TCREUR_Public/070214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, February 14, 2007, Vol. 8, No. 32

                            Headlines


A U S T R I A

COLOCO LLC: Claims Registration Period Ends March 7
HOMEBASE CC: Claims Registration Period Ends February 26
NEGUS LLC: Claims Registration Period Ends February 20
STARJAKOB LLC: Claims Registration Period Ends March 2
THOMAS EHRENREICH: Claims Registration Period Ends March 7

VORARLBERGER WIRKWARENFABRIK: Claims Registration Ends March 12


C Z E C H   R E P U B L I C

ANDREW CORP: Charles Nicholas Retires as Chairman of the Board
ARAMARK CORP: Completes Merger with Private Investment Group
ARAMARK CORP: Fitch Rates US$1.78-Bln Sr. Unsecured Notes at B-


F R A N C E

ALCATEL-LUCENT: Unveils 2007 Financial Calendar
ALCATEL-LUCENT: Fitch Keeps BB Rating Two Months After Merger
XERIUM TECH: Weak Performance Prompts Moody's Ratings Downgrade


G E O R G I A

BANK OF GEORGIA: Closes US$200-Mln Debut Eurobond Offering


G E R M A N Y

ARENA & PARTNER: Claims Registration Period Ends March 8
BADENMOEBEL EINRICHTUNGSHAUS: Creditors' Meeting Set for Feb. 28
CANTINA BAU: Claims Registration Period Ends March 1
COLLIBRI-PREPRESS: Creditors' Meeting Slated for February 26
DAIMLERCHRYSLER AG: Sells 7.5% EADS Stake to Consortium

DIGIGROUP GMBH: Claims Registration Period Ends March 7
DRESDEN MENUE: Claims Registration Period Ends March 7
DRUCKEREI UND FORMULARVERLAG: Claims Registration Ends March 5
DYMKE & DIEGEL: Claims Registration Period Ends Feb. 28
EAS PROJEKT: Claims Registration Period Ends March 19

FACILITY & MANAGEMENT: Creditors' Meeting Slated for Feb. 27
FAMILIEN-SCHLUESSELFERTIG: Claims Registration Ends Feb. 15
FEIL ELEKTROTECHNIK: Claims Registration Period Ends March 5
FENSTER- UND TUERENTECHNIK: Claims Registration Ends March 14
FENSTERBAU MOLTER: Claims Registration Period Ends March 12

FRAICHAUD COOK: Claims Registration Period Ends March 20
FREIZEIT OASE: Claims Registration Period Ends March 6
FRIEDRICH-W. DERKUM: Claims Registration Period Ends March 15
GBR QUARTIER: Claims Registration Ends March 15
GEMUESEZENTRALE GMBH: Claims Registration Ends March 21

GLAS VON: Claims Registration Period Ends March 9
GLEIS-BAU-TECHNIK: Claims Registration Ends March 21
GRUND UND BODEN: Claims Registration Ends February 28
HAIR BEAUTY: Claims Registration Ends March 5
HUGHES NETWORK: Moody's Puts B1 Rating on US$115-Mln Term Loan

ICELINE PRODUKTIONS: Claims Registration Ends March 20
INIA GMBH: Claims Registration Ends March 23
INTELLIPAXX GMBH: Claims Registration Ends March 14
ITALIA AUTOMOBILI: Claims Registration Ends March 23
KDI ROHRLEITUNGSBAU: Claims Registration Ends March 12

LUCKYSONG-ENTERTAINMENT: Creditors Must File Claims by March 6
MEDICARE PFLEGEDIENST: Creditors Must File Claims by March 22
MENUE SERVICE: Creditors Must Register Claims by March 20
NUSSBAUM IMPORT-EXPORT: Creditors Must File Claims by March 30
PHYSIOTHERAPIE THOMAS: Creditors Must File Claims by March 13

PLANUNG SZAMEITAT: Claims Registration Ends February 26
PORTALE & SOFTWARE: Claims Registration Ends March 9
PROTEC PRAZISIONSTEILE: Claims Registration Ends March 12
SPECTRUM BRANDS: Posts US$18MM Net Loss in Quarter Ended Dec. 31
STAHL MDM: Creditors' Meeting Slated for March 14

STOEHR HOCHBAU: Claims Registration Ends March 2
TEPPICH-OASE GMBH: Claims Registration Period Ends March 13
VIMPEX VERTRIEBS: Claims Registration Period Ends March 9
VOLKSWAGEN AG: Guarantees 2,200 Jobs at Brussels Plant
WECK + AUGUSTIN: Claims Registration Period Ends March 1

WEIDNER VERPACKUNGEN: Claims Registration Period Ends March 9
WSL - BAU: Claims Registration Period Ends Feb. 20
YAPPADOO: Claims Registration Period Ends March 2


H U N G A R Y

BORSODCHEM NYRT: Parties In Concert Hold 93.842% Influence
HERTZ CORP: Additional Debt Cues S&P's BB- Corp. Credit Rating


I T A L Y

FIAT SPA: Moody's Upgrades Ba3 Corporate Family Rating to Ba2


K A Z A K H S T A N

AKPARAT JSC: Astana Court Starts Bankruptcy Proceedings
ALB FINANCE: Fitch Assigns BB- Rating to GBP250-Mln Eurobond
ALLIANCE BANK: Moody's Assigns Ba2 Foreign Currency Rating
HUMAN CAPITAL LLP: Creditors' Claims Due March 23
ILOT LLP: Proof of Claim Deadline Slated for March 23

KAMAZ-DIESEL LLP: Claims Registration Ends March 23
KORCOMMERCE LLP: Claims Filing Period Ends March 23
MANSUR LLP: Creditors Must File Claims by March 23
NURJAUSYN LLP: Creditors' Claims Due March 23
STROYTRANSGAS OJSC: Proof of Claim Deadline Slated for March 23

TARAZ-SU: Claims Registration Ends March 23


K Y R G Y Z S T A N

SILVER INTERNATIONAL: Creditors' Claims Due March 30


L U X E M B O U R G

IIB LUXEMBOURG: Fitch Rates US$150-Mln 9.5% Sr. Notes at B/RR4


N E T H E R L A N D S

GLOBAL POWER: Has Until April 26 to File Chapter 11 Plan
SMILE SECURITISATION: Moody's Rates EUR87.82-Mln Notes at (P)Ba3
SMILE SECURITISATION: Fitch Puts BB- Rating to EUR87-Mln Notes


N O R W A Y

NORSKE SKOGINDUSTRIER: Posts NOK3-Billion Net Loss for 2006


P O L A N D

AUTOCAM CORP: Moody's Assigns (P)B3 Corporate Family Rating


R U S S I A

APOLLO OJSC: Kostroma Bankruptcy Hearing Slated for March 29
HYDROLYSIS FACTORY: Creditors Must File Claims by March 27
GAZPROM NEFT: Names Alexander Dybal as Vice-President
INT'L. INDUSTRIAL: Fitch Rates IIB Luxembourg's Bond Issue at B
LIKHOSLAVLSKAYA GLOVE: Creditors Must File Claims by February 27

LUBYANSKOYE CJSC: Creditors Must File Claims by March 27
LUKOIL OAO: LUKSAR Discovers Hydrocarbons in Saudi Arabia
LUKOIL-KUBAN'-INVEST: Creditors Must File Claims by February 27
LYUBIMSKOYE FUEL: Creditors Must File Claims by March 27
NOVOLIPETSK STEEL: Creates Consortium to Acquire Winner Steel

PAVLOVO-POSADSKAYA: Creditors Must File Claims by February 27
PROGRESS CJSC: Creditors Must File Claims by March 27
RAZUMOVSKOYE CJSC: Creditors Must File Claims by March 27
RUSSKIY BROD: Asset Sale Slated for February 28
SUDISLAVSKIY DIARY: Creditors Must File Claims by March 27

TIKHVINSKIY MECHANICAL: Creditors Must File Claims by Feb. 27
TMK OAO: Inks Strategic Cooperation Memorandum with MMK
UMANSKIY FACTORY: Bankruptcy Hearing Slated for April 23
WEST-URAL FINANCIAL: Creditors Must File Claims by Feb. 27
ZAP-ENERGO-STORY: Smolensk Court Starts Bankruptcy Supervision


S W E D E N

FLEXTRONICS INT'L: Earns US$119 Million in Qtr. Ended Dec. 31


S W I T Z E R L A N D

DANIOTH-STOCKLI: Creditors' Liquidation Claims Due March 1
EKILOG INFORMATIK: Creditors' Liquidation Claims Due March 6
NOVELIS INC: Hindalco Industries Acquires Firm for US$6 Billion
NOVELIS INC: Supplies Aluminum Sheet for 2007 GMC Acadia
ORAG INTER AG: Creditors' Liquidation Claims Due February 28

ROBERT MEIER + PARTNER: Creditors' Claims Due February 26
SOMAG IMMOBILIEN: Creditors' Liquidation Claims Due February 28
TMT TOP MANAGEMENT: Creditors' Liquidation Claims Due March 29


U K R A I N E

DUBNO FOUNDING: Claims Submission Deadline Set February 25
ORDZHONIKIDZE ATP 11484: Asset Sale Slated for February 27
PRIVATBANK CJSC: Fitch Rates UK SPV Credit's Bond Issue at B/RR4
TAS-INVESTBANK: Moody's Places Ratings on Review & May Upgrade
TAS-KOMMERZBANK: Swedbank AB Acquires Firm for US$985 Million

TAS-KOMMERZBANK: Moody's Puts B2/Not-Prime Local Currency Rating
TECHNICAL CONSTRUCTION: Claims Submission Deadline Set Feb. 23
VVD LLC: Claims Submission Deadline Set March 2
YUNA-A CJSC: Claims Submission Deadline Set March 2


U N I T E D   K I N G D O M

ASHWIN LTD: Appoints Sabia S. Sahota as Liquidator
AUSTIN HAMILTON: High Court Upholds Winding-Up Petition
BAA PLC: Declares Lack of Interest in Selling Airports
BAUSCH & LOMB: Files 2005 Annual Report with U.S. SEC
BEDFORD & JENNINGS: Creditors Confirm Liquidator's Appointment

BRITISH AIRWAYS: GMB Union Rejects Pension Offer; Warns Strike
CAFE INTERIORS: Creditors' Meeting Slated for February 20
CHAMBERS WILLS: A. J. Clark Leads Liquidation Procedure
CONNECT 2: Claims Filing Period Ends April 30
CORUS GROUP: Tata In Talks with Indian Banks Over Debt Financing

CRYOSYSTEMS LTD: Appoints Administrators from Chantrey Vellacott
CUSTARD EVENTS: Taps David Rubin to Liquidate Assets
DALE EXPRESS: Appoints Tenon Recovery as Joint Administrators
DIRECT CATERING: Liquidator Sets March 12 Claims Bar Date
EASTMAN KODAK: Details Major Restructuring by End of 2007

ECOFLO LTD: Taps Begbies Traynor to Administer Assets
EUROSAIL UK: Fitch Puts Low-B Ratings to GBP18.2-Million Notes
FASHION LONDON: Appoints Alan Bradstock as Liquidator
FLOWER SCENTS: Creditors Confirm Liquidator's Appointment
GOLDEN HILL: Names Stephen John Tancock Liquidator

GOODROCK CONSTRUCTION: Joint Liquidators Take Over Operations
HILTON HOTELS: Fights Accor for Newly Sold Macdonald Hotels
INDEPENDENT NEWS: APN Board Accepts AUD6.10 Per Share Offer
IWM LEGAL: Brings In Liquidator from Stonham.Co
KATZ & CO: Claims Registration Ends March 31

MCDOWALL CONTRACTORS: Enters Receivership with 46 Job Losses
N A C PLASTICS: Creditors Confirm Voluntary Liquidation
NASDAQ STOCK: Fails in US$5.3-Bln Bid for London Stock Exchange
NASDAQ STOCK: Moody's Confirms Ba3 Rating on Strong Performance
NOIR MENSWEAR: Claims Filing Period Ends March 19

OUTWORK SOLUTIONS: Taps Liquidator from Mayfields Insolvency
QUANTEX RETAIL: Calls In Liquidator from Bond Partners LLP
SAN IMPROVEMENTS: Creditors Confirm Liquidators' Appointment
TOPLINX LTD: Hires Liquidators from Ashcrofts
U.K. SPV CREDIT: Fitch Assigns B Ratings to US500-Mln Notes

VIRGIN MEDIA: Aims to Top Telecoms & Entertainment Industry
W J MCCULLOUGH: Creditors Must File Claims by March 15
WALKER MANUFACTURING: Names Liquidator to Wind Up Business

* DCA Shows Winding Up & Bankruptcy Petition Court Statistics

                            *********

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


COLOCO LLC: Claims Registration Period Ends March 7
---------------------------------------------------
Creditors owed money by LLC Coloco The Communications &
Logistics Company (FN 274030k) have until March 7 to file
written proofs of claim to estate administrator Beate Holper at:

         Mag. Beate Holper
         c/o Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on March 21 for examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 26 (Bankr. Case No. 2 S 13/07k).  Susi Pariasek
represents Mag. Holper in the bankruptcy proceedings.


HOMEBASE CC: Claims Registration Period Ends February 26
--------------------------------------------------------
Creditors owed money by LLC homebase cc Internet Service (FN
280230d) have until Feb. 26 to file written proofs of claim to
estate administrator Karl Safron at:

         Dr. Karl Safron
         Alter Platz 24/III
         9020 Klagenfurt
         Austria
         Tel: 0463/915 999
         Fax: 0463/915 999 99
         E-mail: kanzlei@anwalt-safron.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 5 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         23rd Floor
         Klagenfurt, Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Jan. 26 (Bankr. Case No. 41 S 137/06d).


NEGUS LLC: Claims Registration Period Ends February 20
------------------------------------------------------
Creditors owed money by LLC Negus (FN 42174x) have until Feb. 20
to file written proofs of claim to estate administrator Franz
Hofbauer at:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs/Donau
         Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: dr.hofbauer@wibs.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 13 for examination
of claims.

The meeting of creditors will be held at:

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

Headquartered in Ybbs an der Donau, Austria, the Debtor declared
bankruptcy on Jan. 24 (Bankr. Case No. 14 S 18/07y).


STARJAKOB LLC: Claims Registration Period Ends March 2
------------------------------------------------------
Creditors owed money by LLC Starjakob (FN 219735s) have until
March 2 to file written proofs of claim to estate administrator
Wilfried Leys at:

         Dr. Wilfried Leys
         c/o Dr. Walter Lenfeld
         Malserstrasse 49 a
         6500 Landeck
         Austria
         Tel: 05442/63 0 29
         Fax: 05442/6302914
         E-mail: RA-LL@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:20 p.m. on March 19 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Pettneu am Arlberg, Austria, the Debtor
declared bankruptcy on Jan. 23 (Bankr. Case No. 19 S 3/07z).
Walter Lenfeld represents Dr. Leys in the bankruptcy
proceedings.


THOMAS EHRENREICH: Claims Registration Period Ends March 7
----------------------------------------------------------
Creditors owed money by KEG Thomas Ehrenreich (FN 266166x) have
until March 7 to file written proofs of claim to estate
administrator Annemarie Kosesnik-Wehrle at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna
         Austria
         Tel: 713 61 92
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on March 21 for examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 23 (Bankr. Case No. 2 S 10/07v).  Stefan Langer
represents Dr. Wehrle in the bankruptcy proceedings.


VORARLBERGER WIRKWARENFABRIK: Claims Registration Ends March 12
---------------------------------------------------------------
Creditors owed money by LLC Vorarlberger Wirkwarenfabrik
Gebrueder Wolff (FN 64217m) have until March 12 to file written
proofs of claim to estate administrator Wilhelm Klagian at:

         Dr. Wilhelm Klagian
         c/o Mag. Josef Lercher
         Marktstrasse 4
         6850 Dornbirn
         Austria
         Tel: 05572/51800
         Fax: 05572/51800-8
         E-mail: kanzlei@skbs.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 22 for examination
of claims.

The meeting of creditors will be held at:

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

Headquartered in Hard, Austria, the Debtor declared bankruptcy
on Jan. 23 (Bankr. Case No. 14 S 2/07t).  Josef Lercher
represents Dr. Klagian in the bankruptcy proceedings.


===========================
C Z E C H   R E P U B L I C
===========================


ANDREW CORP: Charles Nicholas Retires as Chairman of the Board
--------------------------------------------------------------
Andrew Corp. reported that Charles R. Nicholas has retired as
chairman of the company's board of directors.

Mr. Nicholas joined the company as treasurer in 1980 and was
named vice president of finance in 1982, chief financial officer
in 1986, and executive vice president of administration and
finance and chief financial officer in 1995.

He served as a director and vice chairman of the board from 2000
until 2004, when he became chairman of the board.

Headquartered in Westchester, Illinois, Andrew Corp.
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures
and delivers equipment and solutions for the global
communications infrastructure market.  The company serves
operators and original equipment manufacturers from facilities
in 35 countries including, among others, Italy and the Czech
Republic.  Andrew is an S&P 500 company Founded in 1937.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 2,
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on
Aug. 10, 2006.


ARAMARK CORP: Completes Merger with Private Investment Group
------------------------------------------------------------
ARAMARK Corp. disclosed the completion of the acquisition of
ARAMARK by an investor group led by Joseph Neubauer, chairman
and chief executive officer of ARAMARK, and investment funds
managed by GS Capital Partners, CCMP Capital Advisors and J.P.
Morgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC.

"We are pleased to complete this transaction," said Neubauer,
who will remain Chairman and Chief Executive Officer of ARAMARK.
"I am particularly grateful for the support we have received
from our people who have worked hard to deliver outstanding
performance over many years, and our senior managers who will
further dedicate themselves by making a significant investment
in the company.

"This merger opens a new and exciting chapter in ARAMARK's
history.  The new structure will enable us to fully unleash the
company's potential.  Today, we are positioned to drive greater
innovation, pursue strategic opportunities, and build
sophisticated, long-term solutions that deliver the most value
for our clients and customers around the world.

"As we invest in new strategies that will define the future of
our industry, we will continue to build on our heritage of
delivering value to our employees, our partners, our clients and
our customers.  We remain dedicated to providing outstanding
experiences, environments and outcomes each and every day for
our clients around the world."

On Aug. 8, 2006, ARAMARK said it had signed a definitive merger
agreement under which the private investor group would acquire
ARAMARK in a transaction valued at approximately US$8.3 billion,
including the assumption or repayment of approximately US$2
billion of debt.

On Dec. 20, 2006, ARAMARK held a special meeting of its
stockholders, at which 86% of the outstanding votes and 97% of
the votes actually cast voted in favor of the adoption of the
merger agreement.

Under the terms of the agreement, ARAMARK shareholders are
entitled to receive US$33.80 in cash for each share of ARAMARK
common stock held.

                     About GS Capital Partners

Founded in 1869, Goldman Sachs is one of the oldest and largest
investment banking firms.  Goldman Sachs is also a global leader
in private corporate equity and mezzanine investing.
Established in 1992, the GS Capital Partners Funds are part of
the firm's Principal Investment Area in the Merchant Banking
Division.  With US$8.5 billion in committed capital, GS Capital
Partners V is the current primary investment vehicle for Goldman
Sachs to make privately negotiated equity investments.

                         About CCMP Capital

CCMP Capital Advisors LLC is a leading private equity firm
formed in August 2006 by the former buyout/growth equity
investment team of JPMorgan Partners, a private equity division
of JPMorgan Chase. CCMP Capital is a registered investment
adviser with the Securities and Exchange Commission.

                     About J.P. Morgan Partners

J.P. Morgan Partners LLC is a private equity division of
JPMorgan Chase & Co., one of the largest financial institutions
in the United States.  JPMP has invested over US$15 billion
worldwide in consumer, media, energy, industrial, financial
services, healthcare and technology companies since its
inception in 1984.

                    About Thomas H. Lee Partners

Thomas H. Lee Partners, L.P. is one of the oldest and most
successful private equity investment firms in the United States.
Since its founding in 1974, THL Partners has invested
approximately US$12 billion of equity capital in more than 100
businesses with an aggregate purchase price of more than US$90
billion, completed over 200 add-on acquisitions for portfolio
companies, and generated superior returns for its investors and
partners.

                      About Warburg Pincus LLC

Warburg Pincus has been a leading private equity investor since
1971. The firm currently has approximately US$16 billion of
assets under management with an additional US$4 billion
available for investment in a range of sectors including
consumer and retail, industrial, business services, healthcare,
financial services, energy, real estate and technology, media
and telecommunications.

                        About Aramark Corp.

Headquartered in Philadelphia, Pennsylvania, Aramark Corporation
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world. Aramark has approximately
240,000 employees serving clients in 18 countries.


ARAMARK CORP: Fitch Rates US$1.78-Bln Sr. Unsecured Notes at B-
---------------------------------------------------------------
Fitch has downgraded the Issuer Default Rating for both ARAMARK
Corporation and its wholly owned subsidiary, ARAMARK Services,
Inc. to 'B' from 'BB-' and has rated the new financing of
ARAMARK Corporation:

   -- US$600 million revolving senior secured credit facility
      due 2013 'BB-/RR2';

   -- US$4.15 billion senior secured term loans due 2014 'BB-
      /RR2';

   -- US$250 million senior secured synthetic letter of credit
      facility due 2013 'BB-/RR2'; and

   -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5'.

In addition, the rating for the US$250 million senior unsecured
notes due 2012 was lowered to 'CCC+/RR6' from 'BB-'.  The
ratings are removed from Rating Watch Negative.

The Rating Outlook is Stable.

The action follows ARAMARK's recent disclosure that its
leveraged buyout had been completed.  The action finalizes
Fitch's review of the rating following the company's Aug. 8,
2006 report that the company's board of directors had agreed to
accept a management buyout offer from a group of investors led
by chairman and CEO, Joseph Neubauer.  The merger, valued at
approximately US$8.6 billion, was financed through approximately
US$2 billion in equity commitments with the remainder consisting
of various debt instruments noted above.

Fitch expects to withdraw its 'BB-' unsecured bank facility
rating and withdraw its 'BB-' senior unsecured rating for
ARAMARK's existing notes due 2007 and 2008 with the successful
completion of debt tender offers planned for late February.

The ratings reflect ARAMARK's substantially higher leverage
ratio and debt service requirements following the completion of
its LBO and Fitch's expectations for significantly reduced free
cash flow. Pro forma Sept. 29, 2006 total adjusted leverage is
expected to be approximately 7.2x with interest coverage at
approximately 1.9x. Fitch expects credit protection measures to
remain near pro forma levels through the intermediate term.  The
ratings also incorporate potential margin pressure from
competitive pricing and higher operating costs.

The ratings and outlook reflect ARAMARK's leading positions in
its core services, brand recognition, a well diversified
customer portfolio, and high customer retention rates.

In addition, ARAMARK's operating performance has been relatively
stable through various market conditions, including the
company's exposure to unforeseen events over the last couple of
years.

The Stable Outlook is also supported by the company's adequate
liquidity position pro forma the proposed transaction, which
includes US$103 million of pro forma cash and approximately
US$450 million available under its revolving credit facility.
The company also has a US$250 million accounts receivable
securitization program.  Fitch believes that ARAMARK will have
limited ability to improve its credit protection measures in the
next few years. However the company's stable organic revenue
growth and solid market positions should limit any significant
deterioration of credit measures.

According to company filings, the 2012 notes are only guaranteed
by ARAMARK's holding company and will not be guaranteed by
ARAMARK's operating subsidiaries, thereby resulting in
structural subordination of these notes in relation to all of
the new debt issuances which will be fully and unconditionally
guaranteed by substantially all of the company's domestic
material operating subsidiaries.  The indenture for the 2012
bonds generally provides no protection from a change in control
event and does not limit the company's ability to incur
additional indebtedness.

The recovery ratings and notching reflect Fitch recovery
expectations under a distressed scenario.  ARAMARK's recovery
ratings reflect Fitch's expectation that the enterprise value of
the company, and hence, recovery rates for its creditors, will
be maximized in a restructuring scenario, rather than a
liquidation. The 'RR2' recovery rating for the company's credit
facilities reflects Fitch belief that 71%-90% recovery is
reasonable given its priority position.  The recovery rating of
'RR5' for the US$1.78 billion of senior unsecured notes due 2015
reflects that 11%-30% recovery is reasonable and 'RR6' for the
US$250 million 5% senior unsecured notes due 2012 reflects
Fitch's estimate that negligible recovery would be achievable
due to their position in the capital structure.

Fitch's Recovery Ratings are a relative indicator of creditor
recovery prospects on a given obligation within an issuers'
capital structure in the event of a default.


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F R A N C E
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ALCATEL-LUCENT: Unveils 2007 Financial Calendar
-----------------------------------------------
Alcatel-Lucent released its upcoming financial events for 2007.
The schedule of events show:

      May 11         First quarter 2007 earnings announcement
      June 1         Annual Shareholders' Meeting in Paris
      Aug. 1         Second quarter 2007 earnings announcement
      Oct. 31        Third quarter 2007 earnings announcement

                      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. 7, 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: Fitch Keeps BB Rating Two Months After Merger
-------------------------------------------------------------
Fitch Ratings reported that Alcatel-Lucent has managed
expectations well and apparently received good support from the
capital markets, despite what was a relatively weak but
well-flagged set of full-year financial results.

The results support Fitch's downgrade of Alcatel to 'BB' from
'BBB-' on Dec. 8, 2006, upon completion of the Lucent merger.

"It is interesting that a well-trailed profit warning in January
and a step-up in restructuring initiatives announced [Fri]day,
combined with a relatively weak set of results, have resulted in
a positive reaction from the equity markets for Alcatel-Lucent
this morning," says Stuart Reid, a Director in Fitch's European
TMT team.

"While the company provided somewhat reassuring guidance for
2007, Fitch believes considerable work remains before the
company might justify a move back into the investment-grade
world."

Alcatel-Lucent results included a fall in pro-forma sales by
1.7% to EUR18.2 billion, at a time when equipment vendors
generally have been reporting healthy levels of growth.
Stripping out the impact of restructuring, impairments and
share-based compensation, operating income fell to EUR1,025
million reflecting a pro-forma margin of 5.6%.  Coupled with
relatively weak cash flows and a more leveraged balance sheet,
the agency believes the current rating of 'BB' to be fully
justified.

While it is too early to conclude too much from Alcatel-Lucent's
figures, the weakness in the company's North American mobile
revenues in 2006 - the key strategic benefit contributed by
Lucent - is a concern.  Although Ericsson, which reported last
week, also suffered erosion in sales from the region in 2006,
its strong overall revenue and earnings growth confirm the
benefits of the geographic diversity that that company enjoys.

In terms of cash flow performance, analysis is obscured by the
fact that Alcatel-Lucent's numbers only benefit from one month's
consolidation of the merged entity.  They nonetheless confirm
Fitch's reservations at the time of the downgrade in December
2006 that cash flow would be weakened and that the company's
capitalization would suffer as a result of the merger.  On a
consolidated basis Alcatel-Lucent reported negative free cash
flow of around EUR500 million for the year.

While credit default spreads generally have benefited from
technical conditions in recent months, Fitch views the
tightening in Alcatel-Lucent's credit spreads in recent months
somewhat difficult to rationalize.

Fitch would want to see an improvement in operating margins and
free cash flow before any change in the Outlook might be
considered.  While the company has articulated a clear road map
to improved profitability, including the escalation in headcount
cuts from 9,000 to 12,500, execution risk remains.  Cash costs
related to the restructuring will weigh on cash flow and
liquidity, although M&A risk is considered relatively low given
the challenges at hand.


XERIUM TECH: Weak Performance Prompts Moody's Ratings Downgrade
---------------------------------------------------------------
Moody's Investors Service downgraded the long-term debt and
corporate family ratings of Xerium Technologies Inc. and
maintained a stable outlook.

In addition, Moody's affirmed Xerium's speculative grade
liquidity rating of SGL-3 due to the recent amendment of its
bank credit facility.

The downgrade reflected Moody's belief that Xerium's operating
performance will remain weak relative to historic norms as
increased competition in its main markets has reduced growth
prospects and pressured margins.  Xerium's customers in North
America and Europe continue to struggle operationally due to a
slowdown in global paper production and significant
overcapacity.

Moody's believes that this trend will continue with the closure
of additional mills and further downtime at existing facilities
in North America and Europe, Xerium's main markets.  Moody's
also anticipates that volume losses in 2006 will take longer
than expected to recover and that recent investments in
developing economies will take several years before they have a
meaningful positive impact on cash flow.

In response to the changes in the paper and board industry,
Xerium continues to realign its manufacturing footprint.  The
company is still in the process of rebounding from production
inefficiencies in North America, delays in achieving benefits
from cost reduction initiatives, and a difficult pricing
environment for certain of its products.  Challenges remain in
the clothing segment, as the company has recently experienced
losses in market share and volume in Europe.

At the same time, Xerium's roll covers business has improved due
to an improved market position in North America, offsetting the
flat operating performance within the clothing segment.  Moody's
believes the impact of these factors, coupled with the company's
inability to increase prices, particularly within clothing
products, will continue to negatively affect operating
performance over the next two to three years.  Furthermore, the
uncertainty, variability, and sustainability of the company's
free cash flows better reflect a B2 corporate family rating at
this time.

The B2 corporate family rating incorporates the company's
sizable market position and moderate geographic diversity.
However, the ratings also reflect the limited scope and modest
size of the company's operations in developing countries that
hold the greatest potential for future sales growth.  Xerium's
elevated business risk due to its focus on the paper industry,
its potential for bolt-on acquisitions, high debt levels, lack
of meaningful free cash flow, and potential dividend
requirements constrain the ratings.  Due to Xerium's business
risks and limited product diversity, Moody's would expect the
company to generate stronger credit metrics than many other B2
rated industrial companies.

On Jan. 20, 2006, Moody's changed Xerium's outlook to negative
from stable due to the same challenges addressed above.
Specifically, Moody's stated that if the company fails to
improve operating performance and fails to generate any free
cash flow in the near term, the ratings could be lowered.  Other
factors that could negatively impact the ratings would be a
deterioration in paper industry fundamentals resulting in a
further decline in paper production, weaker liquidity, or a
larger-than-anticipated debt financed acquisition.  In Moody's
opinion, many of these factors may materialize in the short-term
and will continue to negatively impact the company's financial
metrics.  As a result, the ratings have been lowered.

Downgrades:

   * Xerium Technologies, Inc.

      -- Corporate Family Rating, Downgraded to B2 from B1

      -- Senior Secured Term Loan, Downgraded to B2 from B1

      -- Senior Secured Revolving Credit Facility, Downgraded to
         B2 from B1

      -- Probability of Default Rating, Downgraded to B2 from B1

Outlook Actions:

   * Xerium Technologies, Inc.

      -- Outlook, Changed To Stable From Negative

Xerium Technologies, Inc., headquartered in Youngsville, North
Carolina, is a manufacturer and supplier of consumable products
used primarily in the production of paper.  The company has
production facilities in Austria, France, Italy, Germany,
Scotland, Sweden, and Spain.


=============
G E O R G I A
=============


BANK OF GEORGIA: Closes US$200-Mln Debut Eurobond Offering
----------------------------------------------------------
Bank of Georgia has successfully closed its US$200 million debut
Regulation S 5-year senior unsecured Eurobond transaction, the
first international bond offering from Georgia.

The Eurobond was issued at par and carries a 9% coupon rate paid
semi-annually.  The issuing vehicle, BG Finance B.V., has issued
the bonds for the sole purpose of financing a loan to JSC Bank
of Georgia.  Merrill Lynch acted as Sole Lead Manager and Sole
Bookrunner on the transaction.  White & Case and Baker &
McKenzie acted as legal advisors to Merrill Lynch and Bank of
Georgia, respectively.

The issue was rated 'B+'/Stable by S&P, 'Ba2'/Stable by Moody's
and 'B'/Stable by Fitch.

"We are delighted to have successfully completed this landmark
transaction.  Over 100 institutional investors from the U.K.,
Switzerland, Italy, Greece, other European countries and Asia
placed bids.  As a result, we were able to increase the
transaction size from US$150 million to US$200 million.  In the
absence of a sovereign benchmark, I am pleased that we have
facilitated the road to debt capital markets for other Georgian
issuers. I would like to thank all of my colleagues and our
world-class advisory team for their outstanding work on this
deal," Lado Gurgenidze, Chairman of the Supervisory Board,
commented.

Headquartered in Tbilisi, the capital of Georgia, Bank of
Georgia (LSE: BGEO; GSE: GEB) reported total assets of US$257
million in accordance with IFRS as at Dec. 31, 2005.

                        *     *     *

Bank of Georgia has 'B+/B' rating with a stable outlook from
Standard & Poor's; 'B3/NP' (FC) and 'Baa3/P-3' (LC) ratings with
a stable outlook from Moody's; and a 'B/B' credit rating with a
stable outlook from FitchRatings.


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


ARENA & PARTNER: Claims Registration Period Ends March 8
--------------------------------------------------------
Creditors of Arena & Partner AG have until March 8 to register
their claims with court-appointed insolvency manager Markus
Froehlich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Kempten
         Meeting Hall 157/I
         Residenzplatz 4-6
         874435 Kempten
         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 Froehlich
         Ehlersstrasse 11
         88046 Friedrichshafen
         Germany
         Tel: 07541/700871
         Fax: 07541/700878

The District Court of Kempten opened bankruptcy proceedings
against Arena & Partner AG on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Arena & Partner AG
         Flughofstrasse 50
         CH-8152 Glattbruck
         Germany


BADENMOEBEL EINRICHTUNGSHAUS: Creditors' Meeting Set for Feb. 28
----------------------------------------------------------------
The court-appointed insolvency manager for Firma badenmoebel
Einrichtungshaus Peter M. Herschlein GmbH, Cornelius Nickert,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 3:00 p.m. on Feb. 28.

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

         The District Court of Offenburg
         Hall 0005
         Hindenburgstr. 5
         77654 Offenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on March 27 in the same venue.

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

The insolvency manager can be reached at:

         Cornelius Nickert
         Zeller Str. 107
         77654 Offenburg
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against Firma badenmoebel Einrichtungshaus Peter M. Herschlein
GmbH on Feb. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Firma badenmoebel Einrichtungshaus
         Peter M. Herschlein GmbH
         Untere Gewerbestr. 3
         77791 Berghaupten
         Germany


CANTINA BAU: Claims Registration Period Ends March 1
----------------------------------------------------
Creditors of Cantina Bau- & Boden Projektentwicklung GmbH have
until March 1 to register their claims with court-appointed
insolvency manager Wolfgang Weber.

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

The meeting of creditors will be held at:

         The District Court of Schwarzenbek
         Hall 3
         Moellner Str. 20
         Schwarzenbek
         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:

         Wolfgang Weber
         Lauenburger Str. 15
         21493 Schwarzenbek
         Germany

The District Court of Schwarzenbek opened bankruptcy proceedings
against Cantina Bau- & Boden Projektentwicklung GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Cantina Bau- & Boden Projektentwicklung GmbH
         Attn: Hauke Hillmer, Manager
         Pankower Str. 1
         21502 Geesthacht
         Germany


COLLIBRI-PREPRESS: Creditors' Meeting Slated for February 26
------------------------------------------------------------
The court-appointed insolvency manager for Collibri-Prepress
GmbH, Dirk Obermueller, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:15 a.m. on Feb. 26.

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

         The District Court of Bonn
         Meeting Hall W1.25
         First Floor
         William-Strasse 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on June 1 at the same venue.

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

The insolvency manager can be reached at:

         Dirk Obermueller
         Godesberger Avenue 125-127
         53175 Bonn
         Germany
         Tel: 81 000 45

The District Court of Bonn opened bankruptcy proceedings against
Collibri-Prepress GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Collibri-Prepress GmbH
         Attn: Daniel Hoevelborn, Manager
         Gut Pottscheid
         53639 Koenigswinter
         Germany


DAIMLERCHRYSLER AG: Sells 7.5% EADS Stake to Consortium
-------------------------------------------------------
DaimlerChrysler AG reached an agreement with a consortium of
private and public-sector investors that would reduce its
shareholding in the European Aeronautics Defence and Space Co.
to 15% from 22.5% as planned, while maintaining the balance of
voting rights between Germany and French controlling
shareholders.

The company placed its entire 22.5% equity interest in EADS into
a new company, where the consortium of investors will acquire a
one-third interest through a special-purpose entity.  This
represents a 7.5% stake in EADS.

DaimlerChrysler will receive around EUR1.5 billion in return for
granting the indirect shareholding in EADS.  The transaction
will be executed in the first quarter of 2007.

As compensation for the indirect ownership of EADS shares, the
investors will receive a preference dividend on the 7.5%
indirect investment of 175% of the normal EADS dividend from
DaimlerChrysler.

                     Dividend Payouts

The consortium of 15 investors could make more than EUR100
million in dividend-related bonus from DaimlerChrysler, Ivar
Simensen writes for Financial Times in Frankfurt.

According to FT, if dividend payouts remain at current levels,
the investors will get further EUR120 million in additional
income over the next four years.

The company has the option of dissolving the new structure on
July 1, 2010, at the earliest.  If the structure is dissolved,
DaimlerChrysler has the right to either provide the investors
with EADS shares or pay cash compensation.

If EADS shares are provided, the German state, and the French
state and Lagardere through Sogeade, will be entitled to preempt
such EADS shares to retain the balance between the German and
the French side.

DaimlerChrysler will continue to control the voting rights of
the entire 22.5% package of EADS shares.  The structure of this
transaction underscores DaimlerChrysler's links with EADS as one
of its industrial partners and its main German shareholder.

This agreement has been coordinated with the German Government
as well as with the French State and Lagardere through Sogeade;
SEPI, EADS's Spanish shareholder, has been consulted with.  The
DaimlerChrysler Supervisory Board has also approved the
transaction.

The investor consortium comprises 15 investors, 7 from the
private sector and 8 from the public sector.  The private-sector
investors will acquire 60% of the total investment volume, while
the public-sector investors will acquire 40%.

The private-sector investors are:

   -- Allianz;

   -- Commerzbank;

   -- Credit Suisse;

   -- Deutsche Bank and Goldman Sachs, which will each acquire
      10% of the shares in the special purpose company; and

   -- Morgan Stanley and Sal. Oppenheim, which will each acquire
      5% of the shares.

The public-sector investors are:

   -- KfW banking group with 13% of the special-purpose company;

   -- HGV Hamburger Gesellschaft fuer Vermoegens- und
      Beteiligungsverwaltung with 10%;

   -- Hannoversche Beteiligungsgesellschaft with 5%;

   -- Bayerische Landesbodenkreditanstalt;

   -- Anstalt der Bayerischen Landesbank with 3.5%;

   -- LfA Foerderbank Bayern with 1.5%;

   -- Landesbank Baden-Wuerttemberg and the Landes-kreditbank
      Baden Wuerttemberg - Foerderbank with 2.5% each; and

   -- Bremer Investitions-Gesellschaft with 2%.

Commerzbank, Deutsche Bank, Goldman Sachs and KfW have played
the role of lead investors, representing the entire group of
investors in the structuring of the transaction.

The first 7.5% reduction in DaimlerChrysler's shareholding in
EADS that was announced in April 2006, was completed, and
resulted in a cash inflow for DaimlerChrysler of around EUR2
billion.

The impacts of both transactions on DaimlerChrysler's net income
will be stated together with the disclosure of the results for
the first quarter of 2007.

                      About DaimlerChrysler

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

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

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

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

                            Outlook

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


DIGIGROUP GMBH: Claims Registration Period Ends March 7
-------------------------------------------------------
Creditors of Digigroup GmbH have until March 7 to register their
claims with court-appointed insolvency manager Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.308
         Fourth 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:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim
         Germany
         Tel: 06155-60930
         Fax: 06155-66297

The District Court of Darmstadt opened bankruptcy proceedings
against Digigroup GmbH on Jan. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Digigroup GmbH
         Hilpertstrasse 16-18
         64295 Darmstadt
         Germany

         Attn: Andreas Budderus, Manager
         Heinrich-Delp-Strasse 71
         64297 Darmstadt
         Germany


DRESDEN MENUE: Claims Registration Period Ends March 7
------------------------------------------------------
Creditors of Firma Dresden Menue GmbH have until March 7 to
register their claims with court-appointed insolvency manager
Thomas Kind.

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 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 reached at:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern
         Germany
         Tel: (07841) 70 80

The District Court of Karlsruhe opened bankruptcy proceedings
against Firma Dresden Menue GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Firma Dresden Menue GmbH
         Attn: Ursula Tacke und Hans-Juergen Roes, Managers
         Sachsenallee 26
         01723 Kesselsdorf
         Germany


DRUCKEREI UND FORMULARVERLAG: Claims Registration Ends March 5
--------------------------------------------------------------
Creditors of Druckerei und Formularverlag A. Sonnenburg GmbH
have until March 5 to register their claims with court-appointed
insolvency manager Hermann Wittebrock.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Meeting Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Hermann Wittebrock
         Pestelstrasse 4
         66119 Saarbruecken
         Germany
         Tel: (0681) 581151
         Fax: (0681) 581165

The District Court of Saarbruecken opened bankruptcy proceedings
against Druckerei und Formularverlag A. Sonnenburg GmbH on
Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Druckerei und Formularverlag A. Sonnenburg GmbH
         Attn: Hans Peter Schilz, Manager
         Arndtstrasse 19
         66121 Saarbruecken
         Germany


DYMKE & DIEGEL: Claims Registration Period Ends Feb. 28
-------------------------------------------------------
Creditors of Dymke & Diegel Fensterbau GmbH have until Feb. 28
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 April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Magdeburg opened bankruptcy proceedings
against Dymke & Diegel Fensterbau GmbH on Jan. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dymke & Diegel Fensterbau GmbH
         Attn: Roland Dymke, Manager
         Rabbethgestrasse 17
         39164 Klein Wanzleben
         Germany


EAS PROJEKT: Claims Registration Period Ends March 19
-----------------------------------------------------
Creditors of eas projekt GmbH have until March 19 to register
their claims with court-appointed insolvency manager Mathias
Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 3:15 p.m. on April 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Memmingen
         Meeting Hall 115
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         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:

         Mathias Dorn
         Allgauer Str. 1
         87435 Kempten
         Germany
         Tel: 0831/5800434
         Fax: 0831/5800464

The District Court of Memmingen opened bankruptcy proceedings
against eas projekt GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         eas projekt GmbH
         Attn: Silvia Eibl, Manager
         Theinselberg 31
         87760 Lachen
         Germany


FACILITY & MANAGEMENT: Creditors' Meeting Slated for Feb. 27
------------------------------------------------------------
The court-appointed insolvency manager for Facility & Management
B.A.E.R. GmbH Meisterbetrieb, Christoph Rosenmueller, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 8:55 a.m. on Feb. 27.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on June 19 at the same venue.

Creditors have until April 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Facility & Management B.A.E.R. GmbH
Meisterbetrieb on Jan 24.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Facility & Management B.A.E.R. GmbH Meisterbetrieb
         Bornholmer Str. 7
         12165 Berlin
         Germany


FAMILIEN-SCHLUESSELFERTIG: Claims Registration Ends Feb. 15
-----------------------------------------------------------
Creditors of Familien-Schluesselfertig & Selbstbau-Haus
Baugesellschaft mbH have until Feb. 15 to register their claims
with court-appointed insolvency manager Helmut Gattermann.

Creditors and other interested parties are encouraged to attend
the meeting at noon on April 20, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Room 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:

         Helmut Gattermann
         Lehmweg 17
         20251 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Familien-Schluesselfertig & Selbstbau-Haus
Baugesellschaft mbH on Jan. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Familien-Schluesselfertig & Selbstbau-Haus
         Baugesellschaft mbH
         Neumuensterstrasse 121
         24598 Boostedt
         Germany


FEIL ELEKTROTECHNIK: Claims Registration Period Ends March 5
------------------------------------------------------------
Creditors of Feil Elektrotechnik GmbH have until March 5 to
register their claims with court-appointed insolvency manager
Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on April 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 5
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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:

         Axel Raap
         Herrengraben 5
         20459 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Feil Elektrotechnik GmbH on Jan. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Feil Elektrotechnik GmbH
         Kuhberg 38
         25355 Barmstedt
         Germany


FENSTER- UND TUERENTECHNIK: Claims Registration Ends March 14
-------------------------------------------------------------
Creditors of Fenster- und Tuerentechnik Roehrs GmbH have until
March 14 to register their claims with court-appointed
insolvency manager Thomas Erdmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         Germany

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

The insolvency manager can be contacted at:

         Thomas Erdmann
         Einfrielinger Weg 4
         29614 Soltau
         Germany
         Tel: 05191-96730
         Fax: 05191-967320
         E-mail: Rae.Erdmann@t-online.de

The District Court of Celle opened bankruptcy proceedings
against Fenster- und Tuerentechnik Roehrs GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fenster- und Tuerentechnik Roehrs GmbH
         Attn: Heiko Schapp, Manager
         Celler Strasse 101-103
         29614 Soltau
         Germany


FENSTERBAU MOLTER: Claims Registration Period Ends March 12
-----------------------------------------------------------
Creditors of Fensterbau Molter + Sohn GmbH have until March 12
to register their claims with court-appointed insolvency manager
Helgi Heumann.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be contacted at:

         Helgi Heumann
         Koenigsbruecker Str. 31/33
         01099 Dresden
         Germany
         Web site: http://www.raheumann.de/

The District Court of Dresden opened bankruptcy proceedings
against Fensterbau Molter + Sohn GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Fensterbau Molter + Sohn GmbH
         Attn: Herbert Molter, Manager
         Paulistrasse 67
         02625 Bautzen
         Germany


FRAICHAUD COOK: Claims Registration Period Ends March 20
--------------------------------------------------------
Creditors of Fraichaud Cook-Chill System GmbH have until
March 20 to register their claims with court-appointed
insolvency manager Christopher Seagon.

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

The meeting of creditors will be held at:

         The District Court of 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 at 9:30 a.m. on May 9, at the same venue.

The insolvency manager can be contacted at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: (062 21) 9118 0

The District Court of Karlsruhe opened bankruptcy proceedings
against Fraichaud Cook-Chill System GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fraichaud Cook-Chill System GmbH
         Attn: Ursula Tacke, Manager
         Breit 11
         76227 Karlsruhe
         Germany


FREIZEIT OASE: Claims Registration Period Ends March 6
------------------------------------------------------
Creditors of Freizeit Oase GmbH have until March 6 to register
their claims with court-appointed insolvency manager Tobias
Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621-87708-0
         Fax: 0621-8770820

The District Court of Darmstadt opened bankruptcy proceedings
against Freizeit Oase GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Freizeit Oase GmbH
         Karlsbader Strasse 33
         65428 Ruesselsheim
         Germany

         Attn: Rainer Meffert, Manager
         In der Eulsheck 25
         65779 Kelkheim
         Germany


FRIEDRICH-W. DERKUM: Claims Registration Period Ends March 15
-------------------------------------------------------------
Creditors of Friedrich-W. Derkum Chemische Fabrik und
Handelsgesellschaft mbH have until March 15 to register their
claims with court-appointed insolvency manager Edgar Groenda.

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

The meeting of creditors will be held at:

         The District Court of Bremerhaven
         Hall 2
         Nordstr. 10
         27580 Bremerhaven
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on April 16, at the same venue.

The insolvency manager can be contacted at:

         Edgar Groenda
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/36860
         Fax: 0421/3686100

The District Court of Bremerhaven opened bankruptcy proceedings
against Friedrich-W. Derkum Chemische Fabrik und
Handelsgesellschaft mbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Friedrich-W. Derkum Chemische Fabrik und
         Handelsgesellschaft mbH
         Packhalle IX
         27572 Bremerhaven
         Germany

         Attn: Walter Bergmann, Manager
         Friedhof 7
         27616 Lunestedt
         Germany


GBR QUARTIER: Claims Registration Ends March 15
-----------------------------------------------
Creditors of GbR Quartier Attilapark have until March 15 to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court 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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against GbR Quartier Attilapark on Jan. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GbR Quartier Attilapark
         Attn: Robert Schmidt, Manager
         Kurfuerstendamm
         960709 Berlin
         Germany


GEMUESEZENTRALE GMBH: Claims Registration Ends March 21
-------------------------------------------------------
Creditors of Gemuesezentrale GmbH und Co. Erzeugerorganisation
KG have until March 21 to register their claims with court-
appointed insolvency manager Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Christian Graf Brockdorff
         Breite Str. 9A
         14467 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Gemuesezentrale GmbH und Co. Erzeugerorganisation KG on
Feb. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gemuesezentrale GmbH und Co. Erzeugerorganisation KG
         Ploetziner Str. 31
         14542 Glindow


GLAS VON: Claims Registration Period Ends March 9
-------------------------------------------------
Creditors of glas von marion Versand GmbH have until March 9 to
register their claims with court-appointed insolvency manager
Florian Schott.

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

The meeting of creditors will be held at:

         The District Court of Weiden
         Boardroom 122/I
         Justice Building
         Ledererstrasse Nr. 9
         92637 Weiden
         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:

         Florian Schott
         Postgasse 1
         92637 Weiden
         Tel: 0961-39031-0
         Fax: 0961-3903122

The District Court of Weiden opened bankruptcy proceedings
against glas von marion Versand GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         glas von marion Versand GmbH
         Attn: Marion Trottmann, Manager
         Waldnaabglashuette
         Naabstrasse 15
         92660 Neustadt
         Germany


GLEIS-BAU-TECHNIK: Claims Registration Ends March 21
----------------------------------------------------
Creditors of Gleis-Bau-Technik GmbH have until March 21 to
register their claims with court-appointed insolvency manager
Christian Graf Brockdorff.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Christian Graf Brockdorff
         Breite Str. 9 A
         14467 Potsdam.
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Gleis-Bau-Technik GmbH on Jan. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Gleis-Bau-Technik GmbH
         Adlerstrasse Geb. 62 West
         14774 Brandenburg-Kirchmoser
         Germany


GRUND UND BODEN: Claims Registration Ends February 28
-----------------------------------------------------
Creditors of GRUND UND BODEN Immobilien- und
Vermoegensverwaltungs-GmbH have until Feb. 28 to register their
claims with court-appointed insolvency manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on March 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Hall 1
         Erdgeschoss
         Herrenstr. 42
         88212 Ravensburg
         Germany

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

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 33
         89073 Ulm bestellt
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against GRUND UND BODEN Immobilien- und Vermoegensverwaltungs-
GmbH on Jan. 31.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GRUND UND BODEN Immobilien- und
         Vermoegensverwaltungs- GmbH
         Schornreuteweg 49
         88212 Ravensburg
         Germany


HAIR BEAUTY: Claims Registration Ends March 5
---------------------------------------------
Creditors of Hair Beauty GmbH have until March 5 to register
their claims with court-appointed insolvency manager Marcus
Egner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Marcus Egner
         Moltkestrasse 40
         74072 Heilbronn
         Germany
         Tel: 07131/60990
         Fax: 07131/609962

The District Court of Heilbronn opened bankruptcy proceedings
against Hair Beauty GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hair Beauty GmbH
         Frankenbacher Str. 22
         74078 Heilbronn
         Germany


HUGHES NETWORK: Moody's Puts B1 Rating on US$115-Mln Term Loan
--------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Hughes Network
Systems, LLC's proposed US$115-million senior unsecured term
loan, due 2014 (HNS Finance Corp. as co-issuer).

In addition, the ratings agency also affirmed the B1 corporate
family rating, the B1 rating on the existing US$450-million
senior notes due 2014 and the Ba1 rating on the US$50-million
senior secured revolving credit facility.  The proceeds of the
new term loan will be used primarily to fund capital
expenditures and for general corporate purposes.

HNS' ratings broadly reflect Moody's expectations for negative
free cash flow due to capital spending and delays associated
with the company's SPACEWAY 3 satellite, continuing challenges
from terrestrial-based competition, and the relatively low
margins, offset by modest leverage of about 5.0x and good
interest coverage at over 2.5x, pro forma for the proposed
transaction at year-end 2006 and using Moody's standard analytic
adjustments.

Moody's has taken these ratings actions related to HNS:

   -- Corporate Family Rating -- affirmed B1

   -- Probability of Default -- affirmed B1

   -- New Sr. Unsecured Term Loan due 2014 -- assigned B1,
      LGD4 -- 53% (HNS Finance Corp. is co-issuer)

   -- 9.5% Sr. Unsecured Notes due 2014 -- affirmed B1,
      LGD4 -- 53% (HNS Finance Corp. is co-issuer)

   -- Sr. Secured Revolving Credit due 2011 -- affirmed Ba1,
      LGD1 -- 1%

The outlook on all ratings is stable.

Hughes Network Systems, headquartered in Germantown, MD, is a
global provider of broadband satellite networks and services to
the VSAT enterprise market and the largest satellite based
Internet access provider to the North American consumer market.
The company generated over US$859 million in revenues in 2006.


ICELINE PRODUKTIONS: Claims Registration Ends March 20
------------------------------------------------------
Creditors of Iceline Produktions GmbH have until March 20 to
register their claims with court-appointed insolvency manager
Christopher Seagon.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on May 9, at the same venue.

The insolvency manager can be reached at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: (06221) 91 18 0

The District Court of Karlsruhe opened bankruptcy proceedings
against Iceline Produktions GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Iceline Produktions GmbH
         Attn: Diethelm Tacke, Manager
         Breit 11
         76227 Karlsruhe
         Germany


INIA GMBH: Claims Registration Ends March 23
--------------------------------------------
Creditors of INIA GmbH have until March 23 to register their
claims with court-appointed insolvency manager Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Konstanz
         Hall 102
         First Floor
         Gerichtstrasse 9
         78462 Konstanz
         Germany

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

The insolvency manager can be reached at:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Germany

The District Court of Konstanz opened bankruptcy proceedings
against INIA GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         INIA GmbH
         Attn: Michael Majewski, Manager
         Oberwiesen 6
         88682 Salem
         Germany


INTELLIPAXX GMBH: Claims Registration Ends March 14
---------------------------------------------------
The court-appointed insolvency manager for intellipaxx GmbH, Dr.
Udo Michalsky, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 1:55 p.m. on
March 14.

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

         The District Court of Saarbruecken
         Second Floor
         Meeting Room 24
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on April 25 at the same venue.

Creditors have until March 28 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Udo Michalsky
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany
         Tel: (06894) 3876 311
         Fax: (06894) 382 185

The District Court of Saarbruecken opened bankruptcy proceedings
against intellipaxx GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         intellipaxx GmbH
         Schillerplatz 14
         66111 Saarbruecken
         Germany

         Lutz Kohlbecher
         Wilhelmsbrunnen 16
         66130 Saarbruecken
         Germany


ITALIA AUTOMOBILI: Claims Registration Ends March 23
----------------------------------------------------
Creditors of Italia Automobili Bochum GmbH have March 23 to
register their claims with court-appointed insolvency manager
Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Italia Automobili Bochum GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Italia Automobili Bochum GmbH
         Attn: Hans-Joachim Boesner, Manager
         Anger 4
         44805 Bochum
         Germany


KDI ROHRLEITUNGSBAU: Claims Registration Ends March 12
------------------------------------------------------
Creditors of KDI Rohrleitungsbau- & Anlagenbau GmbH have until
March 12 to register their claims with court-appointed
insolvency manager Olaf Spiekermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on April 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 225
         Marienring 13
         76829 Landau in der Pfalz
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against KDI Rohrleitungsbau- & Anlagenbau GmbH on
Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         KDI Rohrleitungsbau- & Anlagenbau GmbH
         Attn: Attn: Steffen Damboeck and Herwart
         Kruppenbacher, Managers
         Neugarten 6
         67489 Kirrweiler
         Germany


LUCKYSONG-ENTERTAINMENT: Creditors Must File Claims by March 6
--------------------------------------------------------------
Creditors of Luckysong-Entertainment GmbH have until March 6 to
register their claims with court-appointed insolvency manager
Heike Metzger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

         Heike Metzger
         Hauptstr. 161
         68259 Mannheim
         Germany
         Tel: 0621/43288990

The District Court of Mannheim opened bankruptcy proceedings
against Luckysong-Entertainment GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Luckysong-Entertainment GmbH
         Attn: Chris Flanger, Manager
         Augustaanlage 57
         68165 Mannheim
         Germany


MEDICARE PFLEGEDIENST: Creditors Must File Claims by March 22
-------------------------------------------------------------
Creditors of MEDICARE Pflegedienst GmbH have until March 22 to
register their claims with court-appointed insolvency manager
Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on April 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen
         Tel: 0209/179890
         Germany

The District Court of Essen opened bankruptcy proceedings
against MEDICARE Pflegedienst GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MEDICARE Pflegedienst GmbH
         Attn: Karl-Heinz Fleck, Manager
         Holbeinstr. 3
         45883 Gelsenkirchen
         Germany


MENUE SERVICE: Creditors Must Register Claims by March 20
---------------------------------------------------------
Creditors of Menue Service GmbH have until March 20 to register
their claims with court-appointed insolvency manager
Thomas Kind.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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 Kind
         Eisenbahnstr. 19-23
         77855 Achern
         Germany
         Tel: (07 8 41) 70 80

The District Court of Mannheim opened bankruptcy proceedings
against Menue Service GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Menue Service GmbH
         Attn: Frank Pfaff, Manager
         Auf der Breit 11
         76227 Karlsruhe
         Germany


NUSSBAUM IMPORT-EXPORT: Creditors Must File Claims by March 30
--------------------------------------------------------------
Creditors of Nussbaum Import-Export GmbH have until March 30 to
register their claims with court-appointed insolvency manager
Dr. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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. Holger Lessing
         Hanauer Landstrasse 287-289
         60314 Frankfurt a.M.
         Tel: 069/15051-300
         Fax: 069/15051-400
         Germany

The District Court of Bad Homburg opened bankruptcy proceedings
against Nussbaum Import-Export GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Nussbaum Import-Export GmbH
         Attn: Sven Nussbaum, Manager
         Johann-Gutenberg-Strasse 3
         61273 Wehrheim/Ts.
         Germany


PHYSIOTHERAPIE THOMAS: Creditors Must File Claims by March 13
-------------------------------------------------------------
Creditors of Physiotherapie Thomas Minge GmbH have until
March 13 to register their claims with court-appointed
insolvency manager Axel Formann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 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 reached at:

         Dr. Axel Fohrmann
         Mhlenstrasse 108
         09111 Chemnitz
         Germany
         Tel: (03 71) 4908 290
         Fax: (03 71) 4908 201
         E-mail: Chemnitz@dr-fohrmann.de

The District Court of Chemnitz opened bankruptcy proceedings
against Physiotherapie Thomas Minge GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Physiotherapie Thomas Minge GmbH
         Attn: Thomas Minge, Manager
         Augsburger Strasse 15
         09126 Chemnitz
         Germany


PLANUNG SZAMEITAT: Claims Registration Ends February 26
-------------------------------------------------------
Creditors of Planung Szameitat GmbH have until Feb. 26 to
register their claims with court-appointed insolvency manager
Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 02151 - 5813 - 160
         Fax: 02151 - 5813133

The District Court of Kleve opened bankruptcy proceedings
against Planung Szameitat GmbH on Jan. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Planung Szameitat GmbH
         Bruckweg 20
         46509 Xanten
         Germany

         Attn: Edmund Szameitat, Manager
         Kibitzweg 7
         46509 Xanten
         Germany


PORTALE & SOFTWARE: Claims Registration Ends March 9
----------------------------------------------------
Creditors of Portale & Software GmbH have until March 9 to
register their claims with court-appointed insolvency manager
Peer Moeller.

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

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         Germany

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

The insolvency manager can be reached at:

         Dr. Peer Moeller
         Untere Querstr. 1
         23730 Neustadt/H.
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Portale & Software GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Portale & Software GmbH
         Attn: Roland Rachfahl, Manager
         Moislinger Allee 53-55
         23558 Luebeck
         Germany


PROTEC PRAZISIONSTEILE: Claims Registration Ends March 12
---------------------------------------------------------
Creditors of ProTec Prazisionsteile GmbH & Co. KG have until
March 12 to register their claims with court-appointed
insolvency manager Klaus Tappmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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. Klaus Tappmeier
         Schwoerhausgasse 4/1
         89073 Ulm
         Germany
         Tel: 0731/14 08 20
         Fax: 0731/1 40 82 22

The District Court of Goeppingen opened bankruptcy proceedings
against ProTec Prazisionsteile GmbH & Co. KG on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ProTec Prazisionsteile GmbH & Co. KG
         Attn: Stephan Haasis, Manager
         Porschestr. 2
         73095 Albershausen
         Germany


SPECTRUM BRANDS: Posts US$18MM Net Loss in Quarter Ended Dec. 31
----------------------------------------------------------------
Spectrum Brands Inc. reported an US$18.8 million net loss for
the first quarter ended Dec. 31, 2006, compared with a net
income of US$2.3 million for the same period ended Jan. 1, 2006.

Spectrum Brands Inc. reported first quarter net sales of
US$564.6 million for the quarter ended Dec. 31, 2006, compared
with first quarter net sales of US$566.3 million last year.
Reported net sales exclude sales from the company's Home &
Garden division, which is being accounted for as discontinued
operations pending completion of an ongoing sale process.

Global battery sales declined six percent year over year, as
strong results from Latin America were offset by sales declines
in North America and Europe/ROW.  Sales of Remington branded
products increased by seven percent on a worldwide basis.
Global Pet reported growth of four percent.  Favorable foreign
exchange rates had a US$16.2 million positive impact on net
sales during the quarter, mostly driven by the strong Euro.

Gross profit and gross margin for the quarter were US$208.9
million and 37.0 percent, respectively, versus US$224.0 million
and 39.6 percent for the same period last year.  Restructuring
and related charges of US$6 million were included in the current
quarter's cost of goods sold; cost of goods sold in the
comparable period last year included US$1.3 million in similar
charges. Increased raw material costs, primarily zinc, were the
most significant driver of the decline in gross margin.

The company generated operating income of US$37.5 million versus
US$67.6 million in fiscal 2006's first quarter.  The primary
reasons for the decline were increased advertising and marketing
expense of approximately US$14 million and higher commodity
costs, including an increase of US$7 million in zinc costs.

Commenting on the results of the quarter, Spectrum Brands
President and Chief Executive Officer David Jones stated, "Our
first quarter results reflect progress in a number of areas,
despite a challenging environment, and we are confident that we
are taking the right actions for the long-term to build our
brands, reduce costs and create sustainable value.

"We are focused on the successful completion of the divestiture
of our Home & Garden business, a key milestone in the strategic
review we began last July.  We anticipate that the proceeds from
this transaction will enable us to reduce outstanding debt and
leverage and will allow us more flexibility to focus on
strengthening our remaining businesses.  With the assistance of
Goldman Sachs, we are continuing to consider further strategic
options to improve our capital structure, including potential
additional asset sales."

Corporate expenses were US$26.6 million as compared to US$22.8
million in the prior year period, primarily attributable to
increased deferred compensation accruals when compared with
fiscal 2006, which included no such accruals.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.  The
company's European headquarters is located at Sulzbach, Germany.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 12,
Standard & Poor's Ratings Services lowered all of its ratings on
Atlanta, Ga.-based Spectrum Brands Inc., including the company's
corporate credit rating, which was lowered to 'CCC+' from 'B-'.
S&P said the outlook is developing.


STAHL MDM: Creditors' Meeting Slated for March 14
-------------------------------------------------
The court-appointed insolvency manager for Stahl MDM GmbH,
Bjoern Gehde, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:15 a.m. on
March 14.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on June 27 at the same venue.

Creditors have until April 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Stahl MDM GmbH on Jan. 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Stahl MDM GmbH
         Martin-Luther-Str. 14
         10777 Berlin
         Germany


STOEHR HOCHBAU: Claims Registration Ends March 2
------------------------------------------------
Creditors of Stoehr Hochbau GmbH have until March 2 to register
their claims with court-appointed insolvency manager Juergen
Pflug.

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

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

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

The insolvency manager can be reached at:

         Juergen Pflug
         Wilhelmshoeher Allee 169
         D 34121 Kassel
         Germany
         Tel: 0561/2075680
         Fax: 0561/20756820
         E-Mail: info@pflug-achenbach.de

The District Court of Kassel opened bankruptcy proceedings
against Stoehr Hochbau GmbH on Jan. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Stoehr Hochbau GmbH
         Attn: Herbert Stoehr, Manager
         Waitzstrasse 7
         34123 Kassel
         Germany


TEPPICH-OASE GMBH: Claims Registration Period Ends March 13
-----------------------------------------------------------
Creditors of Teppich-Oase GmbH have until March 13 to register
their claims with court-appointed insolvency manager Bettina
Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Apr. 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Bettina Schmudde
         Konigstrasse 1
         01097 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Teppich-Oase GmbH on Feb. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Teppich-Oase GmbH
         Pirnaer Landstr. 320
         01259 Dresden
         Germany


VIMPEX VERTRIEBS: Claims Registration Period Ends March 9
---------------------------------------------------------
Creditors of VIMPEX Vertriebs-GmbH have until March 9 to
register their claims with court-appointed insolvency manager
Matthias Lechleitner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Apr. 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 Chemnitz
         Hall 24
         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 reached at:

         Matthias Lechleitner
         Franz-Mehring-Strasse 15
         08058 Zwickau
         Tel: (03 75) 211 857 0
         Fax: (03 75) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against VIMPEX Vertriebs-GmbH on Feb. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         VIMPEX Vertriebs-GmbH
         Attn: Wolfgang Chemnitz, Manager and
               Hans-Christian Troger, Manager
         Kaltes Feld 13
         08468 Heinsdorfergrund
         Germany


VOLKSWAGEN AG: Guarantees 2,200 Jobs at Brussels Plant
------------------------------------------------------
Volkswagen AG disclosed that it would secure 2,200 jobs at its
Brussels plant in exchange for employees' extended work hours
without extra pay, the Associated Press reports.

According to the report, VW is calling for a 38-hour workweek
from employees, saying this would keep its plant in Brussels
competitive and slash its wage bill by 20%.

For its part, VW will keep the plant open after it halts
production of its Golf models.  The plant would make Polos and
Audis after 2008 and would finally concentrate on Audis, the
company said.

Employees' representatives must agree on the new terms by mid-
February, AP reported citing VW as saying.  Negotiations will
continue this week.

Trade union members at the plant went on strike in January after
talks on severance packages for those affected by the job cuts
was delayed.

As reported in the TCR-Europe on Nov. 22, 2006, VW plans to
transfer the production of its Golf models to Germany as part of
a restructuring to cut output in Western Europe due to
decreasing demand.

As previously reported in the TCR-Europe, former CEO Bernd
Pischetsrieder, who began VW's restructuring efforts, tried to
decrease spending on labor and reduce VW's global workforce by
eliminating some 20,000 German jobs.  In September 2006, VW
agreed on a 34-hour workweek with labor unions.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by then CEO Bernd
Pischetsrieder and former Volkswagen brand head, Wolfgang
Bernhard.

In November 2005, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


WECK + AUGUSTIN: Claims Registration Period Ends March 1
--------------------------------------------------------
Creditors of Weck + Augustin Print + Packaging GmbH have until
March 1 to register their claims with court-appointed insolvency
manager Rainer Frolich.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rainer Frolich
         Vohwinkeler Str.58
         42329 Wuppertal
         Tel: 0202/7470430
         Fax: 0202/7470431

The District Court of Wuppertal opened bankruptcy proceedings
against Weck + Augustin Print + Packaging GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Weck + Augustin Print + Packaging GmbH
         Adlerstr. 37-43
         42699 Solingen
         Germany


WEIDNER VERPACKUNGEN: Claims Registration Period Ends March 9
-------------------------------------------------------------
Creditors of Weidner Verpackungen GmbH & Co. KG have until
March 9 to register their claims with court-appointed insolvency
manager Dr. Oliver Jakob.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Oliver Jakob
         Loeffelstr. 1
         70597 Stuttgart
         Tel: 0711-720715-0
         Web site: http://www.kanzlei-jakob.de/

The District Court of Ludwigsburg opened bankruptcy proceedings
against Weidner Verpackungen GmbH & Co. KG on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Weidner Verpackungen GmbH & Co. KG
         Attn: Wolfgang Aubele, Manager
         Uferstr. 50
         71560 Sulzbach/Murr
         Germany


WSL - BAU: Claims Registration Period Ends Feb. 20
--------------------------------------------------
Creditors of WSL - Bau GmbH have until Feb. 20, to register
their claims with court-appointed insolvency manager Dr. Jorg
Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th. Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Jorg Bornheimer
         Sporergasse 7
         50667 Koln
         Germany
         Tel: 0221 - 27 26 12 0
         Fax: +4922127261299.

The District Court of Cologne opened bankruptcy proceedings
against WSL - Bau GmbH on Jan. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WSL - Bau GmbH
         Attn: Willi Sporrenberg, Manager
         Oberbuscherhof 89
         42799 Leichlingen
         Germany


YAPPADOO: Claims Registration Period Ends March 2
-------------------------------------------------
Creditors of YAPPADOO AG have until March 2 to register their
claims with court-appointed insolvency manager Micheal Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on March 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Hall 1
         Herrenstr. 42
         88212 Ravensburg
         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:

         Micheal Pluta
         Karlstr. 33
         89073 Ulm bestellt
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against YAPPADOO AG on Feb. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         YAPPADOO AG
         Reinhold-Abele-Str. 2/2
         88289 Waldburg, Vertr.
         Germany


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


BORSODCHEM NYRT: Parties In Concert Hold 93.842% Influence
----------------------------------------------------------
BorsodChem Nyrt. informed its shareholders and other
participants of the capital markets that parties acting in
concert -- via legal representative -- forwarded this statement
to the Company's Board of Directors:

"A. the members of Kikkolux Group, that is

   a.) Kikkolux S.a.r.l., a Luxembourg societe a
       responsabilite limite (limited liability company)
       with seat at 282, route de Longwy, L-1940 Luxembourg,
       and registered in the register de commerce et societes
       de Luxembourg under register number B 109 992;

   b.) First Chemical (Luxembourg) S.a.r.l., a Luxemburg
       societe a responsabilite limite (limited
       liability company) with seat at 282, route de Longwy,
       L-1940 Luxembourg, and registered in the register
       de commerce et societes de Luxembourg under
       register number B 119046;

   c.) First Chemical Holding (Guernsey) Ltd., a
       limited liability company under the laws of
       Guernsey, Channel Islands with seat at Trafalgar
       Court, Les Banques, St. Peter Port, Guernsey,
       Channel Islands and registered inthe Records of
       the Island of Guernsey under registration number 45338;

   d.) the Permira Funds, that is

          i) P4 Sub L.P.1, a limited partnership registered
             in Guernsey under the Limited
             Partnerships (Guernsey) Law, 1995
             (as amended), acting by its manager,
             Permira IV Managers L.P., a limited
             partnership registered in Guernsey under
             the Limited Partnerships (Guernsey) Law, 1995
             (as amended), acting by its general
             partner Permira IV Managers Ltd., a
             limited liability company registered in
             Guernsey whose registered office is at
             Trafalgar Court, Les Banques, St Peter
             Port, Guernsey, Channel Islands;

         ii) Permira IV L.P.2, a limited partnership
             registered in Guernsey under the
             Limited Partnerships (Guernsey) Law, 1995
             (as amended), acting by its manager, Permira
             IV Managers L.P., a limited partnership
             registered in Guernsey under the
             Limited Partnerships (Guernsey) Law, 1995
             (as amended), acting by its general partner
             Permira IV Managers Ltd., a limited
             liability company registered in Guernsey
             whose registered office is at Trafalgar Court,
             Les Banques, St. Peter Port, Guernsey,
             Channel Islands;

        iii) Permira Investments Ltd., a limited
             liability company registered in Guernsey, acting
             by its nominee Permira Nominees Ltd., a
             limited liability company registered in
             Guernsey whose registered office is at
             Trafalgar Court, Les Banques, St. Peter
             Port, Guernsey, Channel Islands; and

         iv) P4 Co-investment L.P., a limited
             partnership registered in
             Guernsey under the Limited Partnerships
             (Guernsey) Law, 1995 (as amended), acting by
             its general partner Permira IV G.P. L.P., a
             limited partnership registered in Guernsey
             under the Limited Partnerships (Guernsey) Law,
             1995 (as amended), acting by its general
             partner Permira IV GP Ltd., a limited
             liability company registered in Guernsey
             whose registered office is at Trafalgar Court,
             Les Banques, St. Peter Port, Guernsey,
             Channel Islands.

   e) the Permira General Partners and Managers, that is

          i) Permira IV Managers L.P., a limited
             partnership registered in Guernsey
             under the Limited Partnerships (Guernsey) Law,
             1995 (as amended), acting by its general
             partner Permira IV Managers Ltd., a
             limited liability company registered in
             Guernsey whose registered office is at
             Trafalgar Court, Les Banques, St. Peter
             Port, Guernsey, Channel Islands, Permira
             IV Managers L.P. is the manager of Permira
             IV L.P.2;

         ii) Permira IV Managers Ltd., a limited
             liability company registered in Guernsey
             whose registered office is at Trafalgar Court,
             Les Banques, St. Peter Port, Guernsey,
             Channel Islands, Permira IV Managers Ltd. is
             the general partner of Permira IV Managers L.P.;

        iii) Permira Nominees Ltd., a limited
             liability company registered in Guernsey
             whose registered office is at Trafalgar Court,
             Les Banques, St. Peter Port, Guernsey,
             Channel Islands.  Permira Nominees Ltd. is
             the nominee of Permira Investments Ltd.;

         iv) Permira IV G.P. L.P., a limited
             partnership registered in Guernsey under
             the Limited Partnerships (Guernsey) Law, 1995
             (as amended), acting by its general partner
             Permira IV GP Ltd., a limited liability
             company registered in Guernsey whose
             registered office is at Trafalgar Court,
             Les Banques, St. Peter Port, Guernsey,
             Channel Islands. Permira IV G.P. L.P. is
             the general partner of P4 Co-investment L.P.;

          v) Permira IV GP Ltd., a limited liability
             company registered in Guernsey whose
             registered office is at Trafalgar Court,
             Les Banques, St. Peter Port, Guernsey,
             Channel Islands.  Permira IV GP Ltd. is
             the general partner of Permira IV G.P. L.P., and

   f) First Chemical Holding Vagyonkezelo Korlatolt
      Felelossegu Tarsasag (registered seat: 1053
      Budapest, Karolyi Mihaly utca 12., company
      registration number: Cg. 01-09-873980)

B. the members of VCP Group, that is

   a) Collegia Privatstiftung, a family foundation under
      the Austrian Act on Foundations with seat at
      Hofstrasse 17, Maria Ellend, Austria and registered
      with the commercial register Region Court Korneuburg
      under reg. FN 203316 w;

   b) VCP Capital Partners Unternehmensberatungs AG, an
      Austrian stock corporation with registered seat
      at Tegetthoffstrasse 7, 1010 Vienna, Austria
      and registered with the commercial register of
      the Commercial Court in Vienna under reg. No. FN 201002t;

   c) VCP Divestment AG (formerly known as VCP
      Industrie Beteiligungen AG), an Austrian stock
      corporation with seat at Tegetthoffstrasse 7, 1010
      Vienna, Austria and registered with the
      commercial  register of the Commercial Court in
      Vienna under reg. no. FN 199734b; and

   d) VCP Industrie Beteiligungen GmbH (formerly known
      as Annagasse Vermogensverwaltung GmbH) an Austrian
      limited liability company with seat at
      Tegetthoffstrasse 7, 1010 Vienna, Austria and
      registered with the commercial register of the
      Commercial Court in Vienna under reg. no. FN 272562 b

hereby notify you in accordance with Act CXX of 2001 on the
Capital Market as follows.

   1. By Feb. 8, First Chemical Holding Vagyonkezelo
      Korlatolt Felelossegu Tarsasag had acquired ownership
      of 73,346,373 pieces of ordinary shares of
      BorsodChem Public Co. Ltd. by Shares (seat:
      1 Bolyai ter, 3700 Kazincbarcika, Hungary)

   2. On Oct. 16, 2006, the general meeting of the
      Company resolved to decrease the registered share
      capital by way of redemption of 50% of the B shares,
      which has been registered in the company register and
      thus the registered share capital of the Company
      is HUF16,029,270,650, consisting of 76,179,800 A
      shares and 3,173,025 B shares.

   3. On Sept. 18, 2006, Kikkolux S.a.r.l. and VCP
      Industrie Beteiligungen GmbH entered into an Interim
      Joint Venture Agreement based based on which they
      qualify as parting acting in concert according to
      point 137 of Section 5(1) of the CMA.  Based on
      Section 65/A (4) of the CMA, members of Kikkolux Group
      and members of VCP Group qualify as parties acting
      in concert.

   4. According to Section 65/A (1) of the CMA when
      calculating the extent of influence, the influence of
      the parties acting in concert must be aggregated.

Based on the above and with respect to the fact that

   (i) First Chemical Holding Vagyonkezelo Korlatolt
       Felelossegu Tarsasag holds 73,346,373 ordinary shares
       (A shares) issued by the Company; and that

  (ii) apart from what is described in 1 and 4 (i) above
       no other members of Kikkolux Group and VCP Group have
       any direct or indirect influence in the Company

the parties acting in concert hereby announce that the influence
of the parties acting in concert in the Company is 93.842%
taking also into account that the Company holds 1,193,164
treasury shares (as at Jan. 25)."

                       About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. (fka
BorsodChem Rt) -- http://www.borsodchem.hu/-- produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

As of Feb. 5, BorsodChem's long-term foreign and local issuer
credit carry Standard and Poor's B+ rating with stable outlook.


HERTZ CORP: Additional Debt Cues S&P's BB- Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on Hertz Corp.'s senior secured bank facility,
following the report that the company will increase its first-
lien ABL facility to US$1.8 billion from US$1.6 billion and
apply approximately US$550 million of the ABL to repay term loan
borrowings.

Pro forma for the increase, the facility will consist of the
US$1.8 billion ABL due 2012 maturity, extended from the previous
2010 maturity; and approximately US$1.4 billion outstanding on
the term loan and a US$250 million synthetic letter-of-credit
facility, both due 2010.

All facilities were also amended to reflect improved pricing.
The ABL is rated 'BB+', two notches above Hertz Corp.'s
corporate credit rating and the term loan and synthetic letter-
of-credit facilities are rated 'BB', one notch above the
corporate credit rating.  Each of the facilities has a recovery
rating of '1', indicating a high expectation of full recovery of
principal in
the event of payment default.

Rating List:

   * Hertz Corp.

      -- Corporate Credit Rating, BB-/Negative/

Rating Affirmed:

   * Hertz Corp.

      -- Senior Secured Bank Facility affirmed at BB+/BB
      -- Recovery Rating: 1


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


FIAT SPA: Moody's Upgrades Ba3 Corporate Family Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service upgraded to Ba2 from Ba3 Fiat SpA's
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short-term non-Prime rating remains
unchanged.

"The ratings upgrade reflects the successful turnaround that
Fiat has achieved over the last two years, with its improving
operating performance resulting in a stronger financial
flexibility," Falk Frey, Senior-Vice-President and the lead
analyst at Moody's for the European automotive sector, said.
"We expect this positive trend to continue in 2007, which could
lead to further positive rating changes as indicated by the
positive outlook."

Moody's says that the positive outlook is based on the
expectation that Fiat can sustain the current momentum,
benefiting from:

   (i) the launch of new volume models (Fiat Bravo in H1 2007
       and Fiat 500 in fourth quarter 2007),

  (ii) a gradual overhaul of its Alfa Romeo and Lancia models,

(iii) an ongoing improvement of its dealer network as well as

  (iv) ongoing efficiency gains.

Moody's also anticipates that Fiat will generate positive cash
flows going forward which should facilitate further debt
reduction and eventually lead to an improved overall financial
profile.

Such an improvement -- as evidenced by:

   (i) RCF/Net Debt approaching low to mid 20ies %;

  (ii) FCF/Debt in high single digits; and

(iii) an adjusted EBIT Margin of app. 3.5% - could put some
       upward rating pressure on the Ba2 ratings and position
       Fiat within the Ba1 category within the next 6-12 months.

However, Moody's cautions that recent improvements have to be
sustained and closely managed if the company is to strengthen
its overall credit profile on a permanent basis.  Most notably,
new model launches will need to tie up to the success of the
Fiat Grande Punto and back-up regained market shares and volume
growth in a more challenging market, as 2007 and 2008 will also
see the launch of new models from key European competitors who
are all eyeing to defend and increase market shares within an
overall flat Western European car market.

Furthermore, the envisaged reorganization of sales channels for
Fiat, Lancia and Alfa Romeo across key geographies also remains
of major importance to the company's business profile and
capacity utilization.  Recently announced ventures and
associations with other auto groups need to be successful to
improve Fiat Auto's capacity utilization and efficiency.  In
addition, management's efforts to further improve the financial
profileof CNH and maintain the upward trajectory at Iveco will
continue to be essential to further rating upgrades.

Upgrades:

   * Fiat Finance & Trade Ltd.

     -- Senior Unsecured Medium-Term Note Program, Upgraded to
        Ba2 from Ba3

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2
        from Ba3

   * Fiat Finance Canada Ltd.

     -- Senior Unsecured Medium-Term Note Program, Upgraded to
        Ba2 from Ba3

   * Fiat Finance North America Inc.

     -- Senior Unsecured Medium-Term Note Program, Upgraded to
        Ba2 from Ba3

   * Fiat S.p.A.

     -- Corporate Family Rating, Upgraded to Ba2 from Ba3

Moody's last rating action on Fiat was an affirmation of the Ba3
ratings and a change in the outlook to positive from stable on
Nov. 2, 2006.  Fiat S.p.A., headquartered in Turin, Italy, is
one of the largest industrial groups in Italy and the fourth
largest European-based automobile manufacturer, with revenues of
approximately EUR52 billion generated in fiscal year 2006.  The
company is also a leading European-based manufacturer of
commercial vehicles and one of the largest producers of
agricultural equipment in the world.


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


AKPARAT JSC: Astana Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana started
bankruptcy proceeding against JSC Akparat on Jan. 26.

Creditors may contact the court at:

         The Specialized Inter-Regional Economic Court of Astana
         Abai Str. 92.
         Astana
         Kazakhstan


ALB FINANCE: Fitch Assigns BB- Rating to GBP250-Mln Eurobond
------------------------------------------------------------
Fitch Ratings assigned ALB Finance B.V.'s recent GBP250 million
9.75% issue of senior unsecured notes due February 2011 a Long-
term 'BB-' rating.

The notes are issued under Alliance Bank's and ALB Finance
B.V.'s US$3.0 billion global medium-term note program.  The
program's ratings for senior unsecured notes are Long-term 'BB-'
and Short-term 'B'.  Alliance is rated at Issuer Default 'BB-'
with a Stable outlook, Short-term 'B', Individual 'D' and
Support '3'.

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


ALLIANCE BANK: Moody's Assigns Ba2 Foreign Currency Rating
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency rating to the 9.75% GBP250-million senior unsecured
Loan Participation Notes due 2011 issued by ALB Finance B.V., a
Netherlands-based special purpose vehicle wholly owned by
Alliance Bank (Kazakhstan).

The notes are being issued under Alliance Bank's multiple
seniority medium-term note program, which has recently been
extended to US$3 billion from US$1.5 billion.  The LPNs are
unconditionally and irrevocably guaranteed by Alliance Bank.

The outlook for the rating is positive.

Alliance Bank is headquartered in Almaty, Kazakhstan, and
reported unaudited total assets of KZT665.4 billion (US$5.2
billion) and shareholders' equity of KZT40.58 billion (US$319.5
million) under IFRS on Sept. 30, 2006.  As at end-September
2006, Alliance Bank ranked fourth in Kazakhstan in terms of
total assets and fifth in terms of shareholders' equity (in
accordance with figures reported under local accounting rules).


HUMAN CAPITAL LLP: Creditors' Claims Due March 23
-------------------------------------------------
LLP Human Capital has declared insolvency. Creditors have until
March 23 to submit written proofs of claim to:

         LLP Human Capital
         Makataev Str. 73/60-10
         Jetysuisky District
         Almaty
         Kazakhstan


ILOT LLP: Proof of Claim Deadline Slated for March 23
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ilot insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of
         Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


KAMAZ-DIESEL LLP: Claims Registration Ends March 23
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanaisky Trade House Kamaz-Diesel insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of
         Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


KORCOMMERCE LLP: Claims Filing Period Ends March 23
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Korcommerce (RNN 600400522003) insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of Almaty
         Post Ofice box 508
         Main Post office
         Almaty
         050000
         Kazakhstan
         Tel: 8 333 223 62-01


MANSUR LLP: Creditors Must File Claims by March 23
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Mansur insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of West
         Kazakhstan Region
         Neusypov Str. 26/2-4
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 50-76-43


NURJAUSYN LLP: Creditors' Claims Due March 23
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Nurjausyn insolvent.

Creditors have until March 23 to submit written proofs of claim
to:

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakhstan


STROYTRANSGAS OJSC: Proof of Claim Deadline Slated for March 23
---------------------------------------------------------------
OJSC Stroytransgas has declared insolvency.  Creditors have
until March 23 to submit written proofs of claim to:

         OJSC Stroytransgas
         Tole bi Str. 59
         Almaty
         Kazakhstan


TARAZ-SU: Claims Registration Ends March 23
-------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
ordered the compulsory liquidation of State Utility Enterprise
Taraz-Su.

Creditors have until March 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional Economic Court of Jambyl
         Kazybek bi Str. 136
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (3262) 45-35-37


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


SILVER INTERNATIONAL: Creditors' Claims Due March 30
----------------------------------------------------
LLC Silver International CO. Ltd. has declared insolvency.
Creditors have until March 30 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 68-15-79, (0-543)
91-92-12.


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


IIB LUXEMBOURG: Fitch Rates US$150-Mln 9.5% Sr. Notes at B/RR4
--------------------------------------------------------------
Fitch Ratings assigned IIB Luxembourg S.A.'s US$150 million 9.5%
senior notes due February 2010 final ratings of Long-term 'B'
and Recovery 'RR4'.

The issue is to be used solely for financing a loan to Russia-
based International Industrial bank, rated Issuer Default 'B'
with a Stable Outlook, Short-term 'B', Individual 'D', Support
'5' and National Long-term 'BBB' with a Sable Outlook.

IIB ranked among the top 20 Russian banks by IFRS total assets
at end of third quarter of 2006.  IIB is managed by a trust,
beneficially owned by the family of Sergei Pugachev and the
bank's senior managers.


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


GLOBAL POWER: Has Until April 26 to File Chapter 11 Plan
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Global Power Equipment Group Inc. and its debtor-affiliates
until April 16, 2007, to file their plan of reorganization and
until June 25, 2007, to solicit acceptances of that plan.

The Debtors' exclusive period to file a chapter 11 plan expired
on Jan. 26, 2007.

Although much has been achieved in terms of transitioning their
business into Chapter 11 administration, the Debtors note that a
substantial amount of work remains to be done before they will
be able to propose a plan consistent with their fiduciary duties
to maximize value, including the development and testing of a
business plan and an analysis of the Debtors' intercompany
claims.

Until a reliable business plan can be developed, vetted and
validated, coupled with an analysis of intercompany issues,
efforts to propose and file a plan of reorganization will be
futile, the Debtors said.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.


SMILE SECURITISATION: Moody's Rates EUR87.82-Mln Notes at (P)Ba3
----------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
five classes of asset-backed notes to be issued by Smile
Securitisation Company 2007 B.V.:

   -- EUR4.8-billion Class A Asset-Backed Notes due 2055:
      (P)Aaa;

   -- EUR103-million Class B Asset-Backed Notes due 2055:
      (P)Aa2;

   -- EUR77.5-million Class C Asset-Backed Notes due 2055:
      (P)A1;

   -- EUR77.5-million Class D Asset-Backed Notes due 2055:
      (P)Baa2; and

   -- EUR87.82-million Class E Asset-Backed Notes due 2055:
      (P)Ba3.

The Notes have a scheduled maturity date in 2015.

Smile Securitisation Company 2007 B.V. is the third SME
transaction launched by ABN Amro; the previous two have
experienced a positive performance so far.  Under this
transaction, ABN AMRO securitizes loans granted to small and
medium-sized corporate borrowers.  The initial amount of the
portfolio is EUR5.16 billion.  In comparison to other
transactions, the pool exhibits a relatively high degree of
granularity with over 10,000 different obligors and with a
maximum loan size of 0.19 per cent of the pool.  The maximum
industry concentration is 23 per cent in the agriculture sector
and the portfolio is well diversified over the various
geographic regions.

According to Moody's, the ratings take into account of, among
other factors, the debtor composition, granularity and credit
quality of the reference pool.  Additional support is provided
by the strong swap in place, which guarantees senior fees,
notes' interest and a margin of 15bps per annum.  An additional
relevant feature of this transaction is the mixed pro-
rata/sequential amortization order linked to performance,
starting with the more senior classes of notes.  The structure
also envisages an optional redemption call at year 8.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal
final maturity.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


SMILE SECURITISATION: Fitch Puts BB- Rating to EUR87-Mln Notes
--------------------------------------------------------------
Fitch assigned Smile Securitisation Company 2007 B.V.'s issue of
EUR5.06 billion floating-rate notes due 2055 expected ratings as
follows:

   -- EUR4.8 billion Class A: 'AAA';
   -- EUR103.32 million Class B: 'AA+';
   -- EUR77.49 million Class C: 'AA-';
   -- EUR77.49 million Class D: 'BBB+'; and
   -- EUR87.82 million Class E: 'BB-'.

This transaction is a static cash flow securitization of a pool
of loans granted by ABN Amro Bank N.V. to over 15,000 small and
medium-sized enterprises in the Netherlands.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings on the notes are based on the credit
quality of the loan portfolio, the security backing the loans,
the servicing and underwriting capabilities of ABN AMRO's
consumer and commercial business unit, the available credit
enhancement from subordination, the reserve fund and excess
spread, and the transaction's sound financial and legal
structure.  The transaction will also benefit from structural
protection via a principal deficiency ledger to trap excess
spread for protection against losses under the notes.

Credit enhancement in the form of subordination for the Class A
notes will total 7%, provided by the Class B notes, the Class C
notes, the Class D notes, the Class E notes and the unrated
Class F notes.  Credit enhancement in the form of subordination
for the Class B, C, D and E notes will amount to 5%, 3.5%, 2%
and 0.3%, respectively.

The expected ratings address the timely payment of interest and
the repayment of principal by legal final maturity for each note
in accordance with the terms and conditions of the
documentation.

The issuer is a private company with limited liability,
incorporated under the laws of the Netherlands.


===========
N O R W A Y
===========


NORSKE SKOGINDUSTRIER: Posts NOK3-Billion Net Loss for 2006
-----------------------------------------------------------
Norske Skogindustrier ASA released its financial results for the
full year and fourth quarter ended Dec. 31, 2006.

Norske Skog registered NOK3.02 billion in net losses on
NOK28.83 billion in revenues for the full year 2006, compared
with NOK848 million in net losses on NOK25.73 billion in
revenues for 2005.

Norske Skog posted NOK209 million in net profit on
NOK7.72 billion in revenues for the fourth quarter 2006,
compared with NOK1 billion in net losses on NOK7.11 billion in
revenues for the same period in 2005.

As of Dec. 31, 2006, Norske Skog had NOK45.23 billion in total
assets, NOK26.28 billion in total liabilities and NOK18.55
billion in shareholders' equity.

"Major changes that will have long-term effects for Norske Skog
characterized 2006," Christian Rynning-Tonnesen, chief
executive, said.

"The company acquired a new corporate management and a changed
organizational structure, an extensive turnaround was launched,
we closed five paper machines and resolved to transfer one of
these to Brazil.  The turnaround is intended to improve profits
by NOK3 billion by the end of 2008. With the commitment now
being made by the whole organization, I am very optimistic about
reaching our target."

                   Earnings Improvement Plan

The plan aims to achieve an increase of NOK3 billion in gross
operating earnings for the Norske Skog group by the end of 2008,
compared with the 2005 level and 2005 market and cost
conditions.

Roughly speaking, the plan comprises these elements:

   -- cost reductions based on restructuring the mill portfolio,
      with effects from the closure of Norske Skog Union largely
      realized in 2006.  The remainder will primarily come in
      2007;

   -- de-manning by 1,000 jobs in addition to more than 600
      employees who have left as a result of implemented
      closures.  Reductions at head office and regional offices
      have largely been completed, while the process is under
      way in the various business units.  It is due for
      completion during 2008; and

   -- measures to improve productivity and cost reductions in
      procurement, energy optimization, sales and logistics.
      Measures were originally identified in more than 40
      areas, but a number of other improvement proposals have
      been made in the subsequent process which involves the
      business units. To the extent that improvement measures
      require investment, this will fall within the framework of
      normal capital spending by the group.

A team of productivity experts has carried out a design study at
Norske Skog Jeonju.  A pilot has since been carried out at
Norske Skog Golbey, with good result.  The program, Norske
Skog Production Systems, will later be rolled out at the other
mills.

The profit improvement program is progressing as planned.  Gross
operating earnings for 2006 were positively affected by
NOK400 million compared with 2005 as a result of initiatives
already implemented.  Detailed plans exist at each business unit
for implementing the program, and these plans are incorporated
in the group's system for performance measurement.

Performance-based remuneration is practiced to a considerable
extent in Norske Skog, and takes the form of bonus payments if
specified targets are met.  In connection with the plan to
improve earnings, a special bonus program will be established
for all group employees.

This program will be based on the overall improvement in the
group's earnings.

                        About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.

                        *     *     *

As of Feb. 14, Norske Skog carries these ratings:

Moody's:

   -- Long-Term Corporate Family: Ba1
   -- Senior Unsecured Debt: Ba1
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: BB+
   -- Long-Term Local Issuer Credit: BB+
   -- Short-Term Foreign Issuer Credit: B
   -- Short-Term Local Issuer Credit: B
   -- Outlook: Stable


===========
P O L A N D
===========


AUTOCAM CORP: Moody's Assigns (P)B3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned Autocam Corp. (New) a
Corporate Family Rating of (P)B3 and a (P)B2 (LGD-2 , 26%)
rating on the company's proposed first lien bank debt to be
created as part of a proposed financial restructuring.

At this time, the pre-restructuring ratings of Autocam Corp.,
including its Corporate Family Rating of Ca and Probability of
Default Rating of D, are unaffected.  Autocam is currently in
payment default under portions of its existing debt and is
seeking a financial restructuring outside of bankruptcy.  If the
restructuring is completed as currently contemplated, the pre
restructuring ratings of Autocam will be withdrawn and the newly
assigned ratings of New Autocam will be affirmed.  Because the
restructuring is currently a proposal with execution yet to
occur, Moody's is maintaining its pre restructuring ratings for
Autocam, while assigning ratings for the proposed restructured
debt under New Autocam to avoid confusion of the pre and post
restructuring ratings.

New Autocam's ratings reflect the benefits of reduced
indebtedness, improved liquidity and committed funding to
complete the company's European operational restructuring
program.  The ratings consider the company's modest scale,
concentration of business awards, and ongoing leverage.  The
ratings also reflect limited prospects for free cash flow to
develop until its French Social Plan is concluded, weak interest
coverage during this interim period, and a challenging industry
environment.  Rating outlooks for both New Autocam and existing
Autocam are stable.

Autocam did not pay interest on its subordinated notes in mid-
December, nor did it pay interest due on its second lien term
loans at the end of December.  In early January, Autocam
executed a term sheet with a subordinated note holder investor
group to recapitalize the company.  The second lien lenders
entered into an agreement with Autocam to defer their interest
payment until Feb. 28, 2007, or sooner in certain events.

At the expiration of the payment grace period under the
subordinated notes in mid-January, cross default provisions in
the existing first lien bank documentation were tripped.  A
standstill agreement with the first lien lenders has been
executed and extends until mid-March.

Under the investor proposal, a privately negotiated transaction
would be structured in which the investors would exchange
approximately US$138 million of their subordinated notes for new
common shares of Autocam Corp. or a newly formed holding company
and invest in a new Payment-in-Kind preferred stock issue of
US$85 million.  Substantially all existing ownership interests
in Autocam would be extinguished.  Participating subordinated
note holders would become the controlling shareholders of New
Autocam.  Proceeds from the new PIK preferred stock would be
used to retire Autocam's existing approximately US$78 million of
second lien debt with the balance after fees and expenses
retained as cash.  Autocam's and Autocam France SARL's existing
first lien bank indebtedness, totaling approximately US$108
million, will be refinanced through US$150 million of new bank
facilities being arranged for New Autocam. Should the
refinancing proposal close, ratings on existing Autocam would be
withdraw and the provisional modifier on New Autocam's ratings
would be removed.  New Autocam would not be required to file
future financial statements or other reports with the SEC.

The last rating action was on Dec. 19, 2006, at which time
Autocam's Probability of Default Rating was lowered to D from
Ca, ratings on its first lien bank debt (Caa1) and subordinated
notes (C) were confirmed, and its SGL-4 Speculative Grade
Liquidity rating was affirmed.

New Autocam's Corporate Family rating of (P)B3 is four notches
higher than the comparable rating for Autocam pre restructuring.
This flows from the reduction of approximately US$217 million of
debt in the new capital structure, an improved liquidity profile
arising from un-tapped revolving credit facilities of
approximately US$30 million, and the provision of sufficient
funding to complete the company's Social Plan at its French
subsidiaries, a critical element in its plans for an operational
turn-around.  The rating incorporates the company's modest scale
of operations, concentration of business awards, ongoing
leverage and weak quantitative metrics anticipated over the
coming year.  Nonetheless, several factors provide stability to
the company's revenues.  Business awards are on a multi-year
basis with large tier-1 suppliers who would face switching costs
were they to consider replacing Autocam.  Volumes are somewhat
platform neutral given the diverse customer base those tier-1
entities enjoy, and, within its defned markets, the company has
leading market shares.  The company also benefits from
geographic diversification through its presence in major global
automotive markets.  The stable outlook is supported by the
committed funding New Autocam will achieve upon the
recapitalization, improved cushion under applicable financial
covenants in its bank credit facilities, and the identification
of savings/margin enhancement which its approved Social Plan in
France is expected to realize over the intermediate term. Should
the plan take hold, New Autocam's level of indebtedness would
not change significantly over the next two years, but stronger
coverage metrics could evolve.

The (P)B2 rating on New Autocam's and its European borrowing
subsidiary, Autocam France SARL (New), bank debt reflects an
LGD-2, 26% loss given default assessment.  With effectively an
all bank debt structure (other debt would include some US$1.4
million of subordinated notes, which may carry over into New
Autocam, as well as certain continuing capitalized leases and
international subsidiary obligations), a family recovery rating
of 65% was assigned.  This high family recovery rating combined
with first lien status over substantially all of the borrowers'
assets, up-streamed guarantees from certain subsidiaries, and
levels of non-debt liabilities, lifts the rating on the bank
debt one notch above the Corporate Family Rating.  However, as a
consequence of the lower expected loss rate, the PDR is impacted
and is set at Caa1.  New Autocam, its material domestic
subsidiaries and immediate holding company parent, will
guarantee Autocam France SARL (New)'s bank obligations.

Ratings Assigned

   * Autocam Corp. (New)

     -- Corporate Family Rating, (P)B3

     -- First lien term loan for US$83-million, (P)B2
        (LGD-2, 26%)

     -- First lien revolving credit facility for US$17 million,
        (P)B2 (LGD-2 , 26%)

     -- Outlook, stable

     -- Probability of Default Rating, (P)Caa1

   * Autocam Corp. France SARL (New)

     -- Guaranteed First lien term loan for EUR equivalent of
        US$37 million, (P)B2 (LGD-2, 26%)

     -- Guaranteed First lien revolving credit facility for EUR
        equivalent of US$13 million, (P)B2 (LGD-2, 26%)

Autocam Corp., headquartered in Kentwood, Michigan, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies and assemblies, primarily
for performance and safety critical automotive applications.
Revenues in 2005 were approximately US$350 million from
operations in North America, Europe, and Brazil.


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


APOLLO OJSC: Kostroma Bankruptcy Hearing Slated for March 29
------------------------------------------------------------
The Arbitration Court of Kostroma will convene at 9:10 a.m. on
March 29 to hear the bankruptcy supervision procedure on OJSC
Apollo.  The case is docketed under Case No. A31-8871/2006-18.

The Temporary Insolvency Manager is:

         V. Saurenko
         Office 312
         Vorobyevskoye Shosse Str. 4
         129366 Moscow
         Russia

The Debtor can be reached at:

         OJSC Apollo
         Druzhby Str. 22
         Nerekhta
         157800 Kostroma
         Russia


HYDROLYSIS FACTORY: Creditors Must File Claims by March 27
----------------------------------------------------------
Creditors of OJSC Hydrolysis Factory (TIN 2906000155) have until
March 27 to submit written proofs of claim to:

         M. Fedorov, Insolvency Manager
         Lenina Pr. 217
         Onega
         164840 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-20246/2006.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Hydrolysis Factory
         Lenina Pr. 217
         Onega
         164840 Arkhangelsk
         Russia


GAZPROM NEFT: Names Alexander Dybal as Vice-President
-----------------------------------------------------
Gazprom Neft OAO has appointed Alexander Dybal as vice-president
and department head for Corporate Communications.

Mr. Dybal will be responsible in the Company for information
policy, regional and intra corporative communications, relations
with the state authorities, advertising and charity.

Alexander Dybal was born on the Nov. 3, 1967, in Leningrad,
Russia.  In 1991 he graduated from the Leningrad Electric and
Technical Institute as a specialist in "Automatic control
system".  From 1991 to 1995 and from 1997 to 2001 Mr. Dybal took
up the post of commercial director "Radio Baltika" (St.
Petersburg).

During 1995- 1997 he was the General director of the state-owned
TV and radio company "Peterburg-Pyatiy Kanal".  In 2001 Mr.
Dybal was the Vice- manager of the Center for strategic
elaborations "Severo- Zapad".  At the same year he was appointed
Director of the OJSC Gazprom's Information policy Department.

From 2003 to 2004, Mr. Dybal was General Director of OJSC
Gazprom-Media.  From July 2004 he has been the chairman of OJSC
Gazprom-Media's board of directors.

                      About Gazprom Neft

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

                          *     *     *

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


INT'L. INDUSTRIAL: Fitch Rates IIB Luxembourg's Bond Issue at B
---------------------------------------------------------------
Fitch Ratings assigned IIB Luxembourg S.A.'s US$150 million 9.5%
senior notes due February 2010 final ratings of Long-term 'B'
and Recovery 'RR4'.

The issue is to be used solely for financing a loan to Russia-
based International Industrial bank, rated Issuer Default 'B'
with a Stable Outlook, Short-term 'B', Individual 'D', Support
'5' and National Long-term 'BBB' with a Sable Outlook.

IIB ranked among the top 20 Russian banks by IFRS total assets
at end of third quarter of 2006.  IIB is managed by a trust,
beneficially owned by the family of Sergei Pugachev and the
bank's senior managers.


LIKHOSLAVLSKAYA GLOVE: Creditors Must File Claims by February 27
----------------------------------------------------------------
Creditors on OJSC Likhoslavlskaya Glove Factory have until
Feb. 27 to submit written proofs of claim to:

         T. Dorozhkina, Temporary Insolvency Manager
         Office 220
         Musorgskogo Str. 12
         170005 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A66-10674/2006.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Likhoslavlskaya Glove Factory
         Gagarina Str. 63
         Likhoslavk
         Tver
         Russia


LUBYANSKOYE CJSC: Creditors Must File Claims by March 27
--------------------------------------------------------
Creditors on declared CJSC Lubyanskoye have until March 27 to
submit written proofs of claim to:

         S. Bogay, Insolvency Manager
         Sredne-Moskovskaya Str. 6a
         394000 Voronezh
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-5169/06-20b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Lubyanskoye
         Lubyanki
         Dmitrovskiy
         Orel
         Russia


LUKOIL OAO: LUKSAR Discovers Hydrocarbons in Saudi Arabia
---------------------------------------------------------
LUKOIL Saudi Arabia Energy Ltd. disclosed the discovery of
hydrocarbon accumulations in Contract area Block A in the
Kingdom of Saudi Arabia as a result of deep exploration drilling
on its Tukhman structure.

LUKSAR was established on March 1, 2004, with equity
participation of LUKOIL Overseas (80%) and its National partner,
Saudi Aramco (20%).  The office of LUKSAR is based in Al-Khobar
(Eastern Province of Saudi Arabia).   The term of Agreement
between the Government of Saudi Arabia and LUKSAR for
exploration periods and production period shall not exceed 40
years from the effective date March 7, 2004.

The Contract area is located in the northern part of Rub Al-
Khali, south of Al-Ghawar, which is a major oil field not only
in Saudi Arabia but also on a global level.  Total area of the
Block A is approximately 30,000 square kilometers.

LUKSAR was officially admitted to begin its operations on this
area in March 2004 following outcomes of international tender.
Purpose of the exploration works in Contract area, is to find
non-associated gas and field condensate and - if commercial
discovery take place - LUKSAR shall undertake development and
production operations.

Starting from the signing date and until drilling stage LUKSAR
reprocessed more than 8,000 kilometers of vintage seismic data,
conducted 755 square km 3D seismic, 1,700 km 2D seismic and
3,340 square km 3D-Sparse seismic acquisition works, and
subsequently all obtained data were properly processed and
successfully interpreted.

The first exploration well was spudded in January 2006, and it
was drilled on a domed area of Tukhman structure, located in the
central portion of the Contract area.  TVD of this well is about
5,000 meter.

At the present time LUKSAR begins detailed appraisal of the
discovery to further evaluate the composition and potential of
the said discovery, which is expected in 2008.

                         About Lukoil

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

                          *     *     *

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

    * Standard & Poor's

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


LUKOIL-KUBAN'-INVEST: Creditors Must File Claims by February 27
---------------------------------------------------------------
Creditors on CJSC Financial Company Lukoil-Kuban'-Invest have
until Feb. 27 to submit written proofs of claim to:

         A. Shepin, Insolvency Manager
         Room 7
         Montazhnikov Str. 1
         350051 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-16817/2006-1/942-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Financial Company Lukoil-Kuban'-Invest
         Krasnodar
         Russia


LYUBIMSKOYE FUEL: Creditors Must File Claims by March 27
--------------------------------------------------------
Creditors on declared OJSC Lyubimskoye Fuel Enterprise have
until March 27 to submit written proofs of claim to:

         D. Pelevin, Insolvency Manager
         S-Shedrina Str. 30
         150014 Yaroslavl
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A82-5990/06-30-B/208.

The Debtor can be reached at:

         OJSC Lyubimskoye Fuel Enterprise
         Krasnoarmeyskaya Str. 59
         Lyubim, Yaroslavl
         Russia


NOVOLIPETSK STEEL: Creates Consortium to Acquire Winner Steel
-------------------------------------------------------------
Novolipetsk Steel OJSC and Duferco Group disclosed that Duferco
U.S. Investment Corp. and Esmark Inc. have formed a consortium
to purchase the assets of Winner Steel Inc.

The consortium has entered into a letter of intent with Winner
Steel.  The transaction remains subject to further negotiation
and execution of a definitive asset purchase agreement and other
conditions.  It will be completed in the second quarter of 2007.

Duferco U.S. Investment Corp. is a wholly owned subsidiary of
Steel Invest & Finance S.A. (Luxembourg), a 50/50 joint venture
between the Duferco Group and Novolipetsk Steel.

Winner Steel is one of the largest independent galvanized steel
producers in the United States.  Its operations are located on a
single site in Pennsylvania and include three galvanizing lines
with combined annual capacity of around 1.2 million tons and
production in 2006 of around 0.6 million tons.

The main applications of the galvanized steel produced by the
company are in the construction, appliances and automotive
industries.  Winner Steel is located close to the Farrell
facility, which is already part of the NLMK-Duferco JV, and is
one of the primary suppliers of cold-rolled steel to the
galvanizing industry, including Winner Steel.

"We welcome this development in the business of our joint
venture with the Duferco Group," Alexey Lapshin, NLMK President
and a board member of Steel Invest and Finance S.A, said.  "It
will provide for an increase in value-added products and further
expansion into the large North American market.  We are
delighted to have Esmark, one of the most dynamic companies in
the U.S. steel industry, as our partner in this project."

"Being located just next to our Farrell facility in Sharon,
Winner Steel is a logical component of our North American growth
strategy," Benedict Sciortino, Director of the Duferco Group and
a board member of Steel Invest and Finance S.A, said.  "The
acquisition is likely to create substantial synergies by
ensuring a stable supply of cold-rolled material to Winner Steel
and by increasing the downstream exposure of the NLMK-Duferco
JV.  We are delighted to work together with Esmark on this
transaction and are hopeful that it may lead to successful joint
projects in the future."

                About Steel Invest & Finance S.A

NLMK and Duferco Group formed a joint venture through Steel
Invest & Finance S.A. (Luxembourg), a limited liability company
(societe anonyme) established under the laws of Luxembourg in
which they both hold a 50% interest.  The joint venture holds
100% or majority interests in 23 companies including one steel
making plant and five steel rolling facilities with total
finished steel output of 4.5 million tons in 2006 as well as a
network of steel service centers.

                      About Esmark Inc.

Headquartered in Chicago, Esmark Inc. -- http://www.esmark.com/
-- operates steel service centers in the U.S.A.

                         About Duferco

Headquartered in La Louviere, Belgium, Duferco S.A. --
http://www.duferco.com/-- manufactures and processes steel.

                       About Winner Steel

Headquartered in Sharon, Pennsylvania, Winner Steel Inc. --
http://www.egalvanize.com/-- galvanizes steel coil according to
customer specifications.  Winner Steel offers a variety of
galvanizing treatments, coatings, and surface conditions, all
designed to protect steel from corrosion in its end-use
applications.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC
Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B
rating and a National Long-term AA rating.  Fitch said The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.

In December 2006, Moody's Investor's Service upgraded the
corporate family rating for Novolipetsk Steel from Ba2 to Ba1.
Moody's said the outlook for the rating is stable.  The Moody's
Interfax Rating Agency has upgraded the national scale rating
for NLMK from Aa2.ru to Aa1.ru.

At the same time, Standard & Poor's Ratings Services said that
its ratings and outlook on Russian steelmaker OJSC Novolipetsk
Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are
unchanged by the announcement of NLMK's acquisition of a 50%
share in a joint venture with Duferco Group for US$850 million


PAVLOVO-POSADSKAYA: Creditors Must File Claims by February 27
-------------------------------------------------------------
Creditors on CJSC Pavlovo-Posadskaya Silk-Weaving Mill (TIN
5035017808) have until Feb. 27 to submit written proofs of claim
to:

         A. Kubasov, Insolvency Manager
         Office ROSAU
         Krasnokazarmennaya Str.
         Moscow 111250
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-17168/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Pavlovo-Posadskaya Silk-Weaving Mill
         1st Maya Str. 105
         Pavlovskiy Posad
         Moscow
         Russia


PROGRESS CJSC: Creditors Must File Claims by March 27
-----------------------------------------------------
Creditors on CJSC Progress have until March 27 to submit written
proofs of claim to:

         Y. Ustimova, Insolvency Manager
         Turkestanskaya Str. 10A
         460024 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-6199/2005-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         CJSC Progress
         Druzhba
         Sol-Iletskiy
         Orenburg
         Russia


RAZUMOVSKOYE CJSC: Creditors Must File Claims by March 27
---------------------------------------------------------
Creditors on declared CJSC Razumovskoye have until March 27 to
submit written proofs of claim to:

         V. Pitsun, Insolvency Manager
         Post User Box 25
         Central Post Office
         Slavgorod
         658820 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-7663/06-B.

The Court is located at:

         The Arbitration Court of Altay
         Lenina Pr. 76
         Barnaul
         656015 Altay
         Russia

The Debtor can be reached at:

         CJSC Razumovskoye
         Tselinnyj Per. 15
         Razumovka
         Rodinskiy, Altay
         Russia


RUSSKIY BROD: Asset Sale Slated for February 28
-----------------------------------------------
The insolvency manager for OJSC Agricultural Company-Russkiy
Brod, will open a public auction for the company's properties
at noon on Feb. 28 at:

         OJSC Agricultural Company-Russkiy Brod
         Building 1
         Moskovskoye Shosse 137
         302025 Orel
         Russia

The company has set a RUR1,433,850 starting price for the
auctioned assets.

Interested parties have until Feb. 26 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Agricultural Company-Russkiy Brod
         Settlement Account 40702810609000000033
         Correspondent Account 3010181070000000722
         Branch Orlovskiy OJSC ACB Avangard, Orel
         BIK 045402722

Bidding documents must be submitted to:

         Insolvency Manager
         Building 1
         Moskovskoye Shosse 137
         302025 Orel
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company-Russkiy Brod
         Building 1
         Moskovskoye Shosse 137
         302025 Orel
         Russia


SUDISLAVSKIY DIARY: Creditors Must File Claims by March 27
----------------------------------------------------------
Creditors on declared LLC Sudislavskiy Diary have until March 27
to submit written proofs of claim to:

         A. Krasnov, Insolvency Manager
         Post User Box 24
         156014 Kostroma-14
         Russia

The Arbitration Court of Kostroma commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A31-3231/2006-12.

The Debtor can be reached at:

         A. Krasnov, Insolvency Manager
         Post User Box 24
         156014 Kostroma-14
         Russia


TIKHVINSKIY MECHANICAL: Creditors Must File Claims by Feb. 27
-------------------------------------------------------------
Creditors on LLC Tikhvinskiy Mechanical Factory have until
Feb. 27 to submit written proofs of claim to:

         A. Lugovetsev, Temporary Insolvency Manager
         K. Libknekhta Str. 8A 35
         180000 Pskov
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A56-11/2006.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         A. Lugovetsev, Temporary Insolvency Manager
         K. Libknekhta Str. 8A 35
         180000 Pskov
         Russia


TMK OAO: Inks Strategic Cooperation Memorandum with MMK
-------------------------------------------------------
OAO TMK and OAO Magnitogorsk Iron and Steel Works have signed a
strategic cooperation memorandum.

At the time of the signing, Dmitriy Pumpyanskiy, Chairman of the
Board of Directors of TMK and Viktor Rashnikov, Chairman of the
Board of Directors of MMK, expressed their satisfaction with the
performance of recent collaborations.

The companies also agreed to cooperate on future joint
activities relating to the implementation of key technologies at
MMK and TMK's mills, the use of MMK products in the production
of new types of pipes by TMK, and on future deliveries of broad
sheets for large diameter pipes.

MMK is one of the main suppliers of flat rolled steel for pipe
production at TMK's mills.  The companies are conducting a joint
research and development program to create new products.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                        *     *     *

As of Feb. 5, OAO TMK carry these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: B1
      -- Outlook: Positive

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit Rating: B+
      -- Long-Term Local Issuer Credit Rating: B+
      -- Outlook: Stable


UMANSKIY FACTORY: Bankruptcy Hearing Slated for April 23
--------------------------------------------------------
The Arbitration Court of Krasnodar will convene at noon on
April 23 to hear the bankruptcy supervision procedure on LLC
Umanskiy Factory Of Building Materials.  The case is docketed
under Case No. A-32-19939/2006-38/1517-B.

The Temporary Insolvency Manager is:

         S. Gorokhov
         Kazachya Str. 136-A
         Severskaya St.
         Severskiy
         353240 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Umanskiy Factory of Building Materials
         Promzona
         Leningradskaya St.
         Krasnodar
         Russia


WEST-URAL FINANCIAL: Creditors Must File Claims by Feb. 27
----------------------------------------------------------
Creditors on declared LLC West-Ural Financial Company
have until Feb. 27 to submit written proofs of claim to:

         S. Shestrikov, Insolvency Manager
         Dekabristov Str. 29-25
         614022 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-18556/2006-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC West-Ural Financial Company
         Avtozavodskaya Str. 32a
         614101 Perm
         Russia


ZAP-ENERGO-STORY: Smolensk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure on OJSC Zap-Energo-Stroy.  The case is
docketed under Case No. A62-1100-N/2006.

The Temporary Insolvency Manager is:

         Y. Denisenko
         Post User Box 14
         Smolensk-18
         Russia

The Debtor can be reached at:

         OJSC Zap-Energo-Story
         M. Koneva Pr. 28-e
         Smolensk
         Russia


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


FLEXTRONICS INT'L: Earns US$119 Million in Qtr. Ended Dec. 31
-------------------------------------------------------------
Flextronics International Ltd. earned US$119 million of net
income on US$5.4 billion of net sales for the third quarter
ended Dec. 31, 2006, compared with US$42 million of net income
on US$4.1 billion of net sales for the same period ended
Dec. 31, 2005.

Net sales increased US$1.3 billion due to new program wins from
various customers.

Gross profit during the quarter ended Dec. 31, 2006, increased
US$115.6 million to US$289.1 million, or 5.3% of net sales, from
US$173.5 million, or 4.2% of net sales, during the quarter ended
Dec. 31, 2005.

Fiscal 2006 third quarter cost of sales included US$63.1 million
in restructuring charges related to the impairment, lease
termination, exit costs and other charges related to the
disposal and exist of certain real estate owned and leased by
the company.  The company did not incur any restructuring
charges in the fiscal 2007 quarter.

Selling, general and administrative expenses amounted to
US$135.9 million, or 2.5% of net sales, during the quarter ended
Dec. 31, 2006, compared to US$96.2 million, or 2.4% of net
sales, during the quarter ended Dec. 31, 2005.

During the quarter ended Dec. 31, 2005, the company recognized
US$7.7 million of charges related to the retirement of Michael
E. Marks from his position as Chief Executive Officer, of which
approximately US$5.9 million was paid during the quarter, and
the remaining amount was paid in July 2006.

Interest and other expense, net was US$16.8 million during the
quarter ended Dec. 31, 2006, compared to US$21.9 million during
the quarter ended Dec. 31, 2005, a decrease of US$5.1 million.

Income from continuing operations was US$118.6 million in the
current quarter compared to US$37.6 million in the previous
quarter.  The fiscal 2005 quarter income from continuing
operations included an approximate US$12.2 million benefit
reduction in previously recorded valuation allowances for
deferred tax assets, and US$4.3 million income from discontinued
operations related to the divestiture of the software
development and solutions business in September 2006.

At Dec. 31, 2006, the company's balance sheet showed US$12.7
billion in total assets, US$5.6 billion in total liabilities,
and US$6.1 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2006, are available
for free at http://researcharchives.com/t/s?19b3

             Sale of Software Development Business

In September 2006, the company completed the sale of its
software development and solutions business to Software
Development Group, nka Aricent, an affiliate of Kohlberg Kravis
Roberts & Co.  The company received aggregate cash payments of
approximately US$688.5 million, an eight-year US$250 million
face value promissory note with a paid-in-kind interest coupon
fair valued at approximately US$204.9 million and retained a 15%
ownership interest in Aricent, fair valued at approximately
US$57.1 million.

                      Acquisition of IDW

On Nov. 30, 2006, the company completed its acquisition of 100%
of the outstanding common stock of IDW, a manufacturer and
designer of high quality liquid crystal displays, modules and
assemblies, in a stock-for-stock merger.

The aggregate purchase price was approximately US$299.6 million.

                       Liquidity Position

As of Dec. 31, 2006, the company had cash and cash equivalents
of US$909.2 million and bank and other borrowings of US$1.5
billion.

                        About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- provides
complete design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Its network of
facilities is located in over 30 countries worldwide including
Finland, Hungary, Sweden and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service revised the outlook on Flextronics
International Ltd. to stable from negative, while affirming its
corporate family rating to Ba1.


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


DANIOTH-STOCKLI: Creditors' Liquidation Claims Due March 1
----------------------------------------------------------
Creditors of LLC Danioth-Stockli Services have until March 1 to
submit their claims to:

         LLC Danioth-Stockli Services
         Liquidator
         Ahornstrasse 5
         4132 Muttenz
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Danioth-Stockli Services
         Ahornstrasse 5
         4132 Muttenz
         Arlesheim BL
         Switzerland


EKILOG INFORMATIK: Creditors' Liquidation Claims Due March 6
------------------------------------------------------------
Creditors of LLC Ekilog Informatik have until March 6 to submit
their claims to:

         Ernst Kiener
         Liquidator
         Unterbosingenstrasse 48
         3178 Bosingen
         Sense FR
         Switzerland

The Debtor can be reached at:

         LLC Ekilog Informatik
         Bosingen
         Sense FR
         Arlesheim BL
         Switzerland


NOVELIS INC: Hindalco Industries Acquires Firm for US$6 Billion
---------------------------------------------------------------
Novelis Inc. and Hindalco Industries Ltd. entered into a
definitive agreement for Hindalco to acquire Novelis in an all-
cash transaction.

The deal values Novelis at around US$6 billion, including
approximately US$2.4 billion of debt.  Under the terms of the
agreement, Novelis shareholders will receive US$44.93 in cash
for each outstanding common share.

Hindalco is a leader in Asia's aluminum and copper industries,
and is the flagship company of the Aditya Birla Group, a
US$12-billion multinational conglomerate, with a market
capitalization in excess of US$20 billion.  Following the
transaction, Hindalco, with Novelis, will be the world's largest
aluminum rolling company, one of the biggest producers of
primary aluminum in Asia, and India's leading copper producer.

"The acquisition of Novelis is a landmark transaction for
Hindalco and our Group," Kumar Mangalam Birla, Chairman of the
Aditya Birla Group, said.  "It is in line with our long-term
strategies of expanding our global presence across our various
businesses and is consistent with our vision of taking India to
the world.  The combination of Hindalco and Novelis will
establish a global integrated aluminum producer with low-cost
alumina and aluminum production facilities combined with high-
end aluminum rolled product capabilities.  The complementary
expertise of both these companies will create and provide a
strong platform for sustainable growth and ongoing success."

"After careful consideration, the Board has unanimously agreed
that this transaction with Hindalco delivers outstanding value
to Novelis shareholders. Hindalco is a strong, dynamic company,"
Ed Blechschmidt, Acting CEO of Novelis, said.  "The combination
of Novelis' world-class rolling assets with Hindalco's growing
primary aluminum operations and its downstream fabricating
assets in the rapidly growing Asian market is an exciting
prospect.  Hindalco's parent, the Aditya Birla Group, is one of
the largest and most respected business groups in India, with
growing global activities and a long-term business view."

"There are significant geographical market and product
synergies, Debu Bhattacharya, Managing Director of Hindalco and
Director of Aditya Birla Management Corp. Ltd., said.  "Novelis
is the global leader in aluminum rolled products and aluminum
can recycling, with a global market share of about 19%.
Hindalco has a 60% share in the currently small but potentially
high-growth Indian market for rolled products. Hindalco's
position as one of the lowest cost producers of primary aluminum
in the world is leverageable into becoming a globally strong
player.  The Novelis acquisition will give us immediate scale
and a global footprint."

The transaction has been unanimously approved by the Boards of
Directors of both companies.  The closing of the transaction is
not conditional on Hindalco obtaining financing.  The
transaction will be completed by way of a plan of arrangement
under applicable Canadian Law.  It will require the approval of
66-2/3% of the votes cast by shareholders of Novelis Inc. at a
special meeting to be called to consider the arrangement
followed by Court approval. The transaction is also subject to
certain other customary conditions, including the receipt of
regulatory approvals.  The transaction will be completed in the
second quarter of 2007.

                 About the Aditya Birla Group

The Aditya Birla Group -- http://www.adityabirla.com/--  
participates in a wide range of market sectors including,
viscose staple fiber, non-ferrous metals, cement, viscose
filament yarn, branded apparel, carbon black, chemicals,
fertilizers, sponge iron, insulators, financial services,
telecom, BPO and IT services.

                       About Hindalco

Headquartered in Mumbai, India, Hindalco Industries Ltd. --
http://www.hindalco.com/-- is structured into two strategic
businesses, aluminum and copper, with 2006 revenues of
approximately US$2.6 billion.  Hindalco's integrated operations
and operating efficiency have positioned the company as Asia's
largest integrated primary producer of aluminum and among the
most cost-efficient producers globally.  Its copper smelter is
the world's largest custom smelter at a single location.
Hindalco stock is publicly traded on the Bombay Stock Exchange
and the National Stock Exchange of India Ltd. Its current market
capitalization is US$4.3 billion.

                        About Novelis

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

                          *     *     *

As of Feb. 13, Novelis Inc. carries these ratings:

Moody's:

   -- Long-Term Corporate Family: B1
   -- Bank Loan Debt: Ba2
   -- Sr. Unsecured Debt: B2
   -- Probability of Default: B1

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: BB-
   -- Long-Term Local Issuer Credit: BB-
   -- Short-Term Foreign Issuer Credit: B-2
   -- Short-Term Local Issuer Credit: B-2


NOVELIS INC: Supplies Aluminum Sheet for 2007 GMC Acadia
--------------------------------------------------------
General Motors Corp. has selected Novelis Inc. to supply
aluminum sheet for the hood of the all-new 2007 GMC Acadia, the
brand's first crossover SUV.

The aluminum sheet for the Acadia will be supplied from Novelis
rolling mills in Oswego, N.Y., and Kingston, Ont.

"The automotive market is a key growth segment for Novelis,"
Buddy Stemple, Vice President and General Manager of
Novelis North America's Specialty Products Group, said.  "The
award of this business signifies the growing demand for light-
weight solutions and further demonstrates our ability to deliver
innovative products and services to the market."

The Acadia is now available in North American showrooms.  Built
on GM's new unibody Lambda platform, the new crossover vehicle
delivers car-like handling and available seating for up to eight
adults.
                        About Novelis

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

                          *     *     *

As of Feb. 13, Novelis Inc. carries these ratings:

Moody's:

   -- Long-Term Corporate Family: B1
   -- Bank Loan Debt: Ba2
   -- Sr. Unsecured Debt: B2
   -- Probability of Default: B1

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: BB-
   -- Long-Term Local Issuer Credit: BB-
   -- Short-Term Foreign Issuer Credit: B-2
   -- Short-Term Local Issuer Credit: B-2


ORAG INTER AG: Creditors' Liquidation Claims Due February 28
------------------------------------------------------------
Creditors of JSC Orag Inter AG-Mitarbeiterstiftung have until
Feb. 28 to submit their claims to:

         Bruno Burkhart
         Liquidator
         JSC Divor
         Tafernstr. 26
         5405 Baden-Dattwil AG
         Switzerland

The Debtor can be reached at:

         JSC Orag Inter AG-Mitarbeiterstiftung
         Baden AG
         Switzerland


ROBERT MEIER + PARTNER: Creditors' Claims Due February 26
---------------------------------------------------------
Creditors of JSC Robert Meier + Partner have until Feb. 26 to
submit their claims to:

         Eva Meier
         Liquidator
         Bungertweg 6
         8155 Niederhasli
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         JSC Robert Meier + Partner
         Regensdorf
         Dielsdorf ZH
         Switzerland


SOMAG IMMOBILIEN: Creditors' Liquidation Claims Due February 28
---------------------------------------------------------------
Creditors of JSC Somag Immobilien have until Feb. 28 to submit
their claims to:

         Bruno Burkhart
         Liquidator
         JSC Divor
         Tafernstr. 26
         5405 Baden-Dattwil AG
         Switzerland

The Debtor can be reached at:

         JSC Somag Immobilien
         Zofingen AG
         Switzerland


TMT TOP MANAGEMENT: Creditors' Liquidation Claims Due March 29
--------------------------------------------------------------
Creditors of JSC TMT Top Management Team have until March 29 to
submit their claims to:

         JSC TMT Top Management Team
         Liquidator
         Hallwyl
         Hallwylstrasse 31
         8004 Zurich
         Switzerland

The Debtor can be reached at:

         JSC TMT Top Management Team
         Hallwyl
         Hallwylstrasse 31
         8004 Zurich
         Switzerland


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


DUBNO FOUNDING: Claims Submission Deadline Set February 25
----------------------------------------------------------
Creditors of OJSC Dubno Founding Mechanical Plant (code EDRPOU
02971529) have until Feb. 25 to submit written proofs of claim
to:

         A. Baranovsky, Liquidator
         Chaykovsky Str. 17
         61024 Kharkov
         Ukraine
         Tel: (0570) 715-63-62

The Economic Court of Rovno commenced bankruptcy proceedings
against the company on Jan. 18 after finding it insolvent.  The
case is docketed under Case No. 8/74.

The Court is located at:

         The Economic Court of Rovno
         Yavornitski Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         OJSC Dubno Founding Mechanical Plant
         Grushevsky Str. 134
         Dubno District
         35604 Rovno
         Ukraine


ORDZHONIKIDZE ATP 11484: Asset Sale Slated for February 27
----------------------------------------------------------
The Agency on Bankruptcy in Donetsk and the Liquidator of OJSC
Ordzhonikidze ATP 11484 set for public auction the company's
properties at 11:00 a.m. on Feb. 27 at:

         Komsomolsky Avenue 8
         Donetsk
         Ukraine

Interested participants have until Feb. 22 to deposit UAH17 to:

         Account 260077397
         MFO 335076
         OJSC Rayffayzen
         Aval
         Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Ordzhonikidze ATP 11484
         Lomizov Str. 1
         Mariupol
         Zaporozhje
         Ukraine


PRIVATBANK CJSC: Fitch Rates UK SPV Credit's Bond Issue at B/RR4
----------------------------------------------------------------
Fitch Ratings assigned U.K. SPV Credit Finance PLC's
US$500 million issue of 8% notes due February 2012 final ratings
of Recovery 'RR4' and Long-term 'B'.

The notes are used for the sole purpose of financing a loan from
the SPV to Ukraine-based CJSC Privatbank, rated Issuer Default
'B' with a Positive Outlook, Short-term 'B', Individual 'D' and
Support '4'.  Privat unconditionally and irrevocably guarantees
the payment of principal and interest under the notes.

Privat is the largest bank in Ukraine by total assets, equity,
retail deposits and number of branches.  Four individuals own
around 95% of the bank.  Members of its management hold the
remaining 5%.


TAS-INVESTBANK: Moody's Places Ratings on Review & May Upgrade
--------------------------------------------------------------
Moody's Investors Service assigned B2/Not-Prime long- and short-
term global local currency deposit ratings to Ukrainian
institution, TAS-Kommerzbank, and has simultaneously:

   (i) placed the B2/Not-Prime long- and short-term global local
       currency ratings TAS-Kommerzbank and TAS-Investbank and
       A3.ua National Scale Rating of TIB together with its B2
       long-term local currency debt rating on review for
       possible upgrade; and

  (ii) assigned positive outlooks to both banks' B2 long-term
       foreign currency deposit ratings.

The ratings assigned to TKB are based on the bank's fundamental
credit strength, and pertain only to local currency obligations.
Moreover, the ratings do not reflect any transfer risk and are
therefore neither constrained by the B2 foreign currency deposit
ceiling for Ukraine, nor directly comparable with the published
foreign currency ratings of other Ukrainian financial
institutions.

Moody's simultaneous placing of the banks' ratings on review for
upgrade and assignment of positive outlooks to their long-term
foreign currency deposit ratings is prompted by the recent
announcement by Sweden's leading retail bank, Swedbank, (rated
Aa3/Prime-1/B) of its intention to acquire a 100% stake in TKB.
Although TIB is a different legal entity and operates under a
separate banking license in Ukraine, its ratings have also been
influenced, given that TKB is planned to be acquired together
with its 100% equity investment in TIB which has been fully
consolidated into TKB's IFRS accounts from 2005.  The
transaction is subject to regulatory approval in Ukraine and
will be finalized in the second half of 2007.

The E+ financial strength ratings of both banks as well as their
short-term foreign currency deposit ratings of Not Prime are
affirmed.

According to Moody's, these rating actions reflect an increased
likelihood of support from the financially sound and experienced
new controlling shareholder.  Successful closure of the
transaction would result in a substantial uplift of TKB's and
TIB's global local currency deposit and debt ratings (subject to
Ukraine's current Baa1 local currency deposit ceiling with
stable outlook) and the NSR of TIB, which is the main rationale
for placing these ratings on review for possible upgrade.

However, Moody's has assigned positive outlooks to the banks'
global foreign currency deposit ratings, given the presently
only minor upward potential for these ratings, given Ukraine's
relatively low current foreign currency deposit ceiling of B2
with positive outlook.  Should Moody's assessment of foreign
currency transfer risk in Ukraine remain unchanged by the time
the acquisition is finalized, the foreign currency deposits
ratings of TKB and TIB would remain at the same level, but at
the same time would become constrained by Ukraine's foreign
currency deposit ceiling and would be most likely to follow its
future swings.

Headquartered in Kyiv, Ukraine, TKB reported total consolidated
assets of US$852 million as of July 31, 2006, according to the
most recent IFRS accounts reviewed by the auditors.


TAS-KOMMERZBANK: Swedbank AB Acquires Firm for US$985 Million
-------------------------------------------------------------
Swedbank AB has agreed to acquire TAS-Kommerzbank JSCB for up to
US$985 million to tap the rapid growth in the Ukrainian market,
according to published reports.

TAS-Kommerzbank will receive around US$735 million, including a
US$50-million capital injection.  TAS could also receive another
US$250 million in three years depending on its financial
performance, The Associated Press says.

The acquisition is part of Swedbank's expansion strategy in
Eastern Europe, where economic growth is higher and competition
less intense than in Scandinavia, Bloomberg News suggests.

"We invest in a bank geared for rapid growth with an experienced
management commitment to our agreed strategy," Jan Liden,
Swedbank's Chief Executive, said.

Swedbank, a market leader in the Baltic countries through its
Hansabank unit, will capitalize on its experience to steer its
Ukrainian expansion, the Associated Press relays.  The bank
wants to take advantage of Ukraine's growing economy, which
posted a seven percent growth in 2006 to US$105 billion,
Bloomberg News adds.

"TAS is yet another step to enhance growth for Swedbank
following our success in the Baltic countries," Carl Eric
Stalberg, Swedbank's Chairman, said.  "Ukraine is an important
tiger economy with impressive growth rate and positive
development."

"This is interesting from a strategic point of view due to low
penetration of banking products and high GDP growth," Kim Bergoe
of Fox-Pitt, Kelton Ltd., who rates Swedbank "in-line," told
Bloomberg.

The transaction, which is yet to receive regulatory approval,
will be completed in the second half of 2007.

                       About Swedbank AB

Headquartered in Stockholm, Sweden, Swedbank AB --
http://www.swedbank.com/ -- offers a range of financial
products and services for consumers, businesses, organizations,
municipalities and county councils.

                      About TAS-Kommerzbank

Headquartered in Kiev, Ukraine, TAS-Kommerzbank JSCB --
http://www.tas-investment.com.ua/-- provides financial services
involving utilization of high-end technologies and attraction of
the best experts available on the financial market.  The company
is Ukraine's 13th largest bank based on total loans and one of
the faster growing in the retail segment.  The bank has 170
branches and 2,300 employees, serving over 100,000 retail and
9,000 corporate clients.  TAS reported total consolidated assets
of US$852 million as of July 31, 2006 according to the most
recent IFRS accounts reviewed by the auditors.


TAS-KOMMERZBANK: Moody's Puts B2/Not-Prime Local Currency Rating
----------------------------------------------------------------
Moody's Investors Service assigned B2/Not-Prime long- and short-
term global local currency deposit ratings to Ukrainian
institution, TAS-Kommerzbank, and has simultaneously:

   (i) placed the B2/Not-Prime long- and short-term global local
       currency ratings TAS-Kommerzbank and TAS-Investbank and
       A3.ua National Scale Rating of TIB together with its B2
       long-term local currency debt rating on review for
       possible upgrade; and

  (ii) assigned positive outlooks to both banks' B2 long-term
       foreign currency deposit ratings.

The ratings assigned to TKB are based on the bank's fundamental
credit strength, and pertain only to local currency obligations.
Moreover, the ratings do not reflect any transfer risk and are
therefore neither constrained by the B2 foreign currency deposit
ceiling for Ukraine, nor directly comparable with the published
foreign currency ratings of other Ukrainian financial
institutions.

Moody's simultaneous placing of the banks' ratings on review for
upgrade and assignment of positive outlooks to their long-term
foreign currency deposit ratings is prompted by the recent
announcement by Sweden's leading retail bank, Swedbank, (rated
Aa3/Prime-1/B) of its intention to acquire a 100% stake in TKB.
Although TIB is a different legal entity and operates under a
separate banking license in Ukraine, its ratings have also been
influenced, given that TKB is planned to be acquired together
with its 100% equity investment in TIB which has been fully
consolidated into TKB's IFRS accounts from 2005.  The
transaction is subject to regulatory approval in Ukraine and
will be finalized in the second half of 2007.

The E+ financial strength ratings of both banks as well as their
short-term foreign currency deposit ratings of Not Prime are
affirmed.

According to Moody's, these rating actions reflect an increased
likelihood of support from the financially sound and experienced
new controlling shareholder.  Successful closure of the
transaction would result in a substantial uplift of TKB's and
TIB's global local currency deposit and debt ratings (subject to
Ukraine's current Baa1 local currency deposit ceiling with
stable outlook) and the NSR of TIB, which is the main rationale
for placing these ratings on review for possible upgrade.

However, Moody's has assigned positive outlooks to the banks'
global foreign currency deposit ratings, given the presently
only minor upward potential for these ratings, given Ukraine's
relatively low current foreign currency deposit ceiling of B2
with positive outlook.  Should Moody's assessment of foreign
currency transfer risk in Ukraine remain unchanged by the time
the acquisition is finalized, the foreign currency deposits
ratings of TKB and TIB would remain at the same level, but at
the same time would become constrained by Ukraine's foreign
currency deposit ceiling and would be most likely to follow its
future swings.

Headquartered in Kyiv, Ukraine, TKB reported total consolidated
assets of US$852 million as of July 31, 2006, according to the
most recent IFRS accounts reviewed by the auditors.


TECHNICAL CONSTRUCTION: Claims Submission Deadline Set Feb. 23
--------------------------------------------------------------
Creditors of LLC Technical Construction Assembling Project (code
EDRPOU 33350394) have until Feb. 25 to submit written proofs of
claim to:

         Vasily Redko, Liquidator
         Mayakovsky Str. 69-a, ap. 6
         02232 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Dec. 26, 2006, after finding it
insolvent.  The case is docketed under Case No. 43/871.

The Court is located at:

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

The Debtor can be reached at:

         LLC Technical Construction Assembling Project
         Shevcov Str. 1
         Kiev
         Ukraine


VVD LLC: Claims Submission Deadline Set March 2
-----------------------------------------------
Creditors of LLC VVD (code EDRPOU 22910056) have until March 2
to submit written proofs of claim to:

         Sergey Yavorsky, Liquidator
         Moskovskaya Str. 7
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 19 after finding it insolvent.  The
case is docketed under Case No. 15/779-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC VVD
         Moskovskaya Str. 7
         01010 Kiev
         Ukraine


YUNA-A CJSC: Claims Submission Deadline Set March 2
---------------------------------------------------
Creditors of CJSC Yuna-A (code EDRPOU 24099405) have until
March 2 to submit written proofs of claim to:

         Bogdan Yarynko, Liquidator
         40 Years of October Avenue 48
         03039 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/383-b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC YUNA-A
         Tupolev Str. 16-I
         04128 Kiev
         Ukraine


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


ASHWIN LTD: Appoints Sabia S. Sahota as Liquidator
--------------------------------------------------
Sabia S. Sahota of BBK Partnership was appointed liquidator of
Ashwin Ltd. (t/a L'Homme) on Feb. 1 for the creditors' voluntary
winding-up procedure proceeding.

The liquidator can be reached at:

         Sabia S. Sahota
         BBK Partnership
         1 Beauchamp Court
         Victors Way
         Barnet
         Hertfordshire
         EN5 5TZ
         England


AUSTIN HAMILTON: High Court Upholds Winding-Up Petition
-------------------------------------------------------
The High Court of England and Wales ordered the winding up of
Austin Hamilton Associates Ltd., following an investigation by
the Companies Investigation Branch of the Insolvency Service.

Austin Hamilton induced clients to sign up for its services by
offering a no-win-no-fee arrangement.  Its clients paid an
advance fee of GBP299, which was stated to be refundable in the
event that the compensation claim did not succeed.

The investigation found the company to be insolvent and to be
retaining and using as working capital the compensation awards
it had collected on behalf of a number of its clients.  It had
also failed to refund the advance fees paid by those clients
whose compensation claims proved unsuccessful.

In winding the company up, the High Court held that there was a
serious risk to creditors and to the public should the company
be allowed to continue to trade.

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

The petition to wind up the company in the public interest was
presented on Dec. 18, 2006.  The Official Receiver was appointed
as provisional liquidator of the company on Jan. 23.  The
company went into compulsory liquidation on Feb. 1.


BAA PLC: Declares Lack of Interest in Selling Airports
------------------------------------------------------
BAA plc responded to the U.K. Office of Fair Trading's
consultation paper, published on Dec. 12, 2006, in which it
signaled its intention to refer the supply of airport services
by BAA to the Competition Commission for more detailed
investigation.

"I welcome the opportunity to have a thorough review of the U.K.
airport market, but I am concerned at the OFT's narrow focus on
the structure of BAA.  The real problem for passengers is lack
of capacity, not the structure of BAA.  This shortfall is the
result of a complex interplay of political, planning and
environmental issues, all of which need examination.  There is a
great opportunity over the coming years to deliver dramatic
improvements for passengers using our airports, but this
requires a regulatory system that encourages investment.  I do
not believe the current regulatory model in the South East fits
this purpose," Stephen Nelson, chief executive of BAA,
commented.

BAA accepts that the airport market deserves study, but believes
the OFT has adopted an uncritical approach to many of the issues
raised in the report.  In many key respects the market study, as
it currently stands, is a weak basis for reference.

More importantly, the market study does not set out a compelling
case that BAA's airports can compete more significantly, and
serve the consumer interest better, under separate ownership.

BAA has been invited to offer undertakings in lieu of a
reference.  Because of BAA's strong belief that separate
ownership will not address the core problems facing airports in
the South East, BAA does not consider it appropriate to offer
such undertakings.  There is, accordingly, no intention on the
part of BAA to sell any of its airports.

As previously reported in the TCR-Europe on Dec. 13, 2006, the
OFT market study has found:

   -- in the South East, BAA's airports handle 90% of
      passenger trips, and these airports could under
      separate ownership compete to attract air passengers;

   -- evidence of poor customer satisfaction;

   -- significant investment at airports in the South East
      of England is planned.  Without competition --
      investment could be inefficient -- costly for
      air passengers and for the U.K.;

   -- BAA's Scottish airports which carry over 80% of
      Scottish air passengers, are not price regulated,
      and charges to airlines are higher than Gatwick
      and Stansted;

   -- Glasgow, which faces some competition from Prestwick,
      has had the largest price decreases of BAA's airports
      in Scotland; and

   -- the study also found further evidence that
      competition between independently owned airports --
      such as Liverpool and Manchester -- leads to improved
      value for air travelers.

BAA owns Heathrow, Gatwick, Stansted and Southampton in South
East England, and Edinburgh, Glasgow and Aberdeen in Scotland.
These airports have an annual turnover of GBP2 billion and
handle over 60% of all air passengers in the U.K.

                         About BAA Plc

Headquartered in London, United Kingdom, BAA plc --
http://www.baa.com/-- owns and operates seven airports in the
United Kingdom, including Healthrow, the world's busiest
international airport, and Budapest Airport, serving 700
destination by around 300 airlines.  Its airports in the U.K.
handled over 117 million international passenger during the 12
months up to October 2005.  International passengers make up 81%
of its total U.K. airport traffic.  BAA had total assets of
GBP15.2 billion and pre-tax profits of GBP757 million for the
year ended March 31, 2006.

                        *     *     *

As of Feb. 6, BAA Plc carries these ratings from Moody's:

   -- Issuer Rating: Ba1
   -- GBP425-million convertible bonds due August 2009: Ba1
   -- GBP424-million convertible bonds due April 2008: Ba1
   -- GBP200-million 7.875% bonds due February 2007: Ba1


BAUSCH & LOMB: Files 2005 Annual Report with U.S. SEC
-----------------------------------------------------
Bausch & Lomb Inc. filed its annual report on Form 10-K for the
year ended Dec. 31, 2005, with the Securities and Exchange
Commission on Feb. 7, 2007.

The company was unable to timely file its 2005 Annual Report due
to:

   -- ongoing independent investigations conducted by the Board
      of Directors' Audit Committee;

   -- expanded year-end procedures that were not complete;

   -- expanded procedures with respect to the accounting for
      income taxes that were not complete; and

   -- continued efforts to complete the company's assessment of
      its internal control over financial reporting.

As a result of the Audit Committee's investigations and the
expanded procedures, the company identified errors made in the
application of generally accepted accounting principles that
impacted previously reported financial statements.

Consequently, management determined that it should restate its
previously issued:

   -- consolidated financial statements for fiscal years ended
      Dec. 27, 2003, and Dec. 25, 2004;

   -- financial information for the fiscal years ended 2001 and
      2002 (including a cumulative increase to 2001 beginning
      retained earnings of US$34,000,000); and

   -- financial reports for the first and second quarters of
      2005.

The company included the restated financial statements for the
years 2003 and 2004 in the 2005 annual report.

                         Financials

For the year ended Dec. 31, 2005, the company reported
US$19,200,000 of net income on US$2,353,800,000 of net sales,
compared with US$153,900,000 of net income on US$2,233,500,000
of net sales for the fiscal year ended Dec. 25, 2004.

At Dec. 31, 2005, the company had US$3,416,400,000 in total
assets, US$2,108,000,000 in total liabilities, and
US$1,283,900,000 in total shareholders' equity.

A full-text copy of the company's 2005 annual report is
available for free at http://ResearchArchives.com/t/s?19c0

Headquartered in Rochester, New York Bausch & Lomb Inc. --
http://www.bausch.com/-- develops, manufactures, and markets
eye health products, including contact lenses, contact lens care
solutions, and ophthalmic surgical and pharmaceutical products.
The company is organized into three geographic segments: the
Americas; Europe, Middle East, and Africa; and Asia (including
operations in India, Australia, China, Hong Kong, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan and Thailand).  In
Europe, the company maintains operations in Austria, Germany,
the Netherlands, Spain, and the U.K., among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
Moody's Investors Service downgraded Bausch & Lomb Inc.'s senior
unsecured debt to Ba1 and continues to review all ratings for
possible downgrade.  Moody's also assigned the company a Ba1
Corporate Family Rating.


BEDFORD & JENNINGS: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------------
Creditors of Bedford & Jennings Ltd. confirmed on Feb. 6 the
appointment of Amanda Janice Ireland of McCabe Ford Williams as
liquidator of the company.

The liquidator can be reached at:

         Amanda Janice Ireland
         Bank Chambers
         1 Central Avenue
         Sittingbourne
         ME10 4AE
         England


BRITISH AIRWAYS: GMB Union Rejects Pension Offer; Warns Strike
--------------------------------------------------------------
British Airways Plc is facing another potential strike action
after the GMB Union, representing 4,500 baggage handlers and
check-in staff at BA, rejected a proposed deal that would cut
the airline's GBP2.1-billion pension deficit, Bloomberg News
reports.

GMB members "believe that the current pension offer favors the
highest paid workers in BA at the expense of the lowest paid,"
Ed Blissett, a GMB negotiator, was quoted by Bloomberg as
saying.

He added that the union is considering a negotiated settlement
with the carrier so as not to cause any inconvenience to the
traveling public although an industrial action ballot is still a
possibility if talks fail.

However, according to Adrian Howard, a spokesman for British
Airways Pensions Trustees, the new pension scheme will be put
into effect as negotiations, which led to the deal, were 100% in
the best interests of the majority.

Mr. Blissett and GMB General Secretary Paul Kenny will meet
today with BA Chief Executive Willie Walsh at Heathrow, to
discuss the result of the consultation ballot and progress
outstanding items.

                  New Airways Pension Scheme

As previously reported in the TCR-Europe on Feb. 9, British
Airways Plc and the trustees of the New Airways Pension Scheme
have formally agreed the funding plan including benefit changes
to tackle the GBP2.1-billion deficit in the scheme.

The plan, which was agreed in principle with the trustees last
year, includes annual company contributions of some GBP280
million for the next ten years and a one-off cash injection of
GBP800 million.  It also includes benefit changes to take effect
from April 1 and an additional GBP150 million in cash over the
next three years, subject to the airline's financial
performance.

The benefit changes will deliver an immediate deficit reduction
of some GBP400 million and a saving of some GBP80 million a
year.

Benefit changes include:

   -- normal retirement age at 60 with an accrual rate of
      1/60 and contribution rates of 8.5%;

   -- normal retirement age at 65 with an accrual rate of
      1/60 and contribution rates of 5.25%;

   -- normal retirement age of 55 with an accrual rate of
      1/60 and contribution rates of 17.5%;

   -- options to buy improved accrual rates;

   -- lifting the cap on total pension contributions from 15
      to 30%;

   -- introducing tax efficient ways of making
      pension contributions;

   -- future pensionable pay rises capped to inflation; and

   -- pension growth in retirement (LPI) remains at 5%.

Staff can still choose to retire earlier than the normal
retirement age but with a reduced pension.

                        About the Company

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

                          *     *     *

As reported in the TCR-Europe on Feb. 7, Moody's Investors
Service changed the outlook on the Ba1 corporate family and Ba2
senior unsecured debt ratings of British Airways Plc and its
guaranteed subsidiaries to positive from negative.


CAFE INTERIORS: Creditors' Meeting Slated for February 20
---------------------------------------------------------
Creditors of Cafe Interiors Ltd. will meet at 2:30 p.m. on
Feb. 20 at:

         The Broadoak Hotel
         69 Broadoak Road
         Ashton under Lyne
         OL6 8QD
         England

A list of the names and addresses of the company's creditors may
be inspected free of charge between 10:00 a.m. and 4:00 p.m. on
Feb. 16 at:

         Cresswall Associates Ltd.
         168 Hesketh Lane
         Tarleton, near Preston
         Lancashire
         PR4 6AT
         England


CHAMBERS WILLS: A. J. Clark Leads Liquidation Procedure
-------------------------------------------------------
A. J. Clark of Carter Clark was appointed liquidator of Chambers
Wills Ltd. on Feb. 2 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         A. J. Clark
         Carter Clark
         Meridian House
         62 Station Road
         North Chingford
         London
         E4 7BA
         England


CONNECT 2: Claims Filing Period Ends April 30
---------------------------------------------
Creditors of Connect 2 (Franchising) Ltd. have until April 30 to
send their names and addresses and particulars of their debts or
claims and the names and addresses of the solicitors (if any),
to:

         Peter A. Blair
         Richard A. B. Saville
         Joint Liquidators
         Begbies Traynor
         Regency House
         21 The Ropewalk
         Nottingham
         NG1 5DU
         England


CORUS GROUP: Tata In Talks with Indian Banks Over Debt Financing
----------------------------------------------------------------
The Export Import Bank of India, Bank of Baroda, ICICI Bank and
Bank of India are in discussions with Credit Suisse, ABN Amro
and Deutsche Bank, the lead financiers and advisors of Tata
Steel Ltd., in the acquisition of Corus Group Plc, regarding a
deal to finance the takeover's US$11.3 billion debt package,
Rajesh Unnikrishnan and Preeti Iyer write for The Economic
Times.

According to the report, the financing is being done with a
debt-equity ratio of nearly 2:1 and Indian banks are likely to
participate only in the senior debt of the tranche.

Tata Steel and its investment bankers are in the process of
finding a mechanism to finance the Corus takeover in which the
key aspect will be setting up loans and fixing a repayment
schedule, The Economic Times relates.

A senior official with the Exim bank revealed that talks
centered on preferred pricing and as to how much can be
mobilized from domestic lenders.

The official added that Exim will consider the deal if the
pricing is appropriate.

"We can lend up to US$110-125 million towards any single
corporate.  We have received enquiries from investment banks
involved in the Tata-Corus deal, to arrange funds to facilitate
the transaction.  It seems, the lead arrangers are trying to
arrange for US$1-2 billion each from a consortium of banks, and
thus reduce their debt exposure," the official was quoted by The
Economic Times.

As previously reported in the TCR-Europe on Jan. 31, Tata Steel
won an auction for Corus over Companhia Siderurgica Nacional
after offering investors 608 pence per share in cash, or GBP5.7
billion (US$11.3 billion).

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the U.K.
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

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

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

At the same time, Standard & Poor's Ratings Services kept its
'BB' long-term corporate credit rating on U.K.-based steelmaker
Corus Group PLC on CreditWatch with developing implications,
after the completion of the auction process, during which India-
based steel manufacturer Tata Steel Ltd. offered the highest bid
of 608 pence per share.


CRYOSYSTEMS LTD: Appoints Administrators from Chantrey Vellacott
----------------------------------------------------------------
William John Turner and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint administrators of
Cryosystems Ltd. (Company Number 03743159) on Jan. 23.

Chantrey Vellacott DFK -- http://www.cvdfk.com/-- provides
accounting, taxation and related advisory services.

The company can be reached at:

         Cryosystems Ltd.
         Eaton House
         Eaton Green Road
         Luton
         Bedfordshire
         LU2 9LD
         England
         Tel: 01582 416 699


CUSTARD EVENTS: Taps David Rubin to Liquidate Assets
----------------------------------------------------
David Rubin of David Rubin & Partners was appointed liquidator
of Custard Events Ltd. on Jan. 31 for the creditors' voluntary
winding-up proceeding.

The liquidator can be reached at:

         David Rubin
         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London
         N12 8LY
         England


DALE EXPRESS: Appoints Tenon Recovery as Joint Administrators
-------------------------------------------------------------
A J Pear and I Cadlock of Tenon Recovery were appointed joint
administrators of Dale Express Transport Ltd. (Company Number
01675942) on Jan. 26.

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

The company can be reached at:

         Dale Express Transport Ltd.
         Twin Bridges Business Park
         232 Selsdon Road
         South Croydon
         Surrey
         CR2 6PL
         England
         Tel: 020 8760 5000
         Fax: 020 8760 0202


DIRECT CATERING: Liquidator Sets March 12 Claims Bar Date
---------------------------------------------------------
Creditors of Direct Catering Fabrications Ltd. have until
March 12 to send their names and address, with particulars of
their debts or claims, and the names and addresses of their
solicitors (if any), to:

         Rosalind Mary Hilton
         Liquidator
         Adcroft Hilton
         269 Church Street
         Blackpool
         Lancashire
         FY1 3PB
         England


EASTMAN KODAK: Details Major Restructuring by End of 2007
---------------------------------------------------------
Eastman Kodak Company has reported significant progress in the
implementation of its digital business strategy, led by new
product introductions across its consumer and commercial
portfolio, the continued integration and growth of its Graphic
Communications Group, and accelerated cost reductions that will
follow the divestiture of its Health Group.

At a meeting with investors, Kodak detailed the plan that it is
following to generate profitable digital growth in 2007 and to
position itself for further success in 2008 and beyond.  The
presentation also covered Kodak's plan to complete its major
business restructuring by the end of 2007, as the company
progresses toward its target business model.  The company
expects that target business model to yield gross profit margins
of 28% to 29% with earnings from operations equal to 8% to 9% of
revenue in 2009.

"During the past three years we have made visible and
significant progress in creating the new Kodak," Eastman Kodak
Company Chairman and Chief Executive Officer Antonio M. Perez
said.

"We have built the industry's leading provider of products and
services for commercial printers, and this week we launched a
long-awaited breakthrough value proposition for consumers in the
inkjet market.  In 2007, we are continuing to move aggressively
to complete the transformation of our business operations and
fully implement a business model which will power our future
success in digital markets."

            Business Units Poised for Profitable Growth

During 2006, the company's Consumer Digital Group made
significant progress in achieving its digital operating model,
delivering a US$132 million improvement in earnings and positive
cash contribution for the year.  For 2007, the company expects
Consumer Digital Group revenues to be steady on a year-over-year
basis, driven by new product introductions in consumer inkjet
and image sensors and growth in the Kodak Gallery and Kodak
Picture Kiosks, partially offset by declines in consumer paper.

The company forecasted improved earnings for CDG, driven by
image sensors, home printing, the Kodak Gallery, Kodak Picture
Kiosks and consumer paper, plus the benefit from the company's
ongoing intellectual property licensing program.

"As an early investor in digital technology, Kodak has amassed a
sizeable amount of extremely valuable intellectual property,"
Mr. Perez said.  "We are committed to generating value from that
asset by using it to drive business partnerships, provide the
company with access to new markets and additional technology,
and to generate earnings and cash."

For 2007, the company expects revenue and earnings from
intellectual property licensing of at least US$250 million.

The Graphic Communications Group continues to remain ahead of
its integration plan and, in 2007, the company expects the
business to grow digital revenue between 6% and 9% with
expanding earnings.  Key areas of profitable growth and market
leadership for GCG include digital plates, inkjet-printing
solutions, document imaging, electrophotographic digital
printing, and workflow software.

                       Financial Priorities

Kodak remains focused on three priorities as it continues to
transform its business: net cash generation, digital earnings
from operations, and digital revenue growth.

For 2007, on a continuing operations basis, Kodak expects net
cash generation (formerly investable cash flow) of US$100
million to US$200 million after restructuring disbursements of
approximately US$600 million and an aggressive introduction plan
for inkjet products.  The company also expects to generate
digital earnings from operations of US$200 million to US$300
million on digital revenue growth of 3% to 5%.

"As we enter the final year of our transformation, we are
focused on completing the restructuring of our traditional
operations, reducing debt, and refining our cost model in order
to create a foundation for sustainable and profitable growth,"
Eastman Kodak Company Chief Financial Officer Frank S. Sklarsky
said.

"We continue to generate sufficient cash in order to fund these
efforts, and also to support the launch of key new products that
will drive our future growth in revenue and earnings."

                 Achieving the Targeted Cost Model

The company has set a goal of building a business model to
achieve sustained success in digital markets, supported by
achieving selling, general, and administrative expenses level
equal to 14% to 15% of revenue by 2009.  For 2006, the company's
selling, general, and administrative expenses level was
approximately 18% of revenue.

"Our manufacturing cost reductions are in the final stages of
implementation," Mr. Sklarsky said.  "We defined what had to be
done and the team has moved aggressively to do it.  We are now
bringing the same focus and intensity to driving reductions in
our SG&A expenses in order to achieve our target business
model."

As part of achieving these cost reductions, the company expects
to make restructuring payments of US$575 million to US$625
million in 2007, with a focus on addressing the anticipated cost
overhang following the completion of its Health Group
divestiture.  By the end of 2007, the company expects to have
made substantial progress in establishing a business model that
will support sustained profitable growth in the digital markets
in which it operates.

                           Job Cuts

Kodak's restructuring program was first announced in January
2004 and updated in July 2005 and August 2006.  As of August
2006, the program anticipated the elimination of 25,000 to
27,000 positions and charges totaling US$3 billion to US$3.4
billion.

During the fourth quarter of 2006, the company eliminated
approximately 1,200 positions, bringing the program's total
to-date to approximately 23,400 positions along with cumulative
charges of US$2.7 billion.

Based on the restructuring and selling, general, and
administrative expenses reduction actions to-date, and an
understanding of the remaining actions to conclude these
activities by the end of 2007, influenced by the divestiture of
the Health Group, the company now expects that the total
employment reductions will be in the range of 28,000 to 30,000
positions and total charges will be in the range of US$3.6
billion to US$3.8 billion.  The company expects that these
actions will allow it to conclude its major restructuring
program by the end of 2007.

"Kodak is now a company comprised of numerous leading digital
businesses with diverse sources of sales and earnings, coupled
with strong intellectual property positions," Mr. Perez said.

"Our dramatic operational improvements during the past three
years have created a solid foundation from which Kodak will
become a growing digital company with innovative new products
and services, attractive margins and strong cash generation."

                      About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK) -- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
Moody's Investors Service reviewed Eastman Kodak Company's
ratings for possible downgrade including Corporate Family Rating
at B1, Senior Unsecured Rating at B2, and Senior Secured Credit
Facilities at Ba3.


ECOFLO LTD: Taps Begbies Traynor to Administer Assets
-----------------------------------------------------
Ian Edward Walker and James Patrick Nicholas Martin of Begbies
Traynor were appointed joint administrators of Ecoflo Ltd.
(Company Number 04721502) on Jan. 24.

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

The company can be reached at:

         Ecoflo Ltd.
         Unit 5
         Yalberton Road
         Paignton
         Devon
         TQ4 7PJ
         England
         Tel: 01803 521 415


EUROSAIL UK: Fitch Puts Low-B Ratings to GBP18.2-Million Notes
--------------------------------------------------------------
Fitch Ratings assigned expected ratings to Eurosail U.K. 07-1 NC
Plc's GBP700 million equivalent mortgage-backed floating-rate
notes due 2026 and 2045, as follows:

   -- GBP217 million Class A1, due 2026: 'AAA';
   -- GBP152.6 million Class A2, due 2045: 'AAA';
   -- GBP231 million Class A3, due 2045: 'AAA';
   -- Class A3c detachable coupons, due 2010: 'AAA';
   -- GBP44.8 million Class B, due 2045: 'AA';
   -- GBP28.35 million Class C, due 2045: 'A';
   -- GBP20.65 million Class D1, due 2045: 'BBB';
   -- GBP5.6 million Class E1c, due 2045: 'BB';
   -- GBP16.1 million Class DTc, due 2045: 'BBB';
   -- GBP9.1 million Class ETc, due 2045: 'BB'; and
   -- GBP3.5 million Class FTc, due 2045: 'B'.

The final ratings are contingent upon receipt of final documents
conforming to information already received.

This transaction is a securitization of prime and near-prime
residential mortgages originated and located in the UK.  The
expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Southern Pacific Mortgage Ltd., GMAC-RFC, and Preferred
Mortgages Ltd. and the transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 14.85%,
provided by the subordination of the Class B notes, the Class C
notes, the Class D1 notes, the Class E1c notes, and an initial
and target reserve fund of 0.65%.

The Class DTc, ETc and FTc notes will also be issued and will be
repaid solely by excess spread available in the transaction.

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 can retire principal by legal final maturity.


FASHION LONDON: Appoints Alan Bradstock as Liquidator
-----------------------------------------------------
Alan Bradstock of Langley Group LLP was appointed liquidator of
Fashion (London) Ltd. (t/a The Outlet) on Jan. 26 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Alan Bradstock
         Langley Group LLP
         Langley House
         Park Road
         East Finchley
         London
         N2 8EX
         England


FLOWER SCENTS: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of Flower Scents Ltd. confirmed on Feb. 1 the
appointment of Martin Paul Halligan of MPH Recovery as
liquidator of the company.

The liquidator can be reached at:

         Martin Paul Halligan
         MPH Recovery
         9 Campus Road
         Listerhills Science Park
         Bradford
         BD7 1HR
         England


GOLDEN HILL: Names Stephen John Tancock Liquidator
--------------------------------------------------
Stephen John Tancock of Smith & Williamson Ltd. was appointed
liquidator of Golden Hill Plants Ltd. on Feb. 5 for the
creditors' voluntary winding-up proceeding.

The liquidator can be reached at:

         Stephen John Tancock
         Smith & Williamson Ltd.
         1st Floor
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England


GOODROCK CONSTRUCTION: Joint Liquidators Take Over Operations
-------------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint liquidators of Goodrock Construction Ltd. on
Feb. 5 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Christopher Herron
         Nicola Jayne Fisher
         Herron Fisher
         16 The Avenue
         Eastbourne
         East Sussex
         BN21 3YD
         England


HILTON HOTELS: Fights Accor for Newly Sold Macdonald Hotels
-----------------------------------------------------------
Hilton Hotels Corp. is competing with French rival Accor for the
contract to run 24 of the former Macdonald hotels acquired by
Moorfield Real Estate, the Scotsman reports.

Accor plans to convert the hotels to its Mercure brand, whereas
Hilton intends to establish its DoubleTree brand for the first
time in Europe through the hotels, the Scotsman states.

Moorfield, which purchased the properties for about GBP400
million, said upon acquisition that it would let Macdonald run
the hotels on an interim basis pending the result of a three-way
bidding process among "two international hotel companies" and
Macdonald, The Times relates.

                           About Accor

Based in Cedex, France, Accor -- http://www.accor.com/-- is a
global leader in corporate services that operates in nearly 100
countries with 160,000 employees.  It offers to its individual
and corporate clients nearly 40 years of expertise in its two
core businesses, Hotels and Services to corporate clients and
public institutions.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.

Hilton Hotels also operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands, Sweden, Indonesia, Australia, Austria,
India, Philippines, Vietnam.


INDEPENDENT NEWS: APN Board Accepts AUD6.10 Per Share Offer
-----------------------------------------------------------
The Board of Independent News & Media PLC disclosed that the
board of APN News & Media Ltd., in which INM has a 41.6%
shareholding, has recommended an all-cash revised offer of
AUD6.10 per share for the entire issued share capital of APN
recently made by INM, in conjunction with Providence Equity
Partners and The Carlyle Group.

This recommended offer values APN at AUD3.8 billion (around
EUR2.3 billion) and will be funded by a combination of equity
subscription and debt.

Upon completion of the deal, INM will hold a 35% economic
interest in the consortium -- which it will account for as an
associate -- with Providence at 37.5% and Carlyle at 27.5%.  To
reflect the continued primary role of INM within the operations
of APN, INM will hold the largest voting interest (c. 39.3%) and
will have preferential rights on exit by the other Consortium
members.

                Scheme Implementation Agreement

APN entered into a Scheme Implementation Agreement with
Independent News & Media (Australia) Ltd., the Consortium
acquisition vehicle.  A Scheme of Arrangement requiring the
approval of APN shareholders and approval by the Court will
implement the acquisition.

An independent committee of the Board of APN formed to assess
the proposal recommends that shareholders vote in favor of it,
in the absence of a superior proposal.  Ted Harris chaired the
subcommittee that negotiated with the consortium and its other
members were Sir Wilson Whineray and Kevin Luscombe.

Mr. Harris said the recommendation of the committee is supported
by the full APN Board, and all independent directors intend to
vote in favour of the offer in respect of APN shares they own or
control.

In reaching its recommendation, Mr. Harris said the committee
placed particular emphasis on:

   -- APN's closing share price on Oct. 20, 2006, was AUD5.43,
      the day of the first approach by the Consortium;

   -- the offer of AUD6.10 represents a 21.3% premium to the 30-
      day VWAP of AUD5.03 prior to the introduction of media
      legislation into Parliament on Sept. 14, 2006, and a 17.1%
      premium to the 30-day VWAP prior to Oct. 20, 2006, of
      AUD5.21;

   -- the offer is at a significant premium to research
      analysts' valuations immediately preceding speculation of
      an offer from the Consortium;

   -- INM's existing 41.6% shareholding and its stated intention
      that it would not otherwise sell out of APN means a
      competing proposal is highly unlikely; and

   -- the offer represents a multiple of 13.0 times estimated
      2006 attributable EBITDA.  This multiple compares
      favorably with multiples for comparable recent media
      transactions.

"After negotiating the increase from the initial proposal of
AUD6.02 per share to a final offer of AUD6.10, the independent
committee has formed the view that the increased offer is in the
shareholders' best interests and we recommend all shareholders
vote in favor of the proposal," Mr. Harris said.

The offer, which is inclusive of any final dividend that might
be paid, values APN at AUD3.8 billion on an enterprise value
basis, representing a multiple of 13 times estimated
attributable EBITDA for the 12 months ended Dec. 31, 2006.

The proposal is subject to a number of customary conditions,
including approval by the FIRB in Australia and the New Zealand
Overseas Investment Office.

APN's full year earnings announcement is scheduled for Feb. 20,
but in the circumstances, APN advises that it estimates 2006
consolidated EBITDA of AUD348 million.  Excluding the impact of
minority interests, attributable EBITDA is expected to be AUD292
million.  These figures are unaudited and have not been reviewed
by the APN Audit Committee, but are provided to allow
shareholders to make an informed comparison with relevant,
recently announced media transactions.  APN expects that
2006 earnings per share will be in line with previous guidance,
namely in excess of a 5% increase on the prior year.

Attributable EBITDA is Consolidated EBITDA after excluding the
minority interest in EBITDA generated by the non-wholly owned
businesses, the EBITDA of the Security Printing business which
was sold during 2006 and adding back APN's share of depreciation
and amortization from its associates not otherwise included in
consolidated EBITDA.

                            Too Low

The increased offer, however, may fail to attract APN's other
shareholders, who include 14.8% stakeholder Perpetual
Investments and 8.14% owner Maple Brown Abbott, the Wall Street
Journal reports.  Perpetual and Maple Brown, WSJ suggests, will
play a role in the shareholder meeting to consider the bid.
Independent News will be excluded from the vote.

"It's not the right price," John Sevior, a fund manager at
Perpetual Investments, said.  "For a takeover bid, it is just
too low," Mr. Sevior said.

Under Australian takeover rules, a scheme of arrangement
requires the support of 75% of shares voted along with 50% of
shareholders, WSJ relays.

Traders also view INM's new offer as low, considering recent
high profile deals in the media sector like Publishing &
Broadcasting Ltd. with CVC Asia Pacific; and Seven Network Ltd.
with Kohlberg Kravis Roberts & Co, WSJ reports.

Analysts from Merrill Lynch noted in January that INM may have
to offer AUD6.50 a share to gain shareholder support.

A person privy with the matter told WSJ that INM isn't overly
concerned about Perpetual's view, because, as noted by analysts,
the consortium, given INM's large stake, is unlikely to face a
rival bidder for APN.

Meanwhile, Stuart Draper of Dolmen Securities called the deal
"excellent" for INM.

"It makes a lot of sense," Mr. Draper said.  "It removes APN
debt from Independent's balance sheet and should give surplus
capital of around EUR400 million."

Once the deal is signed, INM will cut its stake in APN to 35%,
freeing up around AUD600 million in capital, which will be used
to expand internationally, WSJ relays.

                       About the Company

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and
Communications group, with its main interests in Australia,
India, Ireland, New Zealand, South Africa and the United
Kingdom.  The Group publishes over 175 newspaper and magazine
titles and operates 132 radio stations.

The Group manages gross assets of EUR4 billion, revenue of
EUR1.8 billion and employs around 10,300 people worldwide.

                        *     *     *

In a TCR-Europe report in January, Fitch Ratings placed
Independent News & Media Plc's Issuer Default rating of 'BB-' on
Rating Watch Evolving following the announcement of a leveraged
buyout of its 41% subsidiary APN News & Media Ltd.


IWM LEGAL: Brings In Liquidator from Stonham.Co
-----------------------------------------------
E. J. Stonham of Stonham.Co was appointed liquidator of IWM
Legal Services Ltd. (formerly PCS Legal Services Ltd.) on Feb. 1
for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         E. J. Stonham
         Stonham.Co
         13 Southgate
         Chichester
         West Sussex
         PO19 1ES
         England


KATZ & CO: Claims Registration Ends March 31
--------------------------------------------
Creditors of Katz & Co (Folkestone) Ltd. have until March 31 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Feb. 2.


MCDOWALL CONTRACTORS: Enters Receivership with 46 Job Losses
------------------------------------------------------------
Western Isles, Scotland-based civil engineering firm McDowall
Contractors Ltd. has gone into receivership leaving 46 employees
jobless, BBC News reports.

Kroll Ltd., the company's receivers, said there was interest
from potential new owners.

Kroll, however, emphasized that they still have to wait until
next week to determine whether this would proceed.

The civil engineering firm retained 17 staff to fulfill existing
contracts.


N A C PLASTICS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of N A C Plastics Ltd. confirmed on Feb. 1 the
company's resolutions for voluntary liquidation and the
appointment of John Russell and Andrew Philip Wood of The P&A
Partnership as joint liquidators.

The joint liquidators can be reached at:

         The P&A Partnership
         93 Queen Street
         Sheffield
         S1 1WF
         England


NASDAQ STOCK: Fails in US$5.3-Bln Bid for London Stock Exchange
---------------------------------------------------------------
Nasdaq Stock Market Inc. failed in its bid to takeover the
London Stock Exchange PLC.  LSE shareholders rejected Nasdaq's
US$5.3 billion bid on Feb. 10, 2007, reports say.

Nasdaq said that only 0.41% of LSE's ordinary shares were
tendered and accepted.  Its existing 28.75% share of LSE's stock
plus the newly accepted shares fell short of the 50% it needed
to begin taking control of the London exchange.

Nasdaq Chief Executive Officer Bob Greifeld, in a statement to
the media, said, "Nasdaq will continue to pursue other
opportunities to build on its existing position as the world's
largest electronic equities exchange and we look forward to
maintaining our strong track record of creating shareholder
value through our industry-leading business model and strategy."

According to various news articles, the LSE is in talks with the
Tokyo Stock Exchange to explore a strategic alliance.

LSE previously indicated that Nasdaq's $24.42 offer is too low.
Nasdaq, on the other hand, refused to up the ante because it
believes that LSE's stock is overvalued.

The Nasdaq Stock Market Inc. -- http://www.nasdaq.com/-- is the
largest electronic equity securities market in the United States
with approximately 3,200 companies.

                          *     *     *

In December 2006, Standard & Poor's Rating Services lowered its
long-term counterparty credit rating on The Nasdaq Stock Market
Inc. to 'BB' from 'BB+'.  S&P affirmed the 'BB+' rating on
Nasdaq's existing bank loan facility, which financed the initial
29% stake in the London Stock Exchange, and revised the Recovery
Rating to '1' from '2'.  The ratings were removed from
CreditWatch Negative where they were placed on Nov. 20, 2006.
S&P said the outlook is stable.

At the same time, Standard & Poor's assigned its 'BB+' bank loan
rating to $750 million senior secured Term Loan B, $2 billion
senior secured Term Loan C, and $75 million revolver issued by
Nasdaq, as well as the $500 million senior secured Term Loan C
issued by Nightingale Acquisition Ltd., a U.K.-based subsidiary
of Nasdaq.

The rating agency assigned a Recovery Rating of '1', which
indicates full recovery of principal in the event of default.

In addition, Standard & Poor's assigned its 'B+' rating to
$1.75 billion senior unsecured bridge loan issued by Nasdaq and
NAL.

Moody's Investors Service assigned in April 2006 ratings to
three bank facilities of The Nasdaq Stock Market Inc.: a
$750 million Senior Secured Term Loan B, a $1.1 billion Secured
Term Loan C, and a $75 million Senior Secured Revolving Credit
Facility.  Moody's said each facility is rated Ba3 with a
negative outlook.


NASDAQ STOCK: Moody's Confirms Ba3 Rating on Strong Performance
---------------------------------------------------------------
Moody's Investors Service confirmed the Ba3 ratings of The
NASDAQ Stock Market, Inc., following NASDAQ's Feb. 10,
announcement that its Final Offer to acquire all of the common
shares of the London Stock Exchange Group PLC has lapsed.
NASDAQ's rating outlook is stable.  This concludes Moody's
review that commenced on Nov. 20, 2006.

The stable outlook on the Ba3 ratings reflects the operational
improvements achieved by NASDAQ in the last several years,
including the strong performance in 2006.  Though event risk
associated with the LSE stake continues to be present, over the
past three years NASDAQ has reengineered its businesses and
reclaimed market share in trading of NASDAQ-listed securities.
As a result, the firm is generating improved cash flow, which
the firm can apply to debt reduction if it chooses.  However,
there remains uncertainty about how the firm will deploy its
improving free cash flow, as the global exchange industry
consolidates.

"The major unknown regarding future debt levels at NASDAQ is its
role in the ongoing domestic and global consolidation of trading
platforms," said Moody's Senior Vice President Peter Nerby. "The
company is an aggressive consolidator and we expect this to
continue."

The potential for upward movement in NASDAQ's ratings is
limited, reflecting the possibility that NASDAQ may initiate
another debt-financed offer to acquire the LSE in the future.
This event risk limits the upward potential in NASDAQ's ratings,
even if operating performance and leverage measures improve
during 2007.

Moody's regards NASDAQ's 28.75% stake in the LSE as a long-term
strategic investment, which Moody's believes the company intends
to hold. However, in the event that the position was sold,
proceeds would likely be used to reduce indebtedness, which
would sharply improve NASDAQ's credit metrics, including
leverage and coverage measures. However, NASDAQ's current
Debt/EBITDA ratio of 4.9x (based on 3Q06 annualized EBITDA) is
high for a Ba3-rated company.

These ratings of NASDAQ were confirmed at Ba3, with a stable
outlook:

   -- Corporate Family Rating at Ba3

   -- US$750-million, six-year Senior Term Loan B Facility at
      Ba3

   -- US$75-million, five-year Revolving Credit Facility at Ba3
   -- US$434.8-million six-year Term Loan C Facility at Ba3

NASDAQ operates a leading U.S. stock exchange and reported
earnings of US$30.2 million for the third-quarter of 2006.


NOIR MENSWEAR: Claims Filing Period Ends March 19
-------------------------------------------------
Creditors of Noir Menswear Ltd. have until March 19 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:

         Martin Henry Linton
         Liquidator
         Leigh & Co.
         Brentmead House
         Britannia Road
         London
         N12 9RU
         England

Martin Henry Linton of Leigh & Co. was appointed liquidator of
the company on Feb. 1.


OUTWORK SOLUTIONS: Taps Liquidator from Mayfields Insolvency
------------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated liquidator of Outwork Solutions Ltd. on Feb. 1 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Paul John Webb
         Mayfields Insolvency Practitioners
         Church Steps House
         Queensway
         Halesowen
         West Midlands
         B63 4AB
         England


QUANTEX RETAIL: Calls In Liquidator from Bond Partners LLP
----------------------------------------------------------
T. Papanicol a of Bond Partners LLP was appointed liquidator of
Quantex Retail Ltd. (t/a Fresh) on Feb. 2 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


SAN IMPROVEMENTS: Creditors Confirm Liquidators' Appointment
------------------------------------------------------------
Creditors of San Improvements Ltd. (t/a Apollo Blinds) confirmed
on Jan. 31 the appointment of Nigel Ian Fox and Carl Stuart
Jackson of Tenon Recovery as joint liquidators of the company.

The joint liquidators can be reached at:

         Nigel Ian Fox
         Carl Stuart Jackson
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England



TOPLINX LTD: Hires Liquidators from Ashcrofts
---------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
joint liquidators of Toplinx Ltd. (t/a Dawaat Indian Cuisine) on
Feb. 6 for the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Harjinder Johal
         George Michael
         Ashcrofts
         601 High Road Leytonstone
         London
         E11 4PA
         England


U.K. SPV CREDIT: Fitch Assigns B Ratings to US500-Mln Notes
-----------------------------------------------------------
Fitch Ratings assigned U.K. SPV Credit Finance PLC's
US$500 million issue of 8% notes due February 2012 final ratings
of Recovery 'RR4' and Long-term 'B'.

The notes are used for the sole purpose of financing a loan from
the SPV to Ukraine-based CJSC Privatbank, rated Issuer Default
'B' with a Positive Outlook, Short-term 'B', Individual 'D' and
Support '4'.  Privat unconditionally and irrevocably guarantees
the payment of principal and interest under the notes.

Privat is the largest bank in Ukraine by total assets, equity,
retail deposits and number of branches.  Four individuals own
around 95% of the bank.  Members of its management hold the
remaining 5%.


VIRGIN MEDIA: Aims to Top Telecoms & Entertainment Industry
-----------------------------------------------------------
Virgin Group founder Richard Branson launched Virgin Media Inc.
(fka NTL Inc.) on Feb. 8, in an effort to take a lead in the
telecoms and entertainment market with on-demand services, a
string of TV deals, and an interactive cable channel, Nick
Bevens writes for The Scotsman.

Mr. Branson stated that in launching Virgin Media, created from
merging NTL, Telewest and Virgin Mobile, he will be taking on
competitors like BskyB, BT and others by offering digital TV,
broadband, internet access and mobile and quadplay.

"We have created something that no other company provides.
Virgin Central will make TV-on-demand the simple, compelling
service it should be," Steve Burch, president and CEO of Virgin
Media was quoted by The Scotsman as saying.

According to the report, the interactive channel will complement
Virgin Media's library of TV-on-demand entertainment.

"Today's creation of Virgin Media sees a milestone in the
history of the media industry and cable in particular.  For the
first time there is a single brand set to provide a more
extensive range of television entertainment, broadband and
communication services than previously offered by anyone in the
U.K.  Our transition to Virgin Media has been underway since
last July and will continue over the coming months, as we roll
out an outstanding 21st century customer experience in home
entertainment and communications," Mr. Branson disclosed.

As previously reported, NTL Inc. bought Virgin Mobile on July
2006, for GBP962.4 million, which joined 5.1 million cable
customers of NTL and 4.3 million users of Virgin Mobile phones.

The Virgin Mobile deal followed NTL's GBP3.2 billion purchase of
Telewest Inc. in March 2006.

Virgin Media will compete with BSkyB, which only launched its
broadband, TV and phone package in January.

BSkyB spoiled NTL's hopes of a GBP5 billion takeover of ITV Plc
last November 2006, when it bought a 17.9% ITV.

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 13, Virgin Media Inc. (fka NTL Inc.) carries these
ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3

   * Standard & Poor's:

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

   * Fitch:

      -- Long-Term Foreign Issuer Default Rating: B+
      -- Short-Term Issuer Default Rating: B
      -- Short-Term Rating: B
      -- Outlook Stable


W J MCCULLOUGH: Creditors Must File Claims by March 15
------------------------------------------------------
Creditors of W J Mccullough Services Ltd. have until March 15 to
send in their names and addresses, with particulars of their
debts or claims, and the names and addresses of their solicitors
(if any), to:

         William Jeremy Jonathan Knight
         Liquidator
         Jeremy Knight & Co.
         68 Ship Street
         Brighton
         BN1 1AE
         England

William Jeremy Jonathan Knight of Jeremy Knight & Co. was
appointed liquidator of the company on Feb. 1.


WALKER MANUFACTURING: Names Liquidator to Wind Up Business
----------------------------------------------------------
Graham Leslie Stuart-Harris of Barber Harrison & Platt was
appointed liquidator of Walker Manufacturing Ltd. on Jan. 31 for
the creditors' voluntary winding-up proceeding.

The liquidator can be reached at:

         Graham Leslie St uart-Harris
         Barber Harrison & Platt
         2 Rutland Park
         Sheffield
         S10 2PD
         England


* DCA Shows Winding Up & Bankruptcy Petition Court Statistics
-------------------------------------------------------------
The Department for Constitutional Affairs published statistics
for company winding up, and creditors' and debtors' bankruptcy
petitions issued in the High Court and county courts of England
and Wales during the fourth quarter of 2006.

In the fourth quarter of 2006 these number of petitions were
issued:

   -- 3,236 company winding up petitions -- an increase of 8% on
      the petitions in the same quarter of 2005;

   -- 5,197 creditors' petitions -- a decrease of 4% on the
      petitions in the same quarter of 2005;

   -- 13,074 debtors' petitions -- an increase of 23% on the
      petitions in the same quarter of 2005.

    * Table 1: shows the number of company windings up, and
      creditors' and debtors' bankruptcy petitions issued for
      each year by quarter, since 1999.

    * Table 2: Shows a breakdown of the figures by county court,
      county and region for the fourth quarter of 2006 and the
      corresponding figures for 2005 appears in.

    * Table 3: Shows a similar breakdown for all four quarters
      of 2006 and 2005.

Further tables can be found on the DCA Web site at:
http://www.dca.gov.uk/statistics/cjust.htm#part2/


      Table 1: Insolvency And Bankruptcy Petitions Filed

                   Companies        Creditors       Debtors
                   winding-up       bankruptcy      bankruptcy
Year Quarter       petitions        petitions       petitions
------------       ----------       ---------       ---------
1999 1                  3 294            4 748           3 230
     2                  2 748            4 433           3 221
     3                  2 748            4 466           3 006
     4                  2 525            3 849           2 936
                       11 315           17 496          12 393
2000 1                  2 940            4 546           3 314
     2                  2 560            4 166           3 074
     3                  2 699            4 229           3 158
     4                  2 829            4 279           3 211
                       11 028           17 220          12 757
2001 1                  3 124            4 775           3 633
     2                  2 333            3 866           3 742
     3                  2 127            3 444           3 806
     4                  2 681            3 486           3 803
                       10 265           15 571          14 984
2002 1                  3 448            3 857           4 022
     2                  2 837            3 803           4 206
     3                  3 092            4 069           4 105
     4                  3 257            4 601           4 174
                       12 634           16 330          16 507
2003 1                  2 650            4 366           4 357
     2                  2 577            4 271           4 776
     3                  2 385            4 320           4 922
     4                  2 534            4 301           5 268
                       10 146           17 258          19 323
2004 1                  2 617            4 555           5 124
     2                  2 233            4 422           7 337
     3                  2 542            3 980           6 901
     4                  2 614            4 502           7 414
                       10 006           17 459          26 776
2005 1                  2 892            4 861           7 528
     2                  3 229            5 419           9 285
     3                  2 977            5 087           9 418
     4                  3 001            5 410          10 666
                       12 099           20 777          36 897
2006 1                  3 150            5 615          13 897
     2                  2 772            4 961          12 801
     3                  2 877            5 099          12 945
     4                  3 236            5 197          13 074
                       12 035           20 872          52 717

No assumption can be made from these statistics about the number
of companies that go into liquidation, or the number of
individuals made bankrupt.  The figures published by the
Department of Constitutional Affairs show the number of company
winding-up petitions and bankruptcy petitions presented to the
court.

There is a restriction on proceedings that may be commenced in
county courts, which is based on the paid-up capital of the
company.  Well over half of winding up proceedings are commenced
and handled in the Chancery Division of the High Court at the
Royal Courts of Justice in London and at the eight provincial
High Court centers.

Company winding up proceedings will normally be commenced at the
court center local to the registered office of the company,
which will not necessarily be situated in the same geographical
area as the company's base or operational area.  The relative
regional levels of winding-up activity do not therefore
necessarily reflect the geographical distribution of the
companies involved.

Proceedings for bankruptcy can be commenced at county courts
with the appropriate jurisdiction, or in the Chancery Division
of the High Court, either by a creditor or by a debtor.

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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