMeritor Inc. disclosed Monday that it intends, subject to
market and other conditions, to offer US$175 million aggregate
principal amount of convertible senior unsecured notes due 2027
to qualified institutional buyers in a private placement.

ArvinMeritor expects to grant the initial purchasers of the
notes an option to purchase up to an additional US$25 million
aggregate principal amount of the notes, solely to cover over-
allotments.  

In certain circumstances, the notes may be convertible into cash
up to the principal amount.  With respect to any excess
conversion value, the notes may be convertible into cash, shares
of ArvinMeritor common stock or a combination of cash and common
stock, at ArvinMeritor's option.

The company currently expects to use the net proceeds from the
offering of the notes, estimated to be US$169.2 million, or
US$193.4 million assuming exercise of the initial purchasers'
over-allotment option in full, together with proceeds from other
sources if needed, to repay in full the US$169.5 million
aggregate principal amount of its outstanding Term Loan B due
2012.

If the company determines not to use the net proceeds from the
offering to repay the Term Loan B due 2012, the company intends
to use the net proceeds for general corporate purposes,
including retiring other indebtedness or funding certain pension
or other long-term liabilities.

The securities to be offered have not been registered under the
Securities Act of 1933, as amended, or applicable state
securities laws, and unless so registered, may not be offered or
sold in the United States except pursuant to an exemption from
the registration requirements of the Securities Act and
applicable state securities laws.

                        About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies a broad range of  
integrated systems, modules and components to the motor vehicle
industry.  The company serves light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  ArvinMeritor employs approximately 27,500
people at more than 110 manufacturing facilities in 26
countries.  It maintains 23 facilities in Argentina, Belgium,
Brazil, Germany, the United Kingdom, and Venezuela, among
others.  ArvinMeritor common stock is traded on the New York
Stock Exchange under the ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 26,
Standard & Poor's Ratings Services lowered its ratings on
automotive components supplier ArvinMeritor Inc., including its
long-term corporate credit rating to 'BB-' from 'BB'.

In addition, Standard & Poor's removed the ratings from
CreditWatch, where they had been placed on Sept. 26, 2006, with
negative implications.  The 'B-1' short-term corporate credit
rating on the Troy, Michigan-based company was affirmed.

S&P said the outlook is stable.

In a TCR-Europe on Feb. 6, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


ARVINMERITOR: Inks Pact to Sell Emissions Tech. to One Equity
-------------------------------------------------------------
ArvinMeritor Inc. has signed a definitive agreement to sell
its Emissions Technologies business group to One Equity
Partners, an equity investment firm based in New York.  Cash and
other consideration total approximately US$310 million.  The
transaction is expected to be completed in the third quarter of
fiscal year 2007.

"The decision to sell our Emissions Technologies business is
part of our long-term strategy to refocus our company and
concentrate on the strengths and core competencies that will
generate future earnings growth for ArvinMeritor," said
Chairman, CEO and President Charles G. "Chip" McClure.  "The
proceeds from this sale will support our continued efforts to
strengthen our balance sheet, and increase our ability to invest
in technology, research and development that more closely aligns
with our strategic focus on selected vehicle systems."

                   ArvinMeritor's Future

"By focusing on and investing in our light and commercial
vehicle businesses where we have superior products, strong
market positions and higher margins, we see greater potential
for sustained profitable growth in our core capabilities," Mr.
McClure said.  These include:

   * Chassis -- vehicle stability (ride and handling -- braking
     and suspension systems and wheels);

   * Drivetrain -- vehicle propulsion (steer axles, drivelines,
     suspensions, trailer axles and all-wheel drive systems and
     hybrids); and

   * Apertures -- vehicle safety and security (body and control
     systems, such as doors and roofs).

"We continue to be committed to diversifying our customer base,
expanding our global presence and strengthening our product
portfolio in areas that provide the highest value to our
customers and return the greatest value to our shareowners,"
McClure continued.

"In addition, we are implementing an aggressive strategy in
Asia, and committing resources to sustainable and profitable
growth in this region," said Mr. McClure.  "We also are planning
to increase our global aftermarket and specialty businesses, and
we are funding advanced engineering, research and development
initiatives that will better position us for the challenges
ahead."

ArvinMeritor's overarching strategy is to become a global
systems leader in its target markets, to build product
technology and develop capabilities that are scalable across
markets and platforms, and to profitably commercialize solutions
that meet customers' growing needs.

"ArvinMeritor's new Performance Plus program also is helping to
transform the company by identifying revenue growth and cost
savings opportunities that will position us for future global
expansion and success.  Together with the transaction we are
announcing today, Performance Plus will help us build a more
focused, sustainable and profitable business model for
ArvinMeritor," Mr. McClure added.

                   Emissions Technologies

"While we are confident in the growth potential of the emissions
technologies portfolio, we believe that this business will be
better served by an organization that is specifically positioned
to invest capital and management resources in its development
and growth," Mr. McClure added.

"One Equity is looking forward to working with the Emissions
Technologies management team to execute a focused and aggressive
growth plan," said One Equity Senior Partner, Lee Gardner.  "We
believe that the worldwide push to reduce pollutants and
greenhouse gas emissions will create long-term opportunities for
companies focused on advanced exhaust and emissions technology,
and we are very pleased to be acquiring a leading company in
this industry.  We will seek to build on the competitive
strengths of the business and position it for long-term
success."

The Emissions Technologies business is a leader in the global
emission technology industry, serving worldwide light and
commercial vehicle manufacturers.  The business has operations
in 19 countries, 7,500 employees and several long-term joint
venture relationships.  H. H. "Buddy" Wacaser, President of
Emissions Technologies, and his management team will continue to
lead it following the close of the transaction.

Once the transaction closes, the new Emissions Technologies
company will have dual headquarters in Columbus, Indiana, as
well as in the metro Detroit area.

JPMorgan Securities is providing the debt financing in
connection with this transaction.

The transaction is subject to standard regulatory approvals,
including review under the Hart-Scott-Rodino Antitrust
Improvements Act. Consultation with employee representatives
will also take place.

                        2007 Outlook

After the sale of its Emissions Technologies business,
ArvinMeritor will have about 20,000 employees, with 75
facilities in 22 countries. The company will maintain its
diversified customer mix and a strong global presence.

The company anticipates sales from continuing operations in
fiscal year 2007 in the range of US$5.9 billion to US$6.1
billion, and the outlook for full- year diluted earnings per
share from continuing operations to be in the range of US$1.00
to US$1.10.  Cash flow guidance for fiscal year 2007 is US$50
million to US$100 million.  This guidance assumes that the
Emissions Technologies transaction closes during the third
quarter of fiscal 2007, and excludes gains or losses on
divestitures, restructuring costs, and other special items,
including potential extended customer shutdowns or production
interruptions.

The company reduced its fiscal year 2007 forecast for light
vehicle production to 15.3 million vehicles in North America,
down from 15.8 million forecast last quarter.  The company's
forecast for Western Europe is unchanged at 16.1 million
vehicles.

ArvinMeritor's forecast for North American Class 8 truck
production is 235,000 units in fiscal year 2007 (200,000 for the
2007 calendar year), unchanged from our previous forecast. The
company's fiscal year 2007 forecast for heavy and medium truck
volumes in Western Europe is 475,000 units, up from the previous
forecast of 419,000.

                 About One Equity Partners

One Equity Partners manages US$5 billion of investments and
commitments for JPMorgan Chase & Co. in direct private equity
transactions. Partnering with management, One Equity invests in
transactions that initiate strategic and operational changes in
businesses to create long-term value.  One Equity's investment
professionals are located across North America and Europe, with
offices in New York, Chicago and Frankfurt.

                        About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies a broad range of  
integrated systems, modules and components to the motor vehicle
industry.  The company serves light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  ArvinMeritor employs approximately 27,500
people at more than 110 manufacturing facilities in 26
countries.  It maintains 23 facilities in Argentina, Belgium,
Brazil, Germany, the United Kingdom, and Venezuela, among
others.  ArvinMeritor common stock is traded on the New York
Stock Exchange under the ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 26,
Standard & Poor's Ratings Services lowered its ratings on
automotive components supplier ArvinMeritor Inc., including its
long-term corporate credit rating to 'BB-' from 'BB'.

In addition, Standard & Poor's removed the ratings from
CreditWatch, where they had been placed on Sept. 26, 2006, with
negative implications.  The 'B-1' short-term corporate credit
rating on the Troy, Michigan-based company was affirmed.

S&P said the outlook is stable.

In a TCR-Europe on Feb. 6, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


ARVINMERITOR INC: S&P Says Tech Biz Sale Won't Affect Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on ArvinMeritor Inc. (ARM; BB-/Stable/B-1) are not
affected following the company's announcement that it has agreed
to sell its Emissions Technologies business to private equity
firm One Equity Partners for US$310 million.  

ARM has been selling assets to both narrow the company's focus
and improve the financial profile.  This ongoing effort to
improve liquidity and reduce debt was a factor in assigning a
stable outlook in our late 2006 downgrade.  

While the ET sale is larger than most recent asset sales, S&P
would still expect that a substantial portion of the cash
proceeds will be used to strengthen the balance sheet.  The sale
reduces ARM's diversity, but also eliminates a significant
exposure to stainless steel price fluctuations.  S&P still
expects that ARM's financial profile will remain weak during the
next fiscal year or perhaps longer, as it continues to face
challenges in both its light vehicle and commercial vehicle
businesses.  

ARM is assuming the ET sale closes in the third fiscal quarter,
and has lowered its cash flow guidance for fiscal 2007 to US$50
million -- US$100 million, down from US$75 million -- US$125
million.  However, even before the ET sale, the company had
virtually eliminated all debt maturities through 2011.  In
addition, Standard & Poor's expects some benefits over time from
enhanced management focus on ARM's weak profitability.

                        About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies a broad range of  
integrated systems, modules and components to the motor vehicle
industry.  The company serves light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  ArvinMeritor employs approximately 27,500
people at more than 110 manufacturing facilities in 26
countries.  It maintains 23 facilities in Argentina, Belgium,
Brazil, Germany, the United Kingdom, and Venezuela, among
others.  ArvinMeritor common stock is traded on the New York
Stock Exchange under the ticker symbol ARM.


===============
B U L G A R I A
===============


COMMERCIAL LEAGUE: AstraZeneca Initiates Insolvency Proceedings
---------------------------------------------------------------
AstraZeneca PLC asked the Sofia District Court in Bulgaria to
commence insolvency proceedings against Commercial League Bio
Pharma Group Inc., Dnevnik reports.

According to reports, AstraZeneca is seeking to collect EUR2.2
million from the company after claiming that Commercial League
accrued EUR2.8 million in debts since last year.  

However, Ivailo Boev, head of the Commercial League legal
department, said that although AstraZeneca is entitled to its
claim, it still owes the drug distribution company EUR6.5
million, Dnevnik says.

Mr. Boev said the two companies authorized the Bulgarian Chamber
of Commerce and Industry's arbitration court to resolve any
contractual disputes.  He further noted that the arbitration
court must decide if AstraZeneca is entitled to that amount,
Dnevnik relates.

AstraZeneca declined to comment on the matter and will issue an
official statement on the matter soon.

                      About AstraZeneca PLC

London-based AstraZeneca PLC -- http://www.astrazeneca.com/--  
is a pharmaceuticals company dedicated to the discovery,
development, manufacturing, and marketing of high quality,
effective prescription medicines that bring benefit for patients
and add value for shareholders and wider society.

                     About Commercial League

Sofia, Bulgaria-based Commercial League Bio Pharma Group Inc. --
http://www.comleague.com/-- is a regional Leader at the Balkans  
in late stage clinical trails, original pharmaceuticals
marketing and market entries, generic and licensed
manufacturing, wholesale & distribution, and managing 210 retail
pharmacies.

Commercial League reported a profit for the first quarter of
2006; however, it also disclosed of a negative cash flow.  The
company has debts of up to EUR2.8 million at present.


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


FLEXTRONICS INT'L: Revenue Growth Cues Moody's Stable Outlook
-------------------------------------------------------------
Moody's Investors Service revised the outlook of Flextronics
International Ltd. to stable from negative, while affirming its
corporate family rating at Ba1.

The outlook revision reflects Flextronics' solid revenue growth
over the past twelve months, with fiscal 2007 revenue expected
to rise 24% over 2006.

Although revenue from acquisitions including its recently
acquired Nortel assets contributed to the growth, organic growth
in areas such as handsets was strong.  The company's industry-
leading growth rate reflects the nature of Flextronics'
portfolio -- one of the most diversified in the EMS industry.  
The outlook revision also reflects Moody's expectation that
Flextronics' profitability measures and free cash flow
generation will improve in the near term.

Other factors considered in the current rating action include
Flextronics' size and scale with revenue nearly twice as large
as the average of its North American peers, its aforementioned
product diversity, solid credit metrics, and Moody's expectation
that improving working capital will help generate free cash flow
in fiscal 2008.  

The rating also continues to reflect risks associated with the
volatility of the EMS industry, exacerbated by high client
concentration, and the challenges Flextronics will face in
managing a business with revenue exceeding US$19 billion, or 35%
larger than three years ago, and management's strategy to
maintain high growth rates, which implies periodic high capital
investments and negative cash flow.

Flextronics' rapid growth strategy, in Moody's view, presents
both opportunities and potential risks.  On the one hand,
significant growth will further enhance Flextronics' scale and
business diversity.  On the other hand, it would also present
further challenges in terms of business complexity, importance
of quality execution and management bandwidth.  Moody's notes
that Flextronics has been adding key management personnel
recently, possibly mitigating concerns over the pace of the
growth.  The expectation that Flextronics will generate free
cash flow over the next 12-18 months is an important
consideration in stabilizing its outlook.

These ratings have been affirmed:

   -- Corporate family rating at Ba1;

   -- Probability of default rating at Ba1;

   -- US$400 million 6.25% Senior Subordinated Notes due 2014,
      Ba2, LGD5, 85%;

   -- US$400 million 6.5% Senior Subordinated Notes due 2013,
      Ba2, LGD5, 85%;

   -- US$7.7 million 9.875% senior subordinated notes, due 2010,
      Ba2, LGD5, 85%; and,

   -- Speculative grade liquidity rating, SGL-1.

Outlook revised from negative to stable

Flextronics International Ltd., headquartered in Singapore, has
its main U.S. offices in San Jose, California.  The company is
one of the largest providers of electronics manufacturing
services to OEMs primarily in the handheld electronics devices,
information technologies infrastructure, communications
infrastructure, computer and office automation, and consumer
devices industries.  For the latest twelve months ending
December 2006, the company generated approximately US$17.5
billion in revenues.


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


ALCATEL-LUCENT: Jyske Bank Analyst Reaffirms Firm's Sell Rating
---------------------------------------------------------------
Robert Jakobsen, an analyst with Jyske Bank, has reaffirmed his
"sell" rating on Alcatel-Lucent, Newratings.com reports.

Mr. Jakobsen said in a research note that Alcatel-Lucent has
reported its preliminary fourth quarter 2006 sales and operating
results significantly short of the consensus.

Mr. Jakobsen told Newratings.com that the deficit may have been
caused by the uncertainty among Alcatel-Lucent's client's
regarding the company's:

   -- future product strategy,
   -- weak sales at Lucent,
   -- general price pressure,
   -- strength in the euro, and
   -- deteriorating conditions in the wireless equipment market.

Alcatel-Lucent's target price decreased from EUR10 to EUR9,
Newratings.com states.

                      About Alcatel-Lucent

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

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

                          *     *     *

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

Moody's:

   * Alcatel

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

   * Lucent

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

Standard & Poor's:

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

Fitch Ratings:

   * Alcatel

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


ALCATEL-LUCENT: Inks Access Network Deal with Softbank Mobile
-------------------------------------------------------------
Alcatel-Lucent has agreed to provide Softbank Mobile with a
high-speed mobile access network.

The agreement strengthens Alcatel-Lucent's position in the
Japanese market while enabling Softbank to extend the reach and
capacity of its network to indoor users and tap new market
opportunities.

Under the terms of the agreement Alcatel-Lucent will deploy a 3G
UMTS/HSDPA solution that will complement Softbank's current
mobile voice service offer and enhance its broadband service
portfolio.

The UMTS/HSDPA solution is designed especially for indoor and
deep indoor coverage enabling subscribers in office buildings
and residences to take advantage of innovative wireless services
such as video conferencing, mobile TV, and high-speed mobile
Internet access.  The network will comprise thousands of pico-
cells that are smaller in radius and coverage area than standard
cells, but offer improved signal strength and supports delivery
of higher data rates than those currently available.

The solution takes advantage of complementary UMTS radio access
network components that come both from the former Alcatel and
Lucent companies as well as through a recent acquisition of
assets from Nortel.

The proposed solution provides a number of advantages, most
significantly:

   -- improved performance from low-powered cells deployed in
      close proximity to users without requiring expensive
      indoor antenna arrays.

   -- the opportunity for Softbank to bundle fixed/mobile
      services in solutions for corporate customers.

In the longer term, Softbank is considering deployment of a
larger scale in-building solution that is based on pico cells
and involves transformation to an all IP-based network.  
Softbank can take advantage of Alcatel-Lucent's proven expertise
and capabilities in IP transformation to reduce operating
expenses.  Softbank will also be able to realize the inherent
cost efficiencies that derive from using an IP-based network for
the distribution of indoor cells and from the elimination of
antenna tower leasing expenses and reduced operational overhead.

"Our users have been telling us that whether they're at home or
in the office they want excellent network coverage and access to
higher data rates to support innovative applications. This
solution gives us a way to satisfy that demand," said Mr.
Miyakawa, CTO of Softbank Mobile.  "We have added Alcatel-Lucent
as a new partner because of the depth of their experience and
their proven track record in delivering innovative wireless
solutions."

"Japan is a key strategic market for Alcatel-Lucent," said
Frederic Rose, President of Alcatel-Lucent Asia Pacific.  "This
agreement with Softbank is a clear vote of confidence for our
mobile data solutions and unequivocal evidence of our growing
presence in Japan.  It also demonstrates the combined strength
of the merged company in being able to provide customers with
industry-leading fixed and mobile solutions and cutting-edge
innovation."

                         About Softbank

Softbank Group is the holding company for several businesses
linked to Internet culture, technology services and e-commerce.  
Three companies are at the core of the operation: Softbank BB
for broadband infrastructure, Softbank Telecom for fixed
communication and Softbank Mobile for mobile telecommunication
business.

                      About Alcatel-Lucent

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

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

                          *     *     *

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

Moody's:

   * Alcatel

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

   * Lucent

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

Standard & Poor's:

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

Fitch Ratings:

   * Alcatel

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


CA INC: Moody's Holds Negative Outlook After Earnings Report
------------------------------------------------------------
Moody's Investors Service comments that it is maintaining the
negative outlook for CA Inc. after the company's fiscal third
quarter 2007 reported earnings.

"CA's fiscal third quarter results provide evidence of its
bookings and billings growth, reversing previous negative
trends" commented John Moore, VP/Senior Analyst.

"Moody's is monitoring CA's negative rating outlook pending
further evidence of organic business growth," Mr. Moore added.

The company's Ba1 senior unsecured rating reflects its large
portfolio of mission critical software product offerings and
installed base of a diverse set of creditworthy clients, which
in isolation is similar to cross industry A3 rated peers.

However, the Ba1 rating also reflects:

    * uncertainties surrounding the effectiveness of its
      internal financial controls;

    * its unsettled fulfillment of the terms of the Deferred
      Prosecution Agreement;

    * moderate financial leverage which Moody's believes could
      increase with the potential resumption of its share
      repurchase program;

    * its modest returns on assets; and,

    * competitive challenges impacting its core mainframe and
      Unix products.

The negative outlook reflects challenges the company has to
revive organic growth, implement effective financial controls,
remediate material weaknesses to its financial reporting, and
contain costs.  While the earnings report reversed the negative
operating trends exhibited by CA in prior reports, Moody's
believes that CA's organic sales traction and management of its
financial controls require further proof of execution through
subsequent quarterly reports.

Moody's estimates that the company's LTM December 2006 client
billings grew by about US$170 million or 4%, excluding higher
upfront client payments of about US$120 million received in the
December 2006 quarter.  Moody's notes that this US$170 million
growth was slightly less than the company's LTM December 2006
$504 million cash acquisition spending.  In addition, LTM
December 2006 total bookings grew by around 3%.

Moody's estimates that CA generated around US$800 million LTM
December 2006 free cash flow adjusted for leases.  Moody's
expects the company's free cash flow will be negatively affected
in the near term by about US$200 million higher annualized tax
payments the company anticipates to incur, in addition to the
potential for a diminution of upfront client payments from
around US$120 million higher level of upfront payments that the
company received in its December 2006 quarter as well as upfront
payments received in prior periods.  Moody's notes that
financial year 2006 cash flow from operations benefited from
higher than usual upfront client payments, as indicated by the
US$285 million year over year increase in deferred subscription
revenue recorded in the liability section of its balance sheet.

Moody's also notes that the company affirmed its fiscal 2007
cash flow from operations guidance of between US$900 million and
US$1 billion.  The company also expects to continue to evaluate
ongoing business performance and market conditions before making
a decision on the implementation of additional share
repurchases.  In the September 2006 quarter, CA repurchased
around US$1 billion of shares.

                          About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.


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


A-Z HAND-WERKER: Claims Registration Ends February 28
-----------------------------------------------------
Creditors of A-Z Hand-Werker Komplettbau GmbH have until Feb. 28
to register their claims with court-appointed insolvency manager
Dr. Christoph Schulte.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on April 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against A-Z Hand-Werker Komplettbau GmbH on Jan. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         A-Z Hand-Werker Komplettbau GmbH
         Ruhlsdorfer Str. 95
         14532 Stahnsdorf
         Germany


A & B CONSULTING: Claims Registration Ends March 2
--------------------------------------------------
Creditors of A & B Consulting GmbH have until March 2 to
register their claims with court-appointed insolvency manager
Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 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:

         Dr. Christian Frystatzki
         Sankt Augustiner Str. 94a
         53225 Bonn
         Germany

The District Court of Bonn opened bankruptcy proceedings against
A & B Consulting GmbH on Nov. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A & B Consulting GmbH
         Am Turm 40
         53721 Siegburg
         Germany


AAW HOCH: Claims Registration Ends April 24
-------------------------------------------
Creditors of AAW Hoch- und Tiefbau GmbH have until April 24 to
register their claims with court-appointed insolvency manager
Carsten Bloss.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 12
         Ru-dolfsstr. 46
         99092 Erfurt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Carsten Bloss
         Charlottenstr. 7
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against AAW Hoch- und Tiefbau GmbH on Jan. 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         AAW Hoch- und Tiefbau GmbH
         Asternweg 480 a
         99092 Erfurt
         Germany


AED LEITERPLATTEN: Claims Registration Ends March 28
----------------------------------------------------
Creditors of AED Leiterplatten Service GmbH have until March 28
to register their claims with court-appointed insolvency manager
Dirk Meimberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dirk Meimberg
         Sophienblatt 44-46
         24114 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against AED Leiterplatten Service GmbH on Jan. 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AED Leiterplatten Service GmbH
         Lise-Meitner-Str. 9
         24223 Raisdorf
         Germany


ALLTAX TAXIBETRIEBSGESELLSCHAFT: Creditors' Claims Due March 23
---------------------------------------------------------------
Creditors of ALLTAX Taxibetriebsgesellschaft mbH have until
March 23 to register their claims with court-appointed
insolvency manager Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

The District Court of Aachen opened bankruptcy proceedings
against ALLTAX Taxibetriebsgesellschaft mbH on Jan. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ALLTAX Taxibetriebsgesellschaft mbH
         Flandrische Str. 46
         52076 Aachen
         Germany


BLOCKHAUS NATUR: Creditors' Meeting Slated for March 9
------------------------------------------------------
The court-appointed insolvency manager for Blockhaus Natur AG,
Bernhard Dorissen, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on March 9.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on March 30 at the same venue.

Creditors have until March 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bernhard Dorissen
         Osterstr. 22
         49661 Cloppenburg
         Germany
         Tel.: 04471/9102-0
         Fax: 04471/9102-22

The District Court of Cloppenburg opened bankruptcy proceedings
against Blockhaus Natur AG on Jan. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Blockhaus Natur AG
         Hagenstrasse 11
         49661 Cloppenburg
         Germany

         Attn: Stefan Frerichs, Manager
         Hinterm Wall 30
         49681 Garrel
         Germany

         Attn: Johannes-Juergen Burke, Manager
         Zum Hahnefehn 2
         49699 Lindern
         Germany


BMT ABSACK: Claims Registration Ends March 2
--------------------------------------------
Creditors of BMT Absack-, Dosier- und Anlagentechnik GmbH have
until March 2 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 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against BMT Absack-, Dosier- und Anlagentechnik GmbH on Jan. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BMT Absack-, Dosier- und Anlagentechnik GmbH
         Schaferstr. 34 a
         59174 Kamen
         Germany

         Attn: Helga Berge, Manager
         Akazienweg 22
         59192 Bergkamen
         Germany


COMPANION GMBH: Claims Registration Ends March 9
------------------------------------------------
Creditors of companion GmbH have until March 9 to register their
claims with court-appointed insolvency manager Sandra Bitter.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 30, 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 Paderborn
         Meeting Hall 216
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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:

         Sandra Bitter
         Liboriberg 21
         33098 Paderborn
         Germany
         Tel: 05251/180660
         Fax: 05251/1806666

The District Court of Paderborn opened bankruptcy proceedings
against companion GmbH on Jan. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         companion GmbH
         Industriestrasse 22
         33161 Hoevelhof
         Germany

         Attn: Maik Hoppe, Manager
         Waldweg 33
         33129 Delbrueck
         Germany

         Attn: Holger Hesse, Manager
         Steinfurther Allee 28
         22117 Hamburg
         Germany


CR COPY-RIGHT: Claims Registration Ends March 2
-----------------------------------------------
Creditors of CR Copy-Right Fachkopierservice GmbH have until
March 2 to register their claims with court-appointed insolvency
manager Miguel Grosser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on April 3, 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 Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany   

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

The insolvency manager can be contacted at:

         Miguel Grosser
         Muenchener Str. 13
         60329 Frankfurt/Main
         Germany
         Tel: 069/2400650
         Fax: 069/24006510

The District Court of Frankfurt/Main opened bankruptcy
proceedings against CR Copy-Right Fachkopierservice GmbH on
Jan. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         CR Copy-Right Fachkopierservice GmbH
         Ziegelhuettenweg 30
         60598 Frankfurt/Main
         Germany


CUBA GASTRONOMIE: Claims Registration Ends March 8
--------------------------------------------------
Creditors of Cuba Gastronomie GmbH have until March 8 to
register their claims with court-appointed insolvency manager
Lars Bjarne Buwitt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Neumuenster
         Meeting Hall B 031
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Lars Bjarne Buwitt
         Hamburger Strasse 89
         24558 Henstedt-Ulzburg
         Germany

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

The Debtor can be reached at:

         Cuba Gastronomie GmbH
         B4 Nr. 3
         24241 Grevenkrug
         Germany

         Attn: Herrn Thomas Heeschen, Manager
         Alte Landstrasse 33
         24107 Stampe
         Germany


DAIMLERCHRYSLER AG: Prepares Plan to Address U.S. Arm Losses
------------------------------------------------------------
DaimlerChrysler AG CEO Dieter Zetsche is setting up a plan that
would closely tie Chrysler and Mercedes to cut big losses at its
U.S. operations, Stephen Powers writes for The Wall Street
Journal.

The plan includes the joint development of the basic
underpinnings of automobiles and possibly include the idling of
DaimlerChrysler's truck plant in Newark, Delaware, and several
thousand layoffs, WSJ reports citing people familiar with the
matter as saying.

Stephen Power of WSJ reveals that DaimlerChrysler aimed to
outline a strategy for Chrysler's turnaround on Feb. 14.  People
familiar with the matter said top executives were still
deliberating on details of the announcement and are still
undecided on explicitly identifying new areas of cooperation
between the divisions, WSJ adds.

"We can't compete in this area [small cars] without cooperating.
It's a brutally competitive market," a person familiar with the
company's internal deliberations told WSJ.  He added that senior
executives from the company's German and American sides are
aware of the need to protect Mercedes's exclusive image.

"The outlook on [DaimlerChrysler] depends largely on the
credibility or otherwise of management's plan for Chrysler,"
Stephen Cheetham, an analyst with Sanford C. Bernstein Ltd. was
quoted by WSJ as saying.  "We view management's claims to be
able to separate Chrysler from the uncomfortable fate of its
Detroit peers as increasingly threadbare."

                     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).  The
company reported a third-quarter operating loss of EUR1.16
billion.

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.


DPK DIGITAL: Claims Registration Period Ends March 10
-----------------------------------------------------
Creditors of dpk digital Verwaltungs GmbH have until March 10 to
register their claims with court-appointed insolvency manager
Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 27, 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 Esslingen
         Hall 1
         First Floor
         Ritterstr. 5
         Esslingen
         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. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/23889-0
         Fax: 0711/23889-30

The District Court of Esslingen opened bankruptcy proceedings
against dpk digital Verwaltungs GmbH on Jan. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.


DS DATA: Claims Registration Ends February 21
---------------------------------------------
Creditors of DS DATA Systems GmbH have until Feb. 21 to register
their claims with court-appointed insolvency manager Joachim
Hausherr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 21, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Joachim Hausherr
         Bruchtorwall 6
         38100 Braunschweig
         Germany
         Tel: 0531/2448020
         Fax: 0531/2448080

The District Court of Braunschweig opened bankruptcy proceedings
against DS DATA Systems GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DS DATA Systems GmbH
         Attn: Inge and Willi Suess, Managers
         Christian-Pommer-Str. 15
         38112 Braunschweig
         Germany


FE FLUGHAFENENTWICKLUNG: Claims Registration Ends February 19
-------------------------------------------------------------
Creditors of FE Flughafenentwicklung Geschaftsfuehrungs GmbH
i.L. have until Feb. 19 to register their claims with court-
appointed insolvency manager Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on March 21, at which time the
insolvency manager will present her 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 contacted at:

         Udo Mueller
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033

The District Court of Magdeburg opened bankruptcy proceedings
against FE Flughafenentwicklung Geschaftsfuehrungs GmbH i.L. on
Jan. 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         FE Flughafenentwicklung Geschaftsfuehrungs GmbH i.L.
         Boerdering 1
         39418 Schneidlingen
         Germany

         Attn: Gunter Troschke, Liquidator
         Rotkehlchenstr. 35
         39110 Magdeburg
         Germany


EFFIZIENT GEBAUDEPFLEGE: Creditors Must File Claims by April 20
---------------------------------------------------------------
Creditors of effizient Gebaudepflege Marketing GmbH have until
April 20 to register their claims with court-appointed
insolvency manager Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 11:01 a.m. on April 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Peter Houben
         Sternstrasse 58
         40479 Duesseldorf
         Germany
         Tel: 0211/49 144-0
         Fax: +4902114914434
         Germany

The District Court of Aachen opened bankruptcy proceedings
against effizient Gebaudepflege Marketing GmbH on Jan. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         effizient Gebaudepflege Marketing GmbH
         Ostring 1
         47918 Toenisvorst
         Germany

         Attn: Guenter Horst Gimmel-Schmitt, Manager
         Weeserweg 14
         47804 Krefeld
         Germany


EVROKONTAKT EXHIBITION: Creditors Must File Claims by March 19
--------------------------------------------------------------
Creditors of EVROKONTAKT Exhibition Services GmbH have until
March 19 to register their claims with court-appointed
insolvency manager Thomas Georg.

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

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Georg
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

The District Court of Aachen opened bankruptcy proceedings
against EVROKONTAKT Exhibition Services GmbH on Jan. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EVROKONTAKT Exhibition Services GmbH
         Dennewartstr. 25-27
         52068 Aachen
         Germany

         Attn: Stephan Terborg, Manager
         A 1303 Concordia Plaza
         32 Xiao Yun Lu
         CHN-100027 Beijing
         China


FPL WARMERUECKGEWINNUNG: Creditors Must File Claims by Feb. 27
--------------------------------------------------------------
Creditors of FPL Warmerueckgewinnung - Lueftung GmbH have until
Feb. 27 to register their claims with court-appointed insolvency
manager Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on March 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Halberstadter Str. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-mail: magdeburg@feigl.biz

The District Court of Magdeburg opened bankruptcy proceedings
against FPL Warmerueckgewinnung - Lueftung GmbH on Jan. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FPL Warmerueckgewinnung - Lueftung GmbH
         Helsunger Str. 1
         38889 Blankenburg
         Germany

         Attn: Guenter Puerschel, Manager
         Breite Str. 11
         06458 Hedersleben
         Germany


HATRONIK DATEN-SYSTEME: Creditors Must File Claims by March 17
--------------------------------------------------------------
Creditors of HATRONIK Daten-Systeme GmbH have until March 17 to
register their claims with court-appointed insolvency manager
Petra Fuchs.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on April 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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:

         Petra Fuchs
         Schafergasse 17
         D 60313 Frankfurt
         Germany
         Tel: 069/138107-0
         Fax: 069/138107-10

The District Court of Hanau opened bankruptcy proceedings
against HATRONIK Daten-Systeme GmbH on Jan. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         HATRONIK Daten-Systeme GmbH
         Attn: Thomas Scheible, Manager
         Siemensstrasse 27
         61130 Nidderau
         Germany


IMPARIAL AG: Claims Registration Ends February 27
-------------------------------------------------
Creditors of Imparial AG mit Sitz in Gramkow have until Feb. 27
to register their claims with court-appointed insolvency manager
Christopher Alff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Schwerin
         Hall 7
         Demmlerplatz 14
         Schwerin
         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:

         Christopher Alff
         Gerhart-Hauptmann-Str. 24
         18055 Rostock
         Germany
         
The District Court of Schwerin opened bankruptcy proceedings
against Imparial AG mit Sitz in Gramkow on Jan. 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Imparial AG mit Sitz in Gramkow
         Attn: Werner Glissmann, Manager
         Hohen Wieschendorf 13
         23968 Gramkow
         Germany


INCOM GMBH: Claims Registration Ends February 13
------------------------------------------------
Creditors of INCOM GmbH have until Feb. 13 to register their
claims with court-appointed insolvency manager Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 27, 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:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany
         Tel: (0621) 12 07 80
         
The District Court of Karlsruhe opened bankruptcy proceedings
against INCOM GmbH on Jan. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         INCOM GmbH
         Attn: Reinhold Lofink, Manager
         Benzstr. 9
         76676 Graben-Neudorf
         Germany


IRA REPRODUKTION: Creditors Must Register Claims by March 5
-----------------------------------------------------------
Creditors of IRA Reproduktion GmbH have until March 5 to
register their claims with court-appointed insolvency manager
Axel Schwentker.

The insolvency manager can be reached at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

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

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

The Debtor can be reached at:

         IRA Reproduktion GmbH
         Lahnstr. 33
         45478 Muelheim
         Germany

         Attn: Wolfgang Koenig, Manager
         Rosspfad 22
         40489 Duesseldorf
         Germany


KDS GMBH: Claims Registration Ends February 23
----------------------------------------------
Creditors of KDS GmbH have until Feb. 23 to register their
claims with court-appointed insolvency manager Markus Merbecks.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be contacted at:

         Markus Merbecks
         Ludwigstr. 58
         09113 Chemnitz
         Germany
         Tel: 0371 374 070
         Fax: 0371 336 0281
         Web site: http://www.merbecks.de/

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

The Debtor can be contacted at:

         KDS GmbH
         Attn: Wolf-Ruediger Lange, Manager
         Dorfstrasse 29
         09429 Wolkenstein OT Schoenbrunn
         Germany


KIESGEWINNUNG SELMSDORF: Claims Registration Ends March 2
---------------------------------------------------------
Creditors of Kiesgewinnung Selmsdorf GmbH & Co KG have until
March 2 to register their claims with court-appointed insolvency
manager Stephan Muenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Schwerin
         Hall 7
         Demmlerplatz 14
         Schwerin
         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:

         Stephan Muenzel
         Bachstr. 85 a
         22083 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Kiesgewinnung Selmsdorf GmbH & Co KG on Jan. 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kiesgewinnung Selmsdorf GmbH & Co KG
         Attn: Gustav Heinrich Toedt, Manager
         Vierth 4
         23627 Gross Groenau
         Germany


KOEBERICH & SCHMAUCH: Claims Registration Ends February 22
----------------------------------------------------------
Creditors of Koeberich & Schmauch GmbH have until Feb. 22 to
register their claims with court-appointed insolvency manager
Heinrich von Trott zu Solz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on March 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Eschwege
         1. Stock
         Friedr. Wilh. Road 39
         37269 Eschwege
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on April 25 at the same venue.

The insolvency manager can be reached at:

         Heinrich von Trott zu Solz
         Reichensachser Str. 17a
         37269 Eschwege
         Germany
         Tel: 05651/74360
         Fax: 05651/743620

The District Court of Eschwege opened bankruptcy proceedings
against Koeberich & Schmauch GmbH on Jan. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Koeberich & Schmauch GmbH
         Attn: Helmut Koeberich, Manager
         Zehnacker 1
         37296 Ringgau
         Germany


KOMMANDITGESELLSCHAFT ZWEITE: Claims Registration Ends March 22
---------------------------------------------------------------
Creditors of Kommanditgesellschaft Zweite
Grundstuecksgesellschaft Gewerbepark Raunheim mbH & Co. have
until March 22 to register their claims with court-appointed
insolvency manager Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Kommanditgesellschaft Zweite Grundstuecksgesellschaft
Gewerbepark Raunheim mbH & Co. on Jan. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kommanditgesellschaft Zweite Grundstuecksgesellschaft
         Gewerbepark Raunheim mbH & Co.
         Attn: Joachim Ruehe and Claus-Detlef Spitra, Managers
         Heegbarg 10
         22391 Hamburg
         Germany


KRESBACH GMBH: Claims Registration Ends March 7
-----------------------------------------------
Creditors of Kresbach GmbH & Co. KG have until March 7 to
register their claims with court-appointed insolvency manager
Olaf Suehrer.

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 Darmstadt
         Hall 14
         First Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Olaf Suehrer
         Steubenplatz 12
         64293 Darmstadt
         Germany
         Tel: 06151/136270
         Fax: 06151/1362729

The District Court of Darmstadt opened bankruptcy proceedings
against Kresbach GmbH & Co. KG on Jan. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kresbach GmbH & Co. KG
         Attn: Klaus Kresbach, Manager
         Ludwigsplatz 6
         64283 Darmstadt
         Germany


LENTERNI EINZELHANDELS: Claims Registration Ends March 16
---------------------------------------------------------
Creditors of Lenterni Einzelhandels GmbH have until March 16 to
register their claims with court-appointed insolvency manager
Mathias Cohrs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Mathias Cohrs
         Kreuzweg 2
         20099 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Lenterni Einzelhandels GmbH on Jan. 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Lenterni Einzelhandels GmbH
         Lentersweg 40
         22339 Hamburg
         Germany

         Attn: Nicole Leibovici
         Heimhuder Strasse 64
         20148 Hamburg
         Germany


MKM AUTOMOBILE: Claims Registration Ends March 6
------------------------------------------------
Creditors of MKM Automobile-Service GmbH have until March 6 to
register their claims with court-appointed insolvency manager
Sebastian Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Sebastian Nolte
         Peterstr. 5
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against MKM Automobile-Service GmbH on Jan. 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MKM Automobile-Service GmbH
         Am Teiche 8
         99195 Erfurt-Stotternheim
         Germany


NEWARK GROUP: S&P Affirms B+ Credit Rating with Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Newark Group Inc. to stable from negative.  At the same time,
Standard & Poor's affirmed all its ratings including its 'B+'
corporate credit rating on the Cranford, N.J.-based company and
assigned a 'BB-' bank loan rating.

"The outlook revision reflected favorable industry conditions,
improved operating margins and cash flow, and financial metrics
that have strengthened to levels appropriate for the rating,"
said Standard & Poor's credit analyst John Kennedy.  Total debt
at Oct. 31, 2006, was about US$289 million.

Standard & Poor's assigned its 'BB-' bank loan rating and '1'
recovery rating to Newark's proposed US$75 million first-lien
synthetic letter of credit facility and US$15 million first-lien
term loan, indicating that lenders can expect full recovery of
principal in the event of a payment default.  The proceeds,
along with an unrated US$85 million first-lien asset-backed
revolving credit facility, will be used to refinance the
existing US$150 million credit facility that expires in March
2007.

"We could revise the outlook to negative if industry conditions
worsen, leverage increases, or cost pressures rise
significantly," Mr. Kennedy said.  "We are unlikely to revise
the outlook to positive in the next two years because of
Newark's high debt levels."


NTS NORD: Claims Registration Ends March 15
-------------------------------------------
Creditors of NTS Nord Trans Services Gesellschaft GmbH have
until March 15 to register their claims with court-appointed
insolvency manager Dr. Carsten Krage.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.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 Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Carsten Krage
         Wall 55
         24103 Kiel
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against NTS Nord Trans Services Gesellschaft mbH on Jan. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NTS Nord Trans Services Gesellschaft mbH
         Fabersweg 3
         22848 Norderstedt
         Germany

         Attn: Yener Cevikol, Manager
         Tarpenring 14
         22419 Hamburg
         Germany


MOTAWI SPORTMARKETING: Claims Registration Ends April 19
--------------------------------------------------------
Creditors of MOTAWI Sportmarketing GmbH have until April 19 to
register their claims with court-appointed insolvency manager
Carsten Cervera.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 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 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:

         Carsten Cervera
         Krausenstr. 9-10
         10117 Berlin
         Germany

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

The Debtor can be reached at:

         MOTAWI Sportmarketing GmbH
         Wittenberger Strasse 78 - 80
         12689 Berlin
         Germany


PAN BAUSYSTEME: Claims Registration Ends March 13
-------------------------------------------------
Creditors of PAN Bausysteme GmbH have until March 13 to register
their claims with court-appointed insolvency manager Eva Tichek-
Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Apr. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         
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:

         Eva Tichek-Poppe
         Schluterstrasse 17
         10625 Berlin
         Germany

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

The Debtor can be reached at:

         PAN Bausysteme GmbH
         Gewerbestr. 6a
         16727 Oberkramer
         Germany

         Attn: Alois Tamm, Manager
         Seegefelder Weg 334
         13591 Berlin
         Germany

         Attn: Andreas Tamm, Manager
         Mothlower Strasse 12
         13591 Berlin
         Germany


RAINBOW HAIR: Claims Registration Ends February 15
--------------------------------------------------
Creditors of Rainbow Hair GmbH have until Feb. 15 to register
their claims with court-appointed insolvency manager Christian
Koehler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 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 Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

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

The Debtor can be contacted at:

         Rainbow Hair GmbH
         Spektefeld 32-34
         13589 Berlin
         Germany


RESTAURANT MAXWELL: Creditors' Meeting Slated for March 15
----------------------------------------------------------
The court-appointed insolvency manager for Restaurant Maxwell
Gastronomie GmbH, Michael C. Frege, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:30 a.m. on March 15.

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 11:30 a.m. on June 21 at the same venue.

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

The insolvency manager can be reached at:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Restaurant Maxwell Gastronomie GmbH on
Jan. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Restaurant Maxwell Gastronomie GmbH
         Kastanienallee 88
         13435 Berlin
         Germany


SCHUH-TEAM: Claims Registration Ends March 20
---------------------------------------------
Creditors of Schuh-Team GmbH Handel-Import-Export have until
March 20 to register their claims with court-appointed
insolvency manager Sabine Aldermann.

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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be contacted at:

         Dr. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Schuh-Team GmbH Handel-Import-Export on Jan. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schuh-Team GmbH Handel-Import-Export
         Wulfstr. 20
         44149 Dortmund
         Germany

         Attn: Ingo Klueppelberg, Manager
         Hoddenfeld 12
         44149 Dortmund
         Germany


TEKA TIEFBAU: Claims Registration Ends February 23
--------------------------------------------------
Creditors of TEKA Tiefbau Verwaltungs GmbH have until Feb. 23 to
register their claims with court-appointed insolvency manager
Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund         
         Germany   

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

The insolvency manager can be contacted at:

         Joerg Sievers
         Overwegstr. 47
         45879 Gelsenkirchen
         Germany

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

The Debtor can be contacted at:

         TEKA Tiefbau Verwaltungs GmbH
         Attn: Hans-Dieter Kahlmann, Manager
         Binzer Str. 32
         18528 Zirkow
         Germany


VVUD VERMITTLUNGS: Claims Registration Ends March 9
---------------------------------------------------
Creditors of VVuD Vermittlungs-, Verwaltungs- und
Dienstleistungs GmbH have until March 9 to register their claims
with court-appointed insolvency manager Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany   

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

The insolvency manager can be contacted at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against VVuD Vermittlungs-, Verwaltungs- und Dienstleistungs
GmbH on Jan. 24.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         VVuD Vermittlungs-, Verwaltungs- und
         Dienstleistungs GmbH
         Attn: Karl-Heinz Namokel, Manager
         Jahnufer 8
         14542 Werder OT Glindow
         Germany


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


ASPIS BANK: Acquires 51% Stake in First Business Bank
-----------------------------------------------------
Aspis Bank S.A. agreed with the Restis Shipping Group to acquire
51% of the share capital of First Business Bank.

The acquisition will allow Aspis Bank to strengthen its presence
in these areas, as well as exploiting business and operational
synergies for the benefit of both institutions.  

Agricultural Bank holds the remaining 49% of the share capital
of FBB and it is the intention of the management of Aspis Bank
to seek a common strategy for the future development of FBB for
the benefit of both shareholders.

FBB has total assets in excess of EUR1.2 billion and a network
of 15 branches throughout Greece.  It was established in
November 2001 through the acquisition of the network and
operations of the Bank of Nova Scotia in Greece.  It is mainly
active in the areas of shipping finance and commercial lending,
areas in which Aspis Bank is a relatively recent entrant.

"With the acquisition of 51% of FBB we continue to execute our
strategy for growth through the acquisition of complementary
banking businesses," K. Karatzas, Chairman and Managing Director
of Aspis Bank, said.  "With the completion of the transaction
Aspis Bank Group will have a network of 84 branches in Greece
and total assets exceeding EUR3.5 billion, while strengthening
its presence in commercial banking.  

The transaction is subject to regulatory approval and will be
completed in second quarter 2007.   

Headquartered in Athens, Greece, Aspis Bank S.A. --
http://www.aspisbank.gr/-- provides a range of financial  
services includes retail and corporate banking services, a range
of credit and debit cards, funding for small and medium sized
enterprises, investment banking, leasing and financing of the
shipping sector, phone and e-banking services, as well as
brokerage services.


ASPIS BANK: Bid for Another Bank Changes Outlook to Stable
----------------------------------------------------------
Fitch Ratings revised the Outlook on Greece-based Aspis Bank's
Issuer Default rating to Stable from Positive following the
bank's public announcement to acquire a majority stake in First
Business Bank.  At the same time, the agency has affirmed
Aspis's IDR at 'BB+', Short-term 'B', Individual 'C/D' and
Support '5'.

Aspis announced on Feb. 1 that it has agreed with FBB's current
majority shareholder, Greece-based Restis Shipping Group, to
acquire 51% of FBB, a small unlisted bank focusing on shipping
and corporate lending.  The undisclosed acquisition price will
be financed through own capital as well as hybrid Tier 1 and
lower Tier 2 issues in first quarter of 2007.  The offer is
subject to domestic regulatory approvals and Aspis's management
expects to complete the acquisition in second quarter of 2007.

"The acquisition changes Aspis's risk profile markedly
considering the higher-risk loan book of FBB and the operational
and strategic risks involved with this comparably large
acquisition," says Cristina Torrella, Director in Fitch's
Financial Institutions Group.  "Fitch acknowledges that the
acquisition will bring business diversification as FBB will help
Aspis to enter into shipping and corporate lending where it is
currently under-represented.  However, the higher risk profile
in combination with lower capital ratios and the challenge of
integrating a sizeable acquisition are reflected in the now
Stable Outlook."

With estimated Tier 1 and total capital ratios of around 6.5%
and 9.8% respectively, the capitalization of the enlarged group
is weaker than Aspis's current capital indicators.  Fitch would
like these ratios to rise to more comfortable levels given the
higher-risk nature of FBB's loan book and Aspis's low loan
impairment coverage ratio of 30% at end-2006.  Expected cost and
revenue synergies have not been quantified yet but given that
FBB will operate independently in the short- to medium term and
the diverging business lines of the two banks, Fitch expects
synergies to be relatively limited.

FBB was founded in 2001 and at end-2005 shipping and corporate
loan classes represented 43.6% and 52.9% of its total loans
respectively.  To date, operating profitability has been poor.
Fitch has been informed that FBB's asset quality is sound. FBB
will add 15 branches to Aspis's branch network and will bring
Aspis's loan book to around EUR2.7 billion.  ATEbank remains
FBB's minority shareholder and Aspis's management is seeking co-
operation with ATEbank to establish a common strategy for FBB.

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


=============
H U N G A R Y
=============


AES CORP: EdeEste Replaces Damaged Light Posts in Colonial City
---------------------------------------------------------------
AES Corp.'s AES EdeEste has replaced damaged light posts in the
Colonial City in the Dominican Republic, Diario Libre reports.

DR1 Newsletter relates that light posts in poor condition are
common across Santo Domingo.

Diario Libre has praised AES EdeEste, saying that the latter was
the first power firm that replaced the damage posts.

The replacement of the posts coincided with the beginning of the
2005 Atlantic Basin Hurricane Season, DR1 states.

AES Corporation -- http://www.aes.com/-- is a global power  
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, 2006, Moody's
Investors Service affirmed its B1 Corporate Family Rating for
AES Corp. in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


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


MERCATOR CLO: Moody's Rates EUR19.5-Mln Class B-2 Notes at Ba3
--------------------------------------------------------------
Moody's assigned definitive credit ratings to the notes issued
by Mercator CLO II Plc an Irish special purpose company.  The
ratings are:

   -- EUR274-million Class A-1 Senior Secured Floating Rate
      Notes due 2024: Aaa;

   -- EUR25.5-million Class A-2 Senior Secured Floating Rate
      Notes due 2024: Aa2;

   -- EUR25-million Class A-3 Deferrable Senior Secured Floating
      Rate Notes due 2024: A2;

   -- EUR25.5-million Class B-1 Deferrable Senior Secured
      Floating Rate Notes due 2024: Baa3;

   -- EUR19.5-million Class B-2 Deferrable Senior Secured
      Floating Rate Notes due 2024: Ba3; and

   -- EUR7-million Class W Combination Notes due 2024: Baa1.

The ratings address the expected loss posed to investors by the
legal final maturity.  The rating on the Class W Combination
Notes addresses the expected loss posed to investors by the
legal final maturity date as a proportion of the Rated Balance
and the payment of interest thereon at the Rated Coupon of 0.25
per cent per annum, where the "Rated Balance" is equal, at any
time, to the principal amount of such Class W Combination Notes
on the Closing Date minus the aggregate of all payments made
from the Closing Date to such date, either through payment of
interest or principal in respect of such Class of Notes in
excess of the Rated Coupon.

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 currency swap and forex option transactions, which
      insulate Mercator CLO II Plc. from the volatility of the
      foreign currency exchange rates (20% of the assets are
      expected to be GBP denominated obligations);

   4. the expertise of NAC Management as loan manager; and

   5. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a EUR400-million portfolio of mostly European senior
and mezzanine loans with a predominance of senior secured loans.  
This portfolio is dynamically managed by NAC Management (Cayman)
Ltd as collateral manager and New Amsterdam Capital Management
LLP as collateral adviser.  This portfolio will be partially
acquired at closing and partially during the nine month ramp-up
period in compliance with portfolio guidelines. Thereafter, the
portfolio of loans will be actively managed and the collateral
manager will have the option, on behalf of the issuer to buy or
sell loans.  Any addition or removal of loans will be subject to
a number of portfolio criteria.

This is the second CLO of NAC management which was founded in
2002 and which is already managing a fund of approximately
EUR2 billion invested in leveraged assets.


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


PARMALAT SPA: Inks EUR25-Mln Settlement with Popolare di Milano
---------------------------------------------------------------
Parmalat S.p.A. and Banca Popolare di Milano reached a
settlement agreement on Feb. 2, in relation to revocatory
actions against BPM and Cassa di Risparmio di Alessandria; to an
action for damages against Banca Akros; and to Banca Akros'
opposition to Parmalat's list of creditors.

All actions have been settled through two contracts.

                        First Contract

BPM, also on behalf of Cassa di Risparmio di Alessandria, has
agreed to pay Parmalat a total of EUR25 million in relation to
revocatory actions brought by Parmalat, also adjusted by EUR34
million in relation to transactions that were subsequently found
not to have been honored.

Further, BPM and Cassa di Risparmio di Alessandria have
renounced their right to be included in Parmalat's list of
creditors for an equivalent of the amount repaid under the
settlement of revocatory actions and have also forgone the
possibility of requesting any future admission to the list of
creditors of Parmalat and of other companies in the Parmalat
Group.

                        Second Contract

Banca Akros has agreed to forego its opposition to Parmalat's
list of creditors in return for Parmalat ceasing to pursue its
action for damages against Banca Akros.  This settlement covers
only Banca Akros' alleged share of responsibility for the
transactions that are subject to Parmalat's action for damages.

Both Parmalat and BPM express their satisfaction at the reaching
of the agreement.

                            About BPM

Headquartered in Milan, Italy, Banca Popolare di Milano --
http://www.bpm.it/-- offers cooperative banking services  
through its private banking division, business services
division, home banking services division and its foreign banking
services division.  Its subsidiaries include banking groups,
such as Banca di Legnano, Banca Akros and Cassa di Risparmio di
Alessandria; finance groups, including BPM Fund Management Ltd,
Bipiemme Gestioni SGR SpA, BPM Ireland and We@service SpA, and
other companies specializing in insurance.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Parmalat Capital Finance
Ltd., Dairy Holdings, Ltd., and Food Holdings, Ltd.  Dairy
Holdings and Food Holdings are Cayman Island special-purpose
vehicles established by Parmalat SpA.  The Finance Companies are
under separate winding up petitions before the Grand Court of
the Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


TK ALUMINUM: Mulls Court-Supervised Restructuring Proceedings
-------------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a r.l., S.C.A., disclosed of an update on its
liquidity situation, as well as the status of potential asset
sales transactions, including related discussions with relevant
creditor constituents.

The company's previously announced efforts to secure a bridge
loan are continuing, as it is in discussions with existing
lenders to provide such financing, subject to certain
conditions.  In addition to the Nemak transaction, negotiations
for the sale of the assets located in France, Germany and Italy
are continuing.

If the company is unable to secure interim financing or close
the Nemak transaction with the consent of holders of a requisite
amount of the company's EUR240 million of 11-3/8% Senior Notes
due 2011 by the end of February 2007, its ability to fund
operations will be impaired.  In addition, there can be no
assurance that the company will ultimately be successful in
obtaining additional capital resources or that the Nemak
transaction will be consummated within the time period necessary
to provide the company with sufficient liquidity to continue to
fund operations, or at all.  In light of the foregoing, the
company is examining all strategic options, including the
commencement of judicially supervised restructuring proceedings.

           Liquidity Facility and Covenants Compliance

The company disclosed that it is continuing to work with both
its senior and second lien lenders on an interim financing
solution to manage its near term liquidity requirements.  Any
such liquidity facility will require approval by the holders of
the Senior Notes of a modified Nemak transaction as discussed
below and such liquidity facility, as well as consent of the
company's senior and second lien lenders.  There can be no
assurance that such consents or any such facility will be
obtained.  

As the company previously advised, borrowings under the existing
senior credit facility will not be permitted without agreement
from its lenders, due to non-compliance with certain financial
covenants for the period ended Dec. 31, 2006.  In addition, the
Senior and, subject to certain limitations, Second Lien lenders
have the ability to exercise all of their rights thereunder,
including requiring the amounts outstanding under the senior
credit facility and second lien credit facility to become due
and payable.  In light of the discussions with its existing
lenders, the company has elected to terminate the previously
announced commitment letter for bridge financing from another
potential funding source.

Since the company's Dec. 13, 2006, announcement, the company's
European operations have used significant amounts of its cash
and estimates that its cash and cash reserves position at
Jan. 31, 2007, is approximately EUR18 million, down from EUR55.6
million at Dec. 31, 2006.  The company estimates that it had an
adjusted EBITDA loss of EUR11.2 million for the quarter ended
Dec. 31, 2006, as compared to an adjusted EBITDA of EUR19.3
million for the quarter ended Dec. 31, 2005.  The company has
and continues to pay suppliers, factors and vendors in the
ordinary course of business, consistent with past practices.

                       Divestiture Process

On Nov. 2, 2006, the company entered into a definitive agreement
to sell certain assets to Tenedora Nemak, S.A. de C.V., a
subsidiary of ALFA, S.A.B. de C.V. Under the terms of the
existing agreement, the company is to sell its operations in
North America (except for its lost-foam operations in Alabama,
which will be retained by the company), and its operations and
interests in South America, China and Poland for consideration
of US$495.9 million in cash, together with a synthetic equity
interest in the Nemak business post-closing.  

However, in light of the company's liquidity position, the
company is currently engaged in further discussions with Nemak
regarding amendments to the transaction in order to accommodate
an accelerated closing process.  The company is seeking
amendments that would accelerate the receipt of a portion of the
Nemak sale proceeds by providing for separate closings for the
businesses in respect of which regulatory approvals have been
obtained or are expected to be obtained in the near term, with
the balance of the transaction being completed, in one or more
stages, once the remaining regulatory approvals have been
obtained.

In addition, the company is seeking amendments with respect to
other aspects of the existing agreement, including the
allocation of consideration among the various businesses to be
sold and the elimination of a condition requiring the company to
offer at least 95% of par in a tender offer for the company's
Senior Notes.  Completion of the Nemak transaction will require
the cash settlement of certain loans from its French operating
subsidiaries to its Brazilian, Mexican and United States
subsidiaries.

In addition, due to the liquidity situation, the company expects
its outstanding factoring at the initial closing to be in excess
of the maximum limits allowed under the Nemak agreement without
a reduction in the cash purchase price.  The company intends to
elect to reduce the amount of the synthetic equity interest in
lieu of reducing the cash purchase price for all or a portion of
the estimated net debt.  As such, the company would expect to
hold no greater than a synthetic 9% equity interest in the Nemak
business, subject to downward revision for various indemnities,
guarantees and repayment of a US$25 million loan issued in
connection with the transaction.  The synthetic equity interest
is also subject to adjustment for certain dilutive events
changes in capitalization and the occurrence of certain major
transactions.  The value of the synthetic equity interest could
be affected should Nemak's acquisition of Norsk Hydro ASA occur.  
There can be no assurance that a transaction with Nemak on
acceptable terms will be completed.

On Dec. 13, 2006, the company executed a non-binding letter of
intent to sell to one or more affiliates of BAVARIA
Industriekapital AG all of the company's equity interests in its
subsidiaries located in France, Italy and Germany.  The
consummation of the transaction is subject to a number of
conditions, including execution of a definitive agreement,
regulatory approvals, completion of satisfactory due diligence,
and approval by the board of directors of the company of the
definitive agreement and all transactions contemplated thereby.  
The subsidiaries subject to the transaction had an estimated
adjusted EBITDA loss of around EUR20.7 million in the aggregate
for the quarter ended Dec. 31, 2006.  

The transaction contemplates a purchase price of EUR1, that
Teksid Aluminum would deliver these companies at closing with at
least US$35 million of cash, net of any outstanding
indebtedness, on hand and that Teksid Aluminum would have
limited post closing obligations in respect of the companies
sold to Bavaria.  Teksid Aluminum believes this transaction
represents the most attractive and cost effective means for the
disposal of these businesses due to the significant funding
requirements and expense associated with continued ownership.  
There can be no assurance that a transaction with Bavaria will
be completed.

               Revised Tender/Consent Solicitation

On Jan. 15, 2007, due to a variety of factors, the amount of
cash that will be available for distribution to the bondholders
has been adversely affected to a substantial extent relative to
the amount contemplated by the original tender offer.  Factors
contributing to this significant reduction in financial
liquidity include, but are not limited to:

   (i) the deteriorating automotive market and corresponding
       under-performance of operations,

  (ii) unfavorable foreign exchange movements,

(iii) longer lead time to closure of the Nemak transaction, and

  (iv) working capital and other funding requirements of the
       European operations in light of these factors.

The company intends to commence a consent solicitation to, among
other things, seek bondholder consent to allow the Nemak
transaction to occur, but, in light of the time constraints
described above, will not effect a concurrent tender offer.

The company anticipates that the funds available for
distribution will result in a recovery to holders of Senior
Notes at a significant discount to par.  The company intends to
distribute available cash to the bondholders in a prudent and
expeditious manner as possible, taking into account ongoing
operating obligations of, and contingencies related to, the
remaining European operations, particularly in the event a
transaction with Bavaria is not completed.  To such end, the
company will seek to modify the existing indenture to permit the
Nemak transaction and obligate the company to, within a short
timeframe, launch a tender offer for a portion of the bonds at
par using the available net proceeds from certain asset sales as
and when they are completed, subject to the requirements for
maintaining adequate liquidity in the company.  

In addition to funding the company's ongoing operating
obligations, proceeds from the initial sale will be used to fund
the redemption of TK Aluminum's current outstanding debt,
including the senior secured credit facilities (both the first
lien revolver and the second lien facility) and any bridge
facility, required repayments under capitalized leases,
anticipated tax payments as a result of the transaction, and
various other payments, including fees and expenses.

It is presumed that if holders of a significant amount of the
Senior Notes tender their Senior Notes in response to this
initial offer, only a pro rata portion of such notes will be
redeemed.  The company estimates the maximum amount of cash
available for distribution to bondholders (including any unpaid
interest) would be around EUR500 to EUR550 per every EUR1,000 of
Senior Notes, assuming completion of the Nemak sale (other than
the sale of our operations in China and Poland) by Feb. 28,
2007, completion of the sale of our operations in China and
Poland by March 31, 2007, and completion of the Bavaria
transaction by March 31, 2007, and excluding any cash that may
be subsequently realized from the synthetic equity interest and
other remaining assets.  

The ultimate amount available for distribution to bondholders is
uncertain as there are a number of factors that may affect the
bondholders' recovery, including whether and when the first
stage of the Nemak transaction and the Bavaria transaction are
completed and the terms thereof, and whether and when later
phases of the Nemak transaction are completed, as well as the
value of Teksid's remaining assets, including the value of the
synthetic equity interest in Nemak and any related indemnity
claims that may be made against such interest, the cost and
duration of any orderly wind-down of the remaining Teksid
entities, and other factors.  

The company does not expect the synthetic equity interest to be
monetized earlier than 30 months from the date of the closing of
the Nemak transaction.  Under the current agreement with Nemak,
the synthetic equity interest represents a payment right that
may be exercised in whole during the 15 business day period
after receipt of certain information from Nemak required to be
delivered commencing on the first fiscal quarter ending after 30
months from the closing of the Nemak transaction.  If not then
exercised, the synthetic equity interest may be exercised in
whole during the 15 business day period after receipt of such
information for each of the following three quarters.  If not
exercised, the synthetic equity interest terminates.

To facilitate the orderly realization of these residual assets
for bondholders over a longer period of time than originally
anticipated, the company will seek to negotiate with bondholders
either an orderly disposition process or the mutually agreeable
restructuring of the remaining claims of holders of the Senior
Notes.  It is not anticipated that current owners of the company
will realize any value through a continuing interest in these
assets following such dispositions or restructuring.

                 Interest Payment on Senior Notes

The company will not have sufficient cash to make the EUR14.9
million interest payment due on Jan. 15, 2007, on its
outstanding Senior Notes unless the Nemak transaction is
consummated and proceeds are distributed to bondholders as
described above.

                   Discussions with Bondholders

Teksid and its advisors have commenced and participated in
discussions with the appointed legal and financial advisors of
the adhoc committee of bondholders and provided them access to
the company for the purpose of due diligence on the company's
businesses and finances.

Headquartered in Bermuda, Teksid Aluminum --
http://www.teksidaluminum.com/-- is a leading independent  
manufacturer of aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.

                        *     *     *

The TCR-Europe reported that Moody's Investors Service placed
the Caa1 Corporate Family Rating of Teksid Aluminum Ltd. and the
Caa3 senior unsecured rating of Teksid Aluminum Luxembourg Sarl
SCA on review with an uncertain direction, following the
company's announcement that it has entered into a definitive
agreement to sell certain core assets to Tenedora Nemak, S.A. de
C.V and the intention of a redemption of outstanding debt with
the proceeds of the asset disposal.

The TCR-Europe reported that Standard & Poor's Ratings Services
lowered its long-term corporate credit rating to 'CCC-' from
'CCC+' on Bermuda-incorporated TK Aluminum Ltd., a manufacturer
of aluminum auto parts.  The rating remains on CreditWatch with
developing implications, where it was placed on Nov. 6, 2006.  
The developing implications mean that the rating could be
raised, lowered, or affirmed.


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


AGROTECHSERVICE OJSC: Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region commenced bankruptcy proceeding against OJSC Agricultural
Technical Service Agrotechservice on Dec. 15, 2006.


ALLIANCE BANK: Fitch Assigns EUR750-Mln Notes Final BB- Rating
--------------------------------------------------------------
Fitch Ratings assigned ALB Finance B.V.'s EUR750 million issue
of senior unsecured notes due February 2012 a final Long-term
rating of 'BB-'.

The notes have been issued under the SPV's and Kazakhstan-based
Alliance Bank's US$3 billion global medium-term note program,
rated Long-term 'BB-' and Short-term 'B'. Effective from 29
January 2007 the amount of the program has been extended to US$3
billion from US$1.5 billion.

Alliance is rated Issuer Default 'BB-', Short-term 'B',
Individual 'D' and Support '3'.  The Outlook on the Issuer
Default rating is Stable.

Alliance is controlled by Seimar Alliance Financial Corp., which
is in turn owned by three brothers.  The bank has been growing
very rapidly and was the fourth largest in Kazakhstan by assets
as of Sept. 30, 2006.  Strategy is focused on retail lending and
lending to small- to medium-sized enterprises.


DRUJBA LLP: Claims Registration Ends March 16
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Drujba insolvent on Dec. 13, 2006.

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

         LLP Drujba
         Lesnaya Str. 13
         Micro District Koktal
         Astana
         Kazakhstan
         Tel: 8 (3172) 30-00-51


ENTERPRISE MEREY: Claims Filing Period Ends March 16
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared State Utility Enterprise Merey
insolvent.

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

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


KAMYSHENSKY LLP: Creditors Must File Claims by March 16
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kamyshensky insolvent on Dec. 13, 2006.

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

         LLP Kamyshensky
         Lesnaya Str. 13
         Micro District Koktal
         Astana
         Kazakhstan
         Tel: 8 (3172) 30-00-51


NECTAR LLP: Proof of Claim Deadline Slated for March 16
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Nectar insolvent on
Dec. 29, 2006.

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

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


REMSTROYINVEST LLP: Creditors Must File Claims by March 16
----------------------------------------------------------
LLP K Remstroyinvest has declared insolvency.  Creditors have
until March 16 to submit written proofs of claim to:

         LLP K Remstroyinvest
         Permitin Str. 31-12
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


REMSTROYSERVICE JSC: Claims Filing Period Ends March 23
-------------------------------------------------------
JSC Remstroyservice has declared insolvency.  Creditors have
until March 23 to submit written proofs of claim to:

         JSC Remstroyservice
         Priozerny
         Aktau, Mangistau
         Kazakhstan


SERVICETECHNOSTROY-XXI LLP: Claims Registration Ends March 23
-------------------------------------------------------------
LLP Servicetechnostroy-XXI has declared insolvency.  Creditors
have until March 23 to submit written proofs of claim to:

         LLP Servicetechnostroy-XXI
         Verstovsky Str. 22
         Taraz, Jambyl
         Kazakhstan


TAUEKEL LLP: Creditors' Claims Due March 23
-------------------------------------------
LLP Building Company Tauekel has declared insolvency. Creditors
have until March 23 to submit written proofs of claim to:

         LLP Tauekel
         Stankevich Str. 27-4
         Almaty
         Kazakhstan


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


METALL-SERVICE LLP: Creditors' Claims Due March 23
--------------------------------------------------
LLC Metall-Service has declared insolvency.  Creditors have
until March 23 to submit written proofs of claim to:

         LLC Metall-Service
         Suvorov Str. 111
         Alamudun
         Alamudun District
         Chui
         Kyrgyzstan


SHED-GLASS LLC: Claims Filing Period Ends March 23
--------------------------------------------------
LLC Shed-Glass has declared insolvency.  Creditors have until
March 23 to submit written proofs of claim to:

         LLC Shed-Glass
         Intergelpo Str. 1
         Bishkek
         Kyrgyzstan


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


DANA CORP: Wants to Reject CBAs & Modify Retiree Benefits
---------------------------------------------------------
Dana Corp. and its debtor-affiliates seek authority from the
Honorable Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York to reject their collective
bargaining agreements and modify certain of their retiree
benefits.

The Debtors' existing labor costs, especially in the United
States, impair their financial position and are a significant
impediment to their successful reorganization, Kenneth A. Hiltz,
the Debtors' chief financial officer and officer, disclosed in a
Form 10-Q filing with the Securities and Exchange Commission for
the period ended Sept. 30, 2006.

In light of this, the Debtors stated that, subject to applicable
collective bargaining and bankruptcy procedures, they intend to:

   -- freeze merit wage increases;

   -- realign gain-share programs;

   -- modify short-term disability program;

   -- eliminate company-paid long-term disability benefits;

   -- establish inflation limits on the company-paid portion of
      health care programs;

   -- eliminate post-retirement health care benefits for active
      employees; and

   -- reduce company-provided life insurance.

The Debtors expect to earn US$60,000,000 to US$90,000,000 every
year as a result of the wages and labor contracts modifications.  
An additional annual savings of US$70,000,000 to US$90,000,000
is expected for ending the Debtors' retiree health care and
pension plan changes.

Since November 2006, the Debtors engaged in discussions and
negotiations with the Official Committee of Non-Union Retirees;
the International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America; the United Steel,
Paper and Forestry, Rubber, Manufacturing, Energy, Allied
Industrial and Service Workers International Union; and
International Association of Machinists, in relation to the
Section 1113/1114 Process.

The Court has established schedules to govern the briefing,
discovery, hearing and adjudication towards a consensual and
expedited Section 1113/1114 Process.  The Court has set Jan. 29,
2007, as the deadline for the Debtors to file a Section
1113/1114 Motion.

Pursuant to the Section 1113/1114 Order, the Debtors filed their
CBA Rejection Motion under seal to protect confidential and
sensitive information that might adversely affect parties to the
Section 1113/1114 Process.

                          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,
Italy, and Luxembourg.

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 US$7,900,000,000 in total
assets and  US$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 Sept. 3,
2007.  They have until Nov. 2, 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 Divestiture Order to Admit Restructuring Pacts
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask the Honorable Burton R.
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York to:

   (a) extend the Divestiture Order to include the Restructuring
       Agreements; and

   (b) allow them to make payments to individuals who may be
       "managers" or "consultants" as defined in Section
       503(c)(3).

The Debtors also seek authority from the Court to pay reasonable
fees and out-of-pocket expenses of the Unions' Advisors, subject
to:

   (a) a cap of US$1,000,000 for fees and US$100,000 for
       expenses;

   (b) the terms under the Union Letter Agreement; and

   (c) certain advisor payment procedures.

In late 2006, the Debtors said they aim to implement
Postpetition Restructuring Initiatives to, among others,
increase product profitability; reduce labor and benefit costs,
pension and other retiree costs and overhead costs; and adjust
their manufacturing footprint.

In light of this goal, the Debtors intended to eliminate their
obligation to provide retiree benefits and to modify certain
collective bargaining agreements.  Subsequently, the Debtors
have been working with the International Union, United
Automobile, Aerospace and Agricultural Implement Workers of
America and the United Steel, Paper and Forestry, Rubber,
Manufacturing, Energy, Allied Industrial and Service Workers
International Union, AFL-CIO, CLC to further the Section
1113/1114 Process.

Corinne Ball, Esq., at Jones Day, in New York, contends that the
implementation of the Debtors' Postpetition Restructuring
Initiatives may from time to time require retention or
separation arrangements with employees who may be considered
"managers" or "consultants" under Section 503(c)(3) of the
Bankruptcy Code -- the Restructuring Agreements.

The Section 1113/1114 Process also makes it advisable for the
Unions to enter into retention agreements with advisors who
will, among other things, assist them in evaluating the Debtors'
proposals in connection with the Section 1113/1114 Process, Mr.
Ball asserts.

The Debtors have agreed to pay the reasonable fees and expenses
of the Union Advisors, Ms. Ball informs the Court.

The Debtors anticipate that the aggregate payments to
individuals under the Restructuring Agreements will not exceed
US$3,500,000.

                        Payment Procedures

The Debtors propose to make payments under the Restructuring
Agreements, without further application to the Court, subject to
the Restructuring Payment Limit, in accordance with these
procedures:

   1. The Debtors will submit a copy of the relevant
      Restructuring Agreement, which details the nature of the
      services rendered and disbursements actually incurred to
      counsel to the Official Committee of Unsecured Creditors,
      the Official Committee of Equity Security Holders and the
      U.S. Trustee.

   2. The Interested Parties can review and object to the
      proposed payments.  If no objection is timely filed, the
      Debtors will be deemed authorized, but not required, to
      make the proposed payments without further Court action.

   3. Objections must be in writing and served to the Debtors,
      Jones Day and other interested parties.  If no resolution
      between the Debtors and the Objecting Party is reached,
      the Debtors may proceed with the Court for adjudication.

The Debtors also propose to pay the Union Advisors pursuant to
the Union Retention Agreements, without further application to
the Court, subject to the Caps and in accordance with the Union
Letter Agreement and these procedures:

   1. The Debtors will pay the Union Advisors' fees and    
      expenses, subject to the Caps, for all work performed
      between the Petition Date and the earlier of:

         (i) the date the Advisors' work is concluded;

        (ii) the entry of a final order confirming a plan of
             reorganization; or

       (iii) the date on which either the fees or expenses
             requested in all Fee Statements submitted to the
             Debtors for approval, in the aggregate, exceed
             either of their Caps.

   2. Each Advisor will submit his statement of fees and
      expenses to the designated Union representative.  Once the
      Union representative has determined that the requested
      fees and expenses are reasonable and, when added together
      with the amounts already paid by the Debtors to the
      Advisors on account of all prior Fee Statements are within
      the Caps, the Unions will submit the Fee Statement to the
      Debtors and Jones Day.

   3. The Debtors will be authorized to pay the reasonable fees
      and expenses requested by the Advisors in each Fee
      Statement, subject, in the aggregate, to the Caps, without
      further Court action.

                          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,
Italy, and Luxembourg.

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 US$7,900,000,000 in total
assets and  US$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 Sept. 3,
2007.  They have until Nov. 2, 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).


EDEL CAPITAL: Fitch Upgrades US$250-Million Notes to BB+
--------------------------------------------------------
Fitch Ratings upgraded Edel Capital S.A.'s issue of
US$250 million loan participation notes due 2015 to senior
secured 'BB+' from 'BB'.  

The agency does not assign a rating to the issuer itself or to
any affiliated entities.  The notes are guaranteed both by OJSC
Svyazinvestneftekhim and the Republic of Tatarstan.

The upgrade of the rating of the notes follows the upgrade of
the Republic of Tatarstan's Issuer Default rating to 'BB+' from
'BB'.  The Republic of Tatarstan has issued a guarantee to the
amount of RUB13 billion to support the issue.  Due to this
legally binding and unconditional guarantee, Fitch aligns Edel's
issue rating with the republic's IDR.  Fitch also takes comfort
from the fact that under the terms of the loan participation
notes agreement, SINEK is required to hold one semi-annual
interest payment of US$9.6 million as collateral at Dresdner
bank until August 2015.

SINEK is a 100% state-owned corporate vehicle of the Republic of
Tatarstan in the Russian Federation.  It was founded in April
2003 as a holding company for the republic's equity
participation in various companies located within Tatarstan with
the intention of providing it with access to international
capital markets.  The investment portfolio had a value of
approximately US$5.4 billion as of September 2006 versus US$4.3
billion as of December 2005.  

SINEK is deemed an investment company and its audited financial
statements are prepared in accordance with U.S. GAAP. Its main
source of cash flow is dividends received from its three key
investments: Tatneft, Nizhnekamskneftekhim, Kazanorgsintez in
its portfolio of 20 companies and interest income from the use
of proceeds of US$250m LPN issued by Edel Capital S.A.  The
three key investments represent around 88.6% of total declared
dividends.


NORTEL NETWORKS: Peter Currie to Step Down as EVP & CFO
-------------------------------------------------------
Peter Currie will step down as Executive Vice-President and
Chief Financial Officer of Nortel Networks Corp. and Nortel
Networks Limited, effective April 30, 2007.

After that date, Mr. Currie will continue to provide advice and
assistance to Nortel Networks to ensure a smooth transition.  
The company has initiated a search to fill the position.

"I want to thank Peter for his very significant contribution to
Nortel over the past two years," Nortel president and chief
executive officer Mike Zafirovski said.

"Peter has successfully steered Nortel through many difficult
financial issues and, in the process, has enhanced the company's
governance.  In addition, he leaves behind a very strong finance
organization led by a team of consummate professionals.  On a
personal level, I will miss his counsel and sound judgment.  I
and the entire Nortel team want to wish him well as he takes on
new challenges."

"I believe that I have achieved at Nortel what I returned to
accomplish.  We have transformed the finance organization,
significantly strengthened internal controls, and improved the
balance sheet," Mr. Currie said.

"I look forward now to pursuing other challenges and I am
confident in the future success of Nortel.  I want to thank my
colleagues for their support and collaboration over the past few
years."

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.


TEKSID ALUMINUM: Mulls Supervised Restructuring Proceedings
-----------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a r.l., S.C.A., disclosed of an update on its
liquidity situation, as well as the status of potential asset
sales transactions, including related discussions with relevant
creditor constituents.

The company's previously announced efforts to secure a bridge
loan are continuing, as it is in discussions with existing
lenders to provide such financing, subject to certain
conditions.  In addition to the Nemak transaction, negotiations
for the sale of the assets located in France, Germany and Italy
are continuing.

If the company is unable to secure interim financing or close
the Nemak transaction with the consent of holders of a requisite
amount of the company's EUR240 million of 11-3/8% Senior Notes
due 2011 by the end of February 2007, its ability to fund
operations will be impaired.  In addition, there can be no
assurance that the company will ultimately be successful in
obtaining additional capital resources or that the Nemak
transaction will be consummated within the time period necessary
to provide the company with sufficient liquidity to continue to
fund operations, or at all.  In light of the foregoing, the
company is examining all strategic options, including the
commencement of judicially supervised restructuring proceedings.

           Liquidity Facility and Covenants Compliance

The company disclosed that it is continuing to work with both
its senior and second lien lenders on an interim financing
solution to manage its near term liquidity requirements.  Any
such liquidity facility will require approval by the holders of
the Senior Notes of a modified Nemak transaction as discussed
below and such liquidity facility, as well as consent of the
company's senior and second lien lenders.  There can be no
assurance that such consents or any such facility will be
obtained.  

As the company previously advised, borrowings under the existing
senior credit facility will not be permitted without agreement
from its lenders, due to non-compliance with certain financial
covenants for the period ended Dec. 31, 2006.  In addition, the
Senior and, subject to certain limitations, Second Lien lenders
have the ability to exercise all of their rights thereunder,
including requiring the amounts outstanding under the senior
credit facility and second lien credit facility to become due
and payable.  In light of the discussions with its existing
lenders, the company has elected to terminate the previously
announced commitment letter for bridge financing from another
potential funding source.

Since the company's Dec. 13, 2006, announcement, the company's
European operations have used significant amounts of its cash
and estimates that its cash and cash reserves position at
Jan. 31, 2007, is approximately EUR18 million, down from EUR55.6
million at Dec. 31, 2006.  The company estimates that it had an
adjusted EBITDA loss of EUR11.2 million for the quarter ended
Dec. 31, 2006, as compared to an adjusted EBITDA of EUR19.3
million for the quarter ended Dec. 31, 2005.  The company has
and continues to pay suppliers, factors and vendors in the
ordinary course of business, consistent with past practices.

                       Divestiture Process

On Nov. 2, 2006, the company entered into a definitive agreement
to sell certain assets to Tenedora Nemak, S.A. de C.V., a
subsidiary of ALFA, S.A.B. de C.V. Under the terms of the
existing agreement, the company is to sell its operations in
North America (except for its lost-foam operations in Alabama,
which will be retained by the company), and its operations and
interests in South America, China and Poland for consideration
of US$495.9 million in cash, together with a synthetic equity
interest in the Nemak business post-closing.  

However, in light of the company's liquidity position, the
company is currently engaged in further discussions with Nemak
regarding amendments to the transaction in order to accommodate
an accelerated closing process.  The company is seeking
amendments that would accelerate the receipt of a portion of the
Nemak sale proceeds by providing for separate closings for the
businesses in respect of which regulatory approvals have been
obtained or are expected to be obtained in the near term, with
the balance of the transaction being completed, in one or more
stages, once the remaining regulatory approvals have been
obtained.

In addition, the company is seeking amendments with respect to
other aspects of the existing agreement, including the
allocation of consideration among the various businesses to be
sold and the elimination of a condition requiring the company to
offer at least 95% of par in a tender offer for the company's
Senior Notes.  Completion of the Nemak transaction will require
the cash settlement of certain loans from its French operating
subsidiaries to its Brazilian, Mexican and United States
subsidiaries.

In addition, due to the liquidity situation, the company expects
its outstanding factoring at the initial closing to be in excess
of the maximum limits allowed under the Nemak agreement without
a reduction in the cash purchase price.  The company intends to
elect to reduce the amount of the synthetic equity interest in
lieu of reducing the cash purchase price for all or a portion of
the estimated net debt.  As such, the company would expect to
hold no greater than a synthetic 9% equity interest in the Nemak
business, subject to downward revision for various indemnities,
guarantees and repayment of a US$25 million loan issued in
connection with the transaction.  The synthetic equity interest
is also subject to adjustment for certain dilutive events
changes in capitalization and the occurrence of certain major
transactions.  The value of the synthetic equity interest could
be affected should Nemak's acquisition of Norsk Hydro ASA occur.  
There can be no assurance that a transaction with Nemak on
acceptable terms will be completed.

On Dec. 13, 2006, the company executed a non-binding letter of
intent to sell to one or more affiliates of BAVARIA
Industriekapital AG all of the company's equity interests in its
subsidiaries located in France, Italy and Germany.  The
consummation of the transaction is subject to a number of
conditions, including execution of a definitive agreement,
regulatory approvals, completion of satisfactory due diligence,
and approval by the board of directors of the company of the
definitive agreement and all transactions contemplated thereby.  
The subsidiaries subject to the transaction had an estimated
adjusted EBITDA loss of around EUR20.7 million in the aggregate
for the quarter ended Dec. 31, 2006.  

The transaction contemplates a purchase price of EUR1, that
Teksid Aluminum would deliver these companies at closing with at
least US$35 million of cash, net of any outstanding
indebtedness, on hand and that Teksid Aluminum would have
limited post closing obligations in respect of the companies
sold to Bavaria.  Teksid Aluminum believes this transaction
represents the most attractive and cost effective means for the
disposal of these businesses due to the significant funding
requirements and expense associated with continued ownership.  
There can be no assurance that a transaction with Bavaria will
be completed.

               Revised Tender/Consent Solicitation

On Jan. 15, 2007, due to a variety of factors, the amount of
cash that will be available for distribution to the bondholders
has been adversely affected to a substantial extent relative to
the amount contemplated by the original tender offer.  Factors
contributing to this significant reduction in financial
liquidity include, but are not limited to:

   (i) the deteriorating automotive market and corresponding
       under-performance of operations,

  (ii) unfavorable foreign exchange movements,

(iii) longer lead time to closure of the Nemak transaction, and

  (iv) working capital and other funding requirements of the
       European operations in light of these factors.

The company intends to commence a consent solicitation to, among
other things, seek bondholder consent to allow the Nemak
transaction to occur, but, in light of the time constraints
described above, will not effect a concurrent tender offer.

The company anticipates that the funds available for
distribution will result in a recovery to holders of Senior
Notes at a significant discount to par.  The company intends to
distribute available cash to the bondholders in a prudent and
expeditious manner as possible, taking into account ongoing
operating obligations of, and contingencies related to, the
remaining European operations, particularly in the event a
transaction with Bavaria is not completed.  To such end, the
company will seek to modify the existing indenture to permit the
Nemak transaction and obligate the company to, within a short
timeframe, launch a tender offer for a portion of the bonds at
par using the available net proceeds from certain asset sales as
and when they are completed, subject to the requirements for
maintaining adequate liquidity in the company.  

In addition to funding the company's ongoing operating
obligations, proceeds from the initial sale will be used to fund
the redemption of TK Aluminum's current outstanding debt,
including the senior secured credit facilities (both the first
lien revolver and the second lien facility) and any bridge
facility, required repayments under capitalized leases,
anticipated tax payments as a result of the transaction, and
various other payments, including fees and expenses.

It is presumed that if holders of a significant amount of the
Senior Notes tender their Senior Notes in response to this
initial offer, only a pro rata portion of such notes will be
redeemed.  The company estimates the maximum amount of cash
available for distribution to bondholders (including any unpaid
interest) would be around EUR500 to EUR550 per every EUR1,000 of
Senior Notes, assuming completion of the Nemak sale (other than
the sale of our operations in China and Poland) by Feb. 28,
2007, completion of the sale of our operations in China and
Poland by March 31, 2007, and completion of the Bavaria
transaction by March 31, 2007, and excluding any cash that may
be subsequently realized from the synthetic equity interest and
other remaining assets.  

The ultimate amount available for distribution to bondholders is
uncertain as there are a number of factors that may affect the
bondholders' recovery, including whether and when the first
stage of the Nemak transaction and the Bavaria transaction are
completed and the terms thereof, and whether and when later
phases of the Nemak transaction are completed, as well as the
value of Teksid's remaining assets, including the value of the
synthetic equity interest in Nemak and any related indemnity
claims that may be made against such interest, the cost and
duration of any orderly wind-down of the remaining Teksid
entities, and other factors.  

The company does not expect the synthetic equity interest to be
monetized earlier than 30 months from the date of the closing of
the Nemak transaction.  Under the current agreement with Nemak,
the synthetic equity interest represents a payment right that
may be exercised in whole during the 15 business day period
after receipt of certain information from Nemak required to be
delivered commencing on the first fiscal quarter ending after 30
months from the closing of the Nemak transaction.  If not then
exercised, the synthetic equity interest may be exercised in
whole during the 15 business day period after receipt of such
information for each of the following three quarters.  If not
exercised, the synthetic equity interest terminates.

To facilitate the orderly realization of these residual assets
for bondholders over a longer period of time than originally
anticipated, the company will seek to negotiate with bondholders
either an orderly disposition process or the mutually agreeable
restructuring of the remaining claims of holders of the Senior
Notes.  It is not anticipated that current owners of the company
will realize any value through a continuing interest in these
assets following such dispositions or restructuring.

                 Interest Payment on Senior Notes

The company will not have sufficient cash to make the EUR14.9
million interest payment due on Jan. 15, 2007, on its
outstanding Senior Notes unless the Nemak transaction is
consummated and proceeds are distributed to bondholders as
described above.

                   Discussions with Bondholders

Teksid and its advisors have commenced and participated in
discussions with the appointed legal and financial advisors of
the adhoc committee of bondholders and provided them access to
the company for the purpose of due diligence on the company's
businesses and finances.

Headquartered in Bermuda, Teksid Aluminum --
http://www.teksidaluminum.com/-- is a leading independent  
manufacturer of aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.

                        *     *     *

The TCR-Europe reported that Moody's Investors Service placed
the Caa1 Corporate Family Rating of Teksid Aluminum Ltd. and the
Caa3 senior unsecured rating of Teksid Aluminum Luxembourg Sarl
SCA on review with an uncertain direction, following the
company's announcement that it has entered into a definitive
agreement to sell certain core assets to Tenedora Nemak, S.A. de
C.V and the intention of a redemption of outstanding debt with
the proceeds of the asset disposal.

The TCR-Europe reported that Standard & Poor's Ratings Services
lowered its long-term corporate credit rating to 'CCC-' from
'CCC+' on Bermuda-incorporated TK Aluminum Ltd., a manufacturer
of aluminum auto parts.  The rating remains on CreditWatch with
developing implications, where it was placed on Nov. 6, 2006.  
The developing implications mean that the rating could be
raised, lowered, or affirmed.


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


ACXIOM CORP: Declares US$0.06 Per Share Quarterly Dividend
----------------------------------------------------------
The Board of Directors of Acxiom Corp. declared a regular
quarterly cash dividend of six cents per share payable on
March 5 to shareholders of record as of the close of business on
Feb. 12.

While Acxiom intends to pay regular quarterly dividends for the
foreseeable future, all subsequent dividends will be reviewed
quarterly and declared by the Board at its discretion.

Based in Little Rock, Arkansas, Acxiom Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Germany, the
Netherlands, Australia and China.

                         *     *     *

Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s
proposed US$800 million secured first-lien financing.  The
first-lien facilities consist of a US$200 million revolving
credit facility and a US$600 million term loan.  They are rated
'BB' with a recovery rating of '2'.

Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  The outlook
is stable


HERBALIFE LTD: Receives US$39 Per Share Cash Offer from Whitney
---------------------------------------------------------------
Herbalife Ltd. disclosed on Feb. 2 that its Board of Directors
received a proposal from Whitney V L.P. and its affiliates to
acquire all of the company's outstanding common stock for
US$38.00 per share in cash.  Whitney and its related parties
currently beneficially own an aggregate of approximately 27% of
the company's outstanding common stock.

The Herbalife Board of Directors has established a Special
Committee consisting solely of independent directors to review
the proposal.  The Special Committee is in the process of
retaining financial and legal advisors to assist the Special
Committee.  The Special Committee has not determined that a
transaction is in the best interests of Herbalife and its
stockholders or that Herbalife should not continue as an
independent public company.  

Accordingly, there is no assurance that Herbalife will enter
into this or any other transaction.  Neither the Company nor the
Special Committee intends to comment upon or provide further
updates regarding these matters until circumstances warrant.

                      About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--   
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.

                        *    *    *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


KONINKLIJKE AHOLD: Class Suit vs. U.S. Foodservice to Proceed
-------------------------------------------------------------
The Honorable Thomas Smith of the U.S. District Court for the
District of Connecticut has denied an appeal by Koninklijke
Ahold N.V. to suspend a class action filed against U.S.
Foodservice, its distribution business, the Financial Times
reports.

The Waterbury Hospital filed the suit on Oct. 19, 2006, accusing
the company of an illegal kickback scheme that inflated the
prices that the hospital and other clients pay for food.

The suit claims that the scheme accounted for 16 to 20 percent
of the company's total sales between 2000 and 2003.

According to the suit, the Maryland-based company, which is
owned by Dutch corporation Royal Ahold, instructed suppliers to
artificially increase their prices and then passed along those
inflated prices to customers.  The suit stated that the company
demanded kickbacks from companies from which it purchased the
food at inflated prices.

In recent developments, the judge, citing the seriousness of the
allegations and the substantial damages alleged, ruled that U.S.
Foodservice had "failed to establish good cause" to delay the
case.  He noted that a postponement at a time when Ahold was
selling the unit "would increase the risk that relevant
documents would be lost or destroyed."

The decision came a day before lawyers acting for U.S.
Foodservice filed a court motion to dismiss the class action,
alleging the claim was "patently incorrect," according to
documents seen by the Financial Times.

U.S. Foodservice lawyers accused class-action plaintiffs of
employing a "mischaracterization of fictitious agreements" to
support allegations of breach of contract and racketeering.

However, in his ruling before that motion was submitted, Judge
Smith refused to accept assertions by U.S. Foodservice lawyers
that the "motion to dismiss will likely resolve some or all of
the claims."

In addition to Waterbury Hospital, the suit also lists Cason
Inc., an Illinois-based company that runs an Italian restaurant
and Erick M. Sandler as plaintiff.  It accuses U.S. Foodservice
of breach of contract and racketeering, but it does not seek a
specific amount of damages.

In December, plaintiffs filed an amended class action detailing
a scheme in which the distributor is alleged to have marked up
the price of goods through the use of "value-added service
providers (VASPs)," (Class Action Reporter, Dec. 28, 2006).

According to a testimony, the VASPs simply served to mark up the
cost of goods upon which U.S. Foodservice based its pricing to
its customers.

According to Ahold's defense document, U.S. Foodservice was
never required to charge customers on the basis of "actual
costs," as the plaintiffs suggested, and that Ahold had made
public in official filings "the existence and pricing mechanisms
used with respect to the VASPS."

It said there were no contracts between the plaintiffs and U.S.
Foodservice in the manner suggested by the class action, and the
claimants had failed to produce evidence of contracts, records,
invoices or conversations to support claims of fraud or
racketeering.

The suit is "Waterbury Hospital et al. v. U.S. Food Svc Inc.,
Case No. 3:06-cv-01657-CFD," filed in the U.S. District Court
for the District of Connecticut under Judge Christopher F.
Droney.

Representing the plaintiffs is James E. Hartley, Jr. of Drubner,
Hartley & O'Connor, L.L.C., 500 Chase Pkwy, Waterbury, CT 06708,
Phone: 203-753-9291, Fax: 203-753-6373, E-mail:
diane@dholaw.com.

Representing the defendants is Michael P. Shea of Day, Berry &
Howard-Htfd-CT, Cityplace I, 185 Asylum St., Hartford, CT 06103-
3499, Phone: 860-275-0146, Fax: 860-275-0343, E-mail:
mpshea@dbh.com.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,  
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's Ratings Services revised its outlook on the Dutch food
retailer and food service distributor Koninklijke Ahold N.V. to
positive from stable.  At the same time, the 'BB+/B' long- and
short-term corporate credit ratings were affirmed.

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B rating.


KONINKLIJKE AHOLD: Swedish Regulator Okays ICA Unit's Store Deal
----------------------------------------------------------------
The Swedish Competition Authority has decided to approve the
agreement that was signed between ICA AB, a unit of Koninklijke
Ahold N.V., and Dansk Supermarked regarding ownership changes in
Netto.

The parties can proceed with the deal, which will be finalized
on Feb. 12.

ICA disclosed on Dec. 7, 2006, of its intention to reduce its
ownership in Netto from 50 percent to 5 percent.  As part of the
deal ICA acquires 21 Netto stores in the Malardalen area to
convert some of them into ICA stores.

ICA will during a transition period operate the stores in the
Malardalen region under the Netto brand and is retaining a five
percent holding in Netto to safeguard its interests in the
company. The agreement generated a structural cost for ICA AB of
approximately SEK25 million during the fourth quarter 2006.

Netto Marknad AB was founded in August 2001 as a joint venture
between ICA AB and Dansk Supermarked AS.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,  
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's Ratings Services revised its outlook on the Dutch food
retailer and food service distributor Koninklijke Ahold N.V. to
positive from stable.  At the same time, the 'BB+/B' long- and
short-term corporate credit ratings were affirmed.

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


NEWARK GROUP: S&P Affirms B+ Credit Rating with Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Newark Group Inc. to stable from negative.  

At the same time, Standard & Poor's affirmed all its ratings
including its 'B+' corporate credit rating on the Cranford,
N.J.-based company and assigned a 'BB-' bank loan rating.

"The outlook revision reflected favorable industry conditions,
improved operating margins and cash flow, and financial metrics
that have strengthened to levels appropriate for the rating,"
said Standard & Poor's credit analyst John Kennedy.  Total debt
at Oct. 31, 2006, was about US$289 million.

Standard & Poor's assigned its 'BB-' bank loan rating and '1'
recovery rating to Newark's proposed US$75 million first-lien
synthetic letter of credit facility and US$15 million first-lien
term loan, indicating that lenders can expect full recovery of
principal in the event of a payment default.  The proceeds,
along with an unrated US$85 million first-lien asset-backed
revolving credit facility, will be used to refinance the
existing US$150 million credit facility that expires in March
2007.

"We could revise the outlook to negative if industry conditions
worsen, leverage increases, or cost pressures rise
significantly," Mr. Kennedy said.  "We are unlikely to revise
the outlook to positive in the next two years because of
Newark's high debt levels."


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


ABRAMOVSKAYA NIVA: Voronezh Court Hearing Slated for March 21
-------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:00 a.m. on
March 21 to hear the bankruptcy supervision procedure on OJSC
Abramovskaya Niva.  The case is docketed under Case No.
A14-16321/2006 238/16b.

The Temporary Insolvency Manager is:

         D. Tsygankov
         Apartment 185
         Politekhnicheskiy Per. 3
         397049 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Abramovskaya Niva
         Abramovka
         Talovskiy
         397490 Voronezh
         Russia


DIAMOND LLC: Creditors Must File Claims by March 20
---------------------------------------------------
Creditors of LLC Diamond have until March 20 to submit written
proofs of claim to:

         N. Zhuravlev, Insolvency Manager
         Office 4
         Lermontova Str. 343
         Stavropol
         Russia
         Tel: (8652) 37-16-93

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-6876/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 458 b
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Diamond
         Krasnogvardejskoye
         Stavropol
         Russia


DYATKOVSKIY CRYSTAL: Court Starts External Bankruptcy Procedure
---------------------------------------------------------------
The Arbitration Court of Bryansk commenced external management
bankruptcy procedure on OJSC Dyatkovskiy Crystal.  The case is
docketed under Case No. A09-3488/05-8.

The External Insolvency Manager is:

         A. Gladkov
         Office 100
         Building 2
         Stolovyj Per. 6
         121069 Moscow
         Russia

The Court of is located at:

         The Arbitration Court of Bryansk       
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Dyatkovskiy Crystal
         Lenina Str. 184
         Dyatkovo
         242600 Bryansk
         Russia


ECOPARK CJSC: Bankruptcy Hearing Slated for March 29
----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at 10:00
a.m. on March 29 to hear the bankruptcy supervision procedure on
CJSC Ecopark.  The case is docketed under Case No. A43-33960/
2006 36-1107.

The Temporary Insolvency Manager is:

         V. Ratnikov
         Apartment 1
         Khleborobov Str. 16
         Kamenka
         442247 Penza
         Russia

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         CJSC Ecopark
         Yuzhnoye Shosse 26/39
         Sarov
         Nizhniy Novgorod
         Russia


KRUPPSKIY FISHING: Creditors Must File Claims by March 20
---------------------------------------------------------
Creditors LLC Kruppskiy Fishing Factory have until March 20 to
submit written proofs of claim to:

         A. Chaynikov, Insolvency Manager
         Stratilatovskaya Str. 15
         173003 Velikiy Novgorod
         Russia

The Arbitration Court of Pskov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A52-1417/2006/4.

The Court is located at:

         The Arbitration Court of Pskov
         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         LLC Kruppskiy Fishing Factory
         Krupp
         Pechorskiy
         181533 Pskov
         Russia
         Tel/Fax: (8 162) 738-438


NOVOMELOVATSKOYE LLC: Bankruptcy Hearing Slated for April 19
------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:00 a.m. on
April 19 to hear the bankruptcy supervision procedure on
LLC Novomelovatskoye.  The case is docketed under Case No.
A14-17044/2006/235/7b.

The Temporary Insolvency Manager is:

         D. Zakaryan
         Srednemoskovskaya Str. 6a
         Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Novomelovatskoye
         Kirova Str. 80
         Novometalovatka
         Kalacheevskiy
         Voronezh
         Russia


NOVOSILSKIY DIARY: Creditors Must File Claims by March 20
---------------------------------------------------------
Creditors OJSC Novosilskiy Diary (TIN 7707083893, KPP 71931001)
have until March 20 to submit written proofs of claim to:

         V. Chervyakov, Insolvency Manager
         Building 1
         Moskovskoye Shosse 137
         302025 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-3020/06-16b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Novosilskiy Diary
         Golun'
         Novosilskiy
         Orel
         Russia


ORENBURG-ALCO OJSC: Asset Sale Slated for February 27
-----------------------------------------------------
LLC House of Valuation Fin-Expert, the bidding organizer for
OJSC Orenburg-Alco, will open a public auction for the company's
properties at noon on Feb. 27 at:

         LLC House of Valuation Fin-Expert
         Tekhnicheskaya Str. 3
         Orenburg
         Russia

The company has set a RUR70,670,810 starting price for the
auctioned assets.

Interested participants have until Feb. 22 to deposit an amount
equivalent to 10% of the starting price to:

         LLC House of Valuation Fin-Expert
         Settlement Account 40702810204000000734
         Orenburgskiy OJSC ACB Avangard
         Orenburg
         Correspondent Account 3010181070000000815
         BIK 045354815

Bidding documents must be submitted to:

         LLC House of Valuation Fin-Expert
         Tekhnicheskaya Str. 3
         Orenburg
         Russia
         Tel: (3532) 73-25-68, 36-13-37

The Debtor can be reached at:

         OJSC Orenburg-Alco
         Aerodromnaya Str. 3
         Pervomayskiy
         Orenburg
         Russia


PIROGOVO LLC: Voronezh Bankruptcy Hearing Slated for March 14
-------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m. on
March 14 to hear the bankruptcy supervision procedure on LLC
Pirogovo.  The case is docketed under Case No. A14-15652/
2006-233/16b.

The Temporary Insolvency Manager is:

         N. Vysotskaya
         Apartment 12
         Lizyukova Str. 66-A
         Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Pirogovo
         Pirogovo
         Kalacheevskiy
         Voronezh
         Russia


PLANET OJSC: Court Names V. Luklyanov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Volgograd appointed Mr. V. Luklyanov as
Insolvency Manager for OJSC Planet (OGRN 1023403849292).  He can
be reached at:

         V. Luklyanov, Insolvency Manager
         Office 215
         7th Gvardeyskaya Str. 2
         400005 Volgograd
         Rusia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-1814/05-s58.

The Debtor can be reached at:

         OJSC Planet
         Gilyarovskogo Str. 31
         107996 Moscow
         Russia


RYAZHSK-MEAT CJSC: Creditors Must File Claims by February 20
------------------------------------------------------------
Creditors CJSC Ryazhsk-Meat have until Feb. 20 to submit written
proofs of claim to:

         N. Simon
         Room 302
         Elektrozavodskaya Str. 63
         390023 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-4656/06-S6.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         CJSC Ryazhsk-Meat
         Molodyezhnaya Str. 1
         Ryazhsk
         Ryazan
         Russia


SIB-EXPRESS CJSC: Court Names N. Semenikhin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Novosibirsk appointed Mr. N. Semenikhin
as Insolvency Manager for CJSC Sib-Express.  He can be reached
at:

         N. Semenikhin
         Berdskoye Shosse 186
         630097 Novosibirsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-14922/04-SB/154.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         N. Semenikhin
         Berdskoye Shosse 186
         630097 Novosibirsk
         Russia


SOYUZ-AGRO OJSC: Court Names P. Zhdankov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Volgograd appointed Mr. P. Zhdankov as
Insolvency Manager for OJSC Soyuz-Agro (TIN 3417004596).  He can
be reached at:

         P. Zhdankov
         Klinskaya Str. 38-2
         400001 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-7842/05-S57.

The Debtor can be reached at:

         OJSC Soyuz-Agro
         Polevaya Str. 21
         Nekhaevskaya St.
         403171 Volgograd
         Russia


WEST-SIBERIAN MINING: Creditors Must File Claims by February 20
---------------------------------------------------------------
Creditors CJSC West-Siberian Mining Company have until Feb. 20
to submit written proofs of claim to:

         A. Kiselev, Temporary Insolvency Manager
         Bezverkhova Str. 5
         Syurgut
         628400 Tyumen
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A75-9525/2006.

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         CJSC West-Siberian Mining Company
         Leningradskaya Str. 1- 77
         Surgut, Tyumen
         Russia


YAREGA-PAINT OJSC: Creditors Must File Claims by March 20
---------------------------------------------------------
Creditors OJSC Yarega-Paint have until March 20 to submit
written proofs of claim to:

         R. Gaynutdinov, Insolvency Manager
         Room 314
         Ordzhonikidze Str. 49-a
         Syktuvkar      
         167982 Komi
         Russia


The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A29-5873/06-3B.

The Court is located at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         OJSC Yarega-Paint
         Nizhniy Domanik
         Ukhta, Komi
         Russia


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


LEAR CORP: Carl Icahn Makes US$36 Per Share Acquisition Offer
-------------------------------------------------------------
Lear Corporation disclosed Monday that following discussions
with the company, American Real Estate Partners LP, an affiliate
of Carl C. Icahn, has made an offer to acquire all of the issued
and outstanding shares of Lear Corporation for US$36.00 per
share in cash.

Any transaction would be subject to negotiation and execution of
definitive documentation and other conditions.  Lear's Board of
Directors is expected to formally consider the acquisition
proposal following the conclusion of on-going negotiations.

The acquisition proposal contemplates that Bob Rossiter, Lear's
chairman and CEO, and the rest of the senior management team
will remain with the Company.

No assurances can be given that definitive documentation will be
entered into or that the proposed transaction will be
consummated on the terms contemplated or at all.

Southfield, Mich.-based Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- supplies automotive interior systems and  
components.  Lear provides complete seat systems, electronic
products, electrical distribution systems, and other interior
products.  The company has 104,000 employees at 275 locations in
33 countries.

Lear operates in Argentina, Austria, Belgium, Brazil, Canada,
China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
The Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.


LEAR CORP: Icahn Acquisition Offer Cues Fitch's Negative Watch
--------------------------------------------------------------
Fitch Ratings has placed Lear Corporation on Rating Watch
Negative as:

   -- Issuer Default Rating 'B'; and,
   -- Senior unsecured debt 'B/RR4'.

Fitch's rating action follows Lear's report that after
discussions with Carl Icahn, his affiliate, American Real Estate
Partners LP, has made an offer to acquire the company.  Lear's
'BB/RR1' rated senior secured revolving credit facility and
senior secured term loan are both unaffected as they contain
'change-of-control' clauses.  If an acquisition is completed,
Lear would most likely need to renegotiate an entirely new bank
agreement.

Lear's revolving credit agreement gives the company healthy
liquidity, crucial during the currently volatile environment
being experienced by the industry.  However, Fitch is concerned
that as part of an acquisition, the amount of Lear's total debt
could potentially increase, resulting in reduced liquidity and
greater default risk.  In addition, if incremental debt were
secured, the position of the senior unsecured debtholders would
be impaired.

The Rating Watch Negative will be resolved following Fitch's
assessment of any resulting changes in Lear's capital structure
and liquidity.

Lear completed financing arrangements during 2006 which ensures
that the company will have good liquidity, relaxed covenants and
no major maturities while restructuring its operations in the
near term.  

However, Lear faces very difficult conditions in the U.S. market
due to declining domestic manufacturers' production levels, high
commodity costs and restructuring costs.  Lear is a major
seating and interior products supplier to domestic passenger
truck programs that have fallen from consumer favor.  New
business wins and reduced capital expenditures should help
support operating results during the restructuring process in
the near term. However, new business backlog after 2007 drops
off substantially. The formation of a joint-venture to which
Lear will contribute its interiors operations is viewed as a
positive due to that unit's operating losses and high capital
expenditure requirements, despite the financial commitments
associated with the agreement.


LEAR CORP: Icahn Offer Prompts Moody's to Review B2 Ratings
-----------------------------------------------------------
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.  

The action follows disclosure that American Real Estate Partners
LP, an affiliate of Carl C. Icahn, has made an offer to acquire
all of the common stock of Lear.  The offer would value Lear's
equity at approximately US$2.6 billion.  Lear has reported that
its board of directors may formally consider the proposal
following any negotiations between the parties.  Funds
controlled by Mr. Icahn held approximately 15.77% of Lear's
stock following their investment of US$200 million in newly
issued shares during the fourth quarter of 2006.  Mr. Vincent
Intrieri represents Mr. Icahn's interests on Lear's board of
directors and is one of 11 members of the board.

The review will focus on the prospective impact to Lear's credit
metrics and financial strategies which may result should a
transaction be agreed.  In particular, it will consider the
extent of any leverage deployed, the resultant impact on cash
flows, as well as any related terms and conditions.

Lear's current ratings include a B2 Corporate Family Rating with
a stable outlook and a Speculative Grade Liquidity rating of
SGL-2. US$1 billion of secured bank term loans are rated B2,
LGD2, 50% with some US$1.4 billion of unsecured notes rated B3,
LGD4, 61%.

Change in control provisions under the bank documentation would
be triggered were the transaction to proceed.  Provisions in
Lear's US$900 million of new unsecured notes issued in late
2006, deem funds controlled by Mr. Icahn as a "Permitted Holder"
and would not have a change in control event.  Indentures
covering Lear's US$0.5 billion of other unsecured notes would
permit a change of control provided Lear is the surviving
corporation and the merger would be with a domestic corporation.  
Indentures for the unsecured notes contain differences in
permissible lien baskets and could fare differently with respect
to security arrangements in a prospective capital structure.

Lear Corporation, headquartered in Southfield, Michigan, is
focused on providing complete seat systems, electrical
distribution systems and various electronic products to major
automotive manufacturers across the world.  The company had
revenues of US$17.8 billion in 2006 and has 275 facilities in
33 countries with 104,000 employees.


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


KONINKLIJKE AHOLD: Class Suit vs. U.S. Foodservice to Proceed
-------------------------------------------------------------
The Honorable Thomas Smith of the U.S. District Court for the
District of Connecticut has denied an appeal by Koninklijke
Ahold N.V. to suspend a class action filed against U.S.
Foodservice, its distribution business, the Financial Times
reports.

The Waterbury Hospital filed the suit on Oct. 19, 2006, accusing
the company of an illegal kickback scheme that inflated the
prices that the hospital and other clients pay for food.

The suit claims that the scheme accounted for 16 to 20 percent
of the company's total sales between 2000 and 2003.

According to the suit, the Maryland-based company, which is
owned by Dutch corporation Royal Ahold, instructed suppliers to
artificially increase their prices and then passed along those
inflated prices to customers.  The suit stated that the company
demanded kickbacks from companies from which it purchased the
food at inflated prices.

In recent developments, the judge, citing the seriousness of the
allegations and the substantial damages alleged, ruled that U.S.
Foodservice had "failed to establish good cause" to delay the
case.  He noted that a postponement at a time when Ahold was
selling the unit "would increase the risk that relevant
documents would be lost or destroyed."

The decision came a day before lawyers acting for U.S.
Foodservice filed a court motion to dismiss the class action,
alleging the claim was "patently incorrect," according to
documents seen by the Financial Times.

U.S. Foodservice lawyers accused class-action plaintiffs of
employing a "mischaracterization of fictitious agreements" to
support allegations of breach of contract and racketeering.

However, in his ruling before that motion was submitted, Judge
Smith refused to accept assertions by U.S. Foodservice lawyers
that the "motion to dismiss will likely resolve some or all of
the claims."

In addition to Waterbury Hospital, the suit also lists Cason
Inc., an Illinois-based company that runs an Italian restaurant
and Erick M. Sandler as plaintiff.  It accuses U.S. Foodservice
of breach of contract and racketeering, but it does not seek a
specific amount of damages.

In December, plaintiffs filed an amended class action detailing
a scheme in which the distributor is alleged to have marked up
the price of goods through the use of "value-added service
providers (VASPs)," (Class Action Reporter, Dec. 28, 2006).

According to a testimony, the VASPs simply served to mark up the
cost of goods upon which U.S. Foodservice based its pricing to
its customers.

According to Ahold's defense document, U.S. Foodservice was
never required to charge customers on the basis of "actual
costs," as the plaintiffs suggested, and that Ahold had made
public in official filings "the existence and pricing mechanisms
used with respect to the VASPS."

It said there were no contracts between the plaintiffs and U.S.
Foodservice in the manner suggested by the class action, and the
claimants had failed to produce evidence of contracts, records,
invoices or conversations to support claims of fraud or
racketeering.

The suit is "Waterbury Hospital et al. v. U.S. Food Svc Inc.,
Case No. 3:06-cv-01657-CFD," filed in the U.S. District Court
for the District of Connecticut under Judge Christopher F.
Droney.

Representing the plaintiffs is James E. Hartley, Jr. of Drubner,
Hartley & O'Connor, L.L.C., 500 Chase Pkwy, Waterbury, CT 06708,
Phone: 203-753-9291, Fax: 203-753-6373, E-mail:
diane@dholaw.com.

Representing the defendants is Michael P. Shea of Day, Berry &
Howard-Htfd-CT, Cityplace I, 185 Asylum St., Hartford, CT 06103-
3499, Phone: 860-275-0146, Fax: 860-275-0343, E-mail:
mpshea@dbh.com.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,  
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's Ratings Services revised its outlook on the Dutch food
retailer and food service distributor Koninklijke Ahold N.V. to
positive from stable.  At the same time, the 'BB+/B' long- and
short-term corporate credit ratings were affirmed.

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B rating.


STENA AB: Soliciting Consents to Amend 9-5/8% Bond Indenture
------------------------------------------------------------
Stena AB commenced a tender offer to purchase its outstanding
9-5/8% Senior Notes due 2012.  

In connection with the tender offer, the company is also
soliciting consents from holders of the 2012 Notes for
amendments that would eliminate the principal restrictive
covenants, as well as certain related events of default
contained in the indenture for the 2012 Notes.

Adoption of the proposed amendments requires the consent of
holders of at least a majority of the outstanding principal
amount of the 2012 Notes not owned by the Company or its
affiliates.  The aggregate outstanding principal amount of the
2012 Notes is US$177,264,000.  JPMorgan is acting as dealer
manager on the tender offer and consent solicitation.

The consent solicitation was set to expire at 5:00 p.m., New
York City time, on Feb. 6, unless extended or earlier
terminated.  The tender offer will expire at 5:00 p.m., New York
City time, on Feb. 27, unless extended or earlier terminated.

         Tender By February 6th for Full Consideration

Subject to the terms and conditions of the tender offer and
consent solicitation for the 2012 Notes, the total consideration
to be paid for 2012 Notes is US$1,077.40 in cash per US$1,000
principal amount of 2012 Notes validly tendered at or prior to
the Consent Deadline and not validly withdrawn at or prior to
the Withdrawal Deadline.  Of this amount, US$15 is the Consent
Payment.  

Holders who validly tender their 2012 Notes after the Consent
Deadline, but on or prior to the Expiration Time, will be
eligible to receive US$1,062.40 per US$1,000 principal amount,
the total consideration for 2012 Notes less the US$15 Consent
Payment.  Holders whose 2012 Notes are purchased in the tender
offer will also be paid accrued and unpaid interest from the
last interest payment date to, but not including, the Settlement
Date.

Tenders of 2012 Notes may not be withdrawn after 5:00 p.m., New
York City time, on Feb. 6, unless the Company is required by
applicable law to permit withdrawal.  Each tendering holder will
be deemed to have consented to the Proposed Amendments.

The tender offer and consent solicitation are being made solely
on the terms and subject to the conditions set forth in the
Offer to Purchase and Consent Solicitation Statement dated
Jan. 29 and the accompanying Letter of Transmittal and Consent.  

The Company's tender offer is conditioned on:

   (1) the execution and delivery of a supplemental indenture
       with respect to the 2012 Notes following receipt of
       sufficient consents to adopt the proposed amendments; and

   (2) the absence of any law or order which prohibits the
       tender offer or consent solicitation or the effectiveness
       of the supplemental indenture.

Copies of the Offer Documents and other related documents may be
obtained from MacKenzie Partners Inc., the Information Agent.
Holders of the 2012 Notes are urged to review the Offer
Documents for the detailed terms of the tender offer and consent
solicitation and the procedures for tendering 2012 Notes and
consenting to the proposed amendments.

                        About Stena AB

Headquartered in Gothenburg, Sweden, Stena AB --
http://www.stena.com/-- is a holding company for certain of the  
Sten A. Olsson family businesses.  Stena is a leading
participant in the worldwide shipping industry and owns and
operates one of the world's largest international passenger and
freight ferry services and owns and charters drilling rigs,
Roll-on/Roll-off vessels and crude oil and petroleum product
tankers.  Stena also invests in and manages residential and
commercial real estate, principally in Sweden and The
Netherlands.

                        *     *     *

As reported in the TCR-Europe on Jan. 31, Moody's Investors
Service changed the outlook on all Stena AB's ratings to
positive from stable and assigned a (P)Ba3 rating to
its proposed EUR300-million notes due 2017.

Stena AB ratings are:

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

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


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


A-ZONE LLC: Creditors' Liquidation Claims Due February 19
---------------------------------------------------------
Creditors of LLC A-Zone have until Feb. 19 to submit their
claims to:

         Ilhan Eyikat
         Liquidator
         Mullheimerstrasse 138
         4057 Basel
         Switzerland

The Debtor can be reached at:

         LLC A-Zone
         Basel, Switzerland


BLUE MOON: Creditors' Liquidation Claims Due April 30
-----------------------------------------------------
Creditors of LLC Blue Moon have until April 30 to submit their
claims to:

         LLC Blue Moon
         Liquidator
         Ch. Streuli
         Falkenplatz 1
         3012 Bern
         Switzerland

The Debtor can be reached at:

         LLC Blue Moon
         Ch. Streuli
         Falkenplatz 1
         3012 Bern
         Switzerland


CC VERANSTALTUNGEN: Creditors' Liquidation Claims Due Feb. 19
-------------------------------------------------------------
Creditors of LLC CC Veranstaltungen have until Feb. 19 to submit
their claims to:

         JSC Folmli Treuhand
         Liquidator
         Blegi 14
         6343 Rotkreuz
         Switzerland

The Debtor can be reached at:

         LLC CC Veranstaltungen
         Risch ZG
         Switzerland


ERMATECH LLC: Creditors' Liquidation Claims Due March 23
--------------------------------------------------------
Creditors of LLC Ermatech have until March 23 to submit their
claims to:

         Dr. Stefan Grundmann
         Liquidator
         Falknerstrasse 3
         4001 Basel
         Switzerland

The Debtor can be reached at:

         LLC Ermatech
         Basel, Switzerland


ERNST GERBER: Creditors' Liquidation Claims Due March 1
-------------------------------------------------------
Creditors of JSC Ernst Gerber Bau have until March 1 to submit
their claims to:

         Daniel Leibundgut
         Liquidator
         Treuhand Leibundgut
         4917 Melchnau
         Aarwangen BE
         Switzerland

The Debtor can be reached at:

         JSC Ernst Gerber Bau
         Gondiswil
         Aarwangen BE
         Switzerland


GLADIUM WATCH: Creditors' Liquidation Claims Due February 26
------------------------------------------------------------
Creditors of JSC Gladium Watch have until Feb. 26 to submit
their claims to:

         Roland Stadler
         Liquidator
         Trigon Treuhand Stadler
         Fink, Weissensteinstrasse 71
         P.O. Box 459
         4503 Solothurn
         Switzerland

The Debtor can be reached at:

         JSC Gladium Watch
         Solothurn, Switzerland


H & P MONTAGEN: Creditors' Liquidation Claims Due March 15
----------------------------------------------------------
Creditors of LLC H & P Montagen have until March 15 to submit
their claims to:

         LLC H & P Montagen
         Liquidator
         Adlibogenstrasse 45
         8155 Niederhasli
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC H & P Montagen
         Adlibogenstrasse 45
         8155 Niederhasli
         Dielsdorf ZH
         Switzerland


LEONIDAS LLC: Creditors' Liquidation Claims Due February 22
-----------------------------------------------------------
Creditors of LLC LEONIDAS have until Feb. 22 to submit their
claims to:

         Dr. Ivo J. Bechtiger
         Liquidator
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         LLC LEONIDAS
         Gerechtigkeitsgasse 25
         8001 Zurich
         Switzerland


ORSIS LLC: Creditors' Liquidation Claims Due February 23
--------------------------------------------------------
Creditors of LLC ORSIS have until Feb. 23 to submit their claims
to:

         Fischli Robert
         Liquidator
         Straussrain 17
         6344 Meierskappel LU
         Switzerland

The Debtor can be reached at:

         LLC ORSIS
         Arth SZ
         Switzerland


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

         Ulrich Worminghaus
         Liquidator
         Gespermoosstrasse 14
         2540 Grenchen
         Lebern SO
         Switzerland

The Debtor can be reached at:

         JSC Uwoplast
         Grenchen
         Lebern SO
         Switzerland


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


DIBROVA LLC: Creditors Must Submit Claims by February 21
--------------------------------------------------------
Creditors of Agricultural LLC Dibrova (code EDRPOU 03743055)
have until Feb. 21 to submit written proofs of claim to:

         Nikolay Chuyka, Liquidator
         P.O. Box 175
         Dnieprodzerzhynsk
         51909 Dniepropetrovsk
         Ukraine
         Tel/Fax: 8-097-2314124  

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after on Dec. 19, 2006, finding
it insolvent.  The case is docketed under Case No. B 24/33/06.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Dibrova
         Pobediteley Str. 9
         49000 Dnipropetrovsk
         Ukraine


GALESCHINA BREADRECEIVING: Creditors Must File Claims by Feb. 21
----------------------------------------------------------------
Creditors of OJSC Galeschina Breadreceiving Factory (code EDRPOU
00955578) have until Feb. 21 to submit written proofs of claim
to:

         Ruslan Borovik, Liquidator
         Perspektivny Lane 10
         36007 Poltava
         Ukraine
         Tel: 0532/61-44-62

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 18/158.  

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         OJSC Galeschina Breadreceiving Factory
         October Str. 84
         New Galeschina
         Kozelschina District
         38033 Poltava
         Ukraine


KIROVOGRAD FURNITURE: Creditors Must Submit Claims by Feb. 21
-------------------------------------------------------------
Creditors of CJSC Kirovograd Furniture Centre (code EDRPOU
00274631) have until Feb. 21 to submit written proofs of claim
to:

         V. Kosarenko, Liquidator
         Ostrovskaya Str. 4
         25006 Kirovograd Ukraine
         Tel. 8(050)565-74-78

The Economic Court of Kirovograd commenced bankruptcy
proceedings against the company on Dec. 7, 2006, after finding
it insolvent.  The case is docketed under Case No. 10/124.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         CJSC Kirovograd Furniture Centre
         K. Marx Str. 50
         Kirovograd
         Ukraine


LASIRKY GRAIN: Claims Submission Deadline Set February 21
---------------------------------------------------------
Creditors of OJSC Lasirky Grain Storage and Delivery (code
EDRPOU 00955443) have until Feb. 21 to submit written proofs of
claim to:

         Ruslan Borovik, Temporary Insolvency Manager
         Perspektivny Lane 10
         36007 Poltava
         Ukraine
         Tel: (0532)61-44-62

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on Dec. 26, 2006.  The case is docketed
under Case No. 7/75.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         OJSC Lasirky Grain Storage and Delivery
         Voroshylov Str. 6-a
         Lasirky
         Orzhyck District
         37710 Poltava
         Ukraine


UKRAINIAN ENERGY: Creditors Must Submit Claims by February 21
-------------------------------------------------------------
Creditors of OJSC Ukrainian Energy Ecology (code EDRPOU
14281356) have until Feb. 21 to submit written proofs of claim
to:

         Jury Bilyk, Liquidator
         Promyshlennaya Str. 6
         Ukrainka
         Obuhov District
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 44/11b-06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ukrainian Energy Ecology
         Promyshlennaya Str. 6
         Ukrainka
         Obuhov District
         Kiev
         Ukraine


UKRAINIAN HYDRO-SPECIAL: Claims Filing Deadline Set Feb. 21
-----------------------------------------------------------
Creditors of OJSC Ukrainian Hydro-Special Foundation
Construction (code EDRPOU 01416582) have until Feb. 21 to submit
written proofs of claim to:

         Konstantin Rukavishnikov, Temporary Insolvency Manager
         Dzierzhynsky Str. 29
         49000 Dnipropetrovsk
         Ukraine
         Tel. 8(067)5709841   

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Dec. 1, 2006.  The case
is docketed under Case No. B 26/225-06.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         OJSC Ukrainian Hydro-Special Foundation Construction
         Skorikovsky Lane 5
         49000 Dnipropetrovsk
         Ukraine


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


ADAMS CHILDRENSWEAR: Brings In PwC as Joint Administrators
----------------------------------------------------------
Rob Hunt, David Hargrave and Michael Jervis of
PricewaterhouseCoopers LLP were appointed joint administrators
of Adams Childrenswear Ltd. on Feb. 1.

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

Headquartered in Nuneaton, England, Adams Childrenswear Ltd. --
http://www.adams.co.uk/corporate-- is a specialist retailer of  
children's clothing in the U.K. with an annual turnover of
GBP200 million.  The company has over 300 stores throughout the
U.K. as well as a number of overseas franchise outlets and
retail customers.  Adams has under performed in recent years
resulting in a cash shortage.


ADAMS CHILDRENSWEAR: Sells Business & Assets to John Shannon
------------------------------------------------------------
Following their appointment as joint administrators on Feb. 1,
Rob Hunt, David Hargrave and Michael Jervis of
PricewaterhouseCoopers LLP sold the majority of Adams
Childrenswear Ltd.'s business and assets to a newly formed
company backed by retail entrepreneur, John Shannon.

John Shannon was the former chairman of Stead & Simpson and
Country Casuals.  The deal will keep open 273 Adam's stores
across the U.K. and secure the employment of over 3,200
employees.

Adams holding company, Myriad Childrenswear, and its fellow
subsidiary, TU Childrenswear Ltd., are not affected by this
transaction and continue to operate as normal under the control
of their directors.

"Myriad embarked upon an intensive sale process shortly prior to
Christmas, which has proved to be successful.  This was
particularly encouraging against a background of negative retail
sentiment," Rob Hunt said.

"John Shannon has acquired the business and assets and we are
pleased to be able to announce that a sale was completed
immediately following our appointment as administrators to the
company.  This sale will enable 273 stores to continue trading,
safeguard some 3,200 jobs and ensure that Adams continues to
have a place on the High Street.  In addition, Adams will
continue to service and grow its overseas franchise network and
sourcing for third party retailers," Mr. Hunt added.

"Sadly, the extent of the losses at a number of branches has
meant we have had little choice but to close 42 branches
immediately.  If we had not been able to complete this
transaction it is highly likely that significantly more store
closures and redundancies would have occurred," Mr. Hunt
concluded.

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

Headquartered in Nuneaton, England, Adams Childrenswear Ltd. --
http://www.adams.co.uk/corporate-- is a specialist retailer of  
children's clothing in the U.K. with an annual turnover of
GBP200 million.  The company has over 300 stores throughout the
U.K. as well as a number of overseas franchise outlets and
retail customers.  Adams has under performed in recent years
resulting in a cash shortage.


ADVANCED MARKETING: Seeks to Employ Capstone as Advisors
--------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates ask
the Court for permission to employ Capstone Advisory Group LLC,
as their financial advisors in their chapter 11 cases.

Specifically, the Debtors will look to Capstone to:

   (a) analyze and challenge the Debtors' short-term and long-
       term cash flow forecasts;

   (b) assist management, as appropriate, in developing
       corresponding liquidity analysis;

   (c) analyze the Debtors' business plan and any alternative
       business plans suggested by the Debtors;

   (d) assist the Debtors and their advisors in identifying and
       evaluating strategic financial and restructuring
       alternatives;

   (e) support or assist investment banks of the Debtors in
       their efforts to sell or restructure the business entity;

   (f) act as a liaison between the Debtors and their investment
       bankers;

   (g) assist in providing data and information requested by
       Houlihan, Lokey, Howard & Zukin Capital Inc., in its
       efforts to market and refinance the Debtors;

   (h) assist Houlihan Lokey in its efforts to market or
       refinance the Debtors;

   (i) assist Houlihan, Lokey in identifying and executing an
       alternative transaction that best meets the objectives of
       the Debtors' and their estates; and

   (j) perform other tasks as may be requested by the Debtors
       from time to time.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, in
Wilmington, Delaware, relates that Capstone specializes in
providing creative value-added solutions for stakeholders,
lenders and investors dealing with distressed and fraud
situations; for parties in commercial disputes; and, for lenders
and investors evaluating capital transactions.

Capstone has provided services to the Debtors since May 2006.  
At that time, Capstone was hired, through the Debtors' counsel,
O'Melveny & Myers LLP, to review the Debtors' short-term and
long-term financial forecasts, and assist the Debtors in
identifying and evaluating restructuring alternatives.

The Debtors are also seeking to employ Focus Management Group
U.S.A. Inc., as their financial advisors.  Mr. Collins says that
Focus was retained prior to Capstone and Focus' familiarity with
the Debtors' books, records and financial reporting has aided
Capstone's provision of financial analysis and advisory
services.  Furthermore, the Debtors, Focus, and Capstone have
conferred and will continue to do so to ensure there is no
duplication of effort or overlap of work between and among Focus
and Capstone in order to ensure that the Debtors estates receive
their maximum value.

"Focus will be working on a number of projects either in
conjunction with Capstone or under the supervision of Capstone,"
Mr. Collins says.

The Debtors will pay Capstone hourly rates on actual hours
worked at Capstone's standard hourly rates in effect when the
services are rendered.  Capstone's hourly rates are:

   Designation                    Hourly Rate
   -----------                    -----------
   Executive Directors          US$505 - US$595
   Staff                        US$275 - US$475
   Support                       US$90 - US$200
  
The Capstone employees that are expected to be directly
responsible for the engagement and their hourly rates are:

   * Mark Rohman, Capstone Executive Director -- US$595
   * Monique Atkins -- US$450

Mr. Collins notes that there will be a fee awarded to Capstone
upon the completion of a successful sale or refinancing of the
Debtors, equal to 30% of any transaction fee or financing fee
paid by the Debtors to Houlihan Lokey.

In addition, Mr. Collins states that Capstone will be reimbursed
for all reasonably incurred out-of-pocket expenses in connection
with the rendering of services.  These include travel, lodging,
costs of reproduction, reasonable out-of-pocket counsel fees,
and other direct expenses.

The Debtors will also indemnify Capstone for its services.

Mr. Rohman assures the Court that Capstone and its partners and
associates do not have any connection with or any adverse
interest to the Debtors, their creditors, or any other parties-
in-interest.

                    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).


ADVANCED MARKETING: Wells Fargo Won't Object to PGW Payment
-----------------------------------------------------------
Wells Fargo Foothill Inc., as DIP loan agent, tells the United
States Bankruptcy Court for the District of Delaware that it
does not object to Advanced Marketing Services Inc. and its
debtor-affiliates' request to:

   * pay the prepetition claims of Bailor Publishers of
     Publishers Group West Inc.; and

   * pay up to US$12,000,000 in PGW claims, if and as approved
     by the lenders under the DIP Loan Agreement.

As reported in TCR-Europe on Jan. 11, the Court authorized the
Debtors, on an interim basis, to dip their hands into the DIP
financing facility arranged by Foothill.

As reported in TCR-Europe on Jan. 16, the Debtors had asked the
Court for authority to pay, in the ordinary course of business,
up to US$12,000,000 in prepetition claims of publishers who
supply goods and credit critical to the continued operation of
PGW's business.

Kimberly E.C. Lawson, Esq., at Reed Smith, LLP, in Wilmington,
Delaware, representing Wells Fargo, says that, nevertheless,
Foothill reserves all of its rights to object to payment of the
PGW Publisher claims on all grounds in the event that the
Debtors seek to make payments contrary to the terms of the DIP
Loan Agreement and without Wells Fargo's express written
consent.

The Debtors wanted to make the payments to minimize disruption
and possible "domino effect" of further insolvencies that could
be caused if PGW immediately ceased all payments with respect to
the PGW Publisher Claims.

                    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).


ANGLOWIDE LEISURE: Creditors' Meeting Slated for February 14
------------------------------------------------------------
Creditors of Anglowide Leisure Ltd. (t/a Stones Bar/The Place)
will meet at 11:00 a.m. on Feb. 14 at:
  
         Poppleton & Appleby
         35 Ludgate Hill
         Birmingham
         B3 1EH
         England

Creditors have until noon on Feb. 14 to submit particulars of
their claims to M. D. Hardy at the said address.

M. D. Hardy of Poppleton & Appleby will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


AP HYDRAULICS: PwC Eyes GBP75-Mln Distribution to Pensioners
------------------------------------------------------------
AP Hydraulics Ltd. went into voluntary liquidation last month, a
year after the company underwent administration proceedings in
January 2006 after amassing a GBP75 million debt, Leamington Spa
Courier reports.  

Administrators from PriceWaterhouseCooper plan to distribute the
money accrued since then to creditors, including pensioners who
hold claims to the biggest portion of the debt.  They may now
collect their pensions from the Pensions Protection Fund,
Leamington Spa Courier states.

"The liquidation of AP Hydraulics is simply a follow-on
procedure.  It enables us to distribute the money released from
the sale of the business to the creditors," said Administrator
Matthew Hammond.

"The liquidation is absolutely nothing to do with the Caparo
Group.  It is simply a matter of wrapping up the
administration," Mr. Hammond noted.

Caparo Group Ltd. acquired AP Hydraulics in April 2006, absorbed
the remaining 170 workers, and changed the company's name to
Caparo AP Braking, Leamington Spa Courier relates.

According to the report, the liquidation marks the culmination
of the company's financial struggles, which include a huge
pension deficit and government intervention, and will be
concluded by the company's dissolution.

                     About Caparo Group Ltd.

London-based Caparo Group Ltd. -- http://www.caparo.co.uk/-- is  
engaged in a number of businesses, from steel conversion and
distribution to manufacturing drive-train, BIW, chassis
components, and modular systems.

                     About AP Hydraulics Ltd.

Warwickshire-based Caparo AP Braking Ltd. --
http://www.aphydraulics.com/-- formerly known as AP Hydraulics  
Ltd., provides specialist braking solutions to major vehicle
manufacturers.

It went into administration in January 2006, with a total debt
of up to GBP75 million.  Caparo Group Ltd. acquired and renamed
the company in April 2006; however, it still went into voluntary
liquidation in January 2007.


BEARINGPOINT INC: S&P Withdraws B- Ratings For Lack of Info
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' corporate
credit rating and 'CCC+' subordinated debt ratings on
BearingPoint Inc. and removed them from CreditWatch, where they
were placed March 18, 2005.

"While BearingPoint continues to operate its business and
recently filed its 2005 Form 10-K and the related 2005 Forms 10-
Q, it has not completed its 2006 filings, thus neither its
operations nor its financial performance can be assessed
properly," said Standard & Poor's credit analyst Philip Schrank.


BURGER KING: Earns GBP19.4 Million in Second Quarter 2006
---------------------------------------------------------
Burger King Corp. posted a 41% increase in net profit for the
fiscal second quarter of 2007 at GBP19.4 million, Scotsman
reports.

According to Scotsman, a combination of new store openings and
like-for-like growth boosted the increase.  The chain's overall
sales posted an increase of nine percent to GBP284.9 million.

"We see Burger King benefiting from brand revitalization,
following years of lackluster performance due to brand
mismanagement," Jeffrey Bernstein, analyst for Lehman Brothers,
was quoted by the Associated Press as saying.

According to Mr. Bernstein, the chain's new focus on its
international unit growth is an advantage for the company this
quarter.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,100  
restaurants in all 50 states and in more than 65 countries and
U.S. territories including Austria, Cyprus, Denmark, France,
Norway, Portugal, Spain, Sweden, Switzerland, Turkey, Italy,
Iceland, Germany, Malta, Hungary, and the United Kingdom.  
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family-owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corporation to Ba3
from Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


CAPITAL DIRECTORIES: Creditors' Meeting Slated for February 12
--------------------------------------------------------------
Creditors of Capital Directories Ltd. will meet at 11:00 a.m. on
Feb. 12 at:

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

A list of names and addresses of the company's creditors will be
available for inspection free of charge at the offices of  
SPW Poppleton & Appleby between 10:00 a.m. and 4:00 p.m. on  
Feb. 8.


COLLINS & AIKMAN: Can Obtain Financing Under Customer Agreement
---------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan approves Collins & Aikman Corp.
and its debtor-affiliates' request on a final basis regarding
customer agreement.  

The Customer Agreement and all agreements attached to it are
approved.  The Access Agreement is approved.  The Debtors are
authorized to obtain financing under the Customer Agreement
under Section 364(b) of the Bankruptcy Code.

The financing provided by the Customers under the Customer
Agreement will be entitled to the full protection of
Section 364(e).

Any inventory purchased by a Customer pursuant to the Customer
Agreement will be sold free and clear of all liens, claims and
encumbrances, pursuant to Section 363(f), with all liens, claims
and encumbrances attaching only to the sale proceeds in the same
validity, extent and priority as immediately prior to the
transaction, subject to the rights, claims and defenses of the
Debtors and other parties-in-interest.

Excluding Unpaid Tooling and Supplier Tooling, the Customers
own, free and clear of all liens, claims and encumbrances all
tooling, dies, test and assembly figures, gauges, jigs,
patterns, casting patterns, cavities, molds and documentation --
collectively, Customer Tooling -- used in the production of
their respective component parts.

The Customers will have the right to immediate possession of the
Customer Tooling and Unpaid Tooling used at any unsold plastics
plants, or immediately upon obtaining the rights to resource the
parts produced using the Customer Tooling and Unpaid Tooling at
any of the other plants, without further Court order or payment
by the Customers of any kind.  However, certain conditions in
the case of Unpaid Tooling apply:

    -- The Customer has paid the Supplier all undisputed amounts
       of the relevant tooling purchase order;

    -- The Supplier reserves any claim or right to payment for
       the disputed amounts against the respective Customer; and

    -- In the event the disputed claim or right to payment
       is not resolved and paid within 30 days after any
       Unpaid Tooling has been delivered to a Customer,
       the Supplier may require the Customer that they
       enter into non-binding mediation to attempt to
       resolve the dispute.  The Supplier may file an action
       to prosecute its claim for the disputed amounts.

The Customers will have an option to purchase at the Debtors'
cost all Supplier Tooling free and clear of all liens, claims
and encumbrances, with these attaching only to the sale
proceeds, and without further order of the Court and upon
payment, take immediate possession of the Supplier Tooling.

The Debtors will reserve US$149,000 on behalf of the tool
fixtures supplied to the Debtors by D&F Corp. that are sold or
otherwise transferred to a Customer.

The amounts the Debtors have received for Customer Tooling,
Unpaid Tooling and Supplier Tooling produced, repaired, or
modified by H.S. Die & Engineering Inc., pursuant to engineering
changes or otherwise, will be deemed to be segregated, and all
liens, claims and encumbrances of H.S. Die on the H.S. Die
Tooling will attach to the H.S. Die Deemed Segregated Proceeds.

The Debtors will pay H.S Die postpetition amounts for the H.S.
Die Tooling in the ordinary course of business in accordance
with the Debtors' contractual obligations to H.S. Die.

The stipulation between the State of New Hampshire Department of
Environmental Services, and Collins & Aikman and its Debtor-
affiliates is approved, and the objection withdrawn.

The Customer Agreement is not intended to, nor will it,
prejudice or compromise Brown Corp.'s ability to object to any
assignment of third party supply arrangements to which Brown is
a party.  The Debtors will be deemed to have segregated
US$800,000 for amounts allegedly owed to Brown.  The Brown fund
will not be deemed Debtors' property until Brown's lien rights
are determined.

The Debtors will be deemed to have segregated and hold
US$853,100 for amounts allegedly owed to Active Mould, also
known as Active Burgess, on behalf of the tool fixtures supplied
to the Debtors by Active Mould that are sold or transferred to a
Customer pursuant to the Customer Agreement.

                      Active Mould's Joinder

Ryan D. Heilman, Esq., at Schafer and Weiner, PLLC, in
Bloomfield Hills, Michigan, stated that although the Debtors'
request did not indicate that the Interim Order would approve
the sale of estate property free and clear of liens as required
by the Local Bankruptcy Rule 6004-1, it appeared that the
Interim Order would, in fact, result in the sale or disposition
of tooling free and clear of the liens of Active Mould & Design
Ltd., a creditor of the Debtors.

Accordingly, Active Mould joined the objection of D&F Corp. to
the Interim Order and requested the Court not to permit the
Debtors to sell or otherwise dispose of tooling or any other
assets free and clear of its liens.

                     New Hampshire Stipulation

The State of New Hampshire Department of Environmental Services
and the Debtors have reached a resolution to New Hampshire's
objection, and agree that:

    -- nothing in the Motion or the Customer Agreement is
       intended nor may be deemed to relieve the Debtors of any
       obligations that they may have under applicable New
       Hampshire environmental laws, regulations or permits,
       including without limitation, the groundwater management
       permit for the Farmington, New Hampshire facility dated
       Aug. 30, 2002;

    -- the Debtors represent that they intend to continue to
       comply with their obligations under the laws, regulations
       and permits in the ordinary course of business and that
       they have sufficient funds until the
       expected confirmation of a plan in their Chapter
       11 cases;

    -- nothing in the Motion, Customer Agreement, or Stipulation
       is intended to, nor will it be deemed, to prejudice the
       rights of the Debtors or the State with respect to any
       future disposition or abandonment of the Farmington Plan
       or any other New Hampshire facility or the treatment of
       claims or defenses of the State and the Debtors against
       one another;

    -- the State withdraws its objection; and

    -- neither the Debtors, their successors nor their assigns
       will take the position that the Customer Agreement,
       or any term, in any way restricts the rights of the
       State with respect to the administration and
       enforcement of environmental laws and regulations or
       any environmental permit held by the Debtors with
       respect to the Farmington Plant.

                    About Collins & Aikman

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


CONSTELLATION BRANDS: Acquires SVEDKA Vodka Brand for US$384 Mln
----------------------------------------------------------------
Constellation Brands Inc. has reached an agreement with
Guillaume Cuvelier and Belgian-based Alcofinance S.A., the
owners of SVEDKA Vodka, to acquire the brand and related
business for US$384 million.  

The transaction, which includes the acquisition of Spirits
Marque One LLC, the SVEDKA brand owner, is expected to close
approximately in March 1, 2007.

SVEDKA, an 80-proof premium vodka produced in Sweden, was
launched in 1998 and it is now the fastest growing major
imported premium vodka in the United States.  Approximately 1.1
million cases of SVEDKA were sold during calendar 2006,
predominantly in the U.S., a 60% increase over 2005 sales
volume.

"SVEDKA's phenomenal success is largely due to the eye-catching
and effective marketing and advertising campaigns that reach a
key segment of the young adult market," Constellation Brands
chairman and chief executive officer Richard Sands commented.  

"SVEDKA complements and enhances our premium spirits offerings
by providing a popular and rapidly growing vodka brand in the
largest U.S. spirits category.  

"It has strong brand equity and positive momentum, which we can
build upon through increased U.S. distribution, as well as
international expansion.  

"We believe SVEDKA is a perfect fit, providing us with a
platform for expansion of our premium spirits portfolio.  With
continued marketing investment we will look to maximize the
brand's long-term growth potential and value," Mr. Sands
concluded.

Spirits Marque One founder, and SVEDKA creator, Guillaume
Cuvelier will lead the New York-based brand management team with
the same independent spirit that has successfully differentiated
SVEDKA from the competition.  The brand marketing and sales team
will retain their autonomy with the SVEDKA_Grl(TM) campaign
continuing to promote the brand.

"Constellation recognizes SVEDKA's unique culture and
capabilities," Mr. Cuvelier stated.  "Its management realizes
SVEDKA's future is extremely bright and they will fully support
us as we continue to build upon the brand's current phenomenal
growth rate and marketplace momentum.  Our entrepreneurial
culture fits perfectly with Constellation's, which
differentiates our companies from others in the business."

SVEDKA is the fastest growing major premium vodka imported to
the U.S., and fifth largest imported vodka with 8% market share
in the imported vodka category according to Information
Resources Inc. (IRI) data.  SVEDKA is 40% alcohol by volume (80
proof) and is also available in four, 70 proof (35% alcohol by
volume) flavor variations: Citron, Clementine, Raspberry, and
Vanilla.

Constellation estimates that this acquisition will be dilutive
to diluted earnings per share by approximately US$0.05 - US$0.06
for fiscal 2008.  It is also expected to be dilutive the
following two fiscal years, before becoming accretive.  The
transaction will be financed with debt under Constellation's
senior credit facility.  The transaction is also subject to
customary regulatory approvals and other closing conditions.

Michel Dyens & Co. acted as exclusive financial advisor to
SVEDKA and Spirits Marque One.

                         About Alcofinance

Belgium's Alcofinance S.A. produces and distributes ethanol
worldwide.

                    About Constellation Brands

Constellation Brands Inc. (NYSE: STZ, ASX: CBR) --
http://www.cbrands.com/-- is an international producer and     
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits, and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations principally in the United
States, the United Kingdom, Australia, and New Zealand.

                           *     *     *

Moody's Investors Service assigned a Ba2 rating to Constellation
Brands Inc.'s new US$3.5 billion secured credit facility, which
replaced its US$2.9 billion secured credit facility.  Moody's
said the ratings outlook was placed at negative.


DISPERSE GROUP: Taps Joint Administrators from Deloitte
-------------------------------------------------------
Debbie Young and Bill Dawson of Deloitte & Touche LLP were
appointed joint administrators of Disperse Group Plc on Feb. 1.

A total of 72 people have been made redundant and seven retail
outlets have been closed as a result of the administration.  The
Group continues to operate from a further seven retail outlets
and 111 concessions, employing 85 staff.

"Despite the best efforts of its management team, following the
appointments of a new CEO and Finance Director, trading
conditions remained difficult for the Group.  With numerous
expressions of interest, we are currently trading the business
on a limited basis while seeking a purchaser," Bill Dawson
disclosed.

On Jan. 29, the group's directors and its lenders decided to
place three of its trading subsidiaries, Elizabeth French Plc,
The Woods of Windsor Group Ltd. and Woods of Windsor Ltd. into
administration.

The group further requested the London Stock Exchange Plc to
suspend trading of its shares.

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 Warrington and Cheshire, England, Disperse
Group Plc is known for its Elizabeth French and Woods of Windsor
branded products, which are supplied to department stores,
grocers and discount stores across the U.K.  The group also
operates from retail outlets and concessions across the country.


ELIZABETH GEE: Creditors' Meeting Slated for February 14
--------------------------------------------------------
Creditors of Elizabeth Gee Enterprises Ltd. (t/a The Childrens
Book Centre Ltd.) will meet at noon on Feb. 14 at:
  
         Leonard Curtis
         One Great Cumberland Place
         Marble Arch
         London
         W1H 7LW
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. at the offices of Leonard Curtis on Feb. 12.


EXCHANGE CLEANING: Creditors' Meeting Slated for February 15
------------------------------------------------------------
Creditors of Exchange Cleaning Co. Ltd will meet at 10:15 a.m.
on Feb. 15 at:
  
         Crossfields
         85-87 High Street West
         Glossop
         Derbyshire
         SK13 8AZ
         England

Creditors who want to vote at the meeting have until Feb. 14 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 free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 12.


FEDERAL-MOGUL: Supplemental Disclosure Statement Approved
---------------------------------------------------------
The Hon. Judith K. Fitzgerald of the United States Bankruptcy
Court for the District of Delaware approved the Supplemental
Disclosure Statement describing the Fourth Amended Joint Plan of
Reorganization of Federal-Mogul Corporation and its debtor-
affiliates.

The Amended Plan is jointly proposed by Federal-Mogul, the
Unsecured Creditors Committee, the Asbestos Claimants Committee,
the Future Asbestos Claimants Representative, the Agent for the
Prepetition Bank Lenders and the Equity Committee. The Plan also
has the support of the Asbestos Property Damage Committee and
the Ad Hoc Committee of Unsecured Creditors.

The Court also approved the solicitation and voting procedures
by which the votes of a limited number of classes of creditors
will be solicited.  The Court determined that it was not
necessary to resolicit the votes of all classes of creditors and
equity holders.

"Federal-Mogul is pleased with the developments accomplished at
this hearing which together with the resolution for emergence of
the United Kingdom Administrated companies, with activities in
the Americas, Europe and Asia Pacific, represent major
milestones toward exit from Chapter 11," said Chairman,
President and Chief Executive Officer Jose Maria Alapont. "We
continue to progress successfully, both in the implementation of
our global profitable growth strategy to satisfy customer,
employee and stakeholder expectations and in our commitment to
confirm on May 8 our restructuring plan to emerge."

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
(OTCBB:FDMLQ) -- http://www.federal-mogul.com/-- is a global  
supplier, serving the world's foremost original equipment
manufacturers of automotive, light commercial, heavy-duty,
agricultural, marine, rail, off-road and industrial vehicles, as
well as the worldwide aftermarket.  The company's leading
technology and innovation, lean manufacturing expertise, as well
as marketing and distribution deliver world-class products,
brands and services with quality excellence at a competitive
cost.  Federal-Mogul was founded in Detroit in 1899.  The
company is headquartered in Southfield, Michigan, and employs
45,000 people in 35 countries.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.


FEDERAL-MOGUL: Plan Confirmation Hearing Scheduled on May 8
-----------------------------------------------------------
The Hon. Judith K. Fitzgerald of the United States Bankruptcy
Court for the District of Delaware set a hearing on May 8, to
consider confirmation of Federal-Mogul Corporation and its
debtor-affiliates' Fourth Amended Joint Plan of Reorganization.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
(OTCBB:FDMLQ) -- http://www.federal-mogul.com/-- is a global  
supplier, serving the world's foremost original equipment
manufacturers of automotive, light commercial, heavy-duty,
agricultural, marine, rail, off-road and industrial vehicles, as
well as the worldwide aftermarket.  The company's leading
technology and innovation, lean manufacturing expertise, as well
as marketing and distribution deliver world-class products,
brands and services with quality excellence at a competitive
cost.  Federal-Mogul was founded in Detroit in 1899.  The
company is headquartered in Southfield, Michigan, and employs
45,000 people in 35 countries.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.


FORD MOTOR: Faces Lawsuits in Ill. Over Defective Speed Switches
----------------------------------------------------------------
Ford Motor Co. is named defendant in six federal class actions
claiming that certain of its vehicles are defective and unsafe
because of problems in their speed control deactivation switch
(SCD Switch), The St. Clair Record reports.

Attorney Jeffrey Lowe of St. Louis filed the suits -- all
assigned to Judge David Herndon of the U.S. District Court for
the Southern District of Illinois -- beginning Jan. 29.  

Mr. Lowe is claiming that the vehicles in question are defective
and unsafe because:

      -- the SCD Switch is located in a circuit that is always
         energized with electricity even when the vehicle is off
         and in the parked position;

      -- the circuitry for the SCD switch does not contain a
         fused wiring harness that will interrupt the power to
         the switch if it starts to overheat because of a short
         to the ground;

      -- the SCD switch has two compartments, the hydraulic
         department which contains brake fluid and the
         electrical department which contains always-energized
         electric components;

      -- vacuum pressure generated by the brake system caused
         the Kapton orientation to invert and ultimately fatigue
         and wear out much sooner; and

      -- the SCD switch, which is typically mounted on the brake
         proportioning valve, is mounted in the master cylinder
         in a vertically angled up and down so that metallic
         corrosion products can settle in a way that dendrite
         growth can develop.

Generally, the suits claim that the positioning of the SCD
Switch creates a significant fire risk not only to the Ford
vehicles but also to other properties where these vehicles are
parked (Class Action Reporter, Feb. 2, 2007).

It is further alleged that Ford knew of these problems, but
continues to use similar designs in its vehicles.

According to Mr. Lowe, the putative class members have suffered
damages and monetary losses of the use of their Ford vehicles
while these are on repair and additional damages for the
destruction of theses vehicles by fire.

Thus, plaintiffs' are seeking an amount to be determined at
trial, plus punitive damages in an amount be proven at trial.

Mr. Lowe represents:

      -- Paul Sharwell of Wanship, Utah, who claims his 2000
         Ford F-150 Truck caught fire in a parking lot in Salt
         Lake City on Jan. 1, 2004, leaving his truck
         Unsalvageable;

      -- Destry Watson of Sterrett, Alabama who claims that on
         July 30, 2004, his 2000 Ford F-150 XLT caught fire
         while on the parking lot at the Urban Center.  By the
         time the fire was put out it had spread to another car
         on the parking lot;

      -- Linwood Hall claims his 2000 Ford Expedition caught
         fire in the garage of his Hookertown, N.C. home on Feb.
         20, 2005.  The fire spread to his house causing both
         fire and smoke damage;

      -- Joel Radford of Plainville, Indiana claims his Ford F-
         150 caught fire in his driveway on Oct. 16, 2005.  He
         claims the contents in his vehicle and the siding on
         his home was damaged;

      -- Richard Massaro of Bushkill, Pennsylvania claims his
         1996 Ford F-150 sustained damages after an explosion to
         his truck; and

      -- Jimmie Shelby of Flint, Michigan claims his 1998 Ford
         Expedition was totaled after a fire on Jan. 1, 2004.

For more details, contact Jeffrey J. Lowe of Jeffrey J. Lowe,
P.C., Generally Admitted, 8235 Forsyth, Suite 1100, St. Louis,
MO 63105, 314-678-3400, Phone: 314-678-3401, E-mail:
jeff@jefflowepc.com.


                       About Ford Motor Co.

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

                           *     *     *

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

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

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


FORD MOTOR: January Sales Down 19% & Daily Rentals Cut by 65%
-------------------------------------------------------------
Ford Motor Co. reported that January 2007 sales declined 19%
compared with a year ago, as a result of a proposed reduction in
sales to daily rental companies.

Sales to daily rental companies were cut by 65%.

"All of us at the company are focused on restructuring our
business to be profitable at lower volumes and offering more
of the products people want, including more cars and more
crossovers," said Mark Fields, Ford's President of The Americas.  
"We are focusing more of our attention on retail customers and
reducing sales to daily rental companies sharply.  The company's
customers benefit from this plan because their vehicles'
residual values will improve -- a trend we already are seeing
with our newest products."

The resale values of the company's newest products have improved
by as much as 11 percentage points -- with Ford closing the gap
on many Asian competitors -- according to the Automotive Leasing
Guide.  Residual values have improved two percentage points
compared with the prior model year for the 2007 Ford Fusion
sedan, six points better for the 2007 Lincoln Navigator, 9
points better for the 2007 Ford Expedition and 11 points better
for the 2008 Ford Escape.  The company's new 2007 Edge crossover
has resale values higher than Toyota Highlander and Nissan
Murano.

January marked the first full month on sale for the company's
new crossover utilities -- the Ford Edge and Lincoln MKX. Edge
sales were 5,586 and MKX sales were 1,699.  In fact, the Edge
post higher sales in its introduction month than did Ford's
popular Fusion in its first month.

Dealers reported higher retail sales for the company's 2007
model mid-size cars, the Ford Fusion, Mercury Milan, and Lincoln
MKZ.  In addition, the all-new Ford Expedition and Lincoln
Navigator full-size SUVs extended their winning streaks into
2007. Expedition sales have been higher than a year ago for five
months in a row and Navigator sales have been up the last four
months.

The company's Ford Escape and Mercury Mariner utility vehicles
posted sharply higher retail sales in advance of a new 2008
model, which now is being shipped to dealers from Ford's Kansas
City Assembly Plant.

The company saw lower sales for its popular F-Series pickup
truck in January, which compares with a strong performance for
America's best-selling pickup last year.  The company expects
softness in new home construction to adversely affect full-size
pickup sales through the first half of 2007.

                       About Ford Motor Co.

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

                           *     *     *

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

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

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


GAP INC.: Moody's Lowers Senior Unsecured Notes' Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service downgraded Gap Inc. senior unsecured
notes to Ba1 and assigned a corporate family rating of Ba1 and
speculative grade liquidity rating of SGL-1.

The rating outlook is stable.

This concludes the review for downgrade initiated on Jan. 4,
2007.

These ratings are downgraded:

   * Gap Inc.:

      -- Senior unsecured notes to Ba1, LGD4, 58% from Baa3;

   * Gap K.K.:

      -- Senior unsecured notes guaranteed by Gap Inc. to Ba1,
         LGD4, 58% from Baa3.

These ratings are assigned:

   * Gap Inc.:

      -- Corporate family rating at Ba1;
      -- Probability of default rating at Ba1; and,
      -- Speculative grade liquidity rating at SGL-1.

The downgrade reflects Moody's expectation that there will be no
meaningful improvement in Gap's operating performance until well
after the board of directors completes its search for a new CEO.

The downgrade also reflects the likelihood that operating
performance will be constrained by the distraction of senior
management turnover and by the possibility for additional
expenses to support any strategic initiatives put in place by
the new CEO, once appointed.  Gap has experienced steady erosion
in comparable store sales and profitability over the past two
years resulting in the recent departure of Paul Pressler as CEO.  
Robert Fisher, the current non-executive chairman of the board,
will fill the slot on an interim basis while the search for the
new CEO is conducted.

Gap Inc.'s Ba1 corporate family rating is supported by its
strong liquidity and conservative financial policies, which
include a history of creditors equally sharing in cash flow and
predictable and balanced returns to shareholders.

In addition, the rating is supported by the company maintaining
predominantly investment grade credit metrics despite the
ongoing operating performance weakness.  Gap Inc. has been able
to maintain these metrics given its healthy balance sheet with
approximately US$513 million of debt and US$2.4 billion of cash
and short term investments at Oct. 28, 2006.  These strengths
are constrained by the company's eroding profitability and
competitive position.  Its merchandising has been weak, as
demonstrated by a negative comparable store sales trend for over
a two year period.

Also constraining the rating category is the high product
volatility associated with the specialty retail segment in which
the company operates.  The rating category also reflects Gap
Inc.'s scale with annual revenues of approximately US$16.0
billion and its national geographic diversification combined
with some international presence.

The ratings outlook is stable.

Ratings could be further downgraded should operating performance
deteriorate further resulting in Debt/EBITDA to be sustained
above 4.25x.  In addition, ratings could be downgraded should
the company's financial policies become more aggressive as
evidenced by its liquidity position significantly deteriorating
or an aggressive increase in leverage to finance share
repurchases, capital expenditures, or acquisitions.  Ratings
could be upgraded should the company maintain its current level
of credit metrics and very good liquidity while turning
comparable store sales to modestly positive levels on a
consistent basis and improving EBIT margins to above 9%.

Headquartered in San Francisco, California, Gap Inc. is one of
the world's largest specialty retailers.  It operates more than
3,157 stores across the United States and internationally under
the Gap, Old Navy, Banana Republic, and Forth and Towne brand
names.  Gap Inc. had revenues of approximately US$16 billion for
the fiscal year ended Jan. 28, 2006.


GLENFARNE ASSOCIATES: Creditors' Meeting Slated for February 15
---------------------------------------------------------------
Creditors of Glenfarne Associates Ltd. will meet at 11:30 a.m.
on Feb. 15 at:
  
         The P&A Partnership
         93 Queen Street
         Sheffield
         S1 1WF
         England

A list of names and addresses of the company's creditors will be
available for inspection at The P&A Partnership between  
10:00 a.m. and 4:00 p.m. on Feb. 13.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.


GREAT HALL: Fitch Assigns BB Ratings to GBP14.28 Million Notes
--------------------------------------------------------------
Fitch Ratings assigned expected ratings to Great Hall Mortgages
2007-1 PLC's No 1 multi-currency mortgage-backed floating-rate
notes due 2039 as follows:

   -- GBP147 million Class A1: 'AAA'
   -- GBP525 million Class A2: 'AAA'
   -- GBP83.58 million Class B: 'AA'
   -- GBP36.12 million Class C: 'A'
   -- GBP34.02 million Class D: 'BBB'
   -- GBP14.28 million Class E: 'BB'

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The ratings are based on the collateral quality, available
credit enhancement, and the underwriting of Platform Homeloans
Ltd.  They also consider the servicing capabilities of Western
Mortgage Services Ltd. as instructed by PHL, and the sound legal
structure of the transaction.  Credit enhancement for the Class
A notes totalling 21.55% is provided by the subordination of the
Class B notes, the Class C notes and the Class D notes, Class E
notes as well as a fully funded reserve fund.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model, dated Feb. 5.  The agency also modeled cash flows
using the results of the default model with structural stresses
including various prepayment and interest rate scenarios.  The
cash flow tests showed that each Class of notes could withstand
loan losses at a level corresponding to the related stress
scenario without incurring any principal loss or interest
shortfall, and that it can retire the principal by legal final
maturity.


HARRIER SHOES: Creditors' Meeting Slated for February 15
--------------------------------------------------------
Creditors of Harrier Shoes Ltd. will meet at 11:00 a.m. on  
Feb. 15 at the offices of:

         BRI Business Recovery and Insolvency
         100-102 St. James Road
         Northampton
         NN5 5LF
         England
  
A list of names and addresses of the company's creditors will be
available for inspection at the offices of BRI Business Recovery
and Insolvency on Feb. 14 and Feb. 15.


JAMES GRAY: Creditors' Meeting Slated for February 14
-----------------------------------------------------
Creditors of James Gray Lasersharp Ltd. (t/a Charles R Meek)
will meet at 11:00 a.m. on Feb. 14 at:
  
         SPW Poppleton & Appleby
         Gable House  
         239 Regents Park Road
         London
         N3 3LF
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge at the offices of SPW
Poppleton & Appleby between 10:00 a.m. and 4:00 p.m. on Feb. 12.


JAYS SOUTH: Creditors' Meeting Slated for February 15
-----------------------------------------------------
Creditors of Jays (South West) Ltd. will meet at 3:00 p.m. on  
Feb. 15 at:
  
         Mary Street House
         Mary Street
         Taunton
         Somerset
         TA1 3NW
         England

Creditors have until noon on Feb. 14 to submit their proxy forms
at the said address.
  
Laurence Russell of Albert Goodman will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require during the period before the day of
the meeting.


LOFT CONVERSIONS: Brings In Liquidators from Wilson Field
---------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed joint
liquidators of Loft Conversions (Sussex) Ltd. on Jan. 26 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Loft Conversions (Sussex) Ltd.
         55 First Avenue  
         Lancing  
         West Sussex
         BN1 59QF  
         England
         Tel: 01903 761 983


MARKEL CORP: S&P Affirms BB Rating on Preferred Stock
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-'
counterparty credit rating on Markel Corp.  

In addition, Standard & Poor's affirmed its 'BB' preferred stock
and preliminary 'BB+' subordinated debt ratings on Markel and
revised the outlook to positive from stable.

"The outlook revision is based on continued improvements at
Markel's London Insurance Market segment and improvements in
property-catastrophe risk management since the hurricane season
of 2005," said Standard & Poor's credit analyst Jason Jones.
"Although Markel's core strength remains in North America, the
London Insurance Market has made steady improvements in
underwriting performance such that it has obtained underwriting
profits for the past three quarters of 2006 and is expected to
have strong underwriting profits for at least the next year."
The improvements in property-catastrophe risk management affect
both London Insurance Market and North American business and
reflect new zonal aggregate risk limits and exposure reductions
in certain coastal areas that previously had higher exposure.

The ratings on Markel are based on very strong competitive
position in excess and surplus and specialty admitted lines of
business, strong operating performance, geographic
diversification, strong customer service and underwriting
capabilities, improved catastrophe risk management and improved
financial leverage.  Offsetting the positives are international
operations, which, though good, are not as strong as the North
American operations; possible integration risk from potential
acquisitions; and potential for adverse reserve development on
legacy reserves.

Standard & Poor's expects Markel's operating performance to be
strong in 2007 with a combined ratio in the low 90%s and flat
premium growth.  Results in E&S and specialty admitted segments
are expected to weaken slightly from the very strong 88%
combined ratio in the first nine months of 2006.  The London
Market and Other segments are expected to continue their recent
improvements, and reserves on prior years should no longer
develop negatively.  Markel International is expected to produce
a combined ratio in the low 90%s.  Although Markel would likely
miss Standard & Poor's expectations if the U.S. coast were hit
by a major hurricane, we believe any reduction to Markel's
capital would be modest based on improved property-catastrophe
risk management and recent exposure reductions.  Debt-to-capital
leverage is expected to remain close to management's target of
25% to 30% and interest coverage is expected to be 7x to 9x in
2007.


MEDIFORCE PARAMEDIC: Claims Filing Period Ends April 24
-------------------------------------------------------
Creditors of Mediforce Paramedic Services (U.K.) Ltd. have until
April 24 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any), to:

         Gordon Craig
         Liquidator
         Cresswall Associates Ltd.  
         168 Hesketh Lane
         Tarleton
         Preston
         Lancashire
         PR4 8AT
         England

Gordon Craig of Cresswall Associates Ltd. was appointed
liquidator of the company on Jan. 24.

The company can be reached at:

         Mediforce Paramedic Services (U.K.) Ltd.
         Baylis Ho  
         Stoke Poges Lane  
         Slough  
         Berkshire
         SL1 3PB  
         England
         Tel: 01753 505 678  
         Fax: 01753 505 679


NIGEL DIXON: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------
Creditors of Nigel Dixon & Co Ltd. confirmed on Jan. 19 the
appointment of Martin H. Thompson and Christopher Kim Rayment of
BDO Stoy Hayward LLP as the company's joint liquidators.

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.

Nigel Dixon & Co Ltd. can be reached at:

         56 Market Square  
         Witney  
         Oxfordshire
         OX2 86AF  
         England  
         Tel: 01993 706 490  
         Fax: 01993 706 490


OSM GRAPHIX: Joint Liquidators Take Over Operations
---------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed joint liquidators of OSM Graphix Ltd. on Jan. 23
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         England


PLASTICS 2 GO: Creditors' Meeting Slated for February 20
--------------------------------------------------------
Creditors of Plastics 2 Go Ltd. will meet at 3:30 p.m. on
Feb. 20 at:

         Abbey Taylor Ltd.
         The Blades Enterprise Centre
         John Street
         Sheffield
         S2 4SW
         England
  
Tracy A Taylor of Abbey Taylor Ltd. will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


PORTABLE FLOORMAKERS: Taps M. D. Hardy to Liquidate Assets
----------------------------------------------------------
M. D. Hardy of Poppleton & Appleby was appointed liquidator of
Portable Floormakers Ltd. on Dec. 28, 2006, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Portable Floormakers Ltd.
         Redhill Marina  
         Ratcliffe on Soar  
         Nottingham  
         Nottinghamshire
         NG1 10EB  
         England  
         Tel: 01509 673 753  
         Fax: 01509 674 749


RACKWELL ENGINEERING: Creditors' Meeting Slated for February 19
---------------------------------------------------------------
Creditors of Rackwell Engineering Ltd. will meet at 2:30 p.m. on
Feb. 19 at the offices of:

         Elwell Watchorn & Saxton LLP
         2 Axon
         Commerce Road
         Lynchwood
         Peterborough
         PE2 6LR
         England
  
Creditors who want to vote at the meeting have until noon on
Feb. 16 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 free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 15 and Feb. 16.

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


RAILWAY TILE: Affects 44 Employees as Nine Stores Close
-------------------------------------------------------
Robin David Allen and Dominic Lee Zoon Wong of Deloitte and
Touche LLP, in their capacity as joint administrators of Railway
Tile Store (U.K.) Ltd. (Company Number 05640410), disclosed the
closure of the company's nine stores.

The company's stores in Banbury, Canterbury, Colchester,
Dunstable, Keighley, Sittingbourne, Stafford, Weston and
Worcester were closed.  A total of 44 people have been made
redundant, which includes 38 staff of the affected branches and
six staff at the company's head office.

The business continues to operate from 44 stores across England
and Wales, employing around 255 staff.

"Following our initial assessment of the business, it has
unfortunately been necessary to close a number of stores.  
However, several parties have expressed an interest in the
business and we remain confident that we can achieve a positive
outcome," Robin Allen disclosed.

The company, which was placed into administration on Jan. 25,
had a turnover of GBP21 million in the last financial year.

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 Bridgend, South Wales, Railway Tile Store
(U.K.) Ltd. retails ceramic tiles from 53 leasehold stores
across England and Wales.  It has around 300 employees.  Its
trading name is Right Price Tiles and was formerly Tiles R Us.


ROCK ROSE: Creditors' Meeting Slated for February 13
----------------------------------------------------
Creditors of Rock Rose Security Ltd. will meet at 10:30 a.m. on
Feb. 13 at the offices of:

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

A list of names and addresses of the company's creditors will be
available for inspection free of charge on Feb. 9.

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


ROSE IVANA: Jonathan Lord Leads Liquidation Procedure
-----------------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of Rose
Ivana Ltd. on Jan. 18 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Rose Ivana Ltd.
         9 Newburgh Street  
         City of Westminster  
         London W1F 7RL  
         Tel: 020 7734 6694


SCOTTISH RE: Won't Remarket HyCUs Convertible Preferred Shares
--------------------------------------------------------------
Under the terms of a purchase contract agreement entered into by
Scottish Re Group Ltd. in connection with the issuance of its
5.875% Hybrid Capital Units or HyCUs, and in anticipation of the
upcoming settlement date for purchase contracts on Feb. 15, the
company sent a notice to the holders of the HyCUs that it has
determined that it is, and expects to continue to be, unable to
satisfy certain conditions precedent to the Remarketing that are
contained in the Remarketing Agreement.

Reference is made to the Purchase Contract Agreement, dated as
of Dec. 17, 2003, by and among the company, The Bank of New York
(successor to JPMorgan Chase Bank, N.A., formerly known as
JPMorgan Chase Bank), as purchase contract agent and collateral
agent.

As a result, pursuant to Section 5.02 of the Purchase Contract
Agreement, a Failed Remarketing will occur and the Convertible
Preferred Shares will not be remarketed. Hybrid Capital Unit
Holders should note these dates:

Feb. 6, 2007    Last day to create Treasury Units from Hybrid
                 Capital Units and recreate Hybrid Capital Units
                 from Treasury Units

Feb. 12, 2007   Company will issue a press release regarding
                 the Failed Remarketing

Feb. 13, 2007   Last day for Hybrid Capital Unit Holders upon a
                 Failed Remarketing to give notice of desire to
                 settle the Purchase Contract in cash

Feb. 14, 2007   Last day for Hybrid Capital Units Holders upon
                 a Failed Remarketing to deliver cash payment to
                 the Collateral Agent for settlement of the
                 Purchase Contract in cash

Feb. 15, 2007   Settlement of Remarketing of Convertible
                 Preferred Shares

                 Purchase Contract Settlement Date

May 18, 2007    Last day for Holders of Convertible Preferred
                 Shares to give notice of conversion

May 21, 2007    Mandatory Redemption Date of Convertible
                 Preferred Shares

In the case of Hybrid Capital Unit Holders who elect not to
settle in cash, the company will, in accordance with applicable
law and as contemplated by the Purchase Contract Agreement,
exercise its rights as secured party to foreclose on its
security interest in the Convertible Preferred Shares in
satisfaction of the holder's obligation to purchase Ordinary
Shares under the Purchase Contract Agreement, and will deliver
to the holders Ordinary Shares pursuant to the Purchase Contract
Agreement.

                       About Scottish Re

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

                        *     *     *

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

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

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

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

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


SCOTTISH RE: To Unveil Full Year 2006 Results on February 14
------------------------------------------------------------
Scottish Re Group Ltd. will release earnings for the fourth
quarter and full year ended Dec. 31, 2006, after the close of
the New York Stock Exchange trading day on Feb. 14.

Paul Goldean, Scottish Re's Chief Executive Officer, and Dean
Miller, the company's Chief Financial Officer, will host an
earnings conference call to discuss the 2006 fourth quarter and
full year at 8:30 am ET on Feb. 15, 2007.

                      About Scottish Re

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

                        *    *    *

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

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

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

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

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


TURNWILL LTD: Hires Liquidators from Wilson Field
-------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed joint
liquidators of Turnwill Ltd. on Jan. 26 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Turnwill Ltd.
         Posenhall Farm  
         Posenhall  
         Broseley  
         Shropshire
         TF1 25BE  
         England  
         Tel: 01952 882 661


TYSON FOODS: Executives Positive on Firm's Profitability
--------------------------------------------------------
Efforts to return Tyson Foods Inc. (NYSE:TSN) to profitability
are "paying off," senior executives told shareholders at the
company's annual meeting.

"We've taken steps in the right direction and our business is
getting back on track," said Chairman John Tyson.  "I think
Tyson Team Members are excited about all the work they've been
doing to bring the company back to profitability... their hard
work is paying off."

After reporting losses in three consecutive quarters, Tyson this
week reported US$57 million in net earnings for the first
quarter of fiscal 2006.

"It was the best quarter we've had since the fourth quarter of
fiscal 2005 and it's the result of an overall strengthening in
all our core businesses as well as a focus on controlling
costs," said Wade Miquelon, Tyson's chief financial officer.  
The company currently expects to remain profitable, estimating
diluted earnings per share for fiscal 2007 in the range of
US$0.50 to US$0.80.

Tyson President and CEO Richard L. Bond attributes some of the
company's progress to Team Member efforts to institute a $200
million Cost Management Initiative.  "We have implemented those
measures and they are already showing up on the bottom line," he
said.

Mr. Bond also described other measures the company is taking to
remain profitable.  Mr. Bond noted Tyson managers are working in
several cross-functional teams as part of the "Power Performance
through Profitability" initiative, also known as "P3."  This
effort focuses on these areas:

   * Demand creation -- This involves a renewed approach to
     product innovation and consumer insight.  This process is
     also bolstered by the recent opening of the Discovery
     Center, Tyson's new product research and development
     complex.

   * Price optimization -- More than raising prices, this
     initiative entails driving value and value creation
     with customers.

   * Supply chain optimization -- This effort involves such
     things as streamlining operations and the number of stock
     keeping units.

   * Performance-based alignment -- Re-energizing Team Members
     and the culture of the company is extremely important to
     the company's future success.

"P3 will help us execute our long-term strategy to create more
value-added products, improve operational efficiencies and
expand our international business," Mr. Bond said.

During the business portion of the annual meeting, shareholders
elected 10 members to the Tyson Board of Directors, including
five independent directors.  Those elected were:

   -- Dick Bond,
   -- Scott Ford,
   -- Lloyd Hackley,
   -- Jim Kever,
   -- Jo Ann Smith,
   -- Leland Tollett,
   -- Barbara Tyson,
   -- Don Tyson,
   -- John Tyson and
   -- Albert Zapanta.

In other business, an amendment to the Tyson 2000 Stock
Incentive plan was approved, Ernst & Young LLP was ratified as
independent auditor for 2007 and a shareholder proposal by the
People for Ethical Treatment of Animals was defeated.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of  
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, Taiwan, and the United Kingdom.

                        *     *     *

As of Feb. 8, Tyson Foods carries these ratings from Moody's
Investors Service:

   -- Long-Term Corporate Family Rating: Ba1
   -- Bank Loan Debt: Ba2
   -- Senior Unsecured Debt: Ba2
   -- Probability of Default: Ba2
   -- Outlook: Negative


VAN LAUREN: Creditors' Meeting Slated for February 14
-----------------------------------------------------
Creditors of Van Lauren (Imports) Ltd. will meet at 3:15 p.m. on
Feb. 14 at:
  
         Berley
         76 New Cavendish Street
         London
         W1G 9TB
         England

Creditors have until noon on Feb. 13 to submit their proxy forms
at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 12.


W. KNIGHT: Taps Liquidators from Harrisons
------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of W. Knight & Co. (Roadworks) Ltd. on Jan. 30
for the creditors' voluntary winding-up procedure.

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

W. Knight & Co. (Roadworks) Ltd. can be reached at:

         Unit 7-8  
         Lissett Road  
         Maidenhead  
         Berkshire
         SL6 1AZ     
         England
         Tel: 01628 673 014


WILLS ENGINEERS: Creditors' Meeting Slated for February 13
----------------------------------------------------------
Creditors of Wills (Engineers) Ltd. will meet at 10:30 a.m. on
Feb. 13 at:
  
         The P&A Partnership
         93 Queen Street
         Sheffield
         S1 1WF
         England
        
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. 9.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
February 8, 2007
   INSTITUTIONAL INVESTOR EVENTS
      Corporate Restructuring & Investing in Post-Crisis Latin
         America Forum
            New York, NY
               Contact: http://www.iievents.com/

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

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

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

February 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      9th Annual TMA Symposium
         Four Seasons Hotel, Toronto, ON
            Contact: http://www.turnaround.org/

February 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Marketing Strategies
         available to the Turnaround Practitioner
            Sydney, Australia
               Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Martini Networking Event
         Gibson's Steakhouse, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Valuation Outlook - What's in Store for 2007
         University Club, Portland, OR
            Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Window of Opportunity: Maximizing Value in a Retail
         Bankruptcy
            Denver Athletic Club, Denver, CO
               Contact: http://www.turnaround.org/

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

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

February 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development
         Brisbane, Australia
            Contact: http://www.turnaround.org/

February 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Gordon Biersch Brewery Restaurant, Miami, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA-NOW Networking & Panel: Discussing Women's Networking
         Issues
            PBI, Philadelphia, PA
               Contact: 215-657-5551 or
                        http://www.turnaround.org/

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

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

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

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Maggianos, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

February 27, 2007
   PRACTISING LAW INSTITUTE
      Intercreditor Agreements & Bankruptcy Issues Workshop
         San Francisco, CA
            Contact: http://www.pli.edu/

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

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

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

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

March 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Great Debate
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 14-15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Atlanta, GA
         Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, NY
            Contact: http://www.turnaround.org/

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

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

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

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, NY
            Contact: http://www.westlegalworks.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/
March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

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

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

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


April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, FL
            Contact: http://www.turnaround.org/

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

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, DC
            Contact: http://www.iwirc.org/

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

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

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

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

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

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

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

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

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

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

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

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

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

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, OH
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, NY
            Contact: http://www.frallc.com/

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

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

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

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

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

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

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

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

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

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, IL
            Contact: http://www.nabt.com/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

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

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

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

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

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

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

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

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-   
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

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

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

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


                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *