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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 15, 2007, Vol. 8, No. 33

                            Headlines


A U S T R I A

KIRCHNER MANFRED: Claims Registration Period Ends February 20
S. DJORDJEVIC: Claims Registration Period Ends March 29
SCHUBERT LLC: Claims Registration Period Ends February 28
TALLGRASS LLC: Claims Registration Period Ends March 9
TAUFIN KFZ: Claims Registration Period Ends March 5

TOMSON-CONSTRUCT: Claims Registration Period Ends March 9


F R A N C E

ALCATEL-LUCENT: In Talks With Dutch Unions on Further Job Cuts
ALCATEL-LUCENT: Inks Network Convergence Deal with Vodafone


G E R M A N Y

A. B. AUTOHAUS: Creditors' Meeting Slated for March 15
BABEN-WERBUNG: Claims Registration Period Ends March 1
BETONWERK ALLGAU: Claims Registration Period Ends March 13
BOURAS GMBH: Claims Registration Period Ends March 19
CITY TAXI: Claims Registration Period Ends March 15

COSWIG TAPETEN: Creditors' Meeting Slated for March 1
COTTBUSER BACKSTUBEN: Claims Registration Period Ends March 16
DACHBOY'S GMBH: Creditors' Meeting Slated for March 2
CREATIV -BAU: Claims Registration Period Ends February 25
DAIMLERCHRYSLER AG: Earns EUR3.2-Bln Prelim Net Income in 2006

DAIMLERCHRYSLER: Chrysler Unveils Recovery & Transformation Plan
DECE - STEUERBERATUNGSGESELLSCHAFT: Meeting Set for March 15
DRESDNER SPEDITIONS: Claims Registration Period Ends March 6
DRUCK-LINIE: Claims Registration Period Ends March 30
ECU TRADING: Claims Registration Ends March 9

EL GRANO: Creditors' Meeting Slated for March 15
FARBE + STIL: Creditors' Meeting Slated for March 13
FUNK GASTSTATTENSERVICE: Creditors' Meeting Slated for March 13
GUENTER VOSLOH: Claims Registration Period Ends March 5
GUIDANCE INTEGRATION: Creditors' Meeting Slated for March 15

HAIR CUT: Claims Registration Period Ends Feb. 28
HORNSCHUCH GARTEN: Claims Registration Period Ends March 2
HS BAUBETREUUNG: Claims Registration Ends March 2
KARL DEUTSCHMANN: Claims Registration Ends March 7
KLAUS KANNENGIESSER: Claims Registration Ends March 27

KMB GRUNDSTUECKSVERWALTUNG: Claims Registration Ends March 23
LORENZEN-BAU GMBH: Claims Registration Ends March 30
LUETTEN & WEILAND: Creditors Must Register Claims by March 6
MEISE TRANSPORT: Creditors Must Register Claims by March 12
MINI PREIS: Claims Registration Period Ends March 13

PELECON SCHLOSS: Creditors Must Register Claims by April 13
R.S.A. HATTINGER: Creditors Must Register Claims by March 16
RANGAU REHA: Creditors Must Register Claims by March 16
SANITATSFACHHANDEL: Claims Registration Ends March 15
SAROS HAUS: Claims Registration Ends March 6

SCHEFENACKER AG: Unveils New Financial Restructuring Scheme
SCHEFENACKER AG: Moody's Junks Rating on Proposed Restructuring
SENFTENBERGER REIFENHANDEL: Claims Registration Ends March 5
SOB SUEDOSTBAYERISCHE: Claims Registration Ends March 20
TERRA DOMO: Creditors' Meeting Ends March 21

THOMAS HEINRICH: Claims Registration Period Ends March 15
TISCHLEREI SCHULTZ: Claims Registration Period Ends Feb. 26
TMF FOOD: Claims Registration Period Ends March 20
WOLLENWEBER GMBH: Claims Registration Period Ends March 15
YES-CATERING: Claims Registration Period Ends March 23


I R E L A N D

LOCKO FINANCE: Moody's Assigns B2 Rating to Participation Notes
LOCKO FINANCE: Fitch Puts B-/RR4 Rating to Upcoming Debt Issue
NOMOS CAPITAL: Fitch Gives B+ Rating to Loan Participation Notes


I T A L Y

ALITALIA SPA: Italy Taps Bain & Co. as Industrial Adviser


K A Z A K H S T A N

AUTOREMSERVICE LLP: Creditors Must File Claims by March 23
BIRLIK-AGRO LLP: Creditors' Claims Due March 23
CONCORD LLP: Proof of Claim Deadline Slated for March 23
KAPSTROYCOMPLEX LLP: Claims Registration Ends March 23

KARAOZEK-XXI LLP: Claims Filing Period Ends March 23
NIKA-INVEST LLP: Creditors Must File Claims by March 23
STROYREMSERVICE-AINA LLP: Court Starts Bankruptcy Proceedings
TECGOO CORP: Proof of Claim Deadline Slated for March 23
TREST URALSKPROMSTROY: Claims Registration Ends March 23


K Y R G Y Z S T A N

ITEK LLC: Creditors' Meeting Slated for February 19
PICK OIL: Claims Filing Period Ends March 30


N E T H E R L A N D S

ALCATEL-LUCENT: In Talks With Dutch Unions on Further Job Cuts


N O R W A Y

NORSKE SKOGINDUSTRIER: To De-Merge Non-Core Real Properties
NORSKE SKOGINDUSTRIER: To Invest NOK330 Million Into Skogn Unit


R U S S I A

AMBER LLC: Creditors Must File Claims by February 27
BSPB FINANCE: Fitch Assigns B Rating to Upcoming Loan
CHERTINSKAYA AND CO: Creditors Must File Claims by March 27
COMMERCIAL BUILDING: Court Names V. Babenko to Manage Assets
EMELYANOVSKOYE CJSC: Creditors Must File Claims by March 27

HYDROSPETSSTROY LTD: Trustee's Presentation Moved to Feb. 19
KHABAROVSKIY FACTORY: Asset Sale Slated for February 28
KOKON OJSC: Creditors Must File Claims by March 27
KONOSHSKIY WOODWORKING: Creditors Must File Claims by March 27
LAND-COM CJSC: Creditors Must File Claims by March 27

LOCKO-BANK: Fitch Puts B-/RR4 Ratings to Loan Financing
LUKOIL OAO: Inks Cooperation Deal with Qatar Petroleum
LUKOIL OAO: Three Directors Buy 3.8 Mln Shares for RUR8.2 Bln
NIKOLAEVSK-BREAD OJSC: Creditors Must File Claims by February 27
NOMOS BANK: Fitch Gives B+ Rating to Loan Participation Notes

OLYM-SUGAR OJSC: Kursk Bankruptcy Hearing Slated for May 14
POKROVSK-PROM-SERVICE: Bankruptcy Hearing Slated for May 15
SHUVAKISHSKIY BRICKWORKS: Creditors Must File Claims by Feb. 27
SISTEMA JSFC: Buys 0.48% of Own Stock for Share Option Program
SITRONICS JSC: GDRs Begin Trading on the London Stock Exchange

TYAZHINSKIY ELEVATOR: Creditors Must File Claims by March 27
VORONEZH-GEOLOGY OJSC: Bankruptcy Hearing Slated for March 14
VALD-M LLC: Novosibirsk Bankruptcy Hearing Slated for May 23


S P A I N

LEAR CORP: To Unveil First Quarter 2007 Results on April 25


S W E D E N

ARROW ELECTRONICS: To Discuss Annual Quarterly Results Feb. 22


S W I T Z E R L A N D

CLOCK FINANCE: Moody's Puts Low-B Ratings to CHF105.6-Mln Notes
CLOCK FINANCE: S&P Assigns Initial B Ratings to Class F Notes
CLOCK FINANCE: Fitch Rates CHF105.6-Mln Notes at Low-B
ECCO PROSECCO: Creditors' Liquidation Claims Due March 1
EXPRESS REIFEN: Claims Registration Period Ends March 1

GI-TEC SYSTEMS: Lucerne Court Starts Bankruptcy Proceedings
LUCATRON JSC: Creditors' Liquidation Claims Due March 1
PAZI PATRICK: Creditors' Liquidation Claims Due March 1


U K R A I N E

AGROKONTRACT B: Claims Submission Deadline Set March 2
CHEMICAL SOURCES: Creditors Must Submit Claims by March 2
FIRST UKRAINIAN: Fitch Assigns B- Ratings to US$150-Mln Loan
GLUHOV BUTTER: Creditors Must Submit Claims by March 2
MOTO-DOR LLC: Creditors Must Submit Claims by March 2

VELYKOBUDKOVSKOE LLC: Creditors Must Submit Claims by March 2


U N I T E D   K I N G D O M

ADVANCED MARKETING: NBN Files Bid to Buy PGW Distribution Rights
ADVANCED MARKETING: Seeks Nod for PGW Employee Retention Program
BARDOX GROUP: A. Poxon Leads Liquidation Procedure
BOOKWORLD: Book Chain Brings In Tenon Recovery as Administrators
BRITISH AIRWAYS: New Baggage Charging Policy Takes Effect

BROOKS SERVICE: Hires Joint Administrators from PwC
BURALL PLASTEC: Appoints Ian S. Carr as Liquidator
CHESTNUT RESTAURANT: Claims Filing Period Ends March 23
COMMERCIAL PLANT: Claims Filing Period Ends March 30
DIFURIA LTD: Taps Joint Administrators from Geoffrey Martin

ECLIPSE MOTOR: Joint Liquidators Take Over Operations
EDEN PRINT: Brings In Administrators from Harrisons
FANE ACOUSTICS: Appoints Begbies Traynor as Joint Administrators
FOODASIA SUPERMARKETS: Hires Liquidators from O'Hara & Co.
FROZEN HERBS: Brings In Administrators from BDO Stoy

GARWEL SERVICES: Names Robert Charles Millichap as Administrator
GILTMAIN LTD: Brings In David Rubin as Joint Administrators
GOATERS LTD: Brings In Duncan Roderick Morris as Administrator
GRAVES CONSTRUCTION: Names Administrators from Geoffrey Martin
H L GORNER: Brings In Liquidators from BDO Stoy Hayward

HILLBRIDGE SPECIALIST: Taps Andrew Appleyard to Liquidate Assets
HOLLY CONSTRUCTION: Names Ian William Kings as Administrator
IRE-TEX GROUP: Investors Draw Up Multimillion-Rescue Package
KESTREL UPVC: Creditors' Meeting Slated for February 21
KIDS KIT: Brings In Administrators from BDO Stoy

LUXFER HOLDINGS: S&P Lowers Ratings to SD on Debt-to-Equity-Swap
NORTH WEST: Appoints David Acland as Liquidator
NRL SOLUTIONS: Creditors' Meeting Slated for February 27
PLATINUM FUND: Went Into Liquidation After Losing Court Action
REGENCY BRAKE: Creditors' Meeting Slated for February 23

RENOVATIONS BIRMINGHAM: Creditors' Meeting Slated for Feb. 22
REX CAMPBELL: Creditors' Meeting Slated for February 23
SATVISION PLC: Enters Liquidation Due to Cash Flow Problems
SCHEFENACKER AG: Unveils New Financial Restructuring Scheme
SCHEFENACKER AG: Moody's Junks Rating on Proposed Restructuring

SKYCREST ENGINEERING: Taps Liquidators from Rothman Pantall
STILLMAN COMMUNICATIONS: Creditors' Meeting Slated for Feb. 21
SUPREME-O-GLAZE: A. Poxon Leads Liquidation Procedure
TITAN EUROPE: S&P Puts Low-B Ratings on Watch Positive
VESSEL TECHNOLOGY: Claims Filing Period Ends March 9

VISIONSAT COMMUNICATIONS: Creditors' Meeting Slated for Feb. 27
WADES COFFEE: Creditors' Meeting Slated for February 23

* Upcoming Meetings, Conferences and Seminars

                            *********

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


KIRCHNER MANFRED: Claims Registration Period Ends February 20
-------------------------------------------------------------
Creditors owed money by LLC Kirchner Manfred Kfz & Transport (FN
233602h) have until Feb. 20 to file written proofs of claim to
estate administrator Peter Schobel at:

         Dr. Peter Schobel
         Wiener Strasse 12
         3100 St. Poelten
         Austria
         Tel: 02742/35 42 34
         Fax: 02742/35 14 48
         E-mail: office@plusjus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 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 Prinzersdorf, Austria, the Debtor declared
bankruptcy on Jan. 26 (Bankr. Case No. 14 Sa 1/07y).


S. DJORDJEVIC: Claims Registration Period Ends March 29
-------------------------------------------------------
Creditors owed money by KEG S. Djordjevic Rohbau (FN 263556h)
have until March 29 to file written proofs of claim to estate
administrator Karl Schirl at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31 1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on April 12 for examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 26 (Bankr. Case No. 5 S 6/07b).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


SCHUBERT LLC: Claims Registration Period Ends February 28
---------------------------------------------------------
Creditors owed money by LLC Schubert (FN 35110h) have until
Feb. 28 to file written proofs of claim to estate administrator
Wolfgang Mayrhofer at:

         Mag Wolfgang Mayrhofer
         Raiffeisenpromenade 2
         3830 Waidhofen/Thaya
         Austria
         Tel: 02842/52005-0
         Fax: 02842/52005-50
         E-mail: waidhofen@wvanwalt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on March 14 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Waidhofen an der Thaya, Austria, the Debtor
declared bankruptcy on Jan. 26 (Bankr. Case No. 9 S 6/07s).


TALLGRASS LLC: Claims Registration Period Ends March 9
------------------------------------------------------
Creditors owed money by LLC Tallgrass (FN 34153a) have until
March 9 to file written proofs of claim to estate administrator
Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on March 23 for examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 26 (Bankr. Case No. 28 S 10/07k).


TAUFIN KFZ: Claims Registration Period Ends March 5
---------------------------------------------------
Creditors owed money by LLC Taufin Kfz-Service (FN 211969w) have
until March 5 to file written proofs of claim to estate
administrator Gernot Klocker at:

         Dr. Gernot Klocker
         c/o Mag. Lukas Pfefferkorn
         Schulgasse 7
         6850 Dornbirn
         Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 15 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Jan. 26 (Bankr. Case No. 13 S 5/07a).  Lukas
Pfefferkorn represents Dr. Klocker in the bankruptcy
proceedings.


TOMSON-CONSTRUCT: Claims Registration Period Ends March 9
---------------------------------------------------------
Creditors owed money by LLC Tomson-Construct (FN 34995p) have
until March 9 to file written proofs of claim to estate
administrator Michael Ludwig Lang at:

         Mag. Michael Ludwig Lang
         Maria-Theresien-Strasse 9/4
         1090 Vienna
         Austria
         Tel: 319 32 60
         Fax: 319 32 60-9
         E-mail: lang@brandlang.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 23 for examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 26 (Bankr. Case No. 28 S 11/07g).


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


ALCATEL-LUCENT: In Talks With Dutch Unions on Further Job Cuts
--------------------------------------------------------------
Alcatel-Lucent has met with representatives of the Dutch Works
Council and unions to begin discussing how the company's
international synergy plans will impact employee positions in
the Netherlands.  Alcatel-Lucent has also informed its employees
about these preliminary discussions.

In April 2006, when the merger between Alcatel and Lucent
Technologies was announced, the companies stated the primary
driver of the merger was to generate growth in revenues and
earnings while yielding synergies.  On Feb. 9, the company
provided an update on its integration efforts.

It believes the combination of the original synergy plan and
additional cost reductions will enable it to realize a total of
EUR1.7 billion pre-tax cost savings within three years. The cost
reductions will entail globally about 12,500 reductions to the
workforce over the next three years.

The topics presented to the works council are a starting point
within the legal frameworks set out for consultations with
employees and unions prior to any actions.

"We have undertaken a thorough and thoughtful review of our
operations in the Netherlands, and we anticipate that we need to
reduce our workforce with 140-180 people over the next 24
months," said Coert de Boer, Managing Director for Alcatel-
Lucent in The Netherlands.  "These are difficult decisions, and
we will be sensitive to employees, treat them with the dignity
and respect they deserve.  We will do everything we can to
minimize the impact on employees and provide them with resources
for a smooth transition, either within our organization or at
other companies.  We have a number of long-term projects in the
Netherlands for which we need additional people. Our growth
ambitions imply furthermore that we expect to create new jobs in
new areas that we will explore.  It speaks for itself that we
will first look for re-education opportunities of our existing
staff and then will start recruiting. We will work closely
together with the Works Council and the unions in the
Netherlands on these matters."

Currently, Alcatel-Lucent employs some 700 people in the
Netherlands, in a variety of positions.

The forced reductions reflect duplications in positions and
rationalization in product and solution portfolio as well as
ongoing cost-efficiency efforts for the Company.  Together with
the Dutch Works Council and unions, Alcatel-Lucent will offer
outplacement services for affected employees and make every
effort to support those employees whose positions will
disappear.

These discussions are at an early stage and it would be
premature, the company said, to comment further.

                      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:

Moodys:

   * Alcatel

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

   * Lucent

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

Standard & Poor's:

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

Fitch Ratings:

   * Alcatel

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


ALCATEL-LUCENT: Inks Network Convergence Deal with Vodafone
-----------------------------------------------------------
Alcatel-Lucent has been selected by Vodafone in Spain to migrate
all networking services onto a highly reliable Alcatel-Lucent
IP/MPLS based network.

The converged network will support broadband data services,
signaling and billing traffic, 3G voice traffic as well as
future multimedia evolutions.  The project, part of a global
network transformation to IP, will enable the operator to
guarantee end-to-end quality of service, to optimize its network
performance and to support new multimedia services.

By evolving its networks to a next-generation infrastructure,
Vodafone will support all services on a single network allowing
the mobile operator to optimize its investment and operational
expenditures, and accelerate the launch of new advanced and
convergent services to the market.

"This project provides our network with the reliability and
versatility needed to offer our consumer and corporate clients
the highest quality and most advanced mobile services on the
market," said Jaime Bustillo, Technology director from Vodafone
Spain.  "A streamlined network based on the Alcatel-Lucent IP
solution allows us to dramatically improve on CAPEX and OPEX
while still gaining new revenue opportunities.  As well,
Alcatel-Lucent is involved in the Vodafone Group's overall end-
to-end IP transformation initiative so from a consistency point
of view, the Alcatel-Lucent IP solution is a perfect fit."

With the Alcatel-Lucent IP/MPLS solution, Vodafone is optimizing
the use of bandwidth in its IP core network, that will
dynamically be adapted to the bandwidth needs depending on the
volume of data and the type of traffic transmitted.
Additionally, its intelligent service management capabilities
will allow the operator to guarantee reliability and end-to-end
quality, and to diversify its offering by establishing
differentiated quality of service levels based on the type of
client or the use of the network. This is a significant
advantage for high bandwidth multimedia services that are very
demanding in terms of network performance.

"Users are requesting more innovative and sophisticated 'always
on' mobile services with optimal quality and widespread
availability which is very demanding in terms of network
performance," said Olivier Picard, President of Alcatel-Lucent's
Europe and South activities.  "Offering a service mix of this
caliber requires a complete network transformation giving
Vodafone the reliability, performance and flexibility of a
converged network architecture.  Alcatel-Lucent's unique high
availability features in our service routers are ideally geared
toward delivering mobile voice services over an IP/MPLS
network."

Alcatel-Lucent is providing Vodafone with an IP/MPLS core and
edge network solution based on its next generation Alcatel-
Lucent 7750 Service Router and 7710 Service Router along with
the Alcatel-Lucent 5620 Service Aware Manager.

Vodafone joins more than 160 service providers in over 60
countries, including massive, multi-year IP network and service
transformation projects at AT&T, BT, Cable & Wireless, and
Telstra.  According to Ovum-RHK, Alcatel-Lucent was second in
the IP/MPLS Edge market segment in Q4 2006, with 19% market
share.

                      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:

Moodys:

   * 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


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


A. B. AUTOHAUS: Creditors' Meeting Slated for March 15
------------------------------------------------------
The court-appointed insolvency manager for A. B. Autohaus Burg
GmbH, Kai Norden, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:15 a.m. on
March 15.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on June 28 at the same venue.

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

The insolvency manager can be reached at:

         Kai Norden
         Sedanplatz 2
         28757 Bremen
         Germany
         Tel: 0421/66006-0
         Fax: 0421/66006-40
         E-mail: inso@lohsin-partner.de
         Web site: http://www.lohsin-partner.de/

The District Court of Bremen opened bankruptcy proceedings
against A. B. Autohaus Burg GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         A. B. Autohaus Burg GmbH
         Bremer Heerstr. 10 a
         28719 Bremen
         Germany

         Attn: Karl-Heinz Bernhard Thaden, Manager
         Rosenstr. 10
         28857 Syke-Barrien
         Germany


BABEN-WERBUNG: Claims Registration Period Ends March 1
------------------------------------------------------
Creditors of Baben-Werbung GmbH have until March 1 to register
their claims with court-appointed insolvency manager Wolfgang
Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Weidemann
         Wendenstrasse 4
         20097 Hamburg
         Germany

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

The Debtor can be contacted at:

         Baben-Werbung GmbH
         Attn: Anneli Salonen and Alf Babendererde, Managers
         Emil-Specht-Allee 12
         21521 Aumuehle
         Germany


BETONWERK ALLGAU: Claims Registration Period Ends March 13
----------------------------------------------------------
Creditors of Betonwerk Allgau GmbH have until March 13 to
register their claims with court-appointed insolvency manager
Peter C. Darr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Hall 144/I
         Residenzplatz 4-6
         87435 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:

         Peter C. Darr
         Candidplatz 13
         81543 Munich
         Germany
         Tel: (089) 614 6960
         Fax: (089) 614 69-6 66

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

The Debtor can be contacted at:

         Betonwerk Allgau GmbH
         Marzisried 17
         87600 Kaufbeuren
         Germany


BOURAS GMBH: Claims Registration Period Ends March 19
-----------------------------------------------------
Creditors of Bouras GmbH - Islamischer Markt have until March 19
to register their claims with court-appointed insolvency manager
Andre K. Gabel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be contacted at:

         Andre K. Gabel
         Bockenheimer Anlage 7
         D 60322 Frankfurt (Main)
         Germany
         Tel: 069/1505963
         Fax: 069/15059647

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Bouras GmbH - Islamischer Markt on Jan. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bouras GmbH - Islamischer Markt
         Attn: Masaoud Bouras, Manager
         Josef-Eicher-Str. 10
         60437 Frankfurt (Main)
         Germany


CITY TAXI: Claims Registration Period Ends March 15
---------------------------------------------------
Creditors of City Taxi Peine GmbH & Co. KG have until March 15
to register their claims with court-appointed insolvency manager
Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be contacted at:

         Dr. Oliver Liersch
         Schultze & Braun Rechtsanwaltsgesellschaft mbH
         Karl-Wiechert-Allee 1 c
         30625 Hanover
         Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99
         E-mail: OLiersch@schubra.de

The District Court of Gifhorn opened bankruptcy proceedings
against City Taxi Peine GmbH & Co. KG on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         City Taxi Peine GmbH & Co. KG
         Attn: Karl Heinz Otto, Manager
         Ilseder Str. 52
         31226 Peine
         Germany


COSWIG TAPETEN: Creditors' Meeting Slated for March 1
-----------------------------------------------------
The court-appointed insolvency manager for Coswig Tapeten GmbH,
Jan Gartner, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:45 a.m. on
March 1.

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

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on April 24, at the same venue.

Creditors have until March 13 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jan Gartner
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         Web site: http://www.WORAKO.de/

The District Court of Dresden opened bankruptcy proceedings
against Coswig Tapeten GmbH on Jan. 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Coswig Tapeten GmbH
         Attn: Wolfgang Schulze, Manager
         Industriestrasse 24-26
         01640 Coswig
         Germany


COTTBUSER BACKSTUBEN: Claims Registration Period Ends March 16
--------------------------------------------------------------
Creditors of Cottbuser Backstuben GmbH have until March 16 to
register their claims with court-appointed insolvency manager
Rolf-Dieter Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 25, 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 Cottbus
         Hall 210
         Platz 2
         Cottbus
         Germany

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

The insolvency manager can be contacted at:

         Rolf-Dieter Klein
         Schillerstrasse 58
         03046 Cottbus
         Germany

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

The Debtor can be contacted at:

         Cottbuser Backstuben GmbH
         Paul-Greifzu-Strasse 3
         03042 Cottbus
         Germany


DACHBOY'S GMBH: Creditors' Meeting Slated for March 2
-----------------------------------------------------
The court-appointed insolvency manager for Dachboy's GmbH,
Friedrich Seggebruch, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on March 2.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on April 20 at the same venue.

Creditors have until March 21 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Friedrich Seggebruch
         Damaschkestrasse 21
         10711 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Dachboy's GmbH on Jan. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Dachboy's GmbH
         Attn: Frau Cornelia Denzer, Manager
         Hohen Neuendorfer Str. 15
         16562 Hohen
         Germany


CREATIV -BAU: Claims Registration Period Ends February 25
---------------------------------------------------------
Creditors of Creativ -Bau Maier GmbH have until Feb. 25 to
register their claims with court-appointed insolvency manager
Uwe Kaiser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Feb. 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Waldshut-Tiengen
         Hall 43
         Second Floor
         Bismarckstrasse 23
         79761 Waldshut-Tiengen
         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:

         Uwe Kaiser
         Wittenschwand 42
         79875 Dachsberg
         Germany

The District Court of Waldshut-Tiengen opened bankruptcy
proceedings against Creativ -Bau Maier GmbH on Feb. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Creativ -Bau Maier GmbH
         Ruettmattstr. 20
         79713 Bad Sackingen
         Germany


DAIMLERCHRYSLER AG: Earns EUR3.2-Bln Prelim Net Income in 2006
--------------------------------------------------------------
DaimlerChrysler AG has reported its preliminary Group and
divisional results for the year 2006.

DaimlerChrysler recorded an operating profit of EUR5.517 billion
in 2006, compared with EUR5.185 billion in 2005.

The development of the Group's operating profit was primarily
impacted by the significant decline in earnings at the Chrysler
Group.  This was more than offset by the substantial earnings
improvement at the Mercedes Car Group and the repeated increase
in earnings at the Truck Group and the Financial Services
division.  The contribution to earnings from the Van, Bus, Other
segment was lower than in the prior year.

Net income increased by EUR4 million to EUR3.2 billion (2005:
EUR2.8 billion).  Based on the reported net income, earnings per
share amounted to EUR3.16 compared with EUR2.80 in 2005.

                           Dividend

The Board of Management proposes to the Supervisory Board that a
dividend of EUR1.50 per share should be distributed for the year
2006 (2005: EUR1.50).  This proposal takes account not only of
the development of operating profit and cash flow in 2006, but
also of expectations for the coming years.

                    Unit Sales and Revenues

DaimlerChrysler sold a total of 4.7 million vehicles in 2006
(2005: 4.8 million), while the Group's total revenues increased
by 1% to EUR151.6 billion.  Adjusted for exchange-rate effects
and changes in the consolidated Group, the increase in revenues
amounted to 2%.

                        The Workforce

As of Dec. 31, 2006, DaimlerChrysler employed a workforce of
360,385 people worldwide (2005: 382,724).  Of this total,
166,617 were employed in Germany (2005: 182,060) and 94,792 in
the United States (2005: 97,480).

The implementation of the new management model is running
according to plan.  By the end of January 2007, approximately
2,000 employees worldwide had either signed voluntary severance
agreements or had already left the Group.

DaimlerChrysler has been working with the new structures since
Aug. 1, 2006.  Important processes have been made faster and
more efficient, allowing substantial efficiency gains.  The
total expenditure for the implementation of the program in the
years 2006 through 2008 is likely to be in the region of EUR2
billion.  Of this total, EUR393 million was incurred in the year
2006.

                   Investing to Safeguard Future

Worldwide, the DaimlerChrysler Group invested a total of
EUR5.9 billion in property, plant and equipment in 2006 (2005:
EUR6.6 billion).  Capital expenditure at the Mercedes Car Group
of EUR1.7 billion was slightly higher than in the prior year
(EUR1.6 billion).  To continue its product offensive and to make
its production facilities more flexible, the Chrysler Group
invested EUR2.9 billion in property, plant and equipment (2005:
EUR3.1 billion).  The Truck Group invested EUR907 million in
2006, mainly related to new technologies, powertrains, and
safety concepts (2005: EUR966 million).

Expenditure for research and development totaled EUR5.3 billion
in 2006 (2005: EUR5.6 billion).  The most important projects at
the Mercedes Car Group were the new generation of the E-Class,
the new version of the CL-Class, and preparations for the model
change for the C-Class in 2007.

The Chrysler Group's focus was on the development of the new
minivan generation as well as on hybrid vehicles.  The Truck
Group's major projects included the successor models for the
Mercedes-Benz Actros and Axor, for the Freightliner Premium
Class and for the Mitsubishi Fuso Super Great.

Additional key areas of R&D activities at DaimlerChrysler were
the further development of powertrain technologies, alternative
propulsion systems such as hybrid drive and fuel cells, and
electronic systems for the improvement of vehicle safety.

During the planning period of 2007 through 2009, DaimlerChrysler
will presumably invest a total of EUR17.5 billion in property,
plant and equipment and EUR16.2 billion in research and
development activities.  This adds up to total of investment in
safeguarding the future of EUR33.7 billion.

                       Mercedes Car Group

The Mercedes Car Group division, comprising the brands Mercedes-
Benz, Maybach, smart, Mercedes-Benz AMG, and Mercedes-Benz
McLaren, sold 1,251,800 vehicles in 2006 (2005: 1,216,800).

Revenues of EUR54.6 billion were 9% higher than the prior year's
level.

The Mercedes Car Group achieved an operating profit of
EUR2.415 billion in 2006, compared with an operating loss of
EUR505 million in the prior year.  The results of both years
were significantly affected by special items.

There were expenses of EUR946 million in connection with the
discontinuation of production of the smart forfour in 2006,
while the realignment of the smart business model in 2005
resulted in charges of EUR1.111 billion.

Charges relating to staff reductions at Mercedes-Benz Passenger
Cars in the context of the CORE program decreased to
EUR286 million in 2006 (2005: EUR570 million).

The substantial increase in the division's operating profit is
due in particular to the efficiency improvements achieved in the
context of the CORE program.  Other positive factors were the
higher unit sales of Mercedes-Benz passenger cars and the
improved model mix due to the launch of the new S-Class as well
as the
M- and GL-Class models.  A negative impact on operating profit
in 2006 resulted from currency effects.

The Mercedes-Benz brand increased unit sales in the year under
review by 5% to 1,149,100 vehicles.  As a result, the brand was
able to boost its market share in key regions, despite tougher
competition.  This positive result was primarily due to the very
successful new model launches in 2005, particularly of the new
S-Class, which went on sale in the United States in February
2006.  Like the new CL- and GL-Class models, the updated E- and
SL-Class vehicles launched in 2006 were also very well received
by the market and contributed to the Mercedes-Benz brand's
success in the year under review.  On Oct. 15, 2006, the
division launched the E320 BLUETEC -- the world's cleanest
diesel passenger car -- in the United States and Canada.

The extensive measures being implemented to further improve the
quality of DaimlerChrysler's vehicles are having very positive
effects.  This claim is supported by internal analyses and many
external studies.  The J.D. Power Initial Quality Study 2006
concluded that the Mercedes-Benz brand has a positive trend in
the category of initial quality.  Improvements were achieved in
nearly all of the issues that were addressed in last year's
study (IQS 2005).

Unit sales of the smart brand totaled 102,700 vehicles in the
year under review (2005: 124,300).  Unit sales of the smart
fortwo developed especially well throughout the year, with the
model's production volume once again exceeding the planned
target in the vehicle's ninth year of production.

More than 750,000 smart fortwos have been sold since the
vehicle's market launch.  Despite an increase in production at
the beginning of the year, nearly all smart fortwo models built
had been sold by the end of 2006.  Sales of the last smart
roadsters and smart forfour models proceeded according to plan;
nearly all remaining stocks of these vehicles had been sold by
the end of the year under review.

In November 2006, smart unveiled the new smart fortwo, which
will be launched in Europe in April 2007.  Starting in 2008, the
new smart fortwo will also be available in the United States,
which has become a promising market for smart due to increasing
traffic volumes and rising fuel prices.  The second-largest
automobile retail organization in the United States -- the
UnitedAuto Group -- will act as the exclusive importer of smart
brand vehicles.

                          Chrysler Group

Worldwide, the Chrysler Group shipped 2.7 million Chrysler,
Jeep(R) and Dodge branded passenger cars, sports tourers,
minivans, SUVs, and light trucks to its dealerships in 2006
(2005: 2.8 million).  Worldwide retail sales decreased by 5% in
2006 to 2.7 million units.

As a result of lower volumes and a weaker US dollar on average
for the year, the Chrysler Group's revenues for the year of
EUR47.1 billion were significantly lower than in 2005
(EUR50.1 billion).

The Chrysler Group posted an operating loss of EUR1.118 billion
in 2006, compared with an operating profit of EUR1,534 million
in 2005.

The deterioration in operating results was primarily the result
of negative net pricing, unfavorable product, and sales market
mix, and a decline in factory unit sales in the United States.
These factors reflect the continuing difficult market
environment in the United States during 2006 marked by an
overall decline in market volume, a shift in consumer demand
towards smaller, more fuel-efficient vehicles due to higher fuel
prices, as well as the impact of higher interest rates.

These negative factors were partially offset by the market
success of the new models, most of which were launched in the
second half of the year.  Several of these vehicles target this
shift in consumer demand, resulting in a positive contribution
to earnings in the fourth quarter of the year.

In addition, the financial support provided to supplier Collins
& Aikman led to a charge of EUR66 million in 2006, compared to
EUR99 million in 2005.  The Chrysler Group's prior-year
operating profit was positively impacted by a EUR240 million
gain on the sale of the Arizona Proving Grounds vehicle testing
facility.

The Chrysler Group launched a total of 10 attractive new models
in 2006, and significantly expanded its sales outside the NAFTA
region (+22% to 214,400 vehicles).  Dodge launched its compact
five-door car -- the Dodge Caliber, as well as its first mid-
size SUV -- the Dodge Nitro, and the new Dodge Ram 3500 Chassis
Cab.  The new positioning of the Jeep(R) brand portfolio
continued with the launch of the compact Jeep(R) Compass.  Other
new models launched were the Jeep(R) Grand Cherokee SRT8, the
new Jeep(R) Wrangler, the four-door Jeep(R) Wrangler Unlimited
and the Jeep(R) Patriot.  The Chrysler brand launched the Aspen,
its first full-size SUV, while the new Chrysler Sebring is
intended to strengthen the Chrysler Group's competitive position
in the mid-size sedan category.

The Chrysler Group also made more progress in the field of
vehicle quality in 2006.  Internal measurements show that the
quality of the division's vehicles is better than ever before, a
fact which is confirmed by external quality studies: The
Chrysler brand ranked in the top ten in the 2006 J.D. Power
Initial Quality Study.

All three Chrysler Group brands also made gains in the 2006 J.D.
Power Vehicle Dependability Study, showing that customer
perception of quality continues to improve as new vehicles
replace older models in the product range.

The new manufacturing flexibility strategies have helped to
improve the Chrysler Group's efficiency, allowing the division
to better utilize its assets, such as the Belvidere (Illinois)
Assembly Plant, where the Dodge Caliber is built with the use of
highly flexible robots and free of vehicle-specific heavy
tooling.  Over the four years of 2002 through 2005, the Chrysler
Group posted a cumulative 24% productivity improvement, with a
6% improvement in 2005, as confirmed by the 2006 Harbour Report,
a
recognized industry study that measures the productivity of
North American automotive manufacturers.

One year after the start of production by the Global Engine
Manufacturing Alliance, the second World Engine plant opened in
Dundee (Michigan) in October 2006.  The two plants in Dundee are
part of a five-factory global venture developed by
DaimlerChrysler, Hyundai Motor and Mitsubishi Motors.

                          Truck Group

In 2006, the Truck Group built on the very successful
developments of the prior year, increasing unit sales by 1% to a
new record of 537,000 vehicles.

The higher sales volume and an improved model mix also led
revenues to rise sharply by 5% to EUR32.0 billion.

The Truck Group achieved an operating profit of EUR2.020 billion
in 2006, a significant increase from the previous year's result
of EUR1.606 billion.  The operating profit posted in 2005
included exceptional income of EUR276 million from the
settlement reached with Mitsubishi Motors Corporation relating
to expenditure for quality actions and recall campaigns at
Mitsubishi Fuso Truck and Bus Corporation.

The increase in operating profit was primarily the result of
efficiency improvements realized in the context of the Global
Excellence Program as well as improved product positioning and
model mix.  In addition, higher unit sales, which were mainly
the result of purchases brought forward because of stricter
emission limits in important markets, contributed to the higher
earnings.  Higher expenses for new vehicle projects, for the
fulfillment of future emission regulations as well as currency
effects had a negative impact on operating profit.

Trucks Europe/Latin America (Mercedes-Benz) once again increased
its unit sales in the core markets of Western Europe.  However,
due to a market downturn in Brazil and lower sales in the Near
and Middle East, total unit sales of 142,100 vehicles were
slightly below the prior year's high level.  Operating in a very
positive market environment, the Trucks NAFTA unit
(Freightliner, Sterling, Western Star, Thomas Built Buses)
increased its sales by 3% in 2006 to the record level of 208,300
vehicles.  Trucks Asia (Mitsubishi Fuso) sold 186,600 vehicles
in 2006, a sharp increase (+4%) on the prior year.

In the summer of 2006, as part of a roadshow through 12 major
European cities the division presented the Mercedes-Benz Safety
Truck, which combines all of the currently available assistance
and safety systems, including Active Brake Assist (emergency
braking support), Lane Assistant, Adaptive Cruise Control, and
the Stability Program.

Large-scale trials have shown that accident frequency can be
reduced by 50% by the Mercedes-Benz Safety Package.
Furthermore, The Truck Group's Hybrid Technology Competence
Center passed one of its first milestones with the introduction
of Fuso's Canter Eco Hybrid in Japan.  In 2006, to ensure that
it is ideally prepared to face future challenges, the Truck
Group began to build a Development and Testing Center in the
vicinity of the Wörth, Germany, truck assembly plant.  The first
stage of construction is scheduled to be completed during the
year 2007.

Coinciding with Group-wide implementation of the new management
model, the Truck Group was launched on Aug. 1, 2006, with a
modified organizational structure.  The division now consists of
three operating units: Trucks Europe/Latin America, Trucks
NAFTA, and Trucks Asia, each of which is responsible for
production and sales operations in its respective region.

In order to more extensively exploit synergies as early as the
product creation phase -- and to allow the enhanced
harmonization of parts and components -- the former Truck
Product Creation unit was split into two powerful units: Truck
Product Engineering, which is responsible for the three vehicle
development centers in Stuttgart, Portland and Kawasaki as well
as the integrated development of large components, and Truck
Powertrain Operations & Manufacturing Engineering, which
oversees worldwide component production and production planning
for vehicle and component plants.

                      Financial Services

The Financial Services division once again developed positively
and further improved its market position in 2006.  Financial
Services significantly improved its operating profit from
EUR1.468 billion in 2005 to EUR1.714 billion in 2006, thus
achieving record earnings for the fifth consecutive year.  The
increase in operating profit was the result of higher new
business and ongoing efficiency improvements.  These factors
more than offset higher expenses resulting from higher interest
rates and increased cost of risk.  In addition, the business
development at Toll Collect also contributed to the positive
earnings trend.

New business increased by 10% to EUR53 billion, while contract
volume of EUR113.3 billion was 4% lower than in the prior year.
Adjusted for exchange-rate effects, contract volume rose by 5%.
At the end of 2006, Financial Services' portfolio comprised
6.5 million leased and financed vehicles.

The Americas region (North and South America) managed a total
contract volume of EUR80.4 billion at the end of 2006 (end of
2005: EUR85.9 billion).  This was once again the highest volume
recorded by any Financial Services region, accounting for 71% of
the total portfolio.  Adjusted for exchange-rate effects, the
portfolio in the region expanded by 4%.

The Europe, Africa & Asia/Pacific region also developed
positively in 2006.  Contract volume of EUR32.9 billion was 3%
higher than the prior year's level.  In Germany, DaimlerChrysler
Bank further improved its market position: contract volume at
the biggest European national company rose by 5% to EUR16
billion.  DaimlerChrysler Bank welcomed its one-millionth
customer in May 2006.

DaimlerChrysler Financial Services expanded its financing
activities for commercial vehicles in Japan by establishing the
new Fuso Financial business unit.  Since September 2006, Fuso
Financial is in charge of Mitsubishi Fuso's entire dealer
network in Japan.

                        Van, Bus, Other

Within the framework of the new management model,
DaimlerChrysler decided that the vans and buses activities,
which until 2005 were part of the Commercial Vehicles division,
would be directly managed as separate units.  In addition, the
Corporate Research department and the development departments of
the Mercedes Car Group were merged; as a result, they are now
directly allocated to the Mercedes Car Group.

The Van, Bus, Other segment recorded an operating profit of
EUR913 million in 2006 (2005: EUR1.091 billion).  Operating
profit in 2006 includes charges of EUR393 million for the
implementation of the new management model.  These charges were
mainly incurred for workforce reductions in the DaimlerChrysler
Group's administrative areas.  Exceptional income was achieved
in 2006 from the sale of real estate not required for operating
purposes (EUR133 million) and the consummation of the sale of
the off-highway business (EUR248 million).

Operating profit for 2005 included a positive contribution from
the off-highway business of EUR144 million.  The Van and Bus
operating units again achieved positive results.

Unit sales at the Vans unit totaled 256,900 vehicles worldwide
in the year under review (2005: 267,200).  This slight decrease
in sales was due to the Sprinter model changeover and associated
production bottlenecks at the Düsseldorf plant.  DaimlerChrysler
Buses comprises the bus operations of the Mercedes-Benz, Setra,
and Orion brands.  The unit sold 36,200 buses and chassis
worldwide in 2006 (2005: 36,200).  The Buses unit thus repeated
the high level of unit sales it achieved in the prior year and
maintained its position as the global market leader.

EADS contributed EUR649 million to the segment's operating
profit, which was below the prior-year result of EUR757 million.
The reduction is primarily related to delays with the delivery
of the Airbus A380.  EADS will publish its results for the 2006
financial year on March 9, 2007.

                            Outlook

On the basis of the divisions' planning, DaimlerChrysler expects
the Group's total unit sales to increase slightly in the year
2007.  DaimlerChrysler assumes that total revenues in 2007 will
be at least in the magnitude of the prior year.

Based on the divisions' projections, DaimlerChrysler should
achieve a significant increase in profitability in the planning
period of 2007 through 2009.

A fundamental condition for the targeted increase in earnings is
a generally stable economic and political situation, as well as
the moderate rise in the worldwide demand for passenger cars and
commercial vehicles expected for the years 2007 through 2009.
Opportunities and risks may arise from the development of
currency exchange rates and raw-material prices.

In the year 2007, DaimlerChrysler will change over its
accounting and financial reporting to the International
Financial Reporting Standards.  The present main performance
measure, operating profit according to US GAAP, will then be
replaced with EBIT (earnings before interest and taxes).  The
earnings outlook will be put into more detail with the
publication of the interim report on the first quarter of 2007.

A full-text copy of the company's 2006 results is available for
free at http://ResearchArchives.com/t/s?19dc

                     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.


DAIMLERCHRYSLER: Chrysler Unveils Recovery & Transformation Plan
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group has announced a three-year
Recovery and Transformation Plan that seeks a return to
profitability by 2008 while also taking steps to change its
business model for the long run.  The plan will result in an
employee reduction of 13,000 people from 2007 to 2009.

Chrysler Group President and Chief Executive Officer Tom LaSorda
outlined the plan at the DaimlerChrysler AG Annual Press
Conference, held in Auburn Hills, Mich.

DaimlerChrysler Chairman of the Board of Management Dr. Dieter
Zetsche said: "The Chrysler Team worked out a comprehensive
Recovery and Transformation Plan using all resources within
DaimlerChrysler.  In addition to that and in order to optimize
and accelerate the presented plan we are looking into further
strategic options with partners beyond the business cooperation
partners mentioned.  In this regard, we do not exclude any
option in order to find the best solution for both the Chrysler
Group and DaimlerChrysler."

Overall, the Recovery and Transformation Plan is aimed at a
return to profitability with a primary focus on costs.  It is
structured to over-achieve in order to offset potential
unforeseen market headwinds, resulting in a target of EUR3.5
billion ($4.5 billion) of financial improvements -- or a return
on sales of 2.5% -- by 2009.

"There are two integrated parts to the plan," Mr. LaSorda said.
"First, the Chrysler Group needs to solidify its position in the
North American marketplace.  In addition, the key to our long-
term success will be our ability to transform the organization
into a different company to achieve and sustain long-term
profitability."

The program will be supported by a EUR2.3 billion ($3 billion)
investment in new engines, transmissions, and axles, which will
set the table for a product offensive of more than 20 all-new
and 13 refreshed vehicles from 2007 to 2009.

                             Recovery

The Recovery plan is aimed at a return to profitability through
a combination of revenue programs and by sharply focusing on
costs.

The key measures include:

A. Revenue Management

   * Continue the product offensive with eight new and five
     refreshed products in 2007.  Key products include the new
     Chrysler Town and Country and Dodge Grand Caravan minivans,
     midsize Dodge Avenger sedan, Chrysler Sebring convertible,
     and a Jeep Liberty that completes the revamping and
expansion
     of the Jeep family.

   * Improve the retail-to-fleet mix, build momentum with new
     offerings in global markets, and improve the effectiveness
of
     marketing and incentive spending.

   * Reduce and optimize the dealer network to improve dealer
     profitability.

B. Material and Fixed Costs

   * Reduce material costs by up to EUR1.15 billion ($1.5
billion)
     by 2009.

   * Explore the sale of support operations, including
     transportation services.

C. Capacity & Efficiency

   * Reduce total production capacity by 400,000 units per year.

   * In 2007, eliminate a shift at Newark (Delaware) Assembly
     Plant and the Warren (Michigan) Truck Plant.  In 2008,
     eliminate a shift at St. Louis (Missouri) South Assembly
     Plant.

   * Idle Newark Assembly Plant in 2009.

   * Idle the Cleveland (Ohio) Parts Distribution Center in
     December 2007.

   * Adjust powertrain, stamping, and component operations to
     reflect reduced capacity.

D. Employee Reduction

   * Overall, Chrysler Group will reduce the number of employees
     by 13,000, or approximately 16%.

   * Hourly employment will be reduced by 11,000 over three
years,
     with 9,000 in the U.S., and 2,000 in Canada (4,700 in the
     U.S. and 1,100 in Canada in 2007 alone).

   * Of the U.S. hourly total, 4,000 employees will be impacted
by
     assembly plant actions; 1,000 by reduced capacity in
     powertrain, stamping and other component operations, 1,000
by
     other actions including the potential sale of support
     functions and 3,000 through technology, efficiency, and
     productivity.

   * Salaried employment will be reduced by 2,000 over the next
     two years, with 1,000 each in 2007 and 2008.

   * Special retirement programs and other termination and
     attrition programs will be announced separately.

Mr. LaSorda said these actions complement significant other
restructuring measures taken since 2001.  Previous to this
announcement, the company closed, idled, or sold 16 plants (five
assembly, 11 component) and reduced its workforce by one-third.

The financial impact of these Recovery measures will be seen
beginning in 2007 with a restructuring charge of up to
EUR1 billion ($1.3 billion), with the net cash impact for the
year of about EUR800 million ($1 billion).  The impact of the
balance will be in the following two years.

In 2007, the Chrysler Group expects to further reduce dealer
inventories to align with market demand, which will result in a
reduction in operating profit of approximately EUR230 million
($300 million).

                          Transformation

Key parts of the Transformation will be a greater global
footprint and a shift in the product mix to smaller, more fuel-
efficient vehicles.

Currently, North America represents some 90% of the Chrysler
Group's business, and its product line-up has historically been
heavily weighted toward minivans, trucks and sport utility
vehicles.

"Those two factors were advantages for Chrysler Group once upon
a time," Mr. LaSorda said, "but the rules of the global
marketplace have changed.  High fuel prices and other dramatic
shifts in the market have driven a shift in consumer preferences
to smaller, more fuel-efficient vehicles.  We must make some
strategic adjustments to build off our historic strengths, but
not rely on them so much so that we are put at a competitive
disadvantage," he said.

"That will require a redesigned business model, with three
primary areas of strategic focus," Mr. LaSorda said.  "First,
the Chrysler Group will add a more robust customer and brand
focus while continuing to stress product leadership.  In
addition, we must achieve better global balance and rely more
heavily on leveraging partnerships to manage costs while finding
growth opportunities."

Specifically, Mr. LaSorda pointed to the following initiatives:

A. Customer and Brand Focus

   * Continue the product offensive through 2009, with more than
     20 all-new vehicles and 13 refreshed vehicles.

   * Build on its existing product strengths through new entries
     in the minivan, pick-up truck, and select rear-drive
     full-size vehicles.  At the same time, the company will
learn
     to do more with less with a plan to reduce product
platforms
     from the current 12 to seven by the year 2012.

   * Expand into new commercial vehicle segments, including
     entering the Class 4 & 5 truck segments for the first time.

   * Continue the shift to a car/truck mix that is less reliant
on
     trucks.

   * Invest in powertrain with EUR2.3 billion ($3 billion)
     dedicated to new engines, transmissions, and axles, in
order
     to move toward a portfolio that is more fuel efficient.
That
     will include a common axle program for all vehicles, plus
     work on a new transmission technology.  Last week, the
     company signed a non-binding memorandum of understanding
with
     Getrag (a German-based supplier) to develop this more fuel
     efficient "dual clutch" transmission technology.

   * As part of that powertrain offensive, the company has under
     development a new V-6 engine platform (dubbed "Phoenix")
     which is targeted to reduce the number of six-cylinder
engine
     families from four to one.

   * In addition, Chrysler Group will introduce its first two-
mode
     full hybrid with the 2008 Dodge Durango, and is also
     evaluating a mild hybrid for future applications.

   * Finally, it will expand its line-up of diesel engines,
     including several BLUETEC-labeled vehicles, a designation
     emblematic of the cleanest diesel in its class.

B. Increase Global Presence

   * Avoid nameplate redundancies in North America and develop
and
     introduce vehicle programs aimed at global markets.

   * Use third parties where possible to access regional
products
     and markets where it makes economic sense.

   * Balance supplier purchasing globally by targeting
     EUR3.8 billion ($5 billion) of additional purchasing to
     low-cost sources to complement the company's global growth.

C. Partnerships

   * Better use of alliances and partnerships around the world,
     such as the Chrysler Group does currently with:

     -- In manufacturing, an agreement with Volkswagen to build
        minivans in North America for VW's dealers.

     -- In retail, such as in Mexico where it sells a
        Hyundai-produced vehicle as the Dodge Atos, and soon
will
        sell a small cargo van produced in Taiwan.

     -- In import opportunities, such as the recently-announced
        agreement in principle with Chery Automobile Company of
        China (contingent upon approvals from the
DaimlerChrysler
        Supervisory Board and the Chinese government) produce a
        small car for sale in North America and Europe.

     -- And in focused partnerships, such as the GEMA World
Engine
        project with Hyundai and Mitsubishi in Dundee, Mich., or
        the DaimlerChrysler consortium with General Motors and
        BMW to develop hybrids.

                     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.


DECE - STEUERBERATUNGSGESELLSCHAFT: Meeting Set for March 15
------------------------------------------------------------
The court-appointed insolvency manager for Dece -
Steuerberatungsgesellschaft mbH, Thomas Kuehn, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:35 a.m. on March 15.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on June 21 at the same venue.

Creditors have until April 26 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Kuehn
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Dece - Steuerberatungsgesellschaft mbH on
Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Dece - Steuerberatungsgesellschaft mbH
         Moltkestr. 8
         12203 Berlin
         Germany


DRESDNER SPEDITIONS: Claims Registration Period Ends March 6
------------------------------------------------------------
Creditors of Dresdner Speditions- und Abfertigungsgesellschaft
mbH have until March 6 to register their claims with court-
appointed insolvency manager Olaf Seidel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 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:

         Olaf Seidel
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         E-mail: http://www.WORAKO.de/

The District Court of Dresden opened bankruptcy proceedings
against Dresdner Speditions- und Abfertigungsgesellschaft mbH on
Feb. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Dresdner Speditions- und Abfertigungsgesellschaft mbH
         Attn: Heiner Mueller, Manager
         Rosenstr. 65
         01159 Dresden
         Germany


DRUCK-LINIE: Claims Registration Period Ends March 30
-----------------------------------------------------
Creditors of Druck-Linie GmbH & Co. KG have until March 30 to
register their claims with court-appointed insolvency manager
Matthias Landwehr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Matthias Landwehr
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Druck-Linie GmbH & Co. KG on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Druck-Linie GmbH & Co. KG
         Meiersfelder Str. 34
         32760 Detmold
         Germany

         Attn: Udo Fulland, Manager
         Corneliusstr. 7
         32791 Lage und Wolfgang Hofer
         Zurt Hofstatt 8
         97514 Oberaurach
         Germany


ECU TRADING: Claims Registration Ends March 9
---------------------------------------------
Creditors of ECU Trading AG have until March 9 to register their
claims with court-appointed insolvency manager Stephan Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 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:

         Stephan Schmidt
         Carl-Benz-Str. 5
         88696 Owingen
         Germany

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

The Debtor can be Kureached at:

         ECU Trading AG
         Kurallee 18-20
         88709 Meersburg
         Germany


EL GRANO: Creditors' Meeting Slated for March 15
------------------------------------------------
The court-appointed insolvency manager for El Grano GmbH,
Carsten Cervera, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:25 a.m. on
March 15.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on June 21 at the same venue.

Creditors have until April 26 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against El Grano GmbH on Jan 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Carsten Cervera
         Krausenstr. 9-10
         10117 Berlin
         Germany

The Debtor can be reached at:

         El Grano GmbH
         Kurfuerstendamm 212
         10719 Berlin
         Germany


FARBE + STIL: Creditors' Meeting Slated for March 13
----------------------------------------------------
The court-appointed insolvency manager for farbe + stil GmbH,
Dr. Petra Hilgers, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:00 a.m. on March 13.

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 9:05 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 District Court of Charlottenburg opened bankruptcy
proceedings against farbe + stil GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The Debtor can be reached at:

         farbe + stil GmbH
         Wilhelm-Hauff-Str. 1/1a
         12157 Berlin
         Germany


FUNK GASTSTATTENSERVICE: Creditors' Meeting Slated for March 13
---------------------------------------------------------------
The court-appointed insolvency manager for Funk
Gaststattenservice und Einrichtungen GmbH, Dr. Christoph
Schulte-Kaubruegger, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:55 a.m. on March 13.

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 19 at the same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Funk Gaststattenservice und Einrichtungen
GmbH on Feb. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         Funk Gaststattenservice und Einrichtungen GmbH
         Roeblingstr. 148 - 150
         12105 Berlin
         Germany


GUENTER VOSLOH: Claims Registration Period Ends March 5
-------------------------------------------------------
Creditors of Guenter Vosloh GmbH have until March 5 to register
their claims with court-appointed insolvency manager
Rolf Rattunde.

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

The meeting of creditors will be held at:

         The District Court of Hagen
         Boardroom 259
         Second Floor
         Main Building
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Neumarktstr. 2c
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Guenter Vosloh GmbH on Feb. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Guenter Vosloh GmbH
         Obere Muehle 28
         58644 Iserlohn
         Germany

         Attn: Anette Vosloh-Schmidt, Manager
         Obere Muehle 28
         58644 Iserlohn
         Germany


GUIDANCE INTEGRATION: Creditors' Meeting Slated for March 15
------------------------------------------------------------
The court-appointed insolvency manager for Guidance Integration
GmbH, Dr. Petra Hilgers, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:50 a.m. on March 15.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on May 10 at the same venue.

Creditors have until April 1 to register their claims with the
court-appointed insolvency manager.

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The Debtor can be reached at:

         GUIDANCE Integration GmbH
         Am Niederfeld 21
         12621 Berlin
         Germany


HAIR CUT: Claims Registration Period Ends Feb. 28
-------------------------------------------------
Creditors of Hair Cut GmbH have until Feb. 28 to register their
claims with court-appointed insolvency manager Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Augsburg
         Meeting Hall 149
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Augsburg opened bankruptcy proceedings
against Hair Cut GmbH on Jan. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hair Cut GmbH
         Fuessener Strasse 64
         86343 Koenigsbrunn
         Germany


HORNSCHUCH GARTEN: Claims Registration Period Ends March 2
----------------------------------------------------------
Creditors of Hornschuch Garten und Landschaftsbau GmbH have
until March 2 to register their claims with court-appointed
insolvency manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Michael Pluta
         Albstr. 14
         70597 Stuttgart
         Tel: 0711/76 96 880
         Fax: 0711/76 96 88 50

The District Court of Stuttgart opened bankruptcy proceedings
against Hornschuch Garten und Landschaftsbau GmbH on Feb. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hornschuch Garten und Landschaftsbau GmbH
         Oberriedsweg 3
         99955 Herbsleben
         Germany


HS BAUBETREUUNG: Claims Registration Ends March 2
-------------------------------------------------
Creditors of HS Baubetreuung GmbH have until March 2 to register
their claims with court-appointed insolvency manager
Sebastian Ludolfs.

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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

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

The insolvency manager can be reached at:

         Sebastian Ludolfs
         Muehlenstrasse 1
         27356 Rotenburg/Wuemme
         Germany
         Tel: (04261) 937036
         Fax: (04261) 937027

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

The Debtor can be reached at:

         HS Baubetreuung GmbH
         Goethestrasse 2
         27374 Visselhoevede

         Attn: Hans Schenk, Manager
         Waldweg 6
         27374 Visselhoevede
         Germany


KARL DEUTSCHMANN: Claims Registration Ends March 7
--------------------------------------------------
Creditors of Karl Deutschmann Bauausfuehrungen GmbH have until
March 7 to register their claims with court-appointed insolvency
manager Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on April 18, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Claudia Jansen
         Bockenheimer Landstrasse 20, D
         60323 Frankfurt/Main
         Germany
         Tel: 069/4272686-5270
         Fax: 069/42726865555

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Karl Deutschmann Bauausfuehrungen GmbH on
Feb. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Karl Deutschmann Bauausfuehrungen GmbH
         Salzschlirfer Strasse 20
         60386 Frankfurt (Main)
         Germany


KLAUS KANNENGIESSER: Claims Registration Ends March 27
------------------------------------------------------
Creditors of Klaus Kannengiesser GmbH have until March 27 to
register their claims with court-appointed insolvency manager
Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:22 a.m. on April 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Klaus Kannengiesser GmbH
         Heinrichstr. 48
         51375 Leverkusen
         Germany

         Attn: Uwe Nagel, Manager
         Rheindorfer Str. 190
         40764 Langenfeld
         Germany


KMB GRUNDSTUECKSVERWALTUNG: Claims Registration Ends March 23
-------------------------------------------------------------
Creditors of KMB Grundstuecksverwaltung GmbH have until March 23
to register their claims with court-appointed insolvency manager
Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Nikolaus Schmidt
         Magdeburger Strasse 23
         06112 Halle
         Germany

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

The Debtor can be reached at:

         KMB Grundstuecksverwaltung GmbH
         Poststrasse 48/50
         14612 Falkensee
         Germany


LORENZEN-BAU GMBH: Claims Registration Ends March 30
----------------------------------------------------
Creditors of Lorenzen-Bau GmbH & Co. KG have until March 30 to
register their claims with court-appointed insolvency manager
Kay Hassler.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on May 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 Husum
         Hall 220
         Theodor-Storm-Strasse 55
         Husum
         Germany

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

The insolvency manager can be reached at:

         Dr. Kay Hassler
         Wrangelstrasse 17-19
         24937 Flensburg
         Germany

The District Court of Husum opened bankruptcy proceedings
against Lorenzen-Bau GmbH & Co. KG on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Lorenzen-Bau GmbH & Co. KG
         Schulstrasse 4
         25850 Behrendorf
         Germany


LUETTEN & WEILAND: Creditors Must Register Claims by March 6
------------------------------------------------------------
Creditors of Luetten & Weiland GmbH have until March 6 to
register their claims with court-appointed insolvency manager
Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Stephan Neubauer
         Spitalerstraße 4
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Luetten & Weiland GmbH
         Eichholz 27
         20459 Hamburg
         Germany

         Attn: Thomas Weiland, Manager
         Loogestieg 11
         20249 Hamburg
         Germany


MEISE TRANSPORT: Creditors Must Register Claims by March 12
-----------------------------------------------------------
Creditors of Meise Transport & Logistik GmbH have until March 12
to register their claims with court-appointed insolvency manager
Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:50 p.m. on April 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         Germany

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

The insolvency manager can be reached at:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Meise Transport & Logistik GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Meise Transport & Logistik GmbH
         Attn: Guenther Meise, Manager
         Breitenhoelzer Str. 7-9
         37327 Leinefelde
         Germany


MINI PREIS: Claims Registration Period Ends March 13
----------------------------------------------------
Creditors of Mini Preis Umzuege und Dienstleistungen GmbH have
until March 13 to register their claims with court-appointed
insolvency manager Lars Knipper.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Lars Knipper
         Rothenbaumchaussee 3
         20148 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Mini Preis Umzuege und Dienstleistungen GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Mini Preis Umzuege und Dienstleistungen GmbH
         Attn: Christa Prasdorf, Manager
         Borsigstrasse 22
         21465 Reinbek
         Germany


PELECON SCHLOSS: Creditors Must Register Claims by April 13
-----------------------------------------------------------
Creditors of Pelecon Schloss Dyck Gastronomiebetriebs GmbH have
until April 13 to register their claims with court-appointed
insolvency manager Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Peter Houben
         Sternstrasse 58
         40479 Duesseldorf
         Germany
         Tel: 0211/491440
         Fax: +492114914461
         Germany

The District Court of Moenchengladbach opened bankruptcy
proceedings against Pelecon Schloss Dyck Gastronomiebetriebs
GmbH on Jan. 26.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Pelecon Schloss Dyck Gastronomiebetriebs GmbH
         Fockerstrasse 34
         42699 Solingen

         Attn: Walter Lauten, Manager
         Marktplatz 33
         41516 Grevenbroich
         Germany


R.S.A. HATTINGER: Creditors Must Register Claims by March 16
------------------------------------------------------------
Creditors of R.S.A. Hattinger Industriebau AG have until
March 16 to register their claims with court-appointed
insolvency manager Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Moritz Hansberg
         Huestraße 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against R.S.A. Hattinger Industriebau AG on Jan. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         R.S.A. Hattinger Industriebau AG
         Schlägel- und Eisenstr. 50
         45701 Herten
         Germany

         Attn: Thomas Paul Behm, Manager
         Rotherbachstr. 151
         59192 Bergkamen
         Germany


RANGAU REHA: Creditors Must Register Claims by March 16
-------------------------------------------------------
Creditors of Rangau Reha GmbH & Co. KG have until March 16 to
register their claims with court-appointed insolvency manager
Volker Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         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:

         Volker Boehm
         Rothenburger Str. 241
         90439 Nuernberg
         Germany
         Tel: 0911/600010
         Fax: 0911-6000110

The District Court of Fuerth opened bankruptcy proceedings
against Rangau Reha GmbH & Co. KG on Feb. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rangau Reha GmbH & Co. KG
         Unter dem Lehenhof 4
         91413 Neustadt/Aisch


SANITATSFACHHANDEL: Claims Registration Ends March 15
-----------------------------------------------------
Creditors of Sanitatsfachhandel A. Deventer GmbH have until
March 15 to register their claims with court-appointed
insolvency manager Peer Moeller.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on April 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall E3
         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 Sanitatsfachhandel A. Deventer GmbH on Jan. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sanitatsfachhandel A. Deventer GmbH
         Attn: Dirk Deventer, Manager
         Muehlenstrasse 52
         D 23552 Luebeck
         Germany


SAROS HAUS: Claims Registration Ends March 6
--------------------------------------------
Creditors of Saros Haus GmbH have until March 6 to register
their claims with court-appointed insolvency manager Rainer M.
Bahr.

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 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:

         Rainer M. Bahr
         Obergraben 10
         01097 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Saros Haus GmbH on Feb. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Saros Haus GmbH
         Grossenhainer Str. 114
         01129 Dresden
         Germany

         Attn: Alexandra Gasch, Manager
         Boettgerstrasse 53,
         01129 Dresden
         Germany


SCHEFENACKER AG: Unveils New Financial Restructuring Scheme
-----------------------------------------------------------
Schefenacker AG, now known as Schefenacker Plc, has agreed a
financial restructuring plan with its senior lenders and
shareholder.

Binding heads of terms have been executed that propose that the
financial indebtedness of the Schefenacker Group, currently
standing at around EUR450 million is to be replaced by a new
financial package consisting of a new senior revolving facility
of EUR25 million, a senior term facility of EUR170 million, and
a new mezzanine facility of around EUR110 million.

                             Bonds

The bondholders will be asked to convert their debt into 5.0
percent of the restructured equity of the holding company of the
Schefenacker Group.

"The financial restructuring will be achieved without any
disruption to the operational activities of any group company,"
Stephen Taylor, Schefenacker's Chief Restructuring Officer,
said.  "If the bondholders agree to this they will retain a
stake in a recapitalized and profitable international mirrors
business."  Mr. Taylor also confirmed that the coupon on the
bonds due on Feb. 12 would not be paid.

                     Divestiture of Lighting

As part of the financial restructuring, stakeholders have agreed
to refocus the business on its core mirror business and separate
the German lighting division into a standalone business in
anticipation of a potential sale.  Separately there will be a
controlled wind down of the U.S. lighting business on a solvent
basis that minimizes disruption to OEM supplies. In 2006 the
lighting division accounted for around 22% of Group sales.

In anticipation of the sale of lighting, the relatively small
residual mirror business in Germany will be managed as part of
the European Business Unit, headquartered in Portchester, U.K.
and the ultimate holding company will henceforth be Schefenacker
Plc, also registered in the U.K.

As a result of this financial restructuring, the company's
annualized cash outflow to meet the interest burden will be more
than halved.  In addition the group will receive EUR55-million
fresh money. The holding company equity in the Group post-
restructuring will be allocated between senior lenders and
Dr. Alfred Schefenacker, subject to the 5.0 percent equity of
the bondholders, if agreed.

"Our clients trust in our products and the work of every
Schefenacker employee," said Dr. Schefenacker, the Group's
owner.  "The support of our customers and our new investors give
this company a chance to play a significant role in the future
automotive parts sector."

The financial restructuring plan has been unanimously approved
by the Executive Board and the Supervisory Board of Schefenacker
AG and has the support of the Groups' lenders and major
customers.

"With this agreement our stakeholders have undertaken to
implement a solution as soon as possible. This is important so
that the company can move on and fully focus on the operational
improvements that will be key for the future development of the
business," added Stephen Taylor.

                       About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--
develops, produces and supplies rear vision systems, lighting
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.

                          *     *     *

As of Feb. 15, Schefenacker carries these ratings:

Moody's:

   -- Long-Term Corporate Family: Ca2
   -- Bank Loan Debt: Caa2
   -- Senior Subordinate Debt: C
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: D
   -- Long-Term Local Issuer Credit: D


SCHEFENACKER AG: Moody's Junks Rating on Proposed Restructuring
---------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Schefenacker AG to Ca from Caa2, the rating on the company's
senior subordinated notes to C from Ca and the rating for the
senior secured facility from Caa1 to Caa2.  The outlook has been
changed to stable.  The last rating action was on Sept. 14,
2006.

The Rating action is based on the company's announcement that a
financial restructuring has been agreed with senior lenders and
the shareholder, but is still pending the approval of the
bondholders.  As this restructuring proposal indicates an
aggregate recovery rate of below 50%, and also taking into
account the interest deferral since Nov. 2, 2006, on the senior
secured facility and the announcement that interests on the
subordinated notes due on Feb. 12 will not be paid, the
Company's Corporate Family Rating was downgraded to Ca from
Caa2.

The rating for the EUR205-million senior secured facility has
consequently also been downgraded, but given its seniority in
the capital structure and likely significant higher recovery
rate, the downgrade was limited to one notch to Caa2 from Caa1.
The downgrade of the senior subordinated notes from Ca to C
reflects the low recovery prospects of the notes, as indicated
by the offer of a 5% equity stake in the company in exchange for
their debt claim as part of the financial restructuring program.

The stable outlook takes into account that positive rating
developments mainly depend on recovery rates, which would need
to be substantially above expectations for current ratings.

Moreover, when Moody's applies its European Loss Given Default
methodology after March 19 it is anticipated that the current
notching of the relative debt instruments within the
Schefenacker capital structure will remain unchanged, provided
that a 50% family recovery rate still applies.

Downgrades:

   * Schefenacker AG

     -- Corporate Family Rating, Downgraded to Ca from Caa2

     -- Senior Subordinated Regular Bond/Debenture, Downgraded
        to C from Ca

     -- Senior Secured Bank Credit Facility, Downgraded to Caa2
        from Caa1

Outlook Actions:

   * Schefenacker AG

     -- Outlook, Changed To Stable From Negative

Based in the United Kingdom, Schefenacker is a leading private
Tier 1 automotive supplier of rear vision systems, lighting
systems and a Tier 2 supplier of sound systems.

For the 12 months ended Dec. 31, 2005, Schefenacker generated
revenues of EUR930.4 million.


SENFTENBERGER REIFENHANDEL: Claims Registration Ends March 5
------------------------------------------------------------
Creditors of Senftenberger Reifenhandel GmbH have until March 5
to register their claims with court-appointed insolvency manager
Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Cottbus
         Hall 210
         platz 2
         Cottbus
         Germany

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

The insolvency manager can be reached at:

         Justus Schneidewind
         Eisenhartstrasse 1
         14469 Potsdam
         Germany

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

The Debtor can be reached at:

         Senftenberger Reifenhandel GmbH
         Ackerstrasse
         01968 Senftenberg
         Germany


SOB SUEDOSTBAYERISCHE: Claims Registration Ends March 20
--------------------------------------------------------
Creditors of SOB Suedostbayerische Finanz- und
Beteiligungsgesellschaft mbH have until March 20 to register
their claims with court-appointed insolvency manager Vincenz von
Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on April 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf a. Inn
         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:

         Vincenz von Braun
         Maximiliansplatz 12
         80333 Muenchen
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against SOB Suedostbayerische Finanz- und
Beteiligungsgesellschaft mbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SOB Suedostbayerische Finanz- und
         Beteiligungsgesellschaft mbH
         Sebastian Eberl
         Alter Pfarrhof 1
         84568 Pleiskirchen
         Germany


TERRA DOMO: Creditors' Meeting Ends March 21
--------------------------------------------
The court-appointed insolvency manager for Terra Domo GmbH,
Detlef Stuermann, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:20 a.m. on
March 2.

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

         The District Court of Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on April 18 at the same venue.

Creditors have until March 21 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Detlef Stuermann
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421-36860
         Fax: 0421-3686100

The District Court of Bremerhaven opened bankruptcy proceedings
against Terra Domo GmbH on Jan. 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Terra Domo GmbH
         Rickmersstr. 97
         27568 Bremerhaven
         Germany

         Attn: Detlef Pohlenz, Manager
         Koernerstr. 18
         27576 Bremerhaven
         Germany


THOMAS HEINRICH: Claims Registration Period Ends March 15
---------------------------------------------------------
Creditors of Thomas Heinrich have until March 15 to register
their claims with court-appointed insolvency manager
Frank Schmitt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Apr. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         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:

         Frank Schmitt
         Olof-Palme-Str. 13
         60439 Frankfurt am Main
         Tel: 069-50986-0
         Fax: 069-50986-110

The District Court of Darmstadt opened bankruptcy proceedings
against Thomas Heinrich on Feb. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Thomas Heinrich
         Sudetenstrasse 36
         64589 Stockstadt
         Germany


TISCHLEREI SCHULTZ: Claims Registration Period Ends Feb. 26
-----------------------------------------------------------
Creditors of Tischlerei Schultz GmbH have until Feb. 26 to
register their claims with court-appointed insolvency manager
Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Apr. 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 Frankfurt/Main
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin
         Germany

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Tischlerei Schultz GmbH on Feb. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tischlerei Schultz GmbH
         Birkenweg 2
         16230 Britz
         Germany


TMF FOOD: Claims Registration Period Ends March 20
--------------------------------------------------
Creditors of TMF Food Industries 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 9:00 a.m. on Apr. 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 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:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: (06 2 21) 91 18 0

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

The Debtor can be reached at:

         TMF Food Industries GmbH
         Auf der Breit 11
         76227 Karlsruhe
         Germany


WOLLENWEBER GMBH: Claims Registration Period Ends March 15
----------------------------------------------------------
Creditors of Wollenweber GmbH & Co. have until March 15 to
register their claims with court-appointed insolvency manager
Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 on Apr. 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
         Hoestrasse 34
         44787 Bochum
         Germany

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

The Debtor can be reached at:

         Wollenweber GmbH & Co.
         Kommanditgesellschaft
         Ottostr. 2-4
         44867 Bochum
         Germany


YES-CATERING: Claims Registration Period Ends March 23
------------------------------------------------------
Creditors of Yes-Catering GmbH have until March 23 to register
their claims with court-appointed insolvency manager Sylvia
Wille.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Apr. 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 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:

         Sylvia Wille
         Nansenstrasse 7
         09116 Chemnitz
         Tel: (03 71) 400 44 0
         Fax: (03 71) 400 44 10
         E-mail: Info@wir-chemnitz.de

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

The Debtor can be reached at:

         Yes-Catering GmbH
         C/o Kulturhaus Gruena
         Chemnitzer Strasse 46
         09224 Chemnitz-Gruena
         Germany


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


LOCKO FINANCE: Moody's Assigns B2 Rating to Participation Notes
---------------------------------------------------------------
Moody's Investors Service assigned a rating of B2 to the Loan
Participation Notes to be issued on a limited recourse basis by
Locko Finance Plc for the sole purpose of funding a loan to
Locko-bank (Russia).  The outlook for the rating is stable.

The holders of the notes will be relying for repayment solely
and exclusively on the ability of Locko-bank to make payments
under the loan agreement.  Locko-bank is currently rated B2/Not
Prime for long- and short-term foreign- and local-currency
deposits, and E+ for financial strength, all with stable
outlook.  Moody's noted that the amount and the tenor of the
Notes have yet to be determined.

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

According to the terms and conditions of the loan agreement,
Locko-bank must maintain a minimum total capital adequacy ratio
and Tier 1 capital adequacy ratio calculated in accordance with
BIS guidelines of 12% and 8%, respectively, while its exposure
to any single borrower, which is not a related party, shall not
exceed 25% of the net asset value.  The bank must comply with a
number of other covenants such as negative pledge, limitations
on mergers, disposals and transactions with affiliates.

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

Locko-bank is incorporated in Moscow, Russia, and reported total
consolidated assets of US$500 million in accordance with IFRS as
of Sept. 30, 2006.  Locko Finance p.l.c. is an orphan special
purpose vehicle domiciled in Ireland that was established for
this transaction.  Its shares are held on trust for charity by
Deutsche Trustee Company Limited (Ireland).


LOCKO FINANCE: Fitch Puts B-/RR4 Rating to Upcoming Debt Issue
--------------------------------------------------------------
Fitch Ratings assigned Locko Finance Plc's upcoming issue of
limited recourse loan participation notes expected ratings of
Recovery 'RR4' and Long-term 'B-'.

The notes are to be used solely for financing a loan to Locko-
Bank, which is rated Issuer Default 'B-', Short-term 'B',
Individual 'D', Support '5' and National Long-term 'BB+'.  The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.  The final ratings are contingent upon receipt of
final documentation conforming materially to information already
received.

Locko Finance Plc, an Ireland-domiciled public limited company,
will only pay noteholders principal and interest received from
Locko.  The Issuer will charge certain of its rights and
interests under the loan agreement to Deutsche Trustee Company
Limited for the benefit of noteholders under a trust deed.  The
Issuer's claims under the loan agreement will rank at least
equally with those of other senior unsecured creditors of Locko,
save those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.
Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-nine months
2006, retail deposits accounted for 23% of Locko's total
liabilities, according to the bank's reviewed IFRS accounts.

The loan agreement contains covenants restricting mergers and
disposals by Locko and its material subsidiaries, as well as
certain transactions between the bank and its affiliates.  It
also contains a cross default clause and a 'negative pledge'
clause, the latter of which allows for up to 20% of gross
customer loans to be securitized by Locko and its subsidiaries.
Were such transactions to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  Locko also commits to maintaining minimum total and
Tier 1 Basel capital adequacy ratios of 12% and 8%,
respectively, and a maximum ratio of exposure to any single
borrower to net assets of 25%.

Locko is a Moscow-based bank with 18 outlets, focusing primarily
on SME lending.  The bank is owned by several individuals - none
of whom has a stake of over 20% - the IFC and East Capital
Group.  The input of the foreign shareholders may result in more
ambitious growth in the medium term, with the aim of improving
market share and franchise strength.


NOMOS CAPITAL: Fitch Gives B+ Rating to Loan Participation Notes
----------------------------------------------------------------
Fitch Ratings assigned Nomos Capital Plc's US$200 million
8.1875% issue of limited recourse loan participation notes due
2010 final ratings of Recovery 'RR4' and Long-term 'B+'.

The notes are to be used solely for financing a loan to Russia-
based Nomos Bank, which is rated Issuer Default 'B+' with a
Stable Outlook, Short-term 'B', Individual 'D', Support '5' and
National Long-term 'A-' with a Stable Outlook.

As of Sept. 30, 2006, Nomos is one of the 20 largest Russian
banks with US$4 billion of total assets.  The franchise is
focused primarily on serving corporates operating in the
manufacturing, energy and mining sectors, although a broadening
of the corporate franchise and retail lending growth are also
being pursued.  The bank is the third largest bullion trader in
Russia and has strong positions in fixed-income trading.  Nomos
is ultimately controlled by seven individuals, of whom four are
owners of the financial and industrial group ICT.


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


ALITALIA SPA: Italy Taps Bain & Co. as Industrial Adviser
---------------------------------------------------------
The Italian government has appointed Bain & Co. as its
industrial adviser for the sale of its 30.1% stake in national
carrier Alitalia S.p.A., Bloomberg News reports.

Bain & Co. will aid the government in drafting the conditions
that bidders will be asked to include in their industrial plans
for Alitalia, Italy's finance ministry told Bloomberg News.

In a TCR-Europe report on Feb. 2, about 11 bidders submitted
their non-binding offers to acquire Italy's 30.1% stake in
Alitalia.  Most of the bidders are private equity funds hoping
that Alitalia would recover via massive restructuring.

According to the Italian Treasury, bidders include:

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

   2) Texas Pacific Group Europe LLP,

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

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

   5) Benstar-Saturn Enterprises Ltd.

   6) Fabio Scaccia, a professor

   7) MatlinPatterson Global Advisers LLC,

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

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

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

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

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

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

In a TCR-Europe report on Jan. 3, the government launched the
bidding process for its stake in Alitalia on Dec. 29, 2006.
Italy's Ministry of Economy and Finance invited interested
parties to submit a non-binding offer for around 30.1% to 49.9%
of Alitalia's capital and 1,207,147,404 convertible bonds of the
carrier's 7.5% 2002-2010 debenture loan.  The sale will take
place through a competitive procedure involving direct
negotiations with potential buyers.

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

The Ministry also outlined mandatory commitments for the buyer
to:

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

   -- safeguard Alitalia's national identity; and

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

                        About Bain & Co.

Headquartered in Boston, Massachusetts, Bain & Company Inc. --
http://www.bain.com/-- offers a wide array of services aimed at
increasing efficiency and streamlining business processes.  The
firm also consults on strategic business issues, such as
potential mergers and acquisitions and private equity
investments; services include due-diligence preparation.

                         About Alitalia

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

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


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


AUTOREMSERVICE LLP: Creditors Must File Claims by March 23
----------------------------------------------------------
LLP Firm Auto Repair Service Autoremservice has declared
insolvency.  Creditors have until March 23 to submit written
proofs of claim to:

         LLP Firm Auto Repair Service Autoremservice
         Pavlov Str. 50
         Pavlodar
         Kazakhstan


BIRLIK-AGRO LLP: Creditors' Claims Due March 23
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Birlik-Agro insolvent.

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

         The Specialized Inter-Regional Economic Court of
         Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


CONCORD LLP: Proof of Claim Deadline Slated for March 23
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Concord insolvent.

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

         The Specialized Inter-Regional Economic Court of
         Mangistau
         Building of the Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


KAPSTROYCOMPLEX LLP: Claims Registration Ends March 23
------------------------------------------------------
LLP Construction Company Kapstroycomplex has declared
insolvency.  Creditors have until March 23 to submit written
proofs of claim to:

         LLP Construction Company Kapstroycomplex
         Kurmangazy Str. 29
         Almaty
         Kazakhstan
         Ten: 8 (3272) 23-67-03


KARAOZEK-XXI LLP: Claims Filing Period Ends March 23
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Karaozek-XXI insolvent.

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

         The Specialized Inter-Regional Economic Court of
         Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


NIKA-INVEST LLP: Creditors Must File Claims by March 23
-------------------------------------------------------
LLP Nika-Invest has declared insolvency.  Creditors have until
March 23 to submit written proofs of claim to:

         LLP Nika-Invest
         Lenin Str. 18
         Kaskelen
         Karasaisky District
         Almaty
         Kazakhstan
         Tel: 8 (3272) 55-16-32
              8 (3272) 55-16-43


STROYREMSERVICE-AINA LLP: Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
started bankruptcy proceeding against LLP Construction Repair
Service Stroyremservice-Aina on January 25, 2007.


TECGOO CORP: Proof of Claim Deadline Slated for March 23
--------------------------------------------------------
LLP Tecgoo Corporation Kz has declared insolvency.  Creditors
have until March 23 to submit written proofs of claim to:

         LLP Tecgoo Corporation Kz
         Buhar-Jyrau Str. 65-6
         Almaty
         Kazakhstan


TREST URALSKPROMSTROY: Claims Registration Ends March 23
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Trest Uralskpromstroy insolvent.

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

         The Specialized Inter-Regional Economic Court of West
         Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan Region
         Kazakhstan


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


ITEK LLC: Creditors' Meeting Slated for February 19
---------------------------------------------------
Creditors of LLC Itek will convene at 2:00 p.m. on Feb. 19 at:

         Office 4
         Moskovskaya Str. 217
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Itek (Case No.ED-1191/06 mbs8) insolvent on Jan. 12.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Akyl Sharshenov
         (0-502) 51-32-01


PICK OIL: Claims Filing Period Ends March 30
--------------------------------------------
LLC Pick Oil Osh has declared insolvency.  Creditors have until
March 30 to submit written proofs of claim to:

         LLC Pick Oil Osh
         Isanov Str. 43/47
         Osh
         Kyrgyzstan


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


ALCATEL-LUCENT: In Talks With Dutch Unions on Further Job Cuts
--------------------------------------------------------------
Alcatel-Lucent has met with representatives of the Dutch Works
Council and unions to begin discussing how the company's
international synergy plans will impact employee positions in
the Netherlands.  Alcatel-Lucent has also informed its employees
about these preliminary discussions.

In April 2006, when the merger between Alcatel and Lucent
Technologies was announced, the companies stated the primary
driver of the merger was to generate growth in revenues and
earnings while yielding synergies.  On Feb. 9, the company
provided an update on its integration efforts.

It believes the combination of the original synergy plan and
additional cost reductions will enable it to realize a total of
EUR1.7 billion pre-tax cost savings within three years. The cost
reductions will entail globally about 12,500 reductions to the
workforce over the next three years.

The topics presented to the works council are a starting point
within the legal frameworks set out for consultations with
employees and unions prior to any actions.

"We have undertaken a thorough and thoughtful review of our
operations in the Netherlands, and we anticipate that we need to
reduce our workforce with 140-180 people over the next 24
months," said Coert de Boer, Managing Director for Alcatel-
Lucent in The Netherlands.  "These are difficult decisions, and
we will be sensitive to employees, treat them with the dignity
and respect they deserve.  We will do everything we can to
minimize the impact on employees and provide them with resources
for a smooth transition, either within our organization or at
other companies.  We have a number of long-term projects in the
Netherlands for which we need additional people. Our growth
ambitions imply furthermore that we expect to create new jobs in
new areas that we will explore.  It speaks for itself that we
will first look for re-education opportunities of our existing
staff and then will start recruiting. We will work closely
together with the Works Council and the unions in the
Netherlands on these matters."

Currently, Alcatel-Lucent employs some 700 people in the
Netherlands, in a variety of positions.

The forced reductions reflect duplications in positions and
rationalization in product and solution portfolio as well as
ongoing cost-efficiency efforts for the Company.  Together with
the Dutch Works Council and unions, Alcatel-Lucent will offer
outplacement services for affected employees and make every
effort to support those employees whose positions will
disappear.

These discussions are at an early stage and it would be
premature, the company said, to comment further.

                      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:

Moodys:

   * 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


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


NORSKE SKOGINDUSTRIER: To De-Merge Non-Core Real Properties
-----------------------------------------------------------
Norske Skogindustrier ASA has initiated a process for de-merging
most of its real property unrelated to paper production.

Since the resulting property company will be a wholly owned
subsidiary of Norske Skogindustrier ASA, the consolidated
balance sheet will not be affected by this transaction.

The most important properties include Klosterøya in Skien, the
head office with surrounding land in Baerum outside Oslo, and a
farming and residential area in Trondheim.

This proposal will be considered by the board of directors at
its meeting on March 1, and is subject to final approval by the
annual general meeting on April 12.

                        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


NORSKE SKOGINDUSTRIER: To Invest NOK330 Million Into Skogn Unit
---------------------------------------------------------------
Norske Skogindustrier ASA is to invest NOK330 million at its
Norske Skog Skogn mill in mid-Norway in order to boost its
competitiveness and further improve the quality of the paper it
produces.

The project will cut annual electricity consumption at the mill
by 250 GWh or 17%.  State-owned company Enova is contributing
NOK50 million to the work.

"Energy saving measures are one of our top priorities,"
Christian Rynning-Tonnesen, chief executive of Norske Skog,
said.  "I'm very pleased that the government, through Enova, is
helping to make this project profitable.  The changes being made
are optimal because they not only reduce energy consumption and
costs at Norske Skog Skogn but also improve paper quality."

The project will kick off this year, and is due to be completed
by the end of 2009.  Norske Skog Skogn's production is currently
based on paper pulp from wood and recovered paper.  Once the
work has been done, the proportion of wood will be slightly
reduced and replaced by cheaper fillers and increased use of
recovered paper.  That will enhance the mill's competitiveness
while meeting customer requirements for a larger proportion of
recycled fiber in their newsprint.

                        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


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


AMBER LLC: Creditors Must File Claims by February 27
----------------------------------------------------
Creditors of LLC Amber have until Feb. 27 to submit written
proofs of claim to:

         Y. Gychin, Insolvency Manager
         Traktornaya Str. 52/42
         248025 Kaluga
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-6470/05B-17-115.

The Arbitration Court of Kaluga is located at:

         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         LLC Amber
         Kremenki
         Kaluga
         Russia


BSPB FINANCE: Fitch Assigns B Rating to Upcoming Loan
-----------------------------------------------------
Fitch Ratings assigned BSPB Finance Plc's upcoming US$ issue of
limited recourse loan participation notes expected ratings of
Long-term 'B' and Recovery 'RR4'.

The final ratings are contingent upon receipt of final
documentation conforming materially to information already
received.

The notes are to be consolidated and form a single series with
the SPV's US$125 mililon 9.501% issue of limited recourse loan
participation notes due November 2009.  The notes are to be used
solely for financing a loan to Russia-based Bank Saint
Petersburg, which is rated Issuer Default 'B' with a Stable
Outlook, Short-term 'B', Individual 'D' and Support '5'.

BSP is a mid-sized Russian bank with a large presence in St.
Petersburg and the surrounding region.  The franchise is focused
primarily on serving local corporates, in part by leveraging a
close relationship with the St. Petersburg City administration,
although retail lending is also targeted to grow.  The bank is
ultimately controlled by senior management, including the
Chairman, Alexander Saveliev, with most of the remainder owned
by two groups of local investors.


CHERTINSKAYA AND CO: Creditors Must File Claims by March 27
-----------------------------------------------------------
Creditors of OJSC Chertinskaya and Co have until March 27 to
submit written proofs of claim to:

         E. Kikel, Insolvency Manager
         Post User Box 3190
         650070 Kemerovo-70
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
hearing in the Court will convene at 10:00 a.m. on March 12.
The case is docketed under Case No. A27-17499/2006-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Chertinskaya and Co
         Yunosti Str. 7-57
         Belovo
         652600 Kemerovo
         Russia


COMMERCIAL BUILDING: Court Names V. Babenko to Manage Assets
------------------------------------------------------------
The Arbitration Court of Tomsk appointed Mr. V. Babenko as
Insolvency Manager for LLC Commercial Building Company.  He can
be reached at:

         V. Babenko
         Office 207
         Nakhimova Str. 13/1
         634034 Tomsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-8505/06.

The Debtor can be reached at:

         V. Babenko
         Office 207
         Nakhimova Str. 13/1
         634034 Tomsk
         Russia


EMELYANOVSKOYE CJSC: Creditors Must File Claims by March 27
-----------------------------------------------------------
Creditors of CJSC Emelyanovskoye have until March 27 to submit
written proofs of claim to:

         T. Perfilova, Insolvency Manager
         Office 201
         Sakko I Vantsetti Str. 54/60
         410029 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-267B/06-12.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Emelyanovskoye
         Emelyanovka
         Krasnopartizanskiy, Saratov
         Russia


HYDROSPETSSTROY LTD: Trustee's Presentation Moved to Feb. 19
------------------------------------------------------------
The Court of Arbitration has postponed the presentation of Olga
Rushitskaya's bankruptcy trustee report on HydroSpetsStroy Ltd.,
to Feb. 19, Ural Business Consulting reports.

"In the meantime, no circumstances related to the case have
changed so far as the developer hasn't produced any further
information," Ms. Rushitskaya said.

                   About HydroSpetsStroy Ltd.

Russian company HydroSpetsStroy Ltd. is a general contractor
with accumulated debts of more than RUR55 million (EUR1.59
million).


KHABAROVSKIY FACTORY: Asset Sale Slated for February 28
-------------------------------------------------------
IP Shalamov M.A., the bidding organizer for CJSC Khabarovskiy
Factory of Metal Constructions, will open a public auction for
the company's properties at 10:00 a.m. on Feb. 28 at:

         CJSC Khabarovskiy Factory of Metal Constructions
         Assembly Hall
         Perspektivnaya Str. 38
         680018 Khabarovsk
         Russia

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

         CJSC Khabarovskiy Factory of Metal Constructions
         Dalnevostochnyj Branch of OJSC ACB Rosbank
         Settlement Account 40702810943200000008
         Correspondent Account 3010181080000000783
         BIK 040813783
         KPP 2725004091

Bidding documents must be submitted to:

         IP Shalamov M.A., Bidding Organizer
         Post User Box 10/12
         680000 Khabarovsk
         Russia
         Tel: 8-962-220-24-45, 8-914-540-30-30

The Debtor can be reached at:

         CJSC Khabarovskiy Factory of Metal Constructions
         Perspektivnaya Str. 38
         680018 Khabarovsk
         Rusia


KOKON OJSC: Creditors Must File Claims by March 27
--------------------------------------------------
Creditors of OJSC Kokon have until March 27 to submit written
proofs of claim to:

         E. Kikel, Insolvency Manager
         Krasnaya Str. 8
         650099 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
hearing in the Court will convene at 11:45 a.m. on April 17.
The case is docketed under Case No. A27-17501/2006-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Kokon
         Komsomolskaya Str. 3
         Belovo
         652600 Kemerovo
         Russia


KONOSHSKIY WOODWORKING: Creditors Must File Claims by March 27
--------------------------------------------------------------
Creditors of LLC Konoshskiy Woodworking Combine have until
March 27 to submit written proofs of claim to:

         A. Garkusha, Insolvency Manager
         Petina Str. 8-35
         160002 Vologda
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05-8080/2006-6.

The Court is located at:

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

The Debtor can be reached at:

         LLC Konoshskiy Woodworking Combine
         Konosha
         Arkhangelsk
         Russia


LAND-COM CJSC: Creditors Must File Claims by March 27
-----------------------------------------------------
Creditors on declared CJSC Financial Company Land-Com have until
March 27 to submit written proofs of claim to:

         A. Petrov, Insolvency Manager
         N. Danchenko Str. 165-316
         30087 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-7800/06-4/13.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Financial Company Land-Com
         N. Danchenko Str. 165-316
         30087 Novosibirsk
         Russia


LOCKO-BANK: Fitch Puts B-/RR4 Ratings to Loan Financing
-------------------------------------------------------
Fitch Ratings assigned Locko Finance Plc's upcoming issue of
limited recourse loan participation notes expected ratings of
Recovery 'RR4' and Long-term 'B-'.

The notes are to be used solely for financing a loan to Locko-
Bank, which is rated Issuer Default 'B-', Short-term 'B',
Individual 'D', Support '5' and National Long-term 'BB+'.  The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.  The final ratings are contingent upon receipt of
final documentation conforming materially to information already
received.

Locko Finance Plc, an Ireland-domiciled public limited company,
will only pay noteholders principal and interest received from
Locko.  The Issuer will charge certain of its rights and
interests under the loan agreement to Deutsche Trustee Company
Limited for the benefit of noteholders under a trust deed.  The
Issuer's claims under the loan agreement will rank at least
equally with those of other senior unsecured creditors of Locko,
save those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.
Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-nine months
2006, retail deposits accounted for 23% of Locko's total
liabilities, according to the bank's reviewed IFRS accounts.

The loan agreement contains covenants restricting mergers and
disposals by Locko and its material subsidiaries, as well as
certain transactions between the bank and its affiliates.  It
also contains a cross default clause and a 'negative pledge'
clause, the latter of which allows for up to 20% of gross
customer loans to be securitized by Locko and its subsidiaries.
Were such transactions to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  Locko also commits to maintaining minimum total and
Tier 1 Basel capital adequacy ratios of 12% and 8%,
respectively, and a maximum ratio of exposure to any single
borrower to net assets of 25%.

Locko is a Moscow-based bank with 18 outlets, focusing primarily
on SME lending.  The bank is owned by several individuals - none
of whom has a stake of over 20% - the IFC and East Capital
Group.  The input of the foreign shareholders may result in more
ambitious growth in the medium term, with the aim of improving
market share and franchise strength.


LUKOIL OAO: Inks Cooperation Deal with Qatar Petroleum
------------------------------------------------------
Vagit Alekperov, president of Lukoil OAO, and Abdullah Bin Hamad
Al-Attiyah, the chairman and managing director of Qatar
Petroleum, have signed a Memorandum of Understanding regarding
cooperation in the area of exploration, development and recovery
of oil and gas fields.

Under the MOU, the parties will work together to identify
frameworks to explore possible opportunities for mutually
acceptable participation in oil and gas projects within the
territory of Qatar.

"Our Company is interested in participating in new projects, as
well as in the existing oil and gas projects in Qatar, given the
strategic significance of the Gulf region as the largest
petroleum province of the world," said the President of LUKOIL
Vagit Alekperov.

Qatar has strong petroleum potential and highly developed
economical infrastructure, and is one of the world leaders in
production of liquefied natural gas.

"Qatar Petroleum welcomes international oil companies to
participate with it in Qatar's development," Mr. Al-Attiyah
said.  "All of our developments, whether for gas, gas-to-
liquids, LNG or petrochemicals, are built on long-term mutually
beneficial relationship with strong international partners, and
we look forward to exploring such opportunities with LUKOIL."

                         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.

                         *     *     *

OAO Lukoil carries Standard & Poor's BB+ long-term foreign and
local issuer credit ratings with a positive outlook.


LUKOIL OAO: Three Directors Buy 3.8 Mln Shares for RUR8.2 Bln
-------------------------------------------------------------
OAO Lukoil disclosed of the acquisition and sale of common
shares by members of the Management Committee in Moscow, Russia:

    * Vagit Yu. Alekperov, President of OAO Lukoil,
      member of the Board of Directors

      -- transaction: purchase of shares
      -- number of shares: 1,539,451
      -- transaction amount: RUR3,341,871,019.82
      -- date of transaction: Feb. 9, 2007

    * Larisa V. Alekperov

      -- transaction: purchase of shares
      -- number of shares:  1,139,551
      -- transaction amount: RUR2,473,760,101.82
      -- date of transaction: Feb. 9, 2007

    * Yusuf V. Alekperov

      -- transaction: purchase of shares
      -- number of shares: 1,091,594
      -- transaction amount: RUR2,369,654,087.08
      -- date of transaction: Feb. 9, 2007

    * Hepworth Technologies S.A.

      -- transaction: purchase of shares
      -- number of shares: 577,429
      -- transaction amount: US$45,905,610.00
      -- date of transaction: Feb. 12, 2007

    * OAO Uralsib Bank

      -- transaction: sale of shares
      -- number of shares: 2,544,041
      -- transaction amount: RUR5,519,085,845
      -- date of transaction: Feb. 9, 2007

                         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.

                          *     *     *

OAO Lukoil carries Standard & Poor's BB+ long-term foreign and
local issuer credit ratings with a positive outlook.


NIKOLAEVSK-BREAD OJSC: Creditors Must File Claims by February 27
----------------------------------------------------------------
Creditors of OJSC Nikolaevsk-Bread have until Feb. 27 to submit
written proofs of claim to:

         O. Zamilova, Temporary Insolvency Manager
         Apartment 112
         Mukhina Str. 13
         680030 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-13141/2006-9.

The Debtor can be reached at:

         OJSC Nikolaevsk-Bread
         Blagoveshenskaya Str. 3
         Nikolaevs-na-Amure
         682460 Khabarovsk
         Russia


NOMOS BANK: Fitch Gives B+ Rating to Loan Participation Notes
-------------------------------------------------------------
Fitch Ratings assigned Nomos Capital Plc's US$200 million
8.1875% issue of limited recourse loan participation notes due
2010 final ratings of Recovery 'RR4' and Long-term 'B+'.

The notes are to be used solely for financing a loan to Russia-
based Nomos Bank, which is rated Issuer Default 'B+' with a
Stable Outlook, Short-term 'B', Individual 'D', Support '5' and
National Long-term 'A-' with a Stable Outlook.

As of Sept. 30, 2006, Nomos is one of the 20 largest Russian
banks with US$4 billion of total assets.  The franchise is
focused primarily on serving corporates operating in the
manufacturing, energy and mining sectors, although a broadening
of the corporate franchise and retail lending growth are also
being pursued.  The bank is the third largest bullion trader in
Russia and has strong positions in fixed-income trading.  Nomos
is ultimately controlled by seven individuals, of whom four are
owners of the financial and industrial group ICT.


OLYM-SUGAR OJSC: Kursk Bankruptcy Hearing Slated for May 14
-----------------------------------------------------------
The Arbitration Court of Kursk will convene on May 14 to hear
the bankruptcy supervision procedure on OJSC Beet-Sugar Company
Olym-Sugar.  The case is docketed under Case No. A35-8372/06 g.

The Temporary Insolvency Manager is:

         O. Parfenov
         Malykh Str. 44B
         305019 Kursk
         Russia

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         OJSC Beet-Sugar Company Olym-Sugar
         Stroiteley Str. 3
         Olymskiy
         Kastorinskiy
         306716 Kursk
         Russia


POKROVSK-PROM-SERVICE: Bankruptcy Hearing Slated for May 15
-----------------------------------------------------------
The Arbitration Court of Saratov will convene at 10:05 a.m. on
May 15 to hear the bankruptcy supervision procedure on OJSC
Pokrovsk-Prom-Service.  The case is docketed under Case No.
A-57-267B/06-12.

The Temporary Insolvency Manager is:

         V. Chuprinskaya
         Engesl-2
         413102 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Pokrovsk-Prom-Service
         Engels-2
         Saratov
         Russia


SHUVAKISHSKIY BRICKWORKS: Creditors Must File Claims by Feb. 27
---------------------------------------------------------------
Creditors of CJSC Shuvakishskiy Brickworks have until Feb. 27 to
submit written proofs of claim to:

         P. Podporin, Insolvency Manager
         Belinskogo Str. 34, 211
         GSP-573
         620219 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-31313/05-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         CJSC Shuvakishskiy Brickworks
         Kommunisticheskaya Str. 503
         Ekaterinburg
         Russia


SISTEMA JSFC: Buys 0.48% of Own Stock for Share Option Program
--------------------------------------------------------------
Sistema JSFC has purchased an additional 0.48% of its own stock,
bringing the total amount of shares purchased by Sistema from
March 2006 to date to 284,243 (2.95%) for a total of US$347.3
million dollars.

As disclosed earlier, Sistema is establishing a share option
program for the top management of the company.  The acquired
shares are intended for the funding of this program and may also
be used in connection with certain future acquisition activity.

                        About Sistema

Sistema JSFC -- http://www.sistema.com/-- is the largest
private sector consumer services company in Russia and the CIS,
with over 65 million customers.  Sistema develops and manages
market-leading businesses in selected service-based industries,
including telecommunications, technology, insurance, banking,
real estate, retail and media.

Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of US$
18.5 billion as at Sept. 30, 2006.  Sistema's shares are listed
under the symbol 'SSA' on the London Stock Exchange, under the
symbol 'AFKS' on the Russian Trading System (RTS), and under the
symbol 'SIST' on the Moscow Stock Exchange (MSE).

                          *     *     *

As reported in the TCR-Europe on Jan. 17, Fitch Ratings assigned
Sistema Capital S.A.'s guaranteed debt issuance program a final
B+ rating.  The program, guaranteed by JSFC Sistema, has a
maturity of 30 years and may issue up to US$3 billion.  This
rating action follows a review of the final terms and
conditions, confirming information already received when Fitch
assigned an expected rating of B+ on Dec. 12, 2006.

In November 2006, Standard & Poor's Ratings Services raised its
long-term debt rating to 'B+' from 'B' on the senior unsecured
debt issued by Sistema Capital S.A. and OJSC Sistema Finance
Investments, and on the senior secured debt issued by Sistema
Finance S.A.  All three companies are financing vehicles for
Russian Telecommunications and industrials holding group Sistema
(JSFC) (BB-/Stable/--), which guarantees the debt.


SITRONICS JSC: GDRs Begin Trading on the London Stock Exchange
--------------------------------------------------------------
JSC Sitronics disclosed that its Global Depositary Receipts have
been admitted to the Official List and will begin trading on
Feb. 13 on the London Stock Exchange under the ticker symbol
SITR.

Sitronics' shares are also listed on the Moscow Stock Exchange
and RTS under the ticker symbol SITR.

"As the first technology company from Russia to list on the LSE,
we are naturally very pleased with the success of our GDR
Offering and the status that a London listing brings to the
Company.  We believe that the proceeds raised from the Offering
will allow Sitronics to further develop its strengths in all its
markets," Evgeni Utkin, Sitronics' Chief Executive Officer,
said.

As previously reported in the TCR-Europe on Feb. 9, The price
for the Offering has been set at US$0.24 per Share and
US$12 per Global Depositary Receipt, with each GDR representing
an interest in 50 ordinary shares.

The Offer Price results in Sitronics having a market
capitalization of around US$2.3 billion (before exercise of the
over-allotment option).

Sitronics has also granted the underwriters an over-allotment
option in respect of an additional 125 million Shares in the
form of GDRs.

Sitronics' free float will amount to around 17.5% of the
Company's issued share capital (before exercise of the over-
allotment option).  The share mix in the Offering (before
exercise of the over-allotment option) will be 92.5% primary and
7.5% secondary.

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

Credit Suisse, Goldman Sachs International and Renaissance
Capital are acting as Joint Global Coordinators and Bookrunners
of the Offering.  HSBC is acting as Co-Lead Manager.

                         About Sitronics

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

                          *     *     *

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


TYAZHINSKIY ELEVATOR: Creditors Must File Claims by March 27
------------------------------------------------------------
Creditors of OJSC Tyazhinskiy Elevator (TIN 42420002470) have
until March 27 to submit written proofs of claim to:

         E. Besedin, Insolvency Manager
         Post User Box 2004
         Central Post Office
         650000 Kemerovo
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-10900/2006-4.

The Debtor can be reached at:

         E. Besedin, Insolvency Manager
         Post User Box 2004
         Central Post Office
         650000 Kemerovo
         Russia


VORONEZH-GEOLOGY OJSC: Bankruptcy Hearing Slated for March 14
-------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:00 a.m. on
March 14 to hear the bankruptcy supervision procedure on OJSC
Voronezh-Geology.  The case is docketed under Case No.
A14-23868/2005/169/16b.

The Temporary Insolvency Manager is:

         V. Prokashev
         Office LLC TsPOAU
         Deputatskaya Str. 12
         394055 Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Voronezh-Geology
         Begovaya Str. 205
         Voronezh
         Russia


VALD-M LLC: Novosibirsk Bankruptcy Hearing Slated for May 23
------------------------------------------------------------
The Arbitration Court of Novosibirsk will convene at 2:00 p.m.
on May 23 to hear the bankruptcy supervision procedure on LLC
Industrial Company Vald-M.  The case is docketed under Case No.
A45-513/07-29/2.

The Temporary Insolvency Manager is:

         S. Lebedev
         Office 7
         Kamenskaya Str. 64a
         630091 Novosibirsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Industrial Company Vald-M
         Krasnoobsk 25
         Novosibirsk
         Russia


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


LEAR CORP: To Unveil First Quarter 2007 Results on April 25
-----------------------------------------------------------
Lear Corp. will release its first quarter 2007 financial results
on April. 25 before the stock market opens.

The company financial results and related matters at 9:00 a.m.
EST on the same day.

To participate in the conference call:

   -- Domestic calls: 1-800-789-4751
   -- International calls: 1-706-679-3323

The audio replay will be available two hours following the call
at:

   -- Domestic calls: 1-800-642-1687
   -- International calls: 1-706-645-9291

The audio replay will be available until May 9.

A live audio Web cast of the call, in listen only mode, is
available at http://www.lear.com/.

Inquiries can be addressed to:

         Melissa Skauradchun
         Manager, Investor Relations
         Lear Corp.
         Tel: (248) 447-5648
         E-mail: mskauradchun@lear.com

                      About the Company

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

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

                          *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


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


ARROW ELECTRONICS: To Discuss Annual Quarterly Results Feb. 22
--------------------------------------------------------------
Arrow Electronics Inc. will host a conference call to discuss
its fourth quarter and year-end earnings 10:00 a.m. ET on
Feb. 22.

The live conference call is accessible by telephone at:

   -- 800-310-6649 (toll-free) or
   -- 719-457-2693 (outside the United States and Canada)

The call ID is 9754570.

Audio replay of the call will be available through March 1.

The replay numbers are:

   -- 888-203-1112 (United States and Canada), and
   -- 719-457-0820 (other countries).

The access code is 9754570.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

In Europe, the company operates in France, Spain, Portugal,
Denmark, Estonia, Finland, Great Britain, Ireland, Latvia,
Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland,
Belgium, the Netherlands and the U.K.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.   The rating
outlook is positive.


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


CLOCK FINANCE: Moody's Puts Low-B Ratings to CHF105.6-Mln Notes
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
six classes of asset backed credit linked notes to be issued by
Clock Finance No.1 B.V.:

   -- CHF132-million Class A Asset-Backed Credit Linked Notes
      due 2015: (P)Aaa;

   -- CHF93.6-million Class B Asset-Backed Credit Linked Notes
      due 2015: (P)Aa2;

   -- CHF98.4-million Class C Asset-Backed Credit Linked Notes
      due 2015: (P)A2;

   -- CHF91.2-million Class D Asset-Backed Credit Linked Notes
      due 2015: (P)Baa3;

   -- CHF65.3-million Class E Asset-Backed Credit Linked Notes
      due 2015: (P)Ba3; and

   -- CHF40.3-million Class F Asset-Backed Credit Linked Notes
      due 2015: (P)B3.

Moody's has not assigned a provisional rating to CHF153.60-
million Class G Asset-Backed Credit Linked Notes due 2015.  In
addition, the structure includes a super senior piece of
CHF4,125.6-million where no credit protection has been sought.
Class A to Class E Asset-Backed Credit Linked Notes due 2015 are
expected to be issued in EUR, but as of today the exchange rate
CHF- EUR is not yet known and the corresponding amounts in CHF
have been listed.

Clock Finance No.1 B.V. is the first SME securitization by
Credit Suisse using Clock Finance No.1 B.V. The objective of the
credit protection buyer, Credit Suisse, is to achieve economic
and regulatory capital relief under Basel II for the portfolio
of SME and corporate loans.  The portfolio consists of 1,977
reference obligations relating to small and medium sized
companies and some corporates domiciled in Switzerland for an
amount of CHF4,800,000,000.00.  Under a Credit Default Swap,
Credit Suisse will pay fixed payments to Clock Finance No. 1
B.V. and in return Credit Suisse will be hedged for losses
occurring in the reference portfolio up to an amount equal to
the total initial amount of notes issued by the SPV.  In order
to hedge its obligations under the Credit Default Swap, Clock
Finance No. 1 B.V. will issue Class A to Class G Notes and
invest the note proceeds in CHF and Euro denominated cash
deposits.  The credit-linked notes have been structured to be
redeemed in bullet on the scheduled maturity date on a
sequential basis.  The transaction includes a six-year
replenishment period during which new reference obligations can
be added to the reference portfolio subject to compliance with
the reference entity eligibility criteria, the reference
portfolio eligibility criteria and the replenishment suspension
trigger

According to Moody's, the ratings take account of, among other
factors, the subordination of the respective lower tranches and
the strong replenishment criteria. Portfolio replenishment is
also possible only as long as the losses are below
CHF153.6-million (3.5% of initial reference portfolio) and all
the notes' ratings are within the Moody's expected loss limit or
the expected loss is the same or better than before
replenishment.  Moody's also assessed the credit quality of the
unrated reference portfolio obligors by mapping Credit Suisse's
internal credit scoring ratings using historical data, the
results of the internal Masterscale's validation and the 1-year
rating transition matrices observed for the period 1996 to 2003.

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.  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.


CLOCK FINANCE: S&P Assigns Initial B Ratings to Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the asset-backed floating-rate notes to be
issued by CLOCK Finance No. 1 B.V., a special purpose entity.

This is Credit Suisse's first CLO of SMEs.  The purpose of this
transaction is to transfer to investors the credit risk
associated with a pool of payment obligations under framework
lending agreements between Credit Suisse and certain Swiss SMEs.

This transaction does not reference single-loan agreements, but
instead references Credit Suisse's total exposures to certain
Swiss SMEs under framework lending agreements, entered into in
accordance with the bank's commercial client lending strategy.

Framework agreements outline the general terms and conditions
for the type and volume of exposures the bank is granting, which
typically comprises a composition of current accounts,
mortgages, and term loans.

                          Ratings List

                    CLOCK Finance No. 1 B.V.
    Swiss Franc And Euro-Denominated Asset-Backed Floating-Rate
                             Notes

               Class        Prelim.        Prelim.
                            rating         amount (Mln. CHF/EUR)

               A              AAA          TBD
               B              AA           TBD
               C              A            TBD
               D              BBB          TBD
               E              BB           TBD
               F              B            TBD
               G              NR           TBD


CLOCK FINANCE: Fitch Rates CHF105.6-Mln Notes at Low-B
------------------------------------------------------
Fitch assigned expected ratings to Clock Finance No. 1 B.V.'s
issue of CHF520.8 million of floating-rate notes as follows:

   -- CHF132,000,000 Class A: 'AAA'
   -- CHF93,600,000 Class B: 'AA'
   -- CHF98,400,000 Class C: 'A'
   -- CHF91,200,000 Class D: 'BBB+'
   -- CHF65,300,000 Class E: 'BB+'
   -- CHF40,300,000 Class F: 'B'

Some notes will be denominated in euros based on a conversion
rate that will be determined and fixed upon closing.  The Class
G notes, totaling CHF153,600,000, are not rated.  The final
ratings are contingent upon the receipt of final documents
conforming to information already received.

The transaction is a partially funded synthetic collateralized
debt obligation referencing a portfolio of Swiss small- and
medium-sized enterprise obligors.  The initial reference
portfolio consists of 1,977 SME reference entities that borrowed
under credit lines granted by the private banking division of
Credit Suisse subject to framework agreements and securitized in
whole or in part with a total securitization balance of
CHF4.8 billion.

The expected ratings of the notes are based on the credit
quality of the reference portfolio, the credit enhancement, the
quality of the collateral, the strength of the swap counterparty
and the transaction's sound financial and legal structure.  The
credit quality of the reference portfolio has been determined
using a mapping approach.  Fitch deems the average quality of
the initial reference portfolio to be equivalent to a 'BB+'
rating. Credit enhancement for the Class A to F notes is
provided by subordination.  The expected ratings address the
timely payment of interest and the ultimate repayment of
principal.

The transaction will replenish over the entire transaction
horizon on a "not-to-worsen" basis until February 2013 subject
to certain replenishment criteria and a replenishment suspension
trigger.  The replenishment criteria include single obligor
concentration limits based on CS's internal ratings on an
entity-by-entity basis, a weighted average internal rating
covenant and concentration limits to maintain regional and
industrial diversification.  Any replenishment has to comply
with the Fitch VECTOR test.

At closing, CS will enter into a credit default swap with the
issuer.  Under the CDS, the issuer will sell credit protection
on the reference entity portfolio to CS, which includes accrued
interest and enforcement costs.  The issuer will hedge itself
against the same risk by issuing credit-linked notes denominated
in euros and Swiss francs. Realised losses will be borne first
by the most junior piece (Class G notes), and then by Class A to
F notes in reverse order of seniority.

Losses will be determined at the latest three months after the
credit event based on recovery estimates. As a result, CS will
receive protection payments fairly quickly compared to other
structures where such payments are only made once the recovery
process has been completed. To reflect early payments, a
discount factor will apply.


ECCO PROSECCO: Creditors' Liquidation Claims Due March 1
--------------------------------------------------------
Creditors of LLC Ecco Prosecco have until March 1 to submit
their claims to:

         Beatrice Beeler
         Liquidator
         Grenzweg 38
         4107 Ettingen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Ecco Prosecco
         Ettingen
         Arlesheim BL
         Switzerland


EXPRESS REIFEN: Claims Registration Period Ends March 1
-------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC Express Reifen Lommis on Aug. 10, 2006.

Creditors have until March 1 to file their written proofs of
claim.

The Debtor can be reached at:

         JSC Express Reifen Lommis
         Flugplatzstrasse
         9506 Lommis
         Munchwilen TG
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service Thurgau
         8510 Frauenfeld TG
         Switzerland


GI-TEC SYSTEMS: Lucerne Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Willisau commenced bankruptcy
proceedings against LLC GI-TEC Systems on Jan. 8.

The Debtor can be reached at:

         LLC GI-TEC Systems
         Im Winkel 8
         6244 Nebikon
         Willisau LU
         Switzerland

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service Willisau
         6130 Willisau LU
         Switzerland


LUCATRON JSC: Creditors' Liquidation Claims Due March 1
-------------------------------------------------------
Creditors of JSC Lucatron have until March 1 to submit their
claims to:

         Walter Wyrsch
         Liquidator
         Dorfstrasse 38
         6341 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Lucatron
         Baar ZG
         Switzerland


PAZI PATRICK: Creditors' Liquidation Claims Due March 1
-------------------------------------------------------
Creditors of LLC PaZi Patrick Zimmermann have until March 1 to
submit their claims to:

         Patrick Zimmermann
         Liquidator
         Hauptstrasse 108
         4422 Arisdorf
         Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC PaZi Patrick Zimmermann
         Giebenach
         Liestal BL
         Switzerland


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


AGROKONTRACT B: Claims Submission Deadline Set March 2
------------------------------------------------------
Creditors of LLC Agrokontract B (code EDRPOU 20103363) have
until March 2 to submit written proofs of claim to:

         V. Bolhovitinm, Liquidator
         Hmelnickiy Str. 21
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on Jan. 18 after finding it insolvent.  The
case is docketed under Case No. 10/232-06.

The Court is located at:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         LLC Agrokontract B
         Vatutin Str. 137
         21011 Vinnica
         Ukraine


CHEMICAL SOURCES: Creditors Must Submit Claims by March 2
---------------------------------------------------------
Creditors of LLC Chemical Sources of Streams (code EDRPOU
30770478) have until March 2 to submit written proofs of claim
to:

         Andrei Savochka, Temporary Insolvency Manager
         Sumy Divisions Str. 20
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
7/204-06.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Chemical Sources of Streams
         Gromadiansky Lane 8
         40010 Sumy
         Ukraine


FIRST UKRAINIAN: Fitch Assigns B- Ratings to US$150-Mln Loan
------------------------------------------------------------
Fitch Ratings assigned Standard Bank Plc's US$150 million issue
of 9.75% loan participation notes due February 2010 final
ratings of Recovery 'RR4' and Long-term 'B-'.

The notes are issued for the sole purpose of financing a loan to
First Ukrainian International Bank, rated Issuer Default 'B-',
Short-term 'B', Individual 'D', Support '5' and National Long-
term 'BBB'.  The Outlooks on both the Issuer Default and the
National Long-term ratings are Stable.

The key terms and conditions of the notes are described in
Fitch's announcement dated Jan. 26 of its expected rating
assignment to the above mentioned issue.

FUIB was the 15th largest bank in Ukraine by assets, according
to end-nine months 2006 data.  Historically a corporate bank,
FUIB's strategy is to expand its retail and SME lending.  The
bank is 99%-owned by SCM Finance, the financial sub-holding of
SCM, which is among the largest business groups in Ukraine.
Rinat Akhmetov, a leading Ukrainian businessman, ultimately
controls SCM.  SCM also owns Donetsk-based Donghorbank, a
medium-sized bank based in Donetsk, which services SCM's cash
flows, and two insurance companies.


GLUHOV BUTTER: Creditors Must Submit Claims by March 2
------------------------------------------------------
Creditors of OJSC Gluhov Butter Cheese Plant (code EDRPOU
23995876) have until March 2 to submit written proofs of claim
to:

         Eugene Chuprun, Temporary Insolvency Manager
         Petropavlovskaya Str. 74, ap. 49A
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/615-06.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         OJSC Gluhov Butter Cheese Plant
         Industrial Str. 43
         Gluhov
         41400 Sumy
         Ukraine


MOTO-DOR LLC: Creditors Must Submit Claims by March 2
-----------------------------------------------------
Creditors of LLC Moto-Dor (code EDRPOU 25488936) have until
March 2 to submit written proofs of claim to:

         Sergey Bagmet, Temporary Insolvency Manager
         P.O. Box 1064
         69104 Zaporozhje
         Ukraine
         Tel: 8(061) 217-66-17
              8(050) 341-66-17

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 21/219-25/261.

The Court is located at:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Debtor can be reached at:

         LLC Moto-Dor
         Kirov Str. 175
         Melitopol
         72319 Zaporozhje
         Ukraine


VELYKOBUDKOVSKOE LLC: Creditors Must Submit Claims by March 2
-------------------------------------------------------------
Creditors of LLC Velykobudkovskoe (code EDRPOU 30864492) have
until March 2 to submit written proofs of claim to:

         Aleksey Sysoev, Temporary Insolvency Manager
         Petropavlovskaya Str. 74
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/577-06.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Velykobudkovskoe
         Velyki Budky
         Nedrygaylo District
         42100 Sumy
         Ukraine


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


ADVANCED MARKETING: NBN Files Bid to Buy PGW Distribution Rights
----------------------------------------------------------------
National Book Network Inc. made a competing and superior bid to
purchase Publishers Group West Inc.'s rights under its
distribution agreements with various publishers, Rich Publishing
LLC disclosed in its objection to the proposed sale to Perseus
Books LLC and Client Distribution Services Inc.

As reported in the TCR-Europe on Feb. 1, Advanced Marketing
Services Inc. and its debtor-affiliates asked the U.S.
Bankruptcy Court for the District of Delaware for authority to
sell Publishers Group West's rights under its distribution
agreements with various publishers to Perseus Books and Client
Distribution Services Inc.

The Court set a hearing on Feb. 12 to consider the Debtors'
request to sell PGW's rights under its distribution agreements
with various publishers to Perseus Books and CDS.

                           NBN's Offer

NBN offered to pay 85 cents on the dollar for the claims of all
PGW publishers, Rich Publishing said.

The NBN offer was announced, in part, by Richard Freese,
president of PGW, who observed that all PGW publishers remain
"free to enter into an offer with NBN," according to Rich
Publishing.

NBN is a sales, marketing, and distribution company servicing
North American and overseas publishers of commercial fiction and
nonfiction books and audio titles.  Founded in 1986, NBN is a
subsidiary of The Rowman & Littlefield Publishing Group Inc.,
one of North America's largest academic publishers.  NBN is
headquartered in Lanham, Maryland.

                     Parties Object to Sale

Seven parties filed objections to the proposed sale of PGW's
rights under its distribution agreements to Perseus Books and
CDS:

(1) Wells Fargo

Wells Fargo Foothill Inc., contends that the proposed buyer
protections are inappropriate under the circumstances since the
proposed sale results in no cash or other monetary compensation
to the Debtors or the estate.  The break-up fee will come out
from the Debtors' pocket.

Wells Fargo further notes that (i) Perseus' administrative claim
must be junior to Wells Fargo's administrative claim since Wells
Fargo was granted a superpriority administrative claim enjoying
priority over all other unsecured obligations, and (ii)
procedures to protect PGW's accounts receivable must be
established.

(2) Carus

Carus Publishing Group wants the order authorizing the sale to
reflect that PGW is authorized to assume its distribution
agreements with those publishers that have entered into
publisher agreements with Perseus and other successful bidder,
which assumption will occur prior to their assignment.  Carus
further asks the Court to hold that no payments made prepetition
to consenting publishers pursuant to assumed agreements can be
recovered under Section 547 of the Bankruptcy Code or otherwise
by PGW.

(3) Creditors Committee

The Official Committee of Unsecured Creditors argues that the
Debtors' request fails to allow adequate time for the
postpetition solicitation of other purchasers and for
competitive bidding.

Although productive negotiations are ongoing among the
purchasers, the Debtors, and the Committee regarding the terms
of the Transaction Documents, the Committee informs the Court
that:

    * it objects to the requirement that Advanced Marketing
      Services Inc., be responsible for the Administrative
      Amount because AMS should not be obligated to incur any
      expense that is the responsibility of PGW;

    * the Transaction Documents must specify that CDS is
      responsible for all costs related to the transition
      involving the PGW Sale under the Transition Services
      Agreement; specify the exact amounts of PGW's and AMS's
      costs for which the Purchasers will be responsible; and
      set forth a dispute resolution process;

    * the Transaction Documents fail to provide that Perseus
      Books guarantee all of the obligations of CDS under the
      agreements; and

    * the proposed Purchaser Protection is inappropriate under
      the circumstances.

The Committee reserves its right to withdraw its objections in
whole, or in part, as issues are resolved.

(4) Elsevier

Elsevier Inc., as successor-in-interest to CMP Media LLC,
objects to the sale insofar as PGW seeks to assume an executory
contract with CMP and assign that contract to the proposed
purchasers without complying with the assumption, assignment and
cure requirements.  Elsevier also objects to the sale insofar as
it purports to transfer title to books owned by Elsevier, but
are currently held by PGW as a bailee.

(5) Rich Publishing

According to Rich Publishing LLC, it objects to the sale insofar
as there is a superior offer outstanding for the same PGW
assets.  Rich Publishing wants the Court to postpone for at
least two weeks, the hearing on the request until the NBN offer
process has developed and other competing bids, if any, are
presented.

(6) LearningExpress

LearningExpress, LLC, objects to the PGW Sale to the extent that
it seeks to assume and assign its Distribution Agreement with
PGW without providing for (i) a cure of all pre- and post-
Petition Date defaults of PGW under the Agreement, and (ii)
adequate assurance of future performance by a proposed
purchaser, including with respect to its Loan Agreement with
PGW.

LearningExpress notes that it is willing to consider alternate
proposals, including from PGW, Perseus Books, or possibly other
potential purchasers.

(7) NAB

Society for the Study of Native Arts and Sciences, doing
business as North Atlantic Books, asserts that the sale unfairly
prejudices publishers, like itself, whose contracts will not be
assigned to the proposed purchasers.

Any benefits seems to inure only to creditor-publishers whose
agreements are being assigned to the Purchasers at the expense
of those publishers whose agreements will be rejected, NAB says.

                    About Advanced Marketing

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

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


ADVANCED MARKETING: Seeks Nod for PGW Employee Retention Program
----------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates
previously asked the U.S. Bankruptcy Court for the District of
Delaware for authority to sell Publishers Group West Inc.'s
rights under its distribution agreements with various publishers
to Perseus Books LLC, and Client Distribution Services Inc.

The Debtors now ask the Court for authority to implement a PGW
Employee Retention Program, which provides bonuses to certain
PGW key employees in providing transition services in connection
with the aforementioned Perseus transaction -- the PGW
Transition Services Bonus Plan.

To preserve the Debtors' ability to effect the Perseus
transaction, including the provision of the transition services,
PGW must retain key employees in numerous departments, including
sales and merchandise, logistics and accounting, Mark D.
Collins, Esq., at Richards, Layton & Finger, PA, at Wilmington,
Delaware, relates.

According to Mr. Collins, the Debtors have determined that the
total anticipated cost of the PGW Employee Retention Program is
US$750,850.  The PGW Employee Retention Program applies to
around 117 employees, but none of the PGW Key Employees are
officers of the Debtors.

Pursuant to the PGW Transition Services Bonus Plan, the PGW Key
Employees are eligible to receive bonuses in the range of US$303
to US$45,900, based on:

    (1) a consideration of their compensation in effect upon
        their approval for participation in the PGW Transition
        Services Bonus Plan;

    (2) employment position classification; and

    (3) continued employment with PGW on July 31.

The total cost of the bonuses payable to PGW Key Employees under
the PGW Employee Retention Program will be paid by Perseus, Mr.
Collins notes.  Hence, the direct cost to the PGW estate that
would otherwise be incurred to retain its key employees to
maintain operations pending a going concern sale will be paid by
the buyer of PGW's assets.  Mr. Collins adds that the
implementation of the PGW Key Employee Retention Program is
contingent on the Court's approval of the Perseus transaction.

Mr. Collins asserts that the Debtors considered a number of
factors in designing the PGW Employee Retention Program in
conjunction with Perseus, including industry standards, PGW's
historic practices, and the nature of its business.  The
potential costs associated with the loss of employees would be
far in excess of the cost of the PGW Employee Retention Program.

The successful consummation of the Perseus transaction, in turn,
relies on retaining employees with the knowledge and skill of
PGW's business to perform the transition services, Mr. Collins
asserts.  PGW's employees, and in particular the PGW Key
Employees, are critical to performing the transition services.

"The loss of key employees would lead to further work force
attrition as employee morale would deteriorate with the
departures and concomitant increased work demands on remaining
employees," Mr. Collins says.

                    About Advanced Marketing

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

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


BARDOX GROUP: A. Poxon Leads Liquidation Procedure
--------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Bardox Group Ltd. on Jan. 23 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Bardox Group Ltd.
         Weatherseal House
         Unit 2 Phoenix Centre
         Road One
         Winsford Industrial Estate
         Winsford
         Cheshire
         CW7 3PZ
         England
         Tel: 01606 866 500
         Fax: 01606 863 108


BOOKWORLD: Book Chain Brings In Tenon Recovery as Administrators
----------------------------------------------------------------
Book retailers Bookworld, Bargain Books and bw! appointed Tenon
Recovery as administrators on Feb. 13.

Growing competition from internet retailers and supermarkets had
seriously affected profitability and the business was finding it
increasingly difficult to maintain a large network of high
street stores.

The companies' joint administrator, Tom MacLennan, managing
director of Tenon in Scotland and head of the corporate recovery
practice, will continue to trade the business while searching
for a buyer.

"Bookworld, Bargain Books and bw! are long-established brands in
the U.K. book retailing sector.  The business has almost single
handedly developed the market for high street discount book
selling.  While competition from the internet and supermarkets
has triggered the administration, a turnover of GBP30 million
clearly indicates that there is strong demand for discount
stores on the high street," Mr. MacLennan disclosed.

"We will be actively searching for a buyer for the business and
will continue to trade.  However, we will be closing eight
stores and announcing 44 redundancies with immediate effect.  A
further four stores will embark upon closing down sales with
immediate effect, closing at the end of February with a further
21 redundancies at that stage.  We will work closely with
appropriate agencies to minimize the impact on those affected
and have already begun to market the business for sale.  We
would urge interested parties to make contact with us as soon as
possible," he added.

The stores being closed immediately are located in Dumfries,
Greenock, Stirling, Inverness, Edinburgh Princes Mall, Harrow,
Tunbridge Wells and Romford.  Those being closed at the end of
February are located in Bristol, Perth, Manchester and Glasgow
(Gordon Street).

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

Headquartered in Edinburg, Scotland Bookworld, Bargain Books and
bw! -- http://www.bbwbooks.co.uk/-- sells books from
established authors and titles at highly competitive prices.
The company was established in 1977.  It has 50 stores and
employed 397 staff.  It has a turnover of GBP30 million.


BRITISH AIRWAYS: New Baggage Charging Policy Takes Effect
---------------------------------------------------------
British Airways Plc has revised its excess baggage charging
policy to simplify existing rules.

The new baggage rules took effect on Tuesday, Feb. 13.

Currently, more than 98% of customers travel within their free
luggage allowance.  The majority of these customers check in no
more than one item of luggage per person.  For these customers,
there is no change.

This includes all travelers to the USA, the Caribbean, Nigeria,
Mexico and Brazil.  Customers for these destinations will still
be able to check in two pieces of luggage free of charge.  The
free 23kg allowance for economy-class customers to other
destinations will be limited to a single item of luggage.

BA has absolutely no intention of discriminating against
passengers who cannot comfortably carry a 23kg bag.  Where it is
clear that a passenger cannot manage one bag, the airline will
let them check in an additional bag (or more) provided the total
weight is within the 23kg limit.

The airline's free luggage allowances, for both carry-on and
checked-in luggage, remain among the most generous in the
aviation industry.  Many other airlines offer smaller free
allowances and charge for additional items such as skis, golf
bags or other sports equipment.

The change was disclosed of in a press release last June.
Details have been on the ba.com website since, and issued to
travel agents and frequent flyers.

For the 2% of customers who wish to exceed their free
allowances, BA has decided to simplify the charges they pay to
make them easier to understand.

At present charges vary according to weight, route and class of
travel.  The airline is replacing these with three simple rates
for bags additional to the free allowance:

   -- GBP30 per extra bag on domestic flights,
   -- GBP60 per extra bag on European flights, and
   -- GBP120 per extra bag on longhaul flights.

Customers will get a 30% discount on these rates if they pre-pay
online.  The changes will not come into full effect until
September 2007.

In the vast majority of instances, the new policy will be
cheaper or comparable for customers who wish to fly with excess
baggage on top of their free allowances.

                       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


BROOKS SERVICE: Hires Joint Administrators from PwC
---------------------------------------------------
Derek Howell, Colin Haig and Rob Lewis of PricewaterhouseCoopers
LLP were appointed joint administrators of Brooks Service Group
Plc and its subsidiary companies, including County Luxdon in
Sunderland, and Shaws Laundries at Gravesens, on Feb. 13.

Following their appointment, the administrators have secured the
sale of the work wear part of the business to Sunlight Service
Group Ltd. safeguarding some 200 jobs.  They will now continue
to trade the linen business as a going concern while they seek a
buyer.  There are no redundancies at this stage.

"The administrators and the management team are working together
to ensure continuity of service to all Brookes' customers and,
where appropriate, the smooth transfer of service to alternative
suppliers.  We are seeking to secure employment for as many of
the remaining employees as possible through a sale of the
business," Derek Howell, joint administrator and partner of PwC
disclosed.

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

Headquartered in Bristol, England, Brooks Service Group Plc --
http://www.brooks-service-group.co.uk/-- provides linen and
work wear rental services to the hotel, hospitality and food
industries.  It operates from nine sites throughout the U.K. and
employs around 1,300 staff.  The administration follows a
decrease in the value of the work stream.


BURALL PLASTEC: Appoints Ian S. Carr as Liquidator
--------------------------------------------------
Ian S. Carr of Grant Thornton U.K. LLP was appointed liquidator
of Burall Plastec Ltd. (formerly Omega Visual Productions Ltd.)
on Feb. 2 for the creditors' voluntary winding-up procedure.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         Burall Plastec Ltd.
         Cromwell Road
         Wisbech
         Cambridgeshire
         PE140SN
         England
         Tel: 01945 466 666
         Fax: 01945 588 697


CHESTNUT RESTAURANT: Claims Filing Period Ends March 23
-------------------------------------------------------
Creditors of The Chestnut Restaurant Ltd. (t/a Chestnut Cafe)
have until March 23 to send in their names, addresses, and the
particulars of their debts and claims, to:

         M. Arkin
         Liquidator
         Arkin & Co.
         Maple House
         High Street
         Potters Bar
         Hertfordshire
         EN6 5BS
         England

M. Arkin of Arkin & Co. was appointed liquidator of the company
on Jan. 31.

The company can be reached at:

         The Chestnut Restaurant Ltd.
         25 High Street
         Chislehurst
         Kent
         BR7 5AE
         England
         Tel: 020 8467 5158


COMMERCIAL PLANT: Claims Filing Period Ends March 30
----------------------------------------------------
Creditors of Commercial Plant & Filter Ltd. (t/a Whitewaters)
have until March 30 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:

         Simon John Lundy
         Liquidator
         Hawdon Bell & Co.
         4 Northumberland Place
         North Shields
         NE30 1QP
         England

The company can be reached at:

         Commercial Plant & Filter Ltd.
         4 Spire Road
         Glover Network Centre
         Washington
         Tyne and wear
         NE373HB
         England
         Tel: 0191 417 5550
         Fax: 0191 417 5002


DIFURIA LTD: Taps Joint Administrators from Geoffrey Martin
-----------------------------------------------------------
John Twizell and Geoffrey Martin of Geoffrey Martin & Co. were
appointed joint administrators of Difuria Ltd. (Company Number
02563461) on Jan. 24.

The administrators can be reached at:

         John Twizzel and Geoffrey Martin
         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds
         West Yorkshire
         LS1 2SP
         England
         Tel: 0113 244 5141
         Fax: 0113 242 3851
         E-mail: geoffrey.martin@geoffreymartin.co.uk

The company can be reached at:

         Difuria Ltd.
         Wood Lane
         Beckingham
         Doncaster
         South Yorkshire
         DN10 4NR
         England
         Tel: 01427 848 712
         Fax: 01427 848 056


ECLIPSE MOTOR: Joint Liquidators Take Over Operations
-----------------------------------------------------
Colin Burke and Darren Brookes of Milner Boardman & Partners
were appointed joint liquidators of Eclipse Motor Bodies Ltd. on
Feb. 6 for the creditors' voluntary winding-up procedure.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides
financial accounting and business advisory services.

The company can be reached at:

         Eclipse Motor Bodies Ltd.
         4 Moston Road
         Middleton
         Manchester
         Lancashire
         M24 1SE
         England
         Tel: 0161 654 0033
         Fax: 0161 654 0044


EDEN PRINT: Brings In Administrators from Harrisons
---------------------------------------------------
P R Boyle and J C Sallabank of Harrisons were appointed joint
administrators of Eden Print Ltd. (Company Number 05385012) on
Jan. 23.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

The company can be reached at:

         Eden Print Ltd.
         Jon Davey Drive
         Treleigh Industrial Estate
         Redruth
         Cornwall
         TR16 4AX
         England
         Tel: 01209 202 190
         Fax: 01209 211 699


FANE ACOUSTICS: Appoints Begbies Traynor as Joint Administrators
----------------------------------------------------------------
Lloyd Biscoe and Michael Edward George Saville of Begbies
Traynor were appointed joint administrators of Fane Acoustics
Ltd. (Company Number 2789144) on Jan. 22.

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:

         Fane Acoustics Ltd.
         Millshaw Park Avenue
         Leeds
         West Yorkshire
         LS11 0LR
         England
         Tel: 0113 277 8600
         Fax: 0113 277 8700


FOODASIA SUPERMARKETS: Hires Liquidators from O'Hara & Co.
----------------------------------------------------------
Peter O'Hara and Simon Weir of O'Hara & Co. were appointed joint
liquidators of Foodasia Supermarkets Ltd. on Feb. 2 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Foodasia Supermarkets Ltd.
         Ingleby Road
         Bradford
         West Yorkshire
         BD8 9AP
         England
         Tel: 01274 482 794


FROZEN HERBS: Brings In Administrators from BDO Stoy
----------------------------------------------------
Geoffrey Stuart Kinlan and Antony David Nygate of BDO Stoy
Hayward LLP were appointed joint administrators of Frozen Herbs
Ltd. (Company Number 02339703) on Jan. 26.

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

The company can be reached at:

         Frozen Herbs Ltd.
         Chestnut Farm
         Langton Green
         Eye
         Suffolk
         IP23 7HL
         England
         Tel: 01379 871 117
         Fax: 01379 871 105


GARWEL SERVICES: Names Robert Charles Millichap as Administrator
----------------------------------------------------------------
Robert Charles Millichap of Little Badnage was named
administrator of Garwell Services Ltd. (Company Number 4321590)
on Jan. 11.

The administrator can be reached at

         Robert Charles Millichap
         Little Badnage
         Badnage Lane
         Tillington
         Herefordshire
         HR4 8LP
         England

The company can be reached at:

         Garwel Services Ltd.
         Unit 2
         Perseverance Road
         Hereford
         Herefordshire
         HR4 9SN
         England
         Tel: 01432 354 991


GILTMAIN LTD: Brings In David Rubin as Joint Administrators
-----------------------------------------------------------
Asher Miller and David Rubin of David Rubin & Partners were
appointed joint administrators of Giltmain Ltd. (Company Number
02555987) on Jan. 30.

David Rubin & Partners -- http://www.drpartners.com/--
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

The company can be reached at:

         Giltmain Ltd.
         6 Devonshire Street
         City of Westminster
         London
         W1W 5DX
         England
         Tel: 020 7631 1932


GOATERS LTD: Brings In Duncan Roderick Morris as Administrator
--------------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was
appointed administrator of Goaters Ltd. (Company Number
03560612) on Jan. 29.

The administrator can be reached at:

         Duncan Roderick Morris
         The Till Morris Partnership
         2 Church Street
         Warwick
         CV34 4AB
         England

The company can be reached at:

         Goaters Ltd.
         86A North Sherwood Street
         Nottingham
         Nottinghamshire
         NG1 4EE
         England
         Tel: 0115 941 9746
         Fax: 0115 948 3402


GRAVES CONSTRUCTION: Names Administrators from Geoffrey Martin
--------------------------------------------------------------
John Twizell and Geoffrey Martin of Geoffrey Martin & Co. were
appointed joint administrators of Graves Construction Ltd.
(Company Number 03513453) on Jan. 29.

The administrators can be reached at:

         John Twizell and Geoffrey Martin
         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds
         West Yorkshire
         LS1 2SP
         England
         Tel: 0113 244 5141
         Fax: 0113 242 3851
         E-mail: geoffrey.martin@geoffreymartin.co.uk

The company can be reached at:

         Graves Construction Ltd.
         Sutton Road
         Wigginton
         York
         North Yorkshire
         YO32 2RB
         England
         Tel: 01904 760 111
         Fax: 01904 760 444


H L GORNER: Brings In Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint liquidators of H L Gorner Ltd. on Jan. 25
for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         H L Gorner Ltd.
         Wigan Road
         Ashton-in-Makerfield
         Wigan
         Lancashire
         WN4 8LY
         England
         Tel: 01942 717 37


HILLBRIDGE SPECIALIST: Taps Andrew Appleyard to Liquidate Assets
----------------------------------------------------------------
Andrew Appleyard of Haines Watts was appointed liquidator of
Hillbridge Specialist Joinery Ltd. on Feb. 6 for the creditors'
voluntary winding-up proceeding.

Haines Watts -- http://www.hwca.com/-- provides services that
include taxation, business advisory, corporate finance,
corporate recovery & insolvency and budget summary.

The company can be reached at:

         Hillbridge Specialist Joinery Ltd.
         Unit 1-7
         Maerdy Industrial Estate
         Maerdy Road
         Ferndale
         Mid Glamorgan
         CF434AB
         Tel: 01443 733 076
         Fax: 01443 733 123


HOLLY CONSTRUCTION: Names Ian William Kings as Administrator
------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of Holly Construction Ltd. (Company Number 01128870) on Jan. 22.

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

The company can be reached at:

         Holly Construction Ltd.
         Wellington Road
         Gateshead
         Tyne and Wear
         NE11 9JL
         England
         Tel: 0191 460 0400
         Fax: 0191 460 0400


IRE-TEX GROUP: Investors Draw Up Multimillion-Rescue Package
------------------------------------------------------------
A consortium of investors is working on a multi-million-euro
rescue package for Irish packaging company Ire-Tex Group Ltd.
that could save 170 remaining jobs, Ian Kehoe and Simon Carswell
write for The Sunday Business Post Online.

According to the report, Paul Burke, a majority shareholder, and
other existing shareholders agreed to extend further financing
to Ire-Tex while the company is also in discussions with an
outside investor over a potential deal.

Pearse Farrell, a Dublin accountant, was appointed interim
examiner of the three companies in the Ire-Tex Group in the High
Court.

Mr. Farrell, together with directors and shareholders of Ire-
Tex, is in the process of devising a scheme of arrangement aimed
at rationalizing the company's operations and introducing a
series of cost-cutting measures, The Sunday Business Post
relates.

The company's suppliers have already given their assurances to
Mr. Farrell that they will continue trading with the business.

Ire-Tex went into examinership following a decision by Dell to
terminate a long-running contract under which Ire-Tex provides
polythene packaging services to the computer firm.

In 2004, the packaging company incurred a EUR3.2-million loss as
turnover fell from EUR19 million to EUR15 million.

Headquartered in Leixlip, Co Kildare, Ireland, Ire-Tex Group
Ltd.-- http://www.iretex.com/-- manufactures a range of
protective packaging using mediums such as corrugate, foam and
timber either flat pack or fully assembled along with a wide
range of "Off the shelf" products such as pallet wrap, padded
mailers, bubble wrap and roll foam, to name but a few.  The
company also operates in Northern Ireland, the Czech Republic,
Malaysia, China and the U.S.


KESTREL UPVC: Creditors' Meeting Slated for February 21
-------------------------------------------------------
Creditors of Kestrel UPVC Ltd. will meet at 11:00 a.m. on
Feb. 21 at:

         Jones Giles Ltd.
         11 Coopers Yard
         Curran Road
         Cardiff
         CF10 5NB
         Wales

Creditors who want to vote at the meeting have until noon on
Feb. 20 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
5:00 p.m. on Feb. 19.


KIDS KIT: Brings In Administrators from BDO Stoy
------------------------------------------------
David H Gilbert and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of Kids Kit Holding Co. Ltd.
(Company Number 05143636) on Jan. 22.

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

The company can be reached at:

         Kids Kit Holding Co. Ltd.
         Dukes Walk
         Chequers Centre
         Maidstone
         Kent
         ME15 6AS
         England
         Tel: 01622 679 728


LUXFER HOLDINGS: S&P Lowers Ratings to SD on Debt-to-Equity-Swap
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based Luxfer Holdings PLC to
'SD' from 'CC', following the completion of a recapitalization
plan, including a debt-for-equity swap.  At the same time, the
ratings on Luxfer's 10.125% notes due in 2009 were lowered to
'D' from 'C' and withdrawn.

The ratings were removed from CreditWatch, where they were
placed with negative implications on Oct. 16, 2006, following an
announcement that Luxfer, a manufacturer of gas cylinders,
magnesium alloys, and zirconium chemicals, had reached an
agreement in principle with the majority of existing
bondholders for the recapitalization and debt-for-equity swap.

The rating action follows an announcement that the agreement is
now legally effective.

Under the recapitalization plan, Luxfer's remaining outstanding
GBP131 million notes were cancelled and the company is released
by noteholders from its obligation under these notes. In
exchange for these notes, existing noteholders received common
equity and new notes. New noteholders will now have a 87% stake
in the company.

"Standard & Poor's views the completion of such exchange offers
as tantamount to default because the total value of the
securities offered is less than the originally contracted
amount," said Standard & Poor's credit analyst Werner Staeblein.

"The rating on the company may be revised pending an examination
of its debt-servicing abilities.  We expect to complete this
process within the next four to six weeks," said Mr. Staeblein.


NORTH WEST: Appoints David Acland as Liquidator
-----------------------------------------------
David Acland of Begbies Traynor was appointed liquidator of
North West Framing Ltd. on Jan. 8 for the creditors' voluntary
winding-up procedure.

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:

         North West Framing Ltd.
         Unit 7
         Crowland Close
         Southport
         Merseyside
         PR9 7RR
         Tel: 01704 832 884
         Fax: 01704 884 750


NRL SOLUTIONS: Creditors' Meeting Slated for February 27
--------------------- ----------------------------------
Creditors of NRL Solutions Ltd. (formerly t/a New Roots
Solutions) will meet at 11:00 a.m. on Feb. 27 at:

         The Holiday Inn
         61 Homer Road
         Solihull
         B91 3QD
         England

Creditors who want to vote at the meeting have until noon on
Feb. 26 to submit their proxy forms together with particulars of
their claims or of any security at:

         R P Rendle & Co.
         112 School Road
         Hockley Heath
         Solihull
         B94 6RB
         England

Richard Paul Rendle of R P Rendle & Co. will furnish creditors
with information concerning the company's affairs free of charge
as they may reasonably require.


PLATINUM FUND: Went Into Liquidation After Losing Court Action
--------------------------------------------------------------
Platinum Investment Fund was forced to liquidate after
shareholders refused to pay performance fees to the company's
former manager, Richard Steele, who was ousted four years ago
but remains to be a major shareholder, following the loss of a
court battle, The Herald reports.

However, manager Eric McAuslan endeavors to attract shareholders
into its successor open-ended fund with a "free till August"
offer, under which the company will not charge a fee until
Aug. 1, The Herald states.

The fund, which has collected only about GBP1 million since it
was launched in 2006, aims to draw up to GBP30 million from the
investment trust's backers, The Herald relates.

According to the report, the fund's investment process has seen
a 31% return in 2006, and 83% in the last three years.  Compared
with 22% and 76% for the best offshore funds, this makes the
hybrid "Platinum" 10th out of 334 all-sector U.K. funds over one
year and 36th over three years.

The fund was also the second-best performing U.K. fund in
December, both onshore and offshore, The Herald adds.

Over the past six months, Mr. McAuslan has been selling a
portfolio of about 20 stocks, many of them big positions in
small companies, in a liquidation facilitated by the buoyant
market, The Herald states.

"We had to take our time over the last quarter of the year," Mr.
McAuslan says.  "The secret was not to lose value in the process
of raising cash.  With over 7% of the trust, we (Platinum Fund
Managers) would not have been very pleased either.  But the
stocks we were selling were actually performing very well."

Mr. McAuslan says 10 stocks can expand against risk according to
portfolio theory, but fund statistics have proven that 20 to 25
stocks can work, The Herald says.

However, Platinum shies away from technology, commodities, and
energy stocks, the Herald relates.

"If something goes wrong with the oil and gas company, the well
is dry, there is not a lot you can do about it," Mr. McAuslan
explains.  "If something technical goes wrong, we don't really
have any idea what the problem is.  We do like some balance
sheet strength and cash flow."

                 About Platinum Investment Fund

Edinburgh-based Platinum Investment Fund --
http://www.platinumfm.co.uk/-- is a long-term investment
vehicle, listed on the Dublin Stock Exchange, managed by
Platinum Fund Managers Ltd.  It is an open-ended variable
capital company with UCITS3 status.

The company went into liquidation in February 2007.


REGENCY BRAKE: Creditors' Meeting Slated for February 23
--------------------------------------------------------
Creditors of Regency Brake & Exhausts Ltd. will meet at 3:00
p.m. on Feb. 23 at the offices of:

         Ramada Nottingham
         Bostock Lane
         Long Eaton
         Nottinghamshire
         NG10 4EP
         England

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

         Begbies Traynor
         4th Floor
         Newater House
         11 Newhall Street
         Birmingham
         B3 3NY
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 21 at Begbies Traynor.

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


RENOVATIONS BIRMINGHAM: Creditors' Meeting Slated for Feb. 22
-------------------------------------------------------------
Creditors of Renovations (Birmingham) Ltd. will meet at 3:00
p.m. on Feb. 22 at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke-on-Trent
         ST1 5TL
         England

Mustafa Abdulali of Moore Stephens will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

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


REX CAMPBELL: Creditors' Meeting Slated for February 23
-------------------------------------------------------
Creditors of Rex Campbell Engineers Ltd. will meet at 11:30 a.m.
on Feb. 23 at:

         Rhinewood Country House Hotel
         Glazebrook Lane
         Glazebrook, near Warrington
         Cheshire
         WA3 5BB
         England

Creditors have until noon on Feb. 22 to submit proxy forms to be
used at the meeting at the offices of:

         Campbell Crossley and Davis
         348-350 Lytham Road
         Blackpool
         Lancashire
         FY4 1DW
         England

Richard Ian Williamson of Campbell Crossley and Davis will
furnish creditors with information concerning the company's
affairs free of charge as they may reasonably require.

Campbell Crossley and Davis -- http://www.campbell-crossley-
davis.co.uk/ -- specializes in debt problems leading to
insolvency.  It is a partnership and is associated to the
general accountancy practice of Crossley and Davis.


SATVISION PLC: Enters Liquidation Due to Cash Flow Problems
-----------------------------------------------------------
Satvision Plc went into liquidation on Feb. 5 after its major
customers failed to pay outstanding bills to the company, James
Wilmore writes for The Publican.

Les Vigerstaff, former managing director Satvision, said the
company suffered from a difficult cash flow problem in December
2006 and January 2007.  The company, which sells, leases and
hires plasma screens and projectors to pubs, has appointed
Simmonds & Co. as liquidators.

                        Alarmed Customers

Satvision's customers, mainly pubs using or leasing the
company's equipment, were alarmed whether they could still
receive support from the firm.

Ron de Vere, who holds Satvision license for his Hare & Hounds
and Fox & Goose pubs, said he was worried about the support he
would receive, The Publican reports.

"We have screens, projectors and boxes in my pubs that I've
bought," Mr. de Vere told The Publican.  "Servicing is my main
concern.  We show a lot of sports, so what if something goes
wrong with them?  What do I tell my customers?"

Anita Craig, who holds a license for her Barrel pub in Stoke-on-
Trent, expressed concerned whether she would have to continue
with direct debit payments and whether she could continue
placing adverts on her screen, The Publican adds.

Mr. Vigerstaff, however, assured licensees that Satvision's
service would be provided by another company, Jpod Ltd.

"Our customers in the licensed trade will be given back-up," Mr.
Vigerstaff told The Publican.  "But we have no engineers at this
moment in time and there will be a period of two or three weeks
while we are sorting ourselves out."

Sativsion's creditors will convene on Feb. 19 to receive a
report from the company's liquidators.

Headquartered in Stockport, United Kingdom, Satvision Plc --
http://www.satvision.co.uk/-- provides a range of services &
solutions in Satellite and Audio-Visual Communications.


SCHEFENACKER AG: Unveils New Financial Restructuring Scheme
-----------------------------------------------------------
Schefenacker AG, now known as Schefenacker Plc, has agreed a
financial restructuring plan with its senior lenders and
shareholder.

Binding heads of terms have been executed that propose that the
financial indebtedness of the Schefenacker Group, currently
standing at around EUR450 million is to be replaced by a new
financial package consisting of a new senior revolving facility
of EUR25 million, a senior term facility of EUR170 million, and
a new mezzanine facility of around EUR110 million.

                             Bonds

The bondholders will be asked to convert their debt into 5.0
percent of the restructured equity of the holding company of the
Schefenacker Group.

"The financial restructuring will be achieved without any
disruption to the operational activities of any group company,"
Stephen Taylor, Schefenacker's Chief Restructuring Officer,
said.  "If the bondholders agree to this they will retain a
stake in a recapitalized and profitable international mirrors
business."  Mr. Taylor also confirmed that the coupon on the
bonds due on Feb. 12 would not be paid.

                     Divestiture of Lighting

As part of the financial restructuring, stakeholders have agreed
to refocus the business on its core mirror business and separate
the German lighting division into a standalone business in
anticipation of a potential sale.  Separately there will be a
controlled wind down of the U.S. lighting business on a solvent
basis that minimizes disruption to OEM supplies. In 2006 the
lighting division accounted for around 22% of Group sales.

In anticipation of the sale of lighting, the relatively small
residual mirror business in Germany will be managed as part of
the European Business Unit, headquartered in Portchester, U.K.
and the ultimate holding company will henceforth be Schefenacker
Plc, also registered in the U.K.

As a result of this financial restructuring, the company's
annualized cash outflow to meet the interest burden will be more
than halved.  In addition the group will receive EUR55-million
fresh money. The holding company equity in the Group post-
restructuring will be allocated between senior lenders and
Dr. Alfred Schefenacker, subject to the 5.0 percent equity of
the bondholders, if agreed.

"Our clients trust in our products and the work of every
Schefenacker employee," said Dr. Schefenacker, the Group's
owner.  "The support of our customers and our new investors give
this company a chance to play a significant role in the future
automotive parts sector."

The financial restructuring plan has been unanimously approved
by the Executive Board and the Supervisory Board of Schefenacker
AG and has the support of the Groups' lenders and major
customers.

"With this agreement our stakeholders have undertaken to
implement a solution as soon as possible. This is important so
that the company can move on and fully focus on the operational
improvements that will be key for the future development of the
business," added Stephen Taylor.

                       About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--
develops, produces and supplies rear vision systems, lighting
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.

                          *     *     *

As of Feb. 15, Schefenacker carries these ratings:

Moody's:

   -- Long-Term Corporate Family: Ca2
   -- Bank Loan Debt: Caa2
   -- Senior Subordinate Debt: C
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: D
   -- Long-Term Local Issuer Credit: D


SCHEFENACKER AG: Moody's Junks Rating on Proposed Restructuring
---------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Schefenacker AG to Ca from Caa2, the rating on the company's
senior subordinated notes to C from Ca and the rating for the
senior secured facility from Caa1 to Caa2.  The outlook has been
changed to stable.  The last rating action was on Sept. 14,
2006.

The Rating action is based on the company's announcement that a
financial restructuring has been agreed with senior lenders and
the shareholder, but is still pending the approval of the
bondholders.  As this restructuring proposal indicates an
aggregate recovery rate of below 50%, and also taking into
account the interest deferral since Nov. 2, 2006, on the senior
secured facility and the announcement that interests on the
subordinated notes due on Feb. 12 will not be paid, the
Company's Corporate Family Rating was downgraded to Ca from
Caa2.

The rating for the EUR205-million senior secured facility has
consequently also been downgraded, but given its seniority in
the capital structure and likely significant higher recovery
rate, the downgrade was limited to one notch to Caa2 from Caa1.
The downgrade of the senior subordinated notes from Ca to C
reflects the low recovery prospects of the notes, as indicated
by the offer of a 5% equity stake in the company in exchange for
their debt claim as part of the financial restructuring program.

The stable outlook takes into account that positive rating
developments mainly depend on recovery rates, which would need
to be substantially above expectations for current ratings.

Moreover, when Moody's applies its European Loss Given Default
methodology after March 19 it is anticipated that the current
notching of the relative debt instruments within the
Schefenacker capital structure will remain unchanged, provided
that a 50% family recovery rate still applies.

Downgrades:

   * Schefenacker AG

     -- Corporate Family Rating, Downgraded to Ca from Caa2

     -- Senior Subordinated Regular Bond/Debenture, Downgraded
        to C from Ca

     -- Senior Secured Bank Credit Facility, Downgraded to Caa2
        from Caa1

Outlook Actions:

   * Schefenacker AG

     -- Outlook, Changed To Stable From Negative

Based in the United Kingdom, Schefenacker is a leading private
Tier 1 automotive supplier of rear vision systems, lighting
systems and a Tier 2 supplier of sound systems.

For the 12 months ended Dec. 31, 2005, Schefenacker generated
revenues of EUR930.4 million.


SKYCREST ENGINEERING: Taps Liquidators from Rothman Pantall
-----------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. were appointed joint liquidators of Skycrest
Engineering Ltd. on Jan. 31 for the creditors' voluntary
winding-up procedure.

Rothman Pantall & Co. -- http://www.rothman-pantall.co.uk/--
provides financial accounting and corporate services.

The company can be reached at:

         Skycrest Engineering Ltd.
         Unit 3
         Hall Lane
         Walsall Wood
         Walsall
         West Midlands
         WS9 9AS
         England
         Tel: 01543 361 177
         Fax: 01543 361 199


STILLMAN COMMUNICATIONS: Creditors' Meeting Slated for Feb. 21
--------------------------------------------------------------
Creditors of Stillman Communications Ltd. will meet at 10:30
a.m. on Feb. 21 at:

         Renaissance Derby/Nottingham Hotel
         Junction 28 M1
         Carter Lane East
         South Normanton
         Derby
         DE55 2EH
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 19 at:
         The P&A Partnership
         93 Queen Street
         Sheffield
         S1 1WF
         England

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.


SUPREME-O-GLAZE: A. Poxon Leads Liquidation Procedure
-----------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Supreme-O-Glaze Home Products Ltd. on Feb. 6 for the creditors'
voluntary winding-up procedure.

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

The liquidator can be reached at:

         A. Poxon
         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury
         BL9 8AT
         England


TITAN EUROPE: S&P Puts Low-B Ratings on Watch Positive
------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
the class C, D, and E notes issued by Titan Europe 2004-1 PLC,
and on the class D and E notes issued by Titan Europe 2005-1 PLC
on CreditWatch with positive implications.

The transactions closed in December 2004 and July 2005,
respectively. Titan Europe 2004-1 was originally backed by five
loans on properties located in the U.K.  Titan Europe 2005-1 was
backed by six loans on properties located in Germany.

The CreditWatch placements follow an initial review of the most
recent transaction information received by Standard & Poor's
from the transactions' servicer Hatfield Philips International
Ltd. This analysis showed that the likelihood of a positive
rating action has increased in both transactions due to loan
prepayments at the January 2007 interest payment dates.

Titan Europe 2004-1, which was originated by Credit Suisse, saw
the One America Square loan prepay, which was the largest loan
in the transaction at closing.  Two loans prepaid in the Titan
Europe 2005-1 transaction: the largest loan, and the fourth-
largest loan.

Both of the transactions have previously seen ratings on several
classes of notes raised because of earlier prepayments. T he
latest prepayments and scheduled amortization have further
improved the levels of credit enhancement available to the
relevant classes and the LTV ratios for all classes.  At the
same time, the pool balance of Titan Europe 2004-1 has been
reduced to 14% of the original balance, and the pool balance of
Titan Europe 2005-1 has been reduced to 8% of the original
balance.

                          Ratings List

       Ratings Placed On CreditWatch With Positive Implications

                    Titan Europe 2004-1 PLC
                    -----------------------
     GBP198.1 Million Commercial Mortgage-Backed Floating-Rate
                            Notes

          Class                  Rating
                      To                            From


         C            A+/Watch Pos                  A+
         D            BBB/Watch Pos                 BBB
         E            BB-/Watch Pos                 BB-

                  Titan Europe 2005-1 PLC
                 -----------------------
    GBP348.8 Million Commercial Mortgage-Backed Floating- And
                   Variable-Rate Notes

         D            A-/Watch Pos                  A-
         E            BBB-/Watch Pos                BBB-


VESSEL TECHNOLOGY: Claims Filing Period Ends March 9
----------------------------------------------------
Creditors of Vessel Technology Ltd. have until March 9 to send
their names and addresses, with particulars of their debts and
claims, to:

         John Neville Whitfield
         Gerald Clifford Smith
         Joint Liquidators
         RSM Robson Rhodes LLP
         Centre City Tower
         7 Hill Street
         Birmingham
         B5 4UU
         England

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.


VISIONSAT COMMUNICATIONS: Creditors' Meeting Slated for Feb. 27
---------------------------------------------------------------
Creditors of Visionsat Communications Ltd. will meet at 11:00
a.m. on Feb. 27 at:

         Bishop Fleming
         16 Queen Square
         Bristol
         BS1 4NT
         England

Creditors who want to vote at the meeting have until noon on
Feb. 26 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A proxy form and statement may be posted or sent by fax to 0117
9100 252.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 23.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides
services that include tax advice, financial forecasts, business
planning and corporate finance.


WADES COFFEE: Creditors' Meeting Slated for February 23
-------------------------------------------------------
Creditors of Wades Coffee House Ltd. (t/a Wades Delicatessen)
will meet at 10:30 a.m. on Feb. 23 at:

         Darlington Football Club
         Neasham Road
         Darlington
         County Durham
         DL2 1DL
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 21 at the offices of:

         David Horner & Co.
         11 Clifton Moor Business Village
         James Nicholson Link
         Clifton Moor
         York
         YO30 4XG
         England

David Horner & Co. -- http://www.davidhornerandco.co.uk/--
offers practical advice and solutions to all types of
businesses, individuals and creditors, often enabling formal
insolvency to be avoided.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Martini Networking Event
         Gibson's Steakhouse, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Valuation Outlook - What's in Store for 2007
         University Club, Portland, OR
            Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Window of Opportunity: Maximizing Value in a Retail
         Bankruptcy
            Denver Athletic Club, Denver, CO
               Contact: http://www.turnaround.org/

February 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Men's College Basketball & Networking
         Wachovia Center, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

February 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wharton Restructuring Conference
         The Wharton School
            Philadelphia, PA
               Contact: http://www.turnaround.org/

February 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development
         Brisbane, Australia
            Contact: http://www.turnaround.org/

February 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Gordon Biersch Brewery Restaurant, Miami, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
         Perceptions & Realities
            Marriott Hotel, Islamabad, Pakistan
               Contact: http://www.euromoneyplc.com/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA-NOW Networking & Panel: Discussing Women's Networking
         Issues
            PBI, Philadelphia, PA
               Contact: 215-657-5551 or
                        http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Maggianos, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

February 27, 2007
   PRACTISING LAW INSTITUTE
      Intercreditor Agreements & Bankruptcy Issues Workshop
         San Francisco, CA
            Contact: http://www.pli.edu/

February 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Devil Rays Turnaround
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

February 27-28, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      5th Annual Corporate Restructuring Summit
         Sheraton Park Lane Hotel, London, U.K.
            Contact: http://www.euromoneyplc.com/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Great Debate
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 14-15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Atlanta, GA
         Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, NY
            Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 18-21, 2007
   INSOL
      Annual Europe, Africa & Middle East Conference
         Cape Town, South Africa
            Contact: http://www.insol.org/CapeTown07/

March 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, NY
            Contact: http://www.westlegalworks.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/
March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 22-23, 2007
   EUROMONEY INSTITUTIONAL INVESTOR
      Euromoney Indonesian Financial Markets Congress
         Bali, Indonesia
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/


April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, FL
            Contact: http://www.turnaround.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, DC
            Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, CT
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, OH
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, NY
            Contact: http://www.frallc.com/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa, Atlantic City, NJ
            Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, IL
            Contact: http://www.nabt.com/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

TBA 2008
   INSOL
      Annual Pan Pacific Rim Conference
         Shanghai, China
            Contact: http://www.insol.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

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.


                 * * * End of Transmission * * *