/raid1/www/Hosts/bankrupt/TCREUR_Public/061212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 12, 2006, Vol. 7, No. 246

                            Headlines


A U S T R I A

ILIR YMETI: Vienna Court Orders Business Shutdown
M.R.B. LLC: Property Manager Declares Insufficient Assets
RABATTPIRAT AGENTUR: Eisenstadt Court Orders Business Shutdown
TAFE LLC: Property Manager Declares Insufficient Assets
YUEKSEL GUENES: Creditors' Meeting Slated for December 18


B E L G I U M

GENERAL MOTORS: GM Europe Eyes Astra Export to North America


F I N L A N D

QUEBECOR WORLD: QWUSA Offers to Buy QWCC's US$125-Mln Sr. Notes
QUEBECOR WORLD: S&P Affirms B+ Rating on Weak Earnings


F R A N C E

ALCATEL-LUCENT: Names Vincenzo Nesci to Head Middle East Unit
ALCATEL-LUCENT: To Conduct SingTel's IPTV Technical Trial
ALCATEL-LUCENT: Fitch Downgrades IDR to BB on Merger Completion
COMPAGNIE GENERALE: Launches Syndication for Term Loan Facility
COMPAGNIE GENERALE: Names T. Le Roux President & S. Frydman CFO

COMPAGNIE GENERALE: Moody's Rates US$1.1-Bln Term Loan at (P)Ba2
EUTELSAT COMMS: Eurazeo Sheds 25.5% Stake for EUR862 Million
GETRONICS NV: Swaps Stake in French Ops for APX's Belgian Biz


G E R M A N Y

ALPHA AUTOMATEN: Claims Registration Ends December 15
AY-ET GMBH: Claims Registration Ends December 13
BIONATEC GMBH: Claims Registration Ends December 15
BURKART PROJEKTE: Claims Registration Ends December 15
DAIMLERCHRYSLER: Freightliner to Lay Off 800 Workers in Canada

EPS EVERS: Claims Registration Ends December 16
GEODATA GMBH: Claims Registration Ends December 17
GHERSBURG VERMOGENSVERWALTUNG: Claims Registration Ends Dec. 15
HOLZ-FACH: Claims Registration Ends December 15
MAUER-INGENIEURGESELLSCHAFT: Claims Registration Ends Dec. 14

PRAZIMA PRAZISIONS: Claims Registration Ends December 14
PROSIEBENSAT.1: Bidders Prepare Offers as Deadline Ends Today
TROIKA BRANDLOESCH: Claims Registration Ends December 15
VOLKSWAGEN AG: Audi Production Ensures 3,000 Jobs at Brussels


G R E E C E

OLYMPIC AIRLINES: Posts EUR123.7 Million Net Loss for 2005


I R E L A N D

VNESHTORGBANK JSC: VTB-24 Unit Issues US$500-Million Eurobonds


I T A L Y

ALITALIA SPA: Italian Government Launches Sale of 30.1% Stake
PARMALAT SPA: Italy's Supreme Court Upholds Clawback Action Law


K A Z A K H S T A N

ABDAL LLP: Creditors Must File Claims by Jan. 17, 2007
ARCHITECTURAL CONSTRUCTION: Creditors' Claims Due Jan. 19, 2007
ATYRAU-KOMTEL LLP: Claims Filing Period Ends Jan. 16, 2007
MEDIA-PRESS LLP: Almaty Court Opens Bankruptcy Proceedings
MINSKOYE LLP: Proof of Claim Deadline Slated for Jan. 17, 2007

PROMENERGOMONTAGE LLP: Claims Registration Ends Jan. 19, 2007
SERVICE INTER: Creditors Must File Claims by Jan. 17, 2007
SIT-TRADING LLP: Claims Filing Period Ends Jan. 19, 2007
VVP LLP: Creditors' Claims Due Jan. 16, 2007


K Y R G Y Z S T A N

KARA-SUU DAN: Public Auction Scheduled for Dec. 29
TRADE MASTER: Creditors' Claims Due Jan. 24, 2007


N E T H E R L A N D S

ALCATEL-LUCENT: Names Vincenzo Nesci to Head Middle East Unit
ALCATEL-LUCENT: To Conduct SingTel's IPTV Technical Trial
ALCATEL-LUCENT: Fitch Downgrades IDR to BB on Merger Completion
GETRONICS NV: Swaps Stake in French Ops for APX's Belgian Biz
KONINKLIJKE AHOLD: Tops Markets Unit Sells U.S. Stores


N O R W A Y

AKER KVAERNER: Inks EUR50-Million Deal with Porin Prosessivoima


R U S S I A

BUILDER CJSC: Bankruptcy Hearing Slated for March 20
CHEKHOV-FURNITURE: Court Names I. Gaysin as Insolvency Manager
CHUKOTSKAYA FISHING: Court Names O. Syskov as Insolvency Manager
ELISTA-OIL-SERVICE: Court Names A. Garikov as Insolvency Manager
GENERAL MOTORS: GM Europe Eyes Higher Profits In 2007

KASIMOVSKIY BUILDING: Court Names I. Ponomarev to Manage Assets
NOVOPOKROVSKAYA OJSC: Court Names P. Rybin as Insolvency Manager
NOVOUZSNSKAYA POULTRY: Court Names A. Maevskiy to Manage Assets
OYASHINSKIY OJSC: Court Starts Bankruptcy Supervision Procedure
PETUKHOVSKOYE GRAIN: Court Names M. Sentyurin to Manage Assets

PROBUSINESSBANK: Fitch Keeps Issuer Default Rating at B-
SILICATE OJSC: Court Names G. Kazakbaev as Insolvency Manager
SREDNEBELSKOYE GRAIN: Court Starts Bankruptcy Supervision
STREZHEVSKOYE BEER: Court Names I. Starshinov to Manage Assets
TBILISSKIY SEED: Bankruptcy Hearing Slated for March 23

TRANSIT LLC: Bankruptcy Hearing Slated for February 5
VIMPEL-COMMUNICATIONS: Eyes Full Ownership of Armentel
VNESHTORGBANK JSC: VTB-24 Unit Issues US$500-Million Eurobonds


S P A I N

EUTELSAT COMMS: Eurazeo Sheds 25.5% Stake for EUR862 Million


S W E D E N

QUEBECOR WORLD: QWUSA Offers to Buy QWCC's US$125-Mln Sr. Notes
QUEBECOR WORLD: S&P Affirms B+ Rating on Weak Earnings


S W I T Z E R L A N D

AMARA LLC: Uri Court Closes Bankruptcy Proceedings
BRUBAU JSC: Asset Auction Slated Tomorrow
DELTA GLAS: Wiedikon-Zurich Court Suspends Bankruptcy Process
INTERAXIA DIGITAL: Zug Court Closes Bankruptcy Proceedings
INTRAVEND IMPORT-EXPORT: Court Suspends Bankruptcy Process

K & I: Aussersihl-Zurich Court Suspends Bankruptcy Process
MALER-UND TAPEZIERERGESCHAFT: Court Suspends Bankruptcy Process
REHEMA JSC: Asset Auction Slated Tomorrow
UNEVA UMBAU: Zurich Court Suspends Bankruptcy Process


T U R K E Y

GARANTI FINANSAL: Fitch Keeps BB Foreign Currency Default Rating
IS FINANSAL: Fitch Affirms Foreign Currency Default Rating at BB
PETROL OFISI: Fitch Affirms BB- Ratings Despite US$414-Mln Fine


U K R A I N E

VIMPEL-COMMUNICATIONS: Eyes Full Ownership of Armentel


U N I T E D   K I N G D O M

24 SEVEN SECURITY: Appoints Gerald Edelman to Administer Assets
AKER KVAERNER: Inks EUR50-Million Deal with Porin Prosessivoima
BRECONRIDGE MANUFACTURING: Appoints Administrators from Deloitte
BRIDGEND RUGBY: Names Wilfred Vaughan Jones Liquidator
CAPE CAFE: Brings In Administrators from Begbies Traynor

CRESCENT CATERING: Taps Portland Business as Administrators
EAST SIDE: Brings In Begbies Traynor as Administrators
FITNESS NETWORK: Joint Liquidators Take Over Operations
GENERAL MOTORS: Europe Unit Eyes Astra Export to North America
GENERAL MOTORS: GM Europe Eyes Higher Profits In 2007

H B PROJECT: Taps Paul James Fleming to Liquidate Assets
HABEN LIMITED: G. W. Rhodes Leads Liquidation Procedure
KONINKLIJKE AHOLD: Tops Markets Unit Sells U.S. Stores
LAFFERTY BUSINESS: Hires Liquidator from Wilder Coe
LAFFERTY COUNCILS: Appoints Norman Cowan to Liquidate Assets

LAN WORKS: Creditors Confirm Liquidators' Appointment
MAS RESTAURANTS: Nominates Joint Liquidators from Abbot Fielding
NORTHUMBERLAND CAKE: Creditors Confirm Liquidator's Appointment
NPR LIMITED: Creditors' Meeting Slated for December 14
PHASE PROPERTY: Nominates Zafar Igbal as Liquidator

RANK GROUP: Disposes Hard Rock to Seminole for GBP490 Million
RANK GROUP: Moody's Reviews Ba2 Ratings for Possible Downgrade
RANK GROUP: Fitch Downgrades IDR to B+ on Hard Rock Disposal
RITE PEOPLE: Creditors' Meeting Slated for December 14
ROCK REALISATIONS: Brings In Administrators from Begbies Traynor

SHAW TAX: Creditors' Meeting Slated for December 20
SHIZHEN HUIREN: Hires Joint Administrators from Crawfords
SIMMONS SCAFFOLDING: Names Joint Liquidators to Wind Up Business
SOUTH COAST: Brings In Liquidator from Bond Partners
STYHEAD TRANSPORT: Creditors' Claims Due Jan. 2, 2007

TRAEMAR LTD: Hires Stephen Franklin to Liquidate Assets
WAINFLEET MOTOR: Creditors' Meeting Slated for December 21
WASP CONSTRUCTION: Brings In Mazars to Administer Assets

* Large Companies with Insolvent Balance Sheets

                            *********

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


ILIR YMETI: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered Oct. 20 an order shutting down
the business of KEG Ilir Ymeti Restaurant Hellas (FN 266520t).
Court-appointed property manager Josef Ebner recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 21 (Bankr. Case No. 5 S 133/06b).  Andrea Eisner
represents Dr. Ebner in the bankruptcy proceedings.


M.R.B. LLC: Property Manager Declares Insufficient Assets
---------------------------------------------------------
Dr. Johannes Leon, the court-appointed property manager for LLC
M.R.B. (FN 252734v), declared Oct. 20 that the Debtor's property
is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 19 (Bankr. Case No. 3 S 132/06s).

The property manager can be reached at:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna, Austria
         Tel: 402 15 54
         Fax: 402 15 54-54
         E-mail: office@leonlaw.at


RABATTPIRAT AGENTUR: Eisenstadt Court Orders Business Shutdown
--------------------------------------------------------------
The Land Court of Eisenstadt entered Oct. 20 an order shutting
down the business of LLC RabattPirat Agentur (FN 259860y).
Court-appointed property manager Barbara Senninger recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Mag. Barbara Senninger
         Kastellstrasse 4
         7551 Stegersbach, Austria
         Tel: 03326/52423
         Fax: 03326/54156
         E-mail: office@anwalt-bgld.at

Headquartered in Guessing, Austria, the Debtor declared
bankruptcy on Oct. 11 (Bankr. Case No. 26 S 115/06y).


TAFE LLC: Property Manager Declares Insufficient Assets
-------------------------------------------------------
Dr. Erwin Senoner, the court-appointed property manager for LLC
TAFE (FN 269514w), declared Oct. 13 that the Debtor's property
is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 13 (Bankr. Case No. 28 S 61/06h).

The property manager can be reached at:

         Dr. Erwin Senoner
         Alser Road 21
         1080 Vienna, Austria
         Tel: 4060551
         Fax: 4069601
         E-mail: kanzlei@jus.at


YUEKSEL GUENES: Creditors' Meeting Slated for December 18
---------------------------------------------------------
Creditors owed money by KEG Yueksel Guenes (FN 233310d) are
encouraged to attend the creditors' meeting at noon on Dec. 18
to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Hall 212
         2nd Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Zirl, Austria, the Debtor declared bankruptcy
on Oct. 20 (Bankr. Case No. 19 S 108/06i).  Markus Kostner
serves as the court-appointed property manager of the bankrupt
estate.  Otmar Schimana represents Dr. Kostner in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Markus Kostner
         c/o Dr. Otmar Schimana
         Schopfstrasse 6a
         6020 Innsbruck, Austria
         Tel: 0512/56 15 70
         Fax: 0512/56157015
         E-mail: markus.kostner@aon.at
                 office@schimana.com


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


GENERAL MOTORS: GM Europe Eyes Astra Export to North America
------------------------------------------------------------
General Motors Corp.'s European division will export its Opel
Astra model to North America to be sold under the company's
Saturn brand, Christoph Rauwald writes for The Wall Street
Journal.

"The Astra is a great fit for Saturn, with its European style
and driving dynamics," said Jill Lajdziak, Saturn general
manager.  "It also signals our efforts to get new vehicles to
market quickly and reinvent the entire Saturn product lineup
with unprecedented speed."

According to GM Europe President Carl-Peter Forster, the company
aims to export at least 20,000 Astra models annually to North
America starting in the third quarter of 2007.

"The Astra enables Saturn to occupy a unique position in the
marketplace and to strategically broaden its appeal with
consumers who usually have import brands on their shopping
lists," said Lajdziak.  "Saturn's partnership with Opel is a
natural way to expand our lineup with relevant products that
will attract new buyers into our showrooms."

GM will produce both the three- and five-door version of the
Astra hatchback for sale in North America in its plant in
Antwerp, Belgium.

WSJ discloses that the company is also eyeing to export its
next-generation mid-size Opel Vectra for the North American
market.  GM expects to launch its Vectra model in 2009.

The Astra is part of the larger collaboration between Saturn and
Opel.  By sharing resources from throughout GM's global network
of design and engineering centers, the two brands can develop
strong, broad product lineups that will attract buyers to the
brands both in North America and Europe.  Early examples of this
collaboration include the Saturn Sky and upcoming Opel GT, as
well as the Opel Antara and 2008 Saturn Vue.

                           About Saturn

Saturn, a division of General Motors Corp., markets vehicles in
the U.S. and Canada through a network of about 500 retailers,
with a focus on providing innovative products with solid value
and excellent customer service.  In 2006, the brand has
undertaken a major revitalization of its portfolio with four new
vehicles: the Sky roadster, the Aura midsize sedan, the Vue
Green Line hybrid and the larger Outlook crossover.  Next year,
Saturn continues its aggressive growth plans with an all-new Vue
compact crossover (Spring 2007) and the new European Astra small
car (Fall 2007).

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including Brazil and Mexico, and its vehicles are
sold in 200 countries.

                           *     *     *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


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


QUEBECOR WORLD: QWUSA Offers to Buy QWCC's US$125-Mln Sr. Notes
---------------------------------------------------------------
Quebecor World (USA) Inc., a wholly owned subsidiary of Quebecor
World Inc., commenced cash tender offers to purchase:

   (i) any and all of Quebecor World Capital Corp.'s
       outstanding US$91 million in aggregate principal
       amount of 8.54% Senior Notes, Series C, due
       Sept. 15, 2015 and Quebecor World Capital's
       US$30 million in aggregate principal amount of
       8.69% Senior Notes, Series D, due Sept. 15, 2020 and

  (ii) an aggregate principal amount of Quebecor
       World Capital's outstanding 8.42% Senior Notes,
       Series A, due July 15, 2010 (the Series A Notes)
       and 8.52% Senior Notes, Series B, due July 15, 2012
       equal to the balance of US$125,000,000 less the
       total aggregate principal amount of Series C Notes and
       Series D Notes accepted for purchase.

The Series C Notes, the Series D Notes, the Series A Notes and
the Series B Notes are referred to collectively as the "Notes."

Quebecor World (USA) will accept for purchase Series A Notes and
Series B Notes under the tender offer on a pro rata basis after
having first accepted for payment all Series C Notes and
Series D Notes validly tendered pursuant to the tender offer.

The tender offers are being made upon and are subject to the
terms and conditions set forth in the Offer to Purchase dated
Nov. 30, 2006, and the related Letter of Transmittal.  The total
consideration to be paid for each validly tendered and accepted
Series C Note and Series D Note will be a fixed price of
US$1,000 per US$1,000 principal amount.  The total consideration
to be paid for each validly tendered and accepted Series A Note
and Series B Note will be a fixed price of US$1,000 per US$1,000
principal amount.

In addition, holders of the Notes will receive accrued and
unpaid interest up to, but not including, the settlement date,
in respect of Notes accepted for purchase.

The total consideration, which will be paid for Notes validly
tendered prior to or at 5:00 p.m., New York City time, on
Dec. 13, 2006, includes an early tender premium in the amount of
US$20 per US$1,000 principal amount of Notes.  Notes validly
tendered after 5:00 p.m., New York City time, on Dec. 13, 2006,
and prior to 11:59 p.m., New York City time, on Dec. 28, 2006,
will not be eligible to receive the early tender premium.

Tendered Notes may be withdrawn until 5:00 p.m., New York City
time, on Dec. 13, 2006, but not thereafter, except in the
limited circumstances set forth in the Offer to Purchase.

The tender offers will expire at 11:59 p.m., New York City time,
on Dec. 28, 2006, unless extended or earlier terminated as
described in the Offer to Purchase.  The settlement date is
expected to be the business day immediately following the
expiration date of the offers, which, assuming that the offers
are not extended, will be Dec. 29, 2006, or as soon as possible
thereafter.

The tender offer documents are being distributed to holders.
The Dealer Manager for the offers is Citigroup Global Markets
Inc.

Quebecor World Inc. -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has approximately 29,000 employees working in more than
120 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 20,
Moody's Investors Service downgraded the Corporate Family Rating
of Quebecor World (USA) Inc. to B1 from Ba3, and moved this
benchmark rating to the parent company, Quebecor World Inc.
Related ratings were impacted.  Moody's said the outlook for all
ratings is negative.


QUEBECOR WORLD: S&P Affirms B+ Rating on Weak Earnings
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including its 'B+' long-term corporate credit rating, on
printing company Quebecor World Inc.  At the same time, Standard
& Poor's removed the ratings from CreditWatch with negative
implications, where they were placed Sept. 28.  The outlook is
negative.

The move follows Standard & Poor's review of Quebecor World's
operating and financial strategies, as well as its financial
policies, in the context of an intensely competitive
environment.  "Although management must still improve
operations, stem the decline in profitability metrics, and
strengthen the balance sheet, we believe the company's near-term
liquidity position is likely to continue to be adequate," said
Standard & Poor's credit analyst Lori Harris.

Into the affirmation, Standard & Poor's incorporated an
expectation that Quebecor World will improve EBITDA as a result
of the company's
restructuring and capital investment activities.  "Should
Quebecor World's financial performance not be in line with our
expectations in the next several quarters, the ratings could
face pressure," Ms. Harris added.

The ratings on Quebecor World reflect:

   -- the company's highly leveraged financial profile,

   -- its weakness in revenues and earnings despite
      restructuring efforts,

   -- operating losses in the European division,

   -- inefficiencies related to the installation of new
      printing presses, and

   -- difficult industry conditions.

In addition, unfavorable shifts in product mix and higher energy
costs are adding to the company's challenges and have resulted
in margins well below historical levels.

The negative outlook reflects Standard & Poor's ongoing concerns
regarding the challenges the company faces given its weak
operating
performance, including:

   -- lower earnings,

   -- reduced free cash flow because of lower profits and
      increased capital expenditure requirements, and

   -- difficult industry fundamentals.

Downward pressure on the ratings could result from the continued
deterioration in Quebecor World's operations or weakness in
credit protection measures.  In the medium term, there are
limited prospects for an upgrade.  The outlook could be revised
to stable if the company demonstrates improved operating
performance.


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


ALCATEL-LUCENT: Names Vincenzo Nesci to Head Middle East Unit
-------------------------------------------------------------
Alcatel-Lucent appointed Vincenzo Nesci to lead the Middle East
Regional Unit.  Regional Units are staffed with dedicated sales
and technical sales support resources that have overall
responsibility to conduct the business in their area.

Mr. Nesci, based in the Smart Village in Giza, Egypt, will be
responsible for the company's sales activities in the Middle
East region, where the company has main offices in Algeria,
Egypt, Jordan, Morocco, Lebanon, Pakistan, Saudi Arabia and UAE.

The Middle East Region is part of Alcatel-Lucent's Europe and
South Region, led by Olivier Picard, and headquartered in
France. The EUSO region is organized around 9 Regional Units
each one having central functions to support and coordinate
various activities and to ensure availability of necessary
skills and resources to achieve the region's business goals

Prior to this appointment, Mr. Nesci was the Alcatel Vice
President in charge of the Middle East since 1999.  In 1998, Mr.
Nesci was Alcatel Egypt's first managing director and later its
chairman.

Mr. Nesci joined Alcatel in 1980 and held several positions in
Italy, East Africa and Belgium.  Prior to joining Alcatel, Mr.
Nesci worked with General Electric in Libya and Nigeria, after
working as a University lecturer for some years.  Mr. Nesci is a
graduate in Economics from the Bocconi University in Milan,
Italy.

                      About the Company

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.

                           *     *     *

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: To Conduct SingTel's IPTV Technical Trial
---------------------------------------------------------
Alcatel-Lucent has been selected by Singapore Telecommunications
Limited for its Internet protocol television trial, which began
in October 2006.

Based on a combination of Alcatel-Lucent's services integration
solution and Microsoft TV IPTV Edition software platform, the
project will include broadcast TV and video on demand, with
content featuring high definition-quality picture resolution.

Alcatel-Lucent will provide SingTel with an end-to-end IPTV
solution and will use the Microsoft TV IPTV Edition software
platform to offer an enhanced user experience, enabling user-
friendly features like instant channel change, multiple picture-
in-picture and personal video recorder functionality -- such as
one-touch recording and pausing live TV.  Alcatel-Lucent will
also provide a complete services integration solution that
brings together the network infrastructure, software platforms
and integration skill sets required to deliver a superior user
experience.

Alcatel-Lucent is working closely with SingTel to develop an
array of useful applications, including audio support in
different languages, music-on-demand, karaoke-on-demand,
customer self-service (allowing users to subscribe to new
services and make account modifications) and bill viewing.

Alcatel-Lucent's solution also includes HP ProLiant servers and
video headend systems from Harmonic Inc.  SingTel is using
Harmonic's HD and SD real-time MPEG-4 AVC (H.264) DiviCom(R)
Electra(TM) video encoders, CLEARcut(TM) offline storage
encoding solution and NMX Digital Service Manager(TM).

"We are very excited about the launch of our IPTV technical
trial," said Low Ka Hoe, SingTel's Director of IPTV and Content.
"SingTel is confident that Alcatel-Lucent's telecom expertise
and experience in deploying end-to-end IPTV networks and
integrating the Harmonic and Microsoft solution, will go far in
ensuring the success of this trial.

"Offering an advanced IPTV solution ensures that SingTel will
continue to lead the way as one of Asia-Pacific's most
innovative operators," said Frederic Rose, Head of Alcatel-
Lucent's activities in Asia Pacific.  "Alcatel-Lucent and
SingTel are also working together on other value-added
applications that will allow consumers to enjoy a better TV
experience."

"We are delighted that SingTel has chosen Microsoft and Alcatel-
Lucent to deliver next-generation TV services for their
technical trial," said Enrique Rodriguez, corporate vice
president, Microsoft TV.  "The future of television is personal
and connected, and IPTV allows service providers to uniquely
differentiate their service offerings.  We look forward to
working with Alcatel-Lucent and SingTel to bring an exciting new
generation of TV and entertainment experiences to consumers in
Singapore."

In June 2006, SingTel selected Alcatel-Lucent for the first ever
Gigabit Passive Optical Networking (GPON) trial in the Asia
Pacific region and the first residential Metro Ethernet trial in
Singapore.

Alcatel-Lucent is the industry leader in providing purpose-built
technology solutions and services integration that allow
carriers to reduce the cost and complexity associated with
large-scale deployments.  Alcatel-Lucent is involved in more
than 40 major triple play deployments and more than 40 network
transformation projects worldwide.

                         About SingTel

SingTel is Asia's leading communications group with operations
and investments around the world.  Serving both the corporate
and consumer markets, it is committed to bringing the best of
global communications to customers in the Asia Pacific and
beyond.

                       About the Company

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.

                           *     *     *

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: Fitch Downgrades IDR to BB on Merger Completion
---------------------------------------------------------------
Following the completion of Alcatel SA's merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and
   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

The ratings and Stable Outlook reflect:

   -- the integration risks associated with the merger, as well
      as Fitch's belief that the combined companies will be
      challenged to achieve their targeted US$1.7 billion of
      annual cost reductions within three years;

   -- the anticipated continuation of a volatile demand
      environment, driven by ongoing carrier consolidation, as
      well as more concentrated and uneven carrier capital
      spending;

   -- Fitch's expectations for continued modest annual free cash
      flow over the next few years, which should be pressured by
      significant cash charges associated with Alcatel-Lucent's
      restructuring program; and

   -- Alcatel-Lucent's limited opportunities to meaningfully
      improve credit protection measures over the intermediate-
      term, driven by a combination of weaker profitability
      metrics and financial profile relative to industry leading
      peers.

Ratings strengths center on:

   -- Fitch's expectations for less volatile operating
      performance and free cash flow over the longer-term,
      driven by cost reductions stemming from the company's
      stated restructuring objectives, as well as a more
      balanced geographic and customer mix;

   -- Alcatel-Lucent's leading industry positions in fixed line
      technologies such as DSL access, next generation networks,
      and optical transmission;

   -- a healthier overall supply and demand balance following
      much needed industry consolidation over the past year,
      resulting in increased market share of top tier companies,
      including Alcatel-Lucent; and

   -- sufficient liquidity position and manageable debt maturity
      schedule beyond meeting the company's approximately US$1.7
      billion of short-term debt, which could be funded by a
      combination of Alcatel-Lucent's nearly US$8 billion of
      cash and cash equivalents and approximately EUR710 million
      of anticipated proceeds during the first half of calendar
      year 2007 related to the company's sale of its satellite,
      transport and security operations to French defense
      company, Thales SA.

Fitch believes significant challenges exist integrating two
large cross-Atlantic, technology companies, although the
company's fixed line and mobile infrastructure positions should
strengthen.  Alcatel-Lucent's position in GSM/WCDMA will remain
considerably weaker than market leaders Ericsson
Telefonaktiebolaget LM and Nokia Corp. and significant margin
pressure has resulted from emerging markets, a trend that is
expected to continue.

Furthermore, in spite of recent consolidation, Fitch believes
competition will remain intense, particularly upon the
completion of competitors' integration plans and further albeit
less significant carrier consolidation, resulting in continued
pricing pressure across the sector and limiting prospects for
meaningful margin expansion.

Fitch estimates total adjusted leverage will remain at or above
3 times over the intermediate-term absent any material change in
the company's financial policies.

Pro forma liquidity as of Sept. 30, 2006, was sufficient and
consisted of:

   -- cash and equivalents of almost US$8 billion; and
   -- Alcatel's undrawn EUR1 billion senior unsecured revolving
      credit facility maturing 2009.

The aforementioned divestiture proceeds and modest annual free
cash flow will also support liquidity, while pension and post-
retirement health care obligations are not anticipated to be
material over the next few years.

Pro forma for the consummation of the merger, total debt with
equity credit for Lucent's 7.75% convertible trust preferred
securities was approximately US$7.8 billion as of Sept. 30,
2006.  Aside various tranches of Lucent debt, the support and
guarantee structure for which remains uncertain, total debt
includes the following Alcatel debt:

   -- EUR154 million of 5.675% senior unsecured bonds due 2007;

   -- EUR805 million of 4.375% senior unsecured bonds due 2009;

   -- EUR1 billion of 4.75% senior unsecured convertible bonds
      due 2011; and

   -- EUR462 million of 6.375% senior unsecured bonds due 2014.


COMPAGNIE GENERALE: Launches Syndication for Term Loan Facility
---------------------------------------------------------------
Compagnie Generale de Geophysique intends to launch Dec. 8 the
syndication of a senior secured term loan B facility of up to
US$800 million and a revolving credit facility of up to US$100
million.

The term loan B would be used principally to finance part of the
cash consideration payable to stockholders of Veritas DGC Inc.
in its contemplated merger with CGG.

As reported in the TCR-Europe on Sept. 7, CGG and Veritas have
entered into a definitive merger agreement whereby CGG will
acquire Veritas in a part cash, part stock transaction.

Based on CGG's American Depositary Shares and Veritas' shares
closing prices on the NYSE on Aug. 29, 2006, of US$33.33 and
US$56.16 respectively:

   -- CGG will offer Veritas stockholders, subject to proration,
      the choice of receiving 2.2501 CGG ADSs with respect to
      51% of Veritas' shares or US$75.00 in cash with respect to
      49% of Veritas' shares;

   -- the aggregate value of the transaction is approximately
      US$3.1 billion, an implied premium of 34.7% over Veritas'
      30-day average closing price of US$55.69 for the period
      ending on Aug. 29, 2006;

   -- shareholders of the combined group will benefit from
      holding a world class seismic stock;

   -- The transaction features strong business, geographic and
      client fit, with expected pre-tax run rate synergies
      estimated by CGG at approximately US$65 million per annum;

   -- The transaction is expected by CGG to be accretive to
      earnings per share in 2008 and approximately neutral in
      2007 to cash earnings1 per share;

   -- Boards of Directors of both companies have unanimously
      approved the transaction; and

   -- following shareholder and regulatory approvals, the
      combined group will operate under the name "CGG-Veritas".

            About Compagnie Generale de Geophysique

Headquartered in Massy, France, Compagnie Generale de
Geophysique (ISIN: 0000120164 - NYSE: GGY) --
http://www.cgg.com/-- provides a wide range of seismic data
acquisition, processing and reservoir services to clients in the
oil and gas exploration and production business.  It is also a
global manufacturer of geophysical equipment through its
subsidiary Sercel.  CGG is listed on the Eurolist of
Euronext Paris SA (ISIN: 0000120164 - NYSE: GGY) and the New
York Stock Exchange (under the form of American Depositary
Shares, NYSE: GGY).

                          *     *     *

Standard & Poor's Ratings Services has placed its 'BB-' long-
term corporate credit and senior unsecured debt ratings on
France-based Compagnie Generale de Geophysique on CreditWatch
with negative implications.  The placement follows the
announcement by CGG of a friendly US$3.1 billion takeover bid
for U.S. competitor Veritas DGC Inc.

In addition, Moody's Investors Services assigned a rating of
(P)Ba3, stable outlook, to Compagnie Generale de Geophysique's
proposed new Senior Notes of US$165 million due May 2015.  The
final confirmation of the rating is subject to signing of the
offering circular.


COMPAGNIE GENERALE: Names T. Le Roux President & S. Frydman CFO
---------------------------------------------------------------
Compagnie Generale de Geophysique has made two new appointments,
with effect on Jan. 1, 2007.

Thierry Le Roux will be appointed president and chief operating
officer.  He will be responsible for the Group's general
management, reporting to Chairman and Chief Executive Officer
Robert Brunck.

Mr. Le Roux headed the Asia-Pacific division from 1985-1992
before becoming vice president for business development.  He
then managed the Sercel subsidiary from 1995-2005 and was
appointed as group president and chief financial officer in
September 2005.

Stephane-Paul Frydman will be appointed chief financial officer.
He joined CGG in 2002 as vice president within the Finance
division and was appointed as group controller, treasurer and
deputy chief financial officer in September 2005.

            About Compagnie Generale de Geophysique

Headquartered in Massy, France, Compagnie Generale de
Geophysique (ISIN: 0000120164 - NYSE: GGY) --
http://www.cgg.com/-- provides a wide range of  seismic data
acquisition, processing and reservoir services to clients in the
oil and gas exploration and production business.  It is also a
global manufacturer of geophysical equipment through its
subsidiary Sercel.  CGG is listed on the Eurolist of
Euronext Paris SA (ISIN: 0000120164 - NYSE: GGY) and the New
York Stock Exchange (under the form of American Depositary
Shares, NYSE: GGY).

                          *     *     *

Standard & Poor's Ratings Services has placed its 'BB-' long-
term corporate credit and senior unsecured debt ratings on
France-based Compagnie Generale de Geophysique on CreditWatch
with negative implications.  The placement follows the
announcement by CGG of a friendly US$3.1 billion takeover bid
for U.S. competitor Veritas DGC Inc.

In addition, Moody's Investors Services assigned a rating of
(P)Ba3, stable outlook, to Compagnie Generale de Geophysique's
proposed new Senior Notes of US$165 million due May 2015.  The
final confirmation of the rating is subject to signing of the
offering circular.


COMPAGNIE GENERALE: Moody's Rates US$1.1-Bln Term Loan at (P)Ba2
----------------------------------------------------------------
Moody's Investors Services assigned (P)Ba2 ratings with stable
outlook to Compagnie Generale de Geophysique's proposed
US$1.1-billion credit facilities comprising of a US$800-million
Term Loan due 2014 and two Revolving Credit Facilities of
US$100 million and US$200 million, respectively, due 2012.  The
final confirmation of the ratings is subject to the signing of
the credit agreement.

The Term Loan facility is expected to refinance part of the
US$1.6-billion bridge credit facility raised in November 2006 by
CGG to finance the agreed merger with Veritas DGC Inc. in a part
cash, part stock transaction valued at US$3.2 billion, while the
two Revolving Credit Facilities will be used to finance the
combined entity's working capital needs.  The US$200-million
RCF will be issued by CGG while the Term Loan and the
US$100-million RCF will be issued by Volnay Acquisition Co. I (a
holding company set up for the purpose of merging with Veritas)
and guaranteed by CGG.  The three facilities will have the same
terms and conditions and are expected to benefit from:

   (i) upstream guarantees from certain operating subsidiaries
       of both CGG and Veritas, which contributed in aggregate
       at least 50% of the combined entity's operating profit in
       2005/06, and

   (ii) a first ranking pledge on the shares of all the
        guarantors and of some additional operating companies as
        well as on CGG and  Veritas' multi-client libraries in
        the Gulf of Mexico, two vessels of CGG and a number of
        streamers.  Moody's adds that the proposed security
        package and guarantees supporting these facilities
        justify a rating on par with the corporate family
        rating.

At the same time, Moody's comments on the merger process and
notes that almost all the conditions required for the closing of
the transaction have been satisfied.  The only remaining
condition is the approval by the shareholders of both companies
of the merger agreement, which is expected to take place in
early January 2007.  Moody's views the proposed transaction as
mildly beneficial to the company's overall business risk profile
owing to the greater overall scale, enhanced leadership in
offshore seismic services and data processing as well as more
balanced customer mix that will result from the merger.

In addition, the agency expects the combined entity's relatively
high pro-forma leverage to decline rapidly on the back of the
current strong market, characterized by double-digit growth
rates.  Moody's therefore believes that CGG's Ba2 corporate
family rating and Ba3 debt rating currently under review for
downgrade are likely to be confirmed at their current level upon
completion of the transaction subject to:

   (i) continued resilience in the global market for seismic
       services; and

  (ii) no changes to our assumption that the cash cost
       associated with the merger will not exceed
       US$1.6 billion.  Conversely, a reversal of the positive
       recent trends in operating results and cash
       generation, whether resulting from a downturn in
       demand or from some write-off of the
       multi-client library, could result in the ratings
       being downgraded.

Moody's last rating action on CGG was on Sept. 6, 2006, when the
rating agency placed CGG's ratings on review for possible
downgrade following its announcement of the acquisition of
Veritas in a transaction valued at US$3.2 billion.

Compagnie Generale de Geophysique, headquartered in Massy,
France, is a leading global seismic services provides and
manufacturer of seismic equipment.


EUTELSAT COMMS: Eurazeo Sheds 25.5% Stake for EUR862 Million
------------------------------------------------------------
Caisse des Depots & Consignations agreed to increase its stake
in Eutelsat Communications SA to 26.15%, Nina Sovich and Digby
Larner of The Wall Street Journal report.

According to WSJ, Eurazeo agreed to sell its 25.5% stake in
Eutelsat to Caisse des Depots for EUR862.7 million, or EUR15.70
per share, which would bring Eurazeo EUR614 million in sale
proceeds.

As reported in the TCR-Europe yesterday, abertis telecom agreed
to acquire a 32% stake in Eutelsat for EUR1.07 billion.

"Following the acquisition announced on Dec. 5 by Abertis to
acquire 32% of the capital of Eutelsat Communications, this
second operation marks the end of the reorganization of the
capital of our Group," Giuliano Berretta, CEO of Eutelsat
Communications said.  "We will now benefit from an association
with two leading European groups in infrastructure who will
enable us to pursue and accelerate our development."

                       About Eurazeo

With close to EUR6 billion in diversified assets and a market
capitalization of EUR5.4 billion, Eurazeo is one of the foremost
listed European investment companies.  As a major private equity
player, Eurazeo evaluates numerous investment opportunities and
implements active value creating strategies in its portfolio
companies.  Eurazeo is a majority or key shareholder in
companies such as Europcar, Rexel, B&B and ANF.  Eurazeo is
quoted on Eurolist by Euronext Paris (code ISIN: FR0000121121,
code Bloomberg: RF FP, code Reuters: EURA.PA).

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        *     *     *

As reported in the TCR-Europe on Sept. 11, Moody's Investors
Service upgraded the Corporate Family Rating of Eutelsat
Communications S.A. to Ba2 from Ba3.  Concurrently the rating
agency upgraded to Ba3 from B1 the existing ratings on both the
Term Loan and the Revolving Credit Facility.  Moody's said the
outlook for all ratings is now stable.

Ratings upgraded include:

* Eutelsat Communications SA

   -- Corporate Family Rating to Ba2 from Ba3;

   -- EUR1.6 billion Term Loan due 2013 to Ba3 from B1; and

   -- EUR300 million Revolving Credit Facility due 2013 to
      Ba3 from B1.


GETRONICS NV: Swaps Stake in French Ops for APX's Belgian Biz
-------------------------------------------------------------
Getronics N.V. completed of the sale of 67% of its business
activities in France to APX Synstar.  In addition, APX Synstar
has transferred all of its business activities in Belgium -- APX
Belgium S.A./N.V. -- to Getronics.

The new strategic partnership in France, created with the
assistance of KPMG Corporate Finance, enables Getronics and APX
Synstar to leverage each other's capabilities to deliver best-
of-breed end-to-end solutions -- including applications and
managed services -- to their clients in France.

The deal creates a strong, focused national player with in-depth
knowledge of the French market, a prestigious client base and a
wealth of expertise in designing, building, deploying and
managing ICT services and solutions.  At the same time,
Getronics is also able to further strengthen its services and
capabilities in Belgium.

Noel Saille, APX Synstar Chairman and CEO, and Jean-Claude
Vandenbosch, the nominated non-executive board member for
Getronics stated: "With its more than 1,200 employees and our
complementary installed base of clients, the newly formed group
has the critical mass and expertise to become a leader in France
in end-to-end secured Infrastructure Solutions and Services.  We
have a compelling proposition and an extended portfolio of
Applications, Infrastructure Integration and Managed Services.
Everything we do is focused on keeping our clients' business
running and on improving our clients' workforce productivity."

By means of this strategic partnership and through its highly
effective Global Service Delivery capabilities, Getronics will
continue to provide the same high levels of service to its
international clients.  This strong partnership is a further
step in Getronics' strategic plan to focus on strengthening its
core businesses and providing its services to its international
clients around the world.

                        About APX Synstar

APX Synstar -- http://www.apx-synstar.fr/-- is an ICT Services
and Solutions provider operating mainly in France and the
Benelux.  APX Synstar employs approximately 440 people and has
approximate revenues of EUR100 million.  APX Synstar designs,
builds, deploys and supports critical IT Infrastructure for
large accounts, regional mid-size companies and public entities.
APX Synstar is vendor independent, with technological
partnerships and certifications with the leading manufacturers.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                         *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


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


ALPHA AUTOMATEN: Claims Registration Ends December 15
-----------------------------------------------------
Creditors of Alpha Automaten GmbH have until Dec. 15 to register
their claims with court-appointed provisional administrator
Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 30, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Baden-Baden
         009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany

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

The District Court of Baden-Baden opened bankruptcy proceedings
against Alpha Automaten GmbH on Oct. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Alpha Automaten GmbH
         Attn: Bernhard Wolber, Manager
         Hauptstr. 25
         76534 Baden-Baden
         Germany

The administrator can be contacted at:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim, Germany


AY-ET GMBH: Claims Registration Ends December 13
------------------------------------------------
Creditors of AY-ET GmbH have until Dec. 13 to register their
claims with court-appointed provisional administrator Joseph
Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Jan. 3, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany

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

The District Court of Essen opened bankruptcy proceedings
against AY-ET GmbH on Nov. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         AY-ET GmbH
         Alfred-Zingler-Road 3
         45881 Gelsenkirchen, Germany

         Attn: Tuncay Bodur, Manager
         Grizzostrasse 138 a
         45881 Gelsenkirchen, Germany

The administrator can be contacted at:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen, Germany
         Tel: 0209/179890
         Fax: +492091485096


BIONATEC GMBH: Claims Registration Ends December 15
---------------------------------------------------
Creditors of Bionatec GmbH have until Dec. 15 to register their
claims with court-appointed provisional administrator Kirstin
Kruhl.

Creditors and other interested parties are encouraged to attend
the meeting at noon on Jan. 26, 2007, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Area B.126
         Law Courts
         Boostedter Road 26
         Neumuenster, Germany

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

The District Court of Neumuenster opened bankruptcy proceedings
against Bionatec GmbH on Oct. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Bionatec GmbH
         Attn: Matthias Wendorf, Manager
         Haart 101
         24539 Neumuenster, Germany

The administrator can be contacted at:

         Kirstin Kruhl
         Lehmweg 17
         20251 Hamburg, Germany


BURKART PROJEKTE: Claims Registration Ends December 15
------------------------------------------------------
Creditors of Burkart Projekte GmbH have until Dec. 15 to
register their claims with court-appointed provisional
administrator Roland Wiester.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Heidelberg
         Hall 12
         Ground Floor
         Kurfuerstenanlage 21
         69115 Heidelberg, Germany

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

The District Court of Heidelberg opened bankruptcy proceedings
against Burkart Projekte GmbH on Oct. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Burkart Projekte GmbH
         Attn: Muhammet Cetin Kaya, Manager
         Hauptstr. 14
         69254 Malsch, Germany

The administrator can be contacted at:

         Dr. Roland Wiester
         M 2, 4-5
         68161 Mannheim, Germany
         Tel: 0621/28868
         Fax: 0621/101838


DAIMLERCHRYSLER: Freightliner to Lay Off 800 Workers in Canada
--------------------------------------------------------------
Freightliner LLC, a subsidiary of DaimlerChrysler AG, disclosed
plans for production rate adjustments at its truck manufacturing
plant in St. Thomas, Ontario, affecting 800 employees in the
process.

These changes are the first in a series of measures that will
affect all the company's vehicle and component assembly plants
during the first quarter of 2007.  As many as 4,000 production
and related workers may be affected.

All manufacturers of heavy and medium trucks, as well as the
suppliers of components used in their assembly, are facing a
dramatic reduction in volumes presently.  Truck buyers in all
markets are showing hesitation to purchase trucks equipped with
the new engine technology necessary to meet the diesel exhaust
emissions standards that go into effect in Canada and the United
States on Jan. 1, 2007.

Depending on specification and weight class, Freightliner LLC
vehicles are subjected to price increases ranging from US$4,600
to US$12,500, before application of taxes, for the new engines.
It is clear that all residents of North America benefit from the
cleaner atmosphere that will ultimately result, but it is
equally obvious that the costs associated with this worthy
initiative are borne almost entirely by the truck manufacturing
industry's employees, suppliers, shareholders, and dealers.

"Workforce reductions are always the last thing any of us want
to do," Freightliner LLC president and chief executive officer
Chris Patterson said.  "Unfortunately it has become necessary at
this point as the entire industry is dealing with an
extraordinary market situation.

"We will continue to monitor the market closely and make
adjustments accordingly but we anticipate further reductions of
up to 3,200 workers in the first few months of 2007.  We are
anticipating that demand will begin to recover in the second
half of the year, as our customers gain confidence in the new
technology, and their existing vehicles suffer the effects of
aging. We expect to be able to make some positive workforce
adjustments at that time."

Affected employees in St. Thomas were already notified.

The St. Thomas plant, operated by Freightliner Canada Ltd.,
produces the company's Sterling-brand heavy- and medium-duty
trucks.

                      About Freightliner LLC

Headquartered in Portland, Ore., Freightliner LLC --
http://www.freightliner.com/-- is a medium- and heavy-duty
truck manufacturer in North America.  Freightliner produces and
markets Class 3-8 vehicles and is a company of DaimlerChrysler.

                       About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,
manufacture, distribution, and sale of 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.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia, and Thailand.

                        *     *     *

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

On Sept. 15, DaimlerChrysler reduced the Group's operating-
profit target for 2006 to an amount in the magnitude of 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.


EPS EVERS: Claims Registration Ends December 16
-----------------------------------------------
Creditors of EPS Evers Personal-Service GmbH have until Dec. 16
to register their claims with court-appointed provisional
administrator Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against EPS Evers Personal-Service GmbH on Oct. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         EPS Evers Personal-Service GmbH
         Attn: Andreas Prelle, Manager
         Ekhofstrasse 20
         22087 Hamburg, Germany

The administrator can be contacted at:

         Ulrich Rosenkranz
         Osdorfer Highway 230
         22549 Hamburg, Germany


GEODATA GMBH: Claims Registration Ends December 17
--------------------------------------------------
Creditors of Geodata GmbH have until Dec. 17 to register their
claims with court-appointed provisional administrator Norman
Haring.

Creditors and other interested parties are encouraged to attend
the meeting at 9:07 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 17
         St. Veit-Road 38
         56727 Mayen, Germany

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

The District Court of Mayen opened bankruptcy proceedings
against Geodata GmbH on Oct. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Geodata GmbH
         Rennweg 72
         56626 Andernach, Germany

         Attn: Anncatrin Sinko and Frank Lorenzoni, Managers
         Willy-Brandt-Avenue 1
         56626 Andernach, Germany

The administrator can be contacted at:

         Norman Haring
         W.-Th.-Roemheld-Road 14
         55130 Mainz, Germany
         Tel: 06131/28500
         Fax: 06131/285028
         E-mail: mainz@hess-rechtsanwaelte.de


GHERSBURG VERMOGENSVERWALTUNG: Claims Registration Ends Dec. 15
---------------------------------------------------------------
Creditors of Ghersburg Vermogensverwaltung GmbH & Co.KG have
until Dec. 15 to register their claims with court-appointed
provisional administrator Klaus-Martin Lutz.

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

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Room 111
         Rosenheim, Germany

The Court will also verify the claims set out in the
administrator's report at 8:45 a.m. on Jan. 27, 2007, at the
same venue.

The District Court of Rosenheim opened bankruptcy proceedings
against Ghersburg Vermogensverwaltung GmbH & Co.KG on Oct. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Ghersburg Vermogensverwaltung GmbH & Co.KG
         Ghersburgstr. 9
         83043 Bad Aibling, Germany

The administrator can be contacted at:

         Klaus-Martin Lutz
         Kufsteiner Road 14/II
         83022 Rosenheim, Germany
         Tel: 08031/36770
         Fax: 08031/367736


HOLZ-FACH: Claims Registration Ends December 15
-----------------------------------------------
Creditors of Holz-Fach-Zentrum Elsenfeld GmbH have until Dec. 15
to register their claims with court-appointed provisional
administrator Jochen Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 16, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Munich opened bankruptcy proceedings
against Holz-Fach-Zentrum Elsenfeld GmbH on Oct. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Holz-Fach-Zentrum Elsenfeld GmbH
         Menzinger Str. 130
         80997 Munich, Germany

The administrator can be contacted at:

         Jochen Wagner
         Rheinstr. 22
         80803 Munich, Germany
         Tel: 309050980
         Fax: 3090509810


MAUER-INGENIEURGESELLSCHAFT: Claims Registration Ends Dec. 14
-------------------------------------------------------------
Creditors of Mauer-Ingenieurgesellschaft Versorgungstechnik mbH
have until Dec. 14 to register their claims with court-appointed
provisional administrator Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 17, 2007, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, Germany

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

The District Court of Potsdam opened bankruptcy proceedings
against Mauer-Ingenieurgesellschaft Versorgungstechnik mbH on
Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Mauer-Ingenieurgesellschaft Versorgungstechnik mbH
         Arcostrasse 32
         15831 Mahlow, Germany

The administrator can be contacted at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin, Germany


PRAZIMA PRAZISIONS: Claims Registration Ends December 14
--------------------------------------------------------
Creditors of Prazima Prazisions- und Maschinenbauteile GmbH have
until Dec. 14 to register their claims with court-appointed
provisional administrator Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 11, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Magdeburg opened bankruptcy proceedings
against Prazima Prazisions- und Maschinenbauteile GmbH on
Nov. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Prazima Prazisions- und Maschinenbauteile GmbH
         Liebknechtstr. 101
         39110 Magdeburg, Germany

         Attn: Rainer Thate, Manager
         Wullnitzer Field 15
         39175 Guebs, Germany

         Rolf Henschke, Manager
         Erich-Weinert-Str. 36
         39418 Stassfurt, Germany

The administrator can be contacted at:

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


PROSIEBENSAT.1: Bidders Prepare Offers as Deadline Ends Today
-------------------------------------------------------------
ProSiebenSat.1 Media AG could have a new owner this week as
three remaining bidders race to submit their final offers for a
majority stake in the German broadcaster by today's deadline,
Mike Esterl of the Wall Street Journal reports citing people
familiar with the matter.

The company's new owners could be:

   -- Dogin Yayin Holding;

   -- Private-equity firms Kohlberg Kravis Roberts & Co. and
      Permira; or

   -- Apax Partners and Goldman Sachs Group Inc.

According to the unnamed sources, the bidders are expected to
put up offers that would value ProSiebenSat.1 at over EUR6
billion, WSJ relates.

German Media Partners, the controlling shareholder group since
2003, is hoping to secure a bid as high as EUR35 apiece for its
shares, valuing the broadcaster at around EUR6.5 billion --
around four times the group's initial investment, WSJ relays.

German Media Partners is a consortium comprised of:

   -- Saban Capital Group Inc.,
   -- Alpine Equity Partners LP,
   -- Bain Capital Investors LLC,
   -- Hellman & Friedman LLC,
   -- Providence Equity Partners Inc.,
   -- Putnam Investments LLC,
   -- Quadrangle Group LLC and
   -- Thomas H. Lee Partners LP.

The group is selling its 50.5% capital stake and 88% voting
stake in ProSiebenSat.1.

According to WSJ, minority shareholders would be offered the
average price of ProSiebenSat.1's publicly traded, non-voting
shares over the past three months, or around EUR22.50 each.

The consortium had signed a deal with German publisher Axel
Springer AG, but received disapproval from local regulators.
The Springer-ProSiebenSAt.1 merger received a fatal blow when
the Carter Office ruled against the takeover.  Media watchdog
KEK had also opposed the deal, expressing concern on the
resulting power of the combined companies.  Springer had mulled
to seek ministerial approval for the merger, but did not push
through because time did not permit it.  A ministerial approval
takes about four months to be granted.

WSJ suggests that German Media Partners could sign a sale deal
with the winning bidder within the week.  The parties could
complete the deal within 30-60 days after securing regulatory
approvals from local antitrust authorities and the European
Commission, WSJ cites people privy to the consortium.  It also
appears that the local competition office has given the go
signal for the final three bidders, WSJ reports.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.ProsiebenSat1.com/-- broadcasts and produces
television programs through four German language television
channels as well as a range of ancillary activities.  It was
formed in 2000 with the merger of Germany's leading broadcasters
ProSieben Media AG and Sat.1.  It is the largest and most
successful television corporation in Germany with four stations
-- Sat.1, ProSieben, kabel eins and N24.

                          *     *     *

ProsiebenSat.1 Media AG carries Ba1 senior unsecured and
corporate family ratings from Moody's Investors Service.
Moody's said the outlook is stable.


TROIKA BRANDLOESCH: Claims Registration Ends December 15
--------------------------------------------------------
Creditors of Troika Brandloesch- und Industrieanlagenbau GmbH
have until Dec. 15 to register their claims with court-appointed
provisional administrator Christian Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Jan. 24, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Moenchengladbach opened bankruptcy
proceedings against Troika Brandloesch- und Industrieanlagenbau
GmbH on Nov. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Troika Brandloesch- und Industrieanlagenbau GmbH
         Neusser Road 110
         41363 Juechen, Germany

         Attn: Bernd Dahmen, Manager
         Lotharstrasse 22
         41812 Erkelenz, Germany

         Thomas Schmollmann, Manager
         Stauffenberg-Road 6
         41363 Juechen, Germany

The administrator can be contacted at:

         Christian Krause
         Cecilienallee 45
         40474 Duesseldorf, Germany


VOLKSWAGEN AG: Audi Production Ensures 3,000 Jobs at Brussels
-------------------------------------------------------------
Volkswagen AG disclosed that the production of the future entry-
level Audi model A1 at the Brussels plant could ensure
employment for up to 3,000 people at the site from 2009.

This was the result of a summit meeting on Dec. 1 between Dr.
Ferdinand Piech, chairman of the supervisory board of Volkswagen
AG, and Martin Winterkorn, outgoing chairman of the board of
management of Audi AG and designated chairman of the board of
management of Volkswagen AG, with Belgian Prime Minister Guy
Verhofstadt and Employment Minister Peter Vanvelthoven.

"We have taken a key step in the interests of the workforce at
the Brussels plant.  Both sides agree that this plant has a
future," Mr. Winterkorn said.  He added that all concerned had
demonstrated a clear will to find constructive solutions.

Mr. Winterkorn explained the possibility of producing a new Audi
model at Brussels from 2009 to the government representatives.
"This will be an entry-level model designated as A1.
Considerably more than 100,000 vehicles per year could be
produced, if this proves to be viable at the Brussels plant."

This would allow as many as 3,000 people to be employed at the
site.  Some of these people would not be employed directly by
Volkswagen but by other companies.

Another prerequisite would be to find a transitional solution
for the employees concerned up to the possible start of
production in cooperation with the Belgian government and
employees' representatives.

Mr. Winterkorn indicated that investment in the Brussels plant
could start in 2008 if the Audi A1 project were implemented.

Mr. Winterkorn was convinced that negotiations could continue in
an objective atmosphere.  In this connection, he stressed that
the resumption of production at the plant, which has currently
been halted, would be a key signal.

                        Employee Strike

About 25,000 Volkswagen plant employees from Germany, France and
Portugal marched through Brussels to protest the company's
decision in cutting 3,500 jobs at its Brussels assembly plant,
the Associated Press reports.

"For the past decade VW employees have been asked to be
enormously flexible.  But it now turns out this flexibility has
not brought us anything," Erwin Declerck of the ABVV trade union
told AP.

As reported in the TCR-Europe on Nov. 27, Volkswagen disclosed
of plans to transfer production of its Golf model at its Belgian
plant to Germany, which could affect 3,500 jobs in Brussels.

AP relates that the recent talks regarding the production of the
latest Audi model in Brussels would partly compensate for the
job cuts previously announced.

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

                        *    *    *

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

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

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


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


OLYMPIC AIRLINES: Posts EUR123.7 Million Net Loss for 2005
----------------------------------------------------------
Olympic Airlines S.A. released its financial results for the
year ended Dec. 31, 2006.

The national carrier posted EUR123.7 million in net loss against
EUR715.2 million in revenues for financial year 2005, compared
with EUR87 million in net losses against EUR642.8 million in
revenues for financial year 2004.

As reported in the TCR-Europe on Oct. 24, the Greek government
may face a EUR10,000-a-day penalty for failing to recover EUR161
million in illegal aid allotted to Olympic Airlines.  The
European Commission warned the Greek government of a possible
legal action if the state remains adamant in recovering amount
from Olympic Airlines.

The Greek government, however, still refused to reclaim the
state aid, saying it would assess the ruling before responding.
BBC says Greece's position apparently caused the regulator to
lose its patience and requested the European Union Court of
Justice to impose the daily fine.

The daily penalty would continue until Greece recovers all the
money from Olympic Airlines.  Inaction on the part of the Greek
government may push the Commission to raise the fine to
EUR53,000 daily.

                    About Olympic Airlines

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the
Olympic Airways group of companies, flies passengers and cargo
to five continents, including Australia, while offering ground
handling, technical maintenance and information technology
services to third parties.

The group's net loss widened to EUR87 million in 2004 from EUR23
million a year before.  Together with the 2004 deficit,
Olympic's EUR110 million in accumulated losses are nearly
equivalent to its EUR130 million in equity.


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


VNESHTORGBANK JSC: VTB-24 Unit Issues US$500-Million Eurobonds
--------------------------------------------------------------
Vneshtorgbank Retail Financial Services, a unit of JSC
Vneshtorgbank, has placed US$500-million in medium-term currency
Eurobonds, AK&M says.

The three-year Eurobonds carry an FRN rate, with total coupon
rate of LIBOR+0.82%.  The Eurobonds were issued under RegS
format, which allows VTB-24 to place the securities in the
European and Asian markets.

VTB-24 Capital PLC (Ireland), will issue the Eurobonds and list
them on the Irish Stock Exchange.  Citigroup, Deutsche Bank and
JP Morgan were arrangers, AK&M says.

The issue, according to AK&M, broke the record volume among
debut issues of Russian banks.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


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


ALITALIA SPA: Italian Government Launches Sale of 30.1% Stake
-------------------------------------------------------------
The Italian government is selling around 30.1% stake of its
49.9% holding in Alitalia S.p.A., up from 20%-25% announced
early this month, according to published reports.

As reported in the TCR-Europe on Dec. 5, Alfonso Pecoraro
Scanio, Italy's Environment Minister, said Italy plans to
dispose of around 20%-25% stake in Alitalia as part of its
pledge to find a solution for the ailing airline.

"The strategic recovery of Alitalia cannot be done without the
entry in the company's capital of new industrial and financial
partners," Prime Minister Romano Prodi said in a statement
following a cabinet meeting.

Italy, however, attached some conditions on the sale, which
calls for the buyer to:

   -- launch a bid to acquire the whole carrier;

   -- keep Alitalia's logo, brand and national identity;

   -- have convincing and detailed business plans and
      commitments, which may include:

         -- a lock-up,
         -- adequate service offering
         -- territorial coverage, and
         -- information on job levels; and

   -- continue to operate at Milan's Malpensa and Rome's
      Fiumicino airports.

Some industry experts, however, told The Financial Times that
Alitalia's two-hub system has been an unnecessary burden on the
carrier.

Alitalia's sale is open to local and foreign investors, though
several ministers and trade union leaders explicitly said that
the carrier's new owner must be Italian.  Several Italian
businessmen are reportedly interested in Alitalia, The Times
relays.  Local bets include:

   -- Carlo Toto, founder of Air One;
   -- Luca di Montezemolo, head of Fiat and Ferrari;
   -- Diego Della Valle, chief of the Tod's shoe empire; and
   -- Banca Intesa and Sanpaolo IMI.

Mr. di Montezemolo, however, told The Times that investing in
Alitalia is too risky.

"Entrepreneurs do not commit suicide," Mr. di Montezemolo said.
"We have to take risks and we have to invest, but we are not
kamikazes."

Meanwhile, Enrico Salza, Chairman of Sanpaolo IMI, discussed
with Corrado Passera, Intesa's Chief Executive, a possible bid
for Alitalia.  Mr. Salza, however, cautioned that "we are a
bank.  We don't do charitable works.  A bank has to do
business."

                     Air France-KLM Talks

In a TCR-Europe report on Dec. 1, the Italian government is
making a three-prong approach to bail out the national carrier,
one of which is a partnership with Air France-KLM.

Alitalia has confirmed that it is holding talks with Air France
over a possible alliance noting that the talks are "still at an
early stage and not exclusive."

As previously reported, airline industry experts expressed
doubts that an Air France takeover would occur given Alitalia's
history of unprofitability, poor management, labor unrest and
political interference.  People privy with the government added
that the Air France option would wilt if the Franco-Dutch
carrier has plans to turn Alitalia into a European regional
feeder for its own operations.

The Italian government has described the sale as the
"finalization of the company's privatization."   Italy hopes
Alitalia's buyer will pour in up to EUR400 million into the
carrier.

Prime Minister Romano Prodi, Reuters reports, said it remains
unclear whether the government would sell all of its stake in
Alitalia.

"It's absolutely not determined," Mr. Prodi said.  "We will sell
30.1%.  This is what the government has decided.  There is no
change."

The government, which has yet to name advisers on the sale, aims
to complete the process by January 2007.  Possible advisers
include:

   -- Merrill Lynch,
   -- Deutsche Bank,
   -- Lehman Brothers,
   -- Goldman Sachs,
   -- Morgan Stanley,
   -- Rothschild,
   -- JPMorgan, and
   -- Credit Suisse.

Antonio Di Pietro, Italy's Infrastructure Minister, said the
government's decision opened the "exit doors for those who
occupy positions of power at Alitalia because they have failed
in their mission."

                      Bankruptcy Warning

As reported in the TCR-Europe on Oct. 13, Mr. Prodi said he
foresees a bankrupt national carrier in January 2007 unless
involved parties come up with an "agreed solution."

"Alitalia is going through the worst moment in its history," Mr.
Prodi said in a meeting with his cabinet, Alitalia officials and
unions.  "The situation is totally out of control and I do not
see any parachutes."

"We have until January to hammer out a solution which can avoid
bankruptcy," Mr. Prodi said, sharing the same observation posed
by Alitalia CEO Giancarlo Cimoli.

In a TCR-Europe report on Oct. 11, Mr. Cimoli revealed that
Alitalia is poised for collapse given its current cost structure
and market conditions.

"At present, the national carrier is unable to generate profit,
even for previously invested capital," Mr. Cimoli said.

Mr. Cimoli particularly blamed:

   -- excessive market regulations;
   -- high labor costs;
   -- recurrent labor strikes;
   -- rising oil prices;
   -- airport and regulatory inefficiencies; and
   -- unfair competitive advantages' enjoyed by low-cost
      airlines.

Mr. Cimoli also chided Italy's civil aviation and antitrust
authorities for their failure to secure Alitalia from "unfair"
competition.  Mr. Cimoli said these conditions have made it
unviable for Alitalia to compete with low-cost and foreign
rivals.

Mr. Cimoli had vowed to have Alitalia make a profit by year-end,
but reaching the goal seems unlikely after the carrier posted
EUR221 million in first-half net losses.  Mr. Cimoli said the
carrier is headed for a EUR300-million loss this year.

                         About Alitalia

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

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


PARMALAT SPA: Italy's Supreme Court Upholds Clawback Action Law
---------------------------------------------------------------
The Corte Costituzionale della Repubblica Italiana has upheld a
law that allows Parmalat S.p.A. to pursue clawback claims
against GE Capital Finance and UBS AG, The Associated Press
reports.

The banks questioned the legitimacy of the Marzano Bankruptcy
Law in Parmalat's case because it came into effect after the
company's bankruptcy.  The law, passed in December 2003 to
manage the food group's collapse, permits Parmalat to recover
payments made in the year before its insolvency, AP relates.

Four similar cases are still pending before the Constitutional
Court.

Enrico Bondi, Parmalat Chief Executive, has filed damage claims
and clawback actions in the U.S. and Italy to recover around
EUR13.2 billion from banks, auditors and advisers who allegedly
abetted the company's collapse in December 2003.

                         About Parmalat

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

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

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

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


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


ABDAL LLP: Creditors Must File Claims by Jan. 17, 2007
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Abdal insolvent.

Creditors have until Jan. 17, 2007, to submit written proofs of
claim to:

         LLP Abdal
         Room 40
         Tarana Str. 85
         Kostanai
         Kostanai Region
         Kazakhstan
         Tel: 8 (3142) 54-28-39


ARCHITECTURAL CONSTRUCTION: Creditors' Claims Due Jan. 19, 2007
---------------------------------------------------------------
LLP Architectural-Construction-Production Association has
declared insolvency.

Creditors have until Jan. 19, 2007, to submit written proofs of
claim to:

         LLP Architectural-Construction-Production Association
         Pavshih bortsov Str. 153a
         Kostanai
         Kostanai Region
         Kazakhstan


ATYRAU-KOMTEL LLP: Claims Filing Period Ends Jan. 16, 2007
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Atyrau-Komtel insolvent.

Creditors have until Jan. 16, 2007, to submit written proofs of
claim to:

         LLP Atyrau-Komtel
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


MEDIA-PRESS LLP: Almaty Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Media-Press on
Nov. 14.


MINSKOYE LLP: Proof of Claim Deadline Slated for Jan. 17, 2007
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Minskoye insolvent on Oct. 19.

Creditors have until Jan. 17, 2007, to submit written proofs of
claim to:

         LLP Minskoye
         Room 308
         Abai Str. 89
         Kokshetau
         Akmola Region


PROMENERGOMONTAGE LLP: Claims Registration Ends Jan. 19, 2007
-------------------------------------------------------------
LLP Promenergomontage has declared insolvency.  Creditors have
until Jan. 19, 2007, to submit written proofs of claim to:

         LLP Promenergomontage
         Estaya Str. 136-37
         Pavlodar
         Pavlodar Region
         Kazakhstan


SERVICE INTER: Creditors Must File Claims by Jan. 17, 2007
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Service Inter Agro insolvent on Oct. 23.

Creditors have until Jan. 17, 2007, to submit written proofs of
claim to:

         LLP Service Inter Agro
         Room 308
         Abai Str. 89
         Kokshetau
         Akmola Region
         Kazakhstan


SIT-TRADING LLP: Claims Filing Period Ends Jan. 19, 2007
--------------------------------------------------------
LLP Sit-Trading has declared insolvency.  Creditors have until
Jan. 19, 2007, to submit written proofs of claim to:

         LLP Sit-Trading
         Jeltoksan Str. 108
         Irtyshsk
         Irtyshsky District
         Pavlodar Region
         140500 Kazakhstan


VVP LLP: Creditors' Claims Due Jan. 16, 2007
--------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP VVP insolvent.

Creditors have until Jan. 16, 2007, to submit written proofs of
claim to:

         LLP VVP
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


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


KARA-SUU DAN: Public Auction Scheduled for Dec. 29
--------------------------------------------------
The State Committee on State Property of the Kyrgyz Republic
will auction 41.95% of OJSC Kara-Suu Dan Azyk's state share
holding to the public at 10:00 a.m. on Dec. 29 at:

         Conference Hall of State Committee on State Property
         Room 221
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

The entity has declared a KGS16,671,850 starting price for the
state share holding.

Information on OJSC Kara-Suu Dan Azyk as of July 1, 2006:

    * Location: Lenin Str. 1
                Karasu
                Osh Region
                Kyrgyzstan

    * Main activity: flour production and industrial processing
                     of bread products

    * Type of issued shares: simple nominal

    * Number of shares, introduced to the auction: 1,139,441

    * Area of land: 11,735 hectares

    * Authorized capital: KGS12,346,600

    * Account payable: KGS8,447,339

    * Accounts receivable: KGS11,131,867

    * Number of workers: 65

Interested bidders have until 5:00 p.m. on Dec. 28 to deposit
KGS1,667,185 to the settlement account of:

         State Committee on State Property of the
         Kyrgyz Republic
         Pervomaisky ROK-2
         Settlement Account No.8534172080101001/202802429
         OJSC Settlement and Saving Company
         Bishkeksky Branch
         INN 00405200110158
         Pervomaisky State Tax Inspection

and submit their bids and necessary documents to:

         The State Committee on State Property
         Room 225
    Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

The winner of the auction will pay 7% from the selling price of
the object.

Inquiries can be addressed to (+996 312) 21-67-22, 21-65-38,
21-66-38.


TRADE MASTER: Creditors' Claims Due Jan. 24, 2007
-------------------------------------------------
LLC Trade Master has declared insolvency.  Creditors have until
Jan. 24, 2007, to submit their written proofs of claim.

Inquiries can be addressed to (+996 312) 43-65-85.


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


ALCATEL-LUCENT: Names Vincenzo Nesci to Head Middle East Unit
-------------------------------------------------------------
Alcatel-Lucent appointed Vincenzo Nesci to lead the Middle East
Regional Unit.  Regional Units are staffed with dedicated sales
and technical sales support resources that have overall
responsibility to conduct the business in their area.

Mr. Nesci, based in the Smart Village in Giza, Egypt, will be
responsible for the company's sales activities in the Middle
East region, where the company has main offices in Algeria,
Egypt, Jordan, Morocco, Lebanon, Pakistan, Saudi Arabia and UAE.

The Middle East Region is part of Alcatel-Lucent's Europe and
South Region, led by Olivier Picard, and headquartered in
France. The EUSO region is organized around 9 Regional Units
each one having central functions to support and coordinate
various activities and to ensure availability of necessary
skills and resources to achieve the region's business goals

Prior to this appointment, Mr. Nesci was the Alcatel Vice
President in charge of the Middle East since 1999.  In 1998, Mr.
Nesci was Alcatel Egypt's first managing director and later its
chairman.

Mr. Nesci joined Alcatel in 1980 and held several positions in
Italy, East Africa and Belgium.  Prior to joining Alcatel, Mr.
Nesci worked with General Electric in Libya and Nigeria, after
working as a University lecturer for some years.  Mr. Nesci is a
graduate in Economics from the Bocconi University in Milan,
Italy.

                      About the Company

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.

                           *     *     *

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: To Conduct SingTel's IPTV Technical Trial
---------------------------------------------------------
Alcatel-Lucent has been selected by Singapore Telecommunications
Limited for its Internet protocol television trial, which began
in October 2006.

Based on a combination of Alcatel-Lucent's services integration
solution and Microsoft TV IPTV Edition software platform, the
project will include broadcast TV and video on demand, with
content featuring high definition-quality picture resolution.

Alcatel-Lucent will provide SingTel with an end-to-end IPTV
solution and will use the Microsoft TV IPTV Edition software
platform to offer an enhanced user experience, enabling user-
friendly features like instant channel change, multiple picture-
in-picture and personal video recorder functionality -- such as
one-touch recording and pausing live TV.  Alcatel-Lucent will
also provide a complete services integration solution that
brings together the network infrastructure, software platforms
and integration skill sets required to deliver a superior user
experience.

Alcatel-Lucent is working closely with SingTel to develop an
array of useful applications, including audio support in
different languages, music-on-demand, karaoke-on-demand,
customer self-service (allowing users to subscribe to new
services and make account modifications) and bill viewing.

Alcatel-Lucent's solution also includes HP ProLiant servers and
video headend systems from Harmonic Inc.  SingTel is using
Harmonic's HD and SD real-time MPEG-4 AVC (H.264) DiviCom(R)
Electra(TM) video encoders, CLEARcut(TM) offline storage
encoding solution and NMX Digital Service Manager(TM).

"We are very excited about the launch of our IPTV technical
trial," said Low Ka Hoe, SingTel's Director of IPTV and Content.
"SingTel is confident that Alcatel-Lucent's telecom expertise
and experience in deploying end-to-end IPTV networks and
integrating the Harmonic and Microsoft solution, will go far in
ensuring the success of this trial.

"Offering an advanced IPTV solution ensures that SingTel will
continue to lead the way as one of Asia-Pacific's most
innovative operators," said Frederic Rose, Head of Alcatel-
Lucent's activities in Asia Pacific.  "Alcatel-Lucent and
SingTel are also working together on other value-added
applications that will allow consumers to enjoy a better TV
experience."

"We are delighted that SingTel has chosen Microsoft and Alcatel-
Lucent to deliver next-generation TV services for their
technical trial," said Enrique Rodriguez, corporate vice
president, Microsoft TV.  "The future of television is personal
and connected, and IPTV allows service providers to uniquely
differentiate their service offerings.  We look forward to
working with Alcatel-Lucent and SingTel to bring an exciting new
generation of TV and entertainment experiences to consumers in
Singapore."

In June 2006, SingTel selected Alcatel-Lucent for the first ever
Gigabit Passive Optical Networking (GPON) trial in the Asia
Pacific region and the first residential Metro Ethernet trial in
Singapore.

Alcatel-Lucent is the industry leader in providing purpose-built
technology solutions and services integration that allow
carriers to reduce the cost and complexity associated with
large-scale deployments.  Alcatel-Lucent is involved in more
than 40 major triple play deployments and more than 40 network
transformation projects worldwide.

                         About SingTel

SingTel is Asia's leading communications group with operations
and investments around the world.  Serving both the corporate
and consumer markets, it is committed to bringing the best of
global communications to customers in the Asia Pacific and
beyond.

                       About the Company

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.

                           *     *     *

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: Fitch Downgrades IDR to BB on Merger Completion
---------------------------------------------------------------
Following the completion of Alcatel SA's merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and
   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

The ratings and Stable Outlook reflect:

   -- the integration risks associated with the merger, as well
      as Fitch's belief that the combined companies will be
      challenged to achieve their targeted US$1.7 billion of
      annual cost reductions within three years;

   -- the anticipated continuation of a volatile demand
      environment, driven by ongoing carrier consolidation, as
      well as more concentrated and uneven carrier capital
      spending;

   -- Fitch's expectations for continued modest annual free cash
      flow over the next few years, which should be pressured by
      significant cash charges associated with Alcatel-Lucent's
      restructuring program; and

   -- Alcatel-Lucent's limited opportunities to meaningfully
      improve credit protection measures over the intermediate-
      term, driven by a combination of weaker profitability
      metrics and financial profile relative to industry leading
      peers.

Ratings strengths center on:

   -- Fitch's expectations for less volatile operating
      performance and free cash flow over the longer-term,
      driven by cost reductions stemming from the company's
      stated restructuring objectives, as well as a more
      balanced geographic and customer mix;

   -- Alcatel-Lucent's leading industry positions in fixed line
      technologies such as DSL access, next generation networks,
      and optical transmission;

   -- a healthier overall supply and demand balance following
      much needed industry consolidation over the past year,
      resulting in increased market share of top tier companies,
      including Alcatel-Lucent; and

   -- sufficient liquidity position and manageable debt maturity
      schedule beyond meeting the company's approximately US$1.7
      billion of short-term debt, which could be funded by a
      combination of Alcatel-Lucent's nearly US$8 billion of
      cash and cash equivalents and approximately EUR710 million
      of anticipated proceeds during the first half of calendar
      year 2007 related to the company's sale of its satellite,
      transport and security operations to French defense
      company, Thales SA.

Fitch believes significant challenges exist integrating two
large cross-Atlantic, technology companies, although the
company's fixed line and mobile infrastructure positions should
strengthen.  Alcatel-Lucent's position in GSM/WCDMA will remain
considerably weaker than market leaders Ericsson
Telefonaktiebolaget LM and Nokia Corp. and significant margin
pressure has resulted from emerging markets, a trend that is
expected to continue.

Furthermore, in spite of recent consolidation, Fitch believes
competition will remain intense, particularly upon the
completion of competitors' integration plans and further albeit
less significant carrier consolidation, resulting in continued
pricing pressure across the sector and limiting prospects for
meaningful margin expansion.

Fitch estimates total adjusted leverage will remain at or above
3 times over the intermediate-term absent any material change in
the company's financial policies.

Pro forma liquidity as of Sept. 30, 2006, was sufficient and
consisted of:

   -- cash and equivalents of almost US$8 billion; and
   -- Alcatel's undrawn EUR1 billion senior unsecured revolving
      credit facility maturing 2009.

The aforementioned divestiture proceeds and modest annual free
cash flow will also support liquidity, while pension and post-
retirement health care obligations are not anticipated to be
material over the next few years.

Pro forma for the consummation of the merger, total debt with
equity credit for Lucent's 7.75% convertible trust preferred
securities was approximately US$7.8 billion as of Sept. 30,
2006.  Aside various tranches of Lucent debt, the support and
guarantee structure for which remains uncertain, total debt
includes the following Alcatel debt:

   -- EUR154 million of 5.675% senior unsecured bonds due 2007;

   -- EUR805 million of 4.375% senior unsecured bonds due 2009;

   -- EUR1 billion of 4.75% senior unsecured convertible bonds
      due 2011; and

   -- EUR462 million of 6.375% senior unsecured bonds due 2014.


GETRONICS NV: Swaps Stake in French Ops for APX's Belgian Biz
-------------------------------------------------------------
Getronics N.V. completed of the sale of 67% of its business
activities in France to APX Synstar.  In addition, APX Synstar
has transferred all of its business activities in Belgium -- APX
Belgium S.A./N.V. -- to Getronics.

The new strategic partnership in France, created with the
assistance of KPMG Corporate Finance, enables Getronics and APX
Synstar to leverage each other's capabilities to deliver best-
of-breed end-to-end solutions -- including applications and
managed services -- to their clients in France.

The deal creates a strong, focused national player with in-depth
knowledge of the French market, a prestigious client base and a
wealth of expertise in designing, building, deploying and
managing ICT services and solutions.  At the same time,
Getronics is also able to further strengthen its services and
capabilities in Belgium.

Noel Saille, APX Synstar Chairman and CEO, and Jean-Claude
Vandenbosch, the nominated non-executive board member for
Getronics stated: "With its more than 1,200 employees and our
complementary installed base of clients, the newly formed group
has the critical mass and expertise to become a leader in France
in end-to-end secured Infrastructure Solutions and Services.  We
have a compelling proposition and an extended portfolio of
Applications, Infrastructure Integration and Managed Services.
Everything we do is focused on keeping our clients' business
running and on improving our clients' workforce productivity."

By means of this strategic partnership and through its highly
effective Global Service Delivery capabilities, Getronics will
continue to provide the same high levels of service to its
international clients.  This strong partnership is a further
step in Getronics' strategic plan to focus on strengthening its
core businesses and providing its services to its international
clients around the world.

                        About APX Synstar

APX Synstar -- http://www.apx-synstar.fr/-- is an ICT Services
and Solutions provider operating mainly in France and the
Benelux.  APX Synstar employs approximately 440 people and has
approximate revenues of EUR100 million.  APX Synstar designs,
builds, deploys and supports critical IT Infrastructure for
large accounts, regional mid-size companies and public entities.
APX Synstar is vendor independent, with technological
partnerships and certifications with the leading manufacturers.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                         *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


KONINKLIJKE AHOLD: Tops Markets Unit Sells U.S. Stores
------------------------------------------------------
Tops Markets, a unit of Koninklijke Ahold N.V., has sold
majority of its stores in Northeast Ohio supermarket operators
in the region.

Tops summarized the status of 29 of their 46 locations and
indicated that more contracts with additional buyers will be
finalized in the coming weeks.

"Throughout our history in Northeast Ohio, we have worked hard
to be a good corporate citizen by actively supporting our
associates, customers and neighborhoods," said Max Henderson,
Jr., Executive Vice President and General Manager of Tops.  "We
are satisfied that many of our stores have been sold to
experienced grocery store operators who will continue the
tradition of service to their communities," continued Mr.
Henderson.

"While we are closing our doors, we will continue to seek buyers
for the stores that have yet to be sold and feel confident that
the majority of the remaining stores will be sold," Mr.
Henderson added.

These purchase and sales agreements have been signed:

   -- Giant Eagle, Inc., headquartered in Pittsburgh,
      Pennsylvania, has agreed to purchase 19 former Tops
      Markets locations, including the Tops location at 1230
      State Rt. 303, Streetsboro;

      Four of these locations will become Dave's Supermarkets.
      These stores are located in Cuyahoga, Summit, Lorain,
      Medina, Huron and Portage counties in Northeast Ohio;

   -- Rego's Fresh Market, Inc., has agreed to purchase the
      17400 Lorain Avenue, Cleveland and 1499 Columbia Road,
      Westlake locations;

      Rego's Fresh Market is a local family-owned supermarket
      operator based in Westlake, Ohio;

   -- Heinen's, Inc., has agreed to purchase the Tops located at
      18300 Royalton Road in Strongsville.  As a family-owned
      and operated business, Heinen's has maintained a
      commitment to being a premier food store in Cleveland from
      its first store to the 16 stores currently serving
      neighborhoods throughout the Greater Cleveland area;

   -- Steve Rogers, who previously operated supermarkets in the
      Cleveland area, has agreed to purchase the Tops Market
      located at 11905 Superior Avenue in Cleveland;

   -- Crystal Capital has agreed to purchase the real estate and
      store at 18501 Neff Road in Cleveland;

   -- Buehler's Food Markets, Incorporated, has executed an
      agreement to acquire the assets of the Tops location at
      3688 Center Road in Brunswick Marketplace, Brunswick.
      Buehler's is a family-owned chain of 11 stores
      headquartered in Wooster, Ohio.

   -- Cascade Management Services, Inc., the Lorain-based owners
      of Apples which operate supermarkets in Lorain, Elyria,
      and Norwalk, has agreed to purchase the Tops located at
      400 Sheffield Center in Sheffield.

   -- Wilson-Rich, LLC, has taken ownership and is operating a
      Zagara's Marketplace at the former Tops Market located at
      5100 Wilson Mills Road in Richmond Heights.

Leases will revert back to the landlords at these two locations:
4698 Ridge Road in Brooklyn, Ohio and 34700 Vine Street in
Eastlake.

All Tops Markets were closed by 3 p.m. on Dec. 8.  The stores
purchased by new owners will be transferred this month.  Many
associates have been hired by new buyers and others have been
actively encouraged to interview with existing supermarket
operators in the region.

                         About Ahold

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

                        *     *     *

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


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


AKER KVAERNER: Inks EUR50-Million Deal with Porin Prosessivoima
---------------------------------------------------------------
Aker Kvaerner ASA has been awarded a letter of intent to provide
an industrial-size, multi-fuel-fired boiler plant to Porin
Prosessivoima Oy, Finland.

The contract value to Aker Kvaerner is around EUR50 million.

Kvaerner Power is to deliver the power boiler to a new combined
heat and power plant at Kemira's factory in Pori on the west
coast of Finland.  The new company Porin Prosessivoima Oy, which
is part of the Finnish energy company Pohjolan Voima Oy, will
build the power plant.  The new power plant will produce process
steam for the adjacent factory, district heating for the nearby
town of Pori and electricity.

"Once again, this new order shows Kvaerner Power's expertise in
combustion of demanding fuels.  With the help of the advanced
combustion solution Porin Prosessivoima will be able to reduce
its CO2 emissions, by combining the high plant efficiency and
the increased possibility to use biofuels and recycled fuels,"
Lennart Ohlsson, President of Kvaerner Power, said.

Kvaerner Power, part of the Aker Kvaerner group, will supply the
power boiler, which utilizes circulating fluidized bed (CFB)
combustion technology, and will burn wood fuel, peat, recycled
fuel and coal.  The boiler will have a steam capacity of 177
megawatts and steam data of 522ºC and 84 bar.  The contract is a
EPC delivery (engineering, procurement and construction)
consisting of the boiler with auxiliary equipment, the boiler
building, and the flue gas cleaning system. The boiler plant is
designed to fulfill the requirements of the EU waste
incineration directive for co-firing.  The new boiler plant will
be ready at the end of 2008.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


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


BUILDER CJSC: Bankruptcy Hearing Slated for March 20
----------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya will convene at
9:30 a.m. on March 20, 2007, to hear the bankruptcy supervision
procedure on CJSC Builder.  The case is docketed under Case No.
A58-6394/06.

The Temporary Insolvency Manager is:

         A. Lebedev
         8th Marta Str. 65
         677015 Sakha Republic-Yakutiya
         Yakutsk Region
         Russia

The Arbitration Court of Sakha Republic-Yakutiya is located at:

         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         CJSC Builder
         Apartment 1
         Br.Ksenofontovykh Str. 66
         Pokrovsk
         Khangalasskiy Ulus
         Sakha Republic-Yakutiya Region
         Russia


CHEKHOV-FURNITURE: Court Names I. Gaysin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gaysin
as Insolvency Manager for OJSC Chekhov-Furniture (TIN
5048006786).  He can be reached at:

         I. Gaysin
         Apartment 77
         Building B
         Sotsialisticheskaya Str. 64
         Neftekamsk
         452688 Bashkortostan Republic
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Chekhov-Furniture
         Simferopolskoye Shosse Str. 2
         Chekhov
         Moscow Region
         Russia


CHUKOTSKAYA FISHING: Court Names O. Syskov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Chukotskiy Autonomous Region appointed
Mr. O. Syskov as Insolvency Manager for CJSC Chukotskaya Fishing
Company (TIN 8704001990).  He can be reached at:

         O. Syskov
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A80-96/2006-B.

The Debtor can be reached at:

         CJSC Chukotskaya Fishing Company
         Molodezhnaya Str. 5
         Ugolnye Kopi
         Chukotskiy Autonomous Region
         Russia


ELISTA-OIL-SERVICE: Court Names A. Garikov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kalmykiya Republic appointed Mr. A.
Garikov as Insolvency Manager for OJSC Elista-Oil-Service (TIN
0814037546).  He can be reached at:

         A. Garikov
         Room 2
         Ilishkina Str. 1
         Elista
         358000 Kalmykiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A22-1541/06/13-133.

The Debtor can be reached at:

         A. Garikov
         Room 2
         Ilishkina Str. 1
         Elista
         358000 Kalmykiya Republic
         Russia


GENERAL MOTORS: GM Europe Eyes Higher Profits In 2007
-----------------------------------------------------
General Motors Corp.'s European division anticipates higher
profits in 2007, driven in part by robust sales in Russia and
increasing demand for its revamped Opel Corsa model, The Wall
Street Journal reports citing GM Europe President Carl-Peter
Forster.

"We want to earn more in 2007 and the new Corsa should help us
to do so," Mr. Forster said.

Sales in Russia are expected to increase to about 180,000
vehicles next year, up from the approximate 120,000 sold so far
this year.  However, Mr. Forster sees "only a slight growth" in
the western European auto market, The Associated Press News
relates.

As previously disclosed by GM Europe, overall European sales are
likely to hold steady at around 1.6 million vehicles this year.

The company is unveiling a revamped version of its Opel Astra
hatchback at the Bologna auto show with a current selling price
of around US$5,000 per vehicle higher than for the previous
model of the car, WSJ relates.

GM Europe posted earnings of US$196 million in the first three
quarters of 2006 after incurring a US$183 million loss last
year.  The improvement in the units' financial performance in
2006 was attributed to lower costs and higher revenue per car.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including Brazil and Mexico, and its vehicles are
sold in 200 countries.

                           *     *     *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


KASIMOVSKIY BUILDING: Court Names I. Ponomarev to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. I.
Ponomarev as Insolvency Manager for CJSC Kasimovskiy Building
Enterprise.  He can be reached at:

         I. Ponomarev
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-4157/2006-S20.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         CJSC Kasimovskiy Building Enterprise
         Gorkogo Str. 4a
         Kasimov
         Ryazan Region
         Russia


NOVOPOKROVSKAYA OJSC: Court Names P. Rybin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Krasnodar Region has declared OJSC
Agricultural Company Novopokrovskaya (TIN 2344012939).  He can
be reached at:

         P. Rybin
         Pushkina Str. 47/1
         350063 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-17108/2006-37/1083-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Novopokrovskaya
         Kalinina Str. 103
         Novopokrovskaya St.
         Novopokrovskiy Region
         353020 Krasnodar Region
         Russia


NOVOUZSNSKAYA POULTRY: Court Names A. Maevskiy to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A.
Maevskiy as Insolvency Manager for OJSC Novouzsnskaya Poultry
Farm.  He can be reached at:

         A. Maevskiy
         Office 105
         Michurina Str. 98/102
         410028 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-706B/05-31.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Novouzsnskaya Poultry Farm
         Novouzensk
         Saratov Region
         Russia


OYASHINSKIY OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Novosibirsk Region commenced bankruptcy
supervision procedure on OJSC Flax Factory Oyashinskiy.  The
case is docketed under Case No. A45-7182/04-SB/95.

The Temporary Insolvency Manager is:

         M. Trubachev
         Shossejnaya Str. 1
         Stantsionno-Oyashinskiy
         Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Flax Factory Oyashinskiy
         Shossejnaya Str. 1
         Stantsionno-Oyashinskiy
         Novosibirsk Region
         Russia


PETUKHOVSKOYE GRAIN: Court Names M. Sentyurin to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. M.
Sentyurin as Insolvency Manager for OJSC Petukhovskoye Grain
Receiving Enterprise (TIN 4516000393).  He can be reached at:

         M. Sentyurin
         Bolodarskogo Str. 57-408
         640000 Kurgan Region
         Russia
         Tel: 46-63-06

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-1995/2006.

The Debtor can be reached at:

         M. Sentyurin
         Bolodarskogo Str. 57-408
         640000 Kurgan Region
         Russia
         Tel: 46-63-06


PROBUSINESSBANK: Fitch Keeps Issuer Default Rating at B-
--------------------------------------------------------
Fitch Ratings affirmed Russia-based Probusinessbank's ratings at
Issuer Default B-, National Long-term BB+, Short-term B,
Individual D, and Support 5.  The Outlooks on the Issuer Default
and National ratings remain Stable.

PBB's ratings reflect risks associated with rapid asset growth
and operational/integration risk related to the recent and
potential acquisitions and the bank's weak earnings performance
attributable to high operating costs emanating from branch and
infrastructure expansion.

Following a recent equity injection, PBB's capital adequacy
ratios have recovered from a weakened position, however,
stronger earnings generation is required to maintain solid
capitalization.  Asset quality ratios are at comfortable levels
and the expansion of retail and SME lending benefits PBB's
financial profile through higher margins and improved
diversification.

Upward pressure on PBB's ratings could result from stronger
internal capital generation and further diversification of the
loan book, which the bank's ongoing expansion may help to
achieve through increased scale and a broadening of the customer
base.

At the same time, should PBB's aggressive acquisition strategy
result in a reduction of asset quality or greater leverage of
the bank's capital position, this may have negative rating
implications.

PBB is a medium-sized Russian bank, with consolidated assets of
RUR27.5 billion at end-H106.  The bank's activities are
concentrated on SME and retail lending with a focus on the
middle/lower middle class retail segment.

Headquartered in Moscow, the bank has implemented a strategy
focusing on the regional development of its franchise, both
through organic growth and acquisitions.  Through the latter,
PBB has strengthened its positions in the Volga region and
Yekaterinburg.


SILICATE OJSC: Court Names G. Kazakbaev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. G.
Kazakbaev as Insolvency Manager for OJSC Silicate.  He can be
reached at:

         G. Kazakbaev
         O. Tikhomirovoy Str. 59
         Yoshkar-Ola
         424031 Mariy El Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-2307-11/236-2004.

The Debtor can be reached at:

         OJSC Silicate
         Mira Str. 1
         Silikatnyj
         Yoshkar-Ola
         424910 Mariy El Republic
         Russia


SREDNEBELSKOYE GRAIN: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Amur Region commenced bankruptcy
supervision procedure on OJSC Srednebelskoye Grain Receiving.
The case is docketed under Case No. A04-6622/06-12/210 B.

The Temporary Insolvency Manager is:

         A. Dovlatbegov
         Room 212
         Svyatitelya Innokentiya Per. 13
         675000 Amur Region
         Russia

The Debtor can be reached at:

         OJSC Srednebelskoye Grain Receiving
         Papulova Str. 46
         Srednebelaya
         Ivanovskiy Region
         675000 Amur Region
         Russia


STREZHEVSKOYE BEER: Court Names I. Starshinov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. I.
Starshinov as Insolvency Manager for LLC Strezhevskoye Beer.  He
can be reached at:

         I. Starshinov
         Post User Box 299
         630102 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-1581/06.

The Debtor can be reached at:

         LLC Strezhevskoye Beer
         Molodyezhnaya Str. 26
         Strezhevoj
         Tomsk Region
         Russia


TBILISSKIY SEED: Bankruptcy Hearing Slated for March 23
-------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene at
3:30 p.m. on March 23, 2007, to hear the bankruptcy supervision
procedure on OJSC Tbilisskiy Seed Factory.  The case is docketed
under Case No. A-32-24406/2006-46/2325-B.

The Temporary Insolvency Manager is:

         R. Kalakutok
         2nd Floor
         Tovarnaya Str. 7
         350033 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Tbilisskiy Seed Factory
         Prom. Area
         Tbilisskaya St.
         352360 Krasnodar Region
         Russia


TRANSIT LLC: Bankruptcy Hearing Slated for February 5
-----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region will
convene on Feb. 5, 2007, to hear the bankruptcy supervision
procedure on LLC Transit (TIN 8911003410).  The case is docketed
under Case No. A81-3684/2006.

The Temporary Insolvency Manager is:

         A. Politikov
         Gogolya Str. 37-15
         640000 Kurgan Region
         Russia

The Arbitration Court of Yamalo-Nenetskiy Autonomous Region is
located at:

         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous Region
         Russia

The Debtor can be reached at:

         LLC Transit
         Gubkinskiy
         Yamalo-Nenetskiy Autonomous Region
         Russia


VIMPEL-COMMUNICATIONS: Eyes Full Ownership of Armentel
------------------------------------------------------
OJSC Vimpel-Communications has yet to decide whether to acquire
the Armenian government's 10% stake in CJSC Armenia Telephone
Company, RIA Novosti reports citing Vladimir Ryabokon, the
company's Vice President and Corporate Development Chief.

"Certainly, VimpelCom is interested in a 100% stake in
Armentel," Mr. Ryabokon told RIA Novosti.  "The issue is being
discussed, and a final decision has yet to be made."

As reported in the TCR-Europe on Nov. 13, the Armenian
government is selling its 10% stake in CJSC Armenia Telephone
Company to VimpelCom.  A sale, however, hinges on the condition
that Vimpelcom discard further expansion plans in the country,
Communications Minister Andranik Manukyan said.

In mid-November, the company concluded a deal to acquire
Hellenic Telecommunications Organization's 90% stake in Armentel
for EUR341.9 million, including the assumption of EUR40 million
in debts.

Andrei Bliznyuk, Vimpelcom's nominee for the director post at
Armentel, said the company would invest US$100 million in the
Armenian telecom sector in 2007.  Vimpelcom bested fellow
bidders MTC, ETISALAT, VTEL Holdings and Knightsbridge
Associates in a tender launched by OTE.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.  The group wholly owns Mobitel in Georgia.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based mobile telecommunications operator Vimpel-
Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VNESHTORGBANK JSC: VTB-24 Unit Issues US$500-Million Eurobonds
--------------------------------------------------------------
Vneshtorgbank Retail Financial Services, a unit of JSC
Vneshtorgbank, has placed US$500-million in medium-term currency
Eurobonds, AK&M says.

The three-year Eurobonds carry an FRN rate, with total coupon
rate of LIBOR+0.82%.  The Eurobonds were issued under RegS
format, which allows VTB-24 to place the securities in the
European and Asian markets.

VTB-24 Capital PLC (Ireland), will issue the Eurobonds and list
them on the Irish Stock Exchange.  Citigroup, Deutsche Bank and
JP Morgan were arrangers, AK&M says.

The issue, according to AK&M, broke the record volume among
debut issues of Russian banks.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


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


EUTELSAT COMMS: Eurazeo Sheds 25.5% Stake for EUR862 Million
------------------------------------------------------------
Caisse des Depots & Consignations agreed to increase its stake
in Eutelsat Communications SA to 26.15%, Nina Sovich and Digby
Larner of The Wall Street Journal report.

According to WSJ, Eurazeo agreed to sell its 25.5% stake in
Eutelsat to Caisse des Depots for EUR862.7 million, or EUR15.70
per share, which would bring Eurazeo EUR614 million in sale
proceeds.

As reported in the TCR-Europe yesterday, abertis telecom agreed
to acquire a 32% stake in Eutelsat for EUR1.07 billion.

"Following the acquisition announced on Dec. 5 by Abertis to
acquire 32% of the capital of Eutelsat Communications, this
second operation marks the end of the reorganization of the
capital of our Group," Giuliano Berretta, CEO of Eutelsat
Communications said.  "We will now benefit from an association
with two leading European groups in infrastructure who will
enable us to pursue and accelerate our development."

                       About Eurazeo

With close to EUR6 billion in diversified assets and a market
capitalization of EUR5.4 billion, Eurazeo is one of the foremost
listed European investment companies.  As a major private equity
player, Eurazeo evaluates numerous investment opportunities and
implements active value creating strategies in its portfolio
companies.  Eurazeo is a majority or key shareholder in
companies such as Europcar, Rexel, B&B and ANF.  Eurazeo is
quoted on Eurolist by Euronext Paris (code ISIN: FR0000121121,
code Bloomberg: RF FP, code Reuters: EURA.PA).

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        *     *     *

As reported in the TCR-Europe on Sept. 11, Moody's Investors
Service upgraded the Corporate Family Rating of Eutelsat
Communications S.A. to Ba2 from Ba3.  Concurrently the rating
agency upgraded to Ba3 from B1 the existing ratings on both the
Term Loan and the Revolving Credit Facility.  Moody's said the
outlook for all ratings is now stable.

Ratings upgraded include:

* Eutelsat Communications SA

   -- Corporate Family Rating to Ba2 from Ba3;

   -- EUR1.6 billion Term Loan due 2013 to Ba3 from B1; and

   -- EUR300 million Revolving Credit Facility due 2013 to
      Ba3 from B1.


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


QUEBECOR WORLD: QWUSA Offers to Buy QWCC's US$125-Mln Sr. Notes
---------------------------------------------------------------
Quebecor World (USA) Inc., a wholly owned subsidiary of Quebecor
World Inc., commenced cash tender offers to purchase:

   (i) any and all of Quebecor World Capital Corp.'s
       outstanding US$91 million in aggregate principal
       amount of 8.54% Senior Notes, Series C, due
       Sept. 15, 2015 and Quebecor World Capital's
       US$30 million in aggregate principal amount of
       8.69% Senior Notes, Series D, due Sept. 15, 2020 and

  (ii) an aggregate principal amount of Quebecor
       World Capital's outstanding 8.42% Senior Notes,
       Series A, due July 15, 2010 (the Series A Notes)
       and 8.52% Senior Notes, Series B, due July 15, 2012
       equal to the balance of US$125,000,000 less the
       total aggregate principal amount of Series C Notes and
       Series D Notes accepted for purchase.

The Series C Notes, the Series D Notes, the Series A Notes and
the Series B Notes are referred to collectively as the "Notes."

Quebecor World (USA) will accept for purchase Series A Notes and
Series B Notes under the tender offer on a pro rata basis after
having first accepted for payment all Series C Notes and
Series D Notes validly tendered pursuant to the tender offer.

The tender offers are being made upon and are subject to the
terms and conditions set forth in the Offer to Purchase dated
Nov. 30, 2006, and the related Letter of Transmittal.  The total
consideration to be paid for each validly tendered and accepted
Series C Note and Series D Note will be a fixed price of
US$1,000 per US$1,000 principal amount.  The total consideration
to be paid for each validly tendered and accepted Series A Note
and Series B Note will be a fixed price of US$1,000 per US$1,000
principal amount.

In addition, holders of the Notes will receive accrued and
unpaid interest up to, but not including, the settlement date,
in respect of Notes accepted for purchase.

The total consideration, which will be paid for Notes validly
tendered prior to or at 5:00 p.m., New York City time, on
Dec. 13, 2006, includes an early tender premium in the amount of
US$20 per US$1,000 principal amount of Notes.  Notes validly
tendered after 5:00 p.m., New York City time, on Dec. 13, 2006,
and prior to 11:59 p.m., New York City time, on Dec. 28, 2006,
will not be eligible to receive the early tender premium.

Tendered Notes may be withdrawn until 5:00 p.m., New York City
time, on Dec. 13, 2006, but not thereafter, except in the
limited circumstances set forth in the Offer to Purchase.

The tender offers will expire at 11:59 p.m., New York City time,
on Dec. 28, 2006, unless extended or earlier terminated as
described in the Offer to Purchase.  The settlement date is
expected to be the business day immediately following the
expiration date of the offers, which, assuming that the offers
are not extended, will be Dec. 29, 2006, or as soon as possible
thereafter.

The tender offer documents are being distributed to holders.
The Dealer Manager for the offers is Citigroup Global Markets
Inc.

Quebecor World Inc. -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has approximately 29,000 employees working in more than
120 printing and related facilities in the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 20,
Moody's Investors Service downgraded the Corporate Family Rating
of Quebecor World (USA) Inc. to B1 from Ba3, and moved this
benchmark rating to the parent company, Quebecor World Inc.
Related ratings were impacted.  Moody's said the outlook for all
ratings is negative.


QUEBECOR WORLD: S&P Affirms B+ Rating on Weak Earnings
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including its 'B+' long-term corporate credit rating, on
printing company Quebecor World Inc.  At the same time, Standard
& Poor's removed the ratings from CreditWatch with negative
implications, where they were placed Sept. 28.  The outlook is
negative.

The move follows Standard & Poor's review of Quebecor World's
operating and financial strategies, as well as its financial
policies, in the context of an intensely competitive
environment.  "Although management must still improve
operations, stem the decline in profitability metrics, and
strengthen the balance sheet, we believe the company's near-term
liquidity position is likely to continue to be adequate," said
Standard & Poor's credit analyst Lori Harris.

Into the affirmation, Standard & Poor's incorporated an
expectation that Quebecor World will improve EBITDA as a result
of the company's
restructuring and capital investment activities.  "Should
Quebecor World's financial performance not be in line with our
expectations in the next several quarters, the ratings could
face pressure," Ms. Harris added.

The ratings on Quebecor World reflect:

   -- the company's highly leveraged financial profile,

   -- its weakness in revenues and earnings despite
      restructuring efforts,

   -- operating losses in the European division,

   -- inefficiencies related to the installation of new
      printing presses, and

   -- difficult industry conditions.

In addition, unfavorable shifts in product mix and higher energy
costs are adding to the company's challenges and have resulted
in margins well below historical levels.

The negative outlook reflects Standard & Poor's ongoing concerns
regarding the challenges the company faces given its weak
operating
performance, including:

   -- lower earnings,

   -- reduced free cash flow because of lower profits and
      increased capital expenditure requirements, and

   -- difficult industry fundamentals.

Downward pressure on the ratings could result from the continued
deterioration in Quebecor World's operations or weakness in
credit protection measures.  In the medium term, there are
limited prospects for an upgrade.  The outlook could be revised
to stable if the company demonstrates improved operating
performance.


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


AMARA LLC: Uri Court Closes Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Court of Uri entered Oct. 24 an order closing the
bankruptcy proceedings of LLC AMARA.

The Debtor can be reached at:

         LLC AMARA
         Tellsgasse 15
         6460 Altdorf
         Uri
         Switzerland

The Bankruptcy Service of Uri can be reached at:

         Bankruptcy Service of Uri
         6460 Altdorf
         Uri
         Switzerland


BRUBAU JSC: Asset Auction Slated Tomorrow
-----------------------------------------
The Bankruptcy Service of Aargau will auction the assets of JSC
Brubau at 8:30 a.m. on Dec. 13.  The auction will be held at:

         The Bankruptcy Service of Aargau
         4th floor
         Gemeindehaus Hall
         5036 Oberentfelden
         Aargau
         Switzerland

The assets for sale include land records in Aarburg, estimated
at CHF800,000.

Interested bidders must deposit CHF100,000 by cash or by check
to any Swiss bank, to participate in the sale.

The Debtor can be contacted at:

         JSC Brubau
         Frohburgstrasse 12
         4663 Aarburg
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department of Oberentfelden
         5036 Oberentfelden
         Aargau
         Switzerland


DELTA GLAS: Wiedikon-Zurich Court Suspends Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Wiedikon-Zurich suspended the bankruptcy
proceedings of JSC Delta Glas on Nov. 13, pursuant to Article
230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF7,000
deposit.

The Debtor, declared bankrupt on May 11, can be reached at:

         JSC Delta Glas
         Bertastrasse 10
         8003 Zurich
         Switzerland

The Bankruptcy Service of Wiedikon-Zurich can be reached at:

         The Bankruptcy Service of Wiedikon-Zurich
         8036 Zurich
         Switzerland


INTERAXIA DIGITAL: Zug Court Closes Bankruptcy Proceedings
----------------------------------------------------------
Bankruptcy Court of Zug entered Oct. 24 an order closing the
bankruptcy proceeding of JSC Interaxia Digital Storage
Materials.

The Debtor can be reached at:

         JSC Interaxia Digital Storage Materials
         Chamerstrasse 50
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


INTRAVEND IMPORT-EXPORT: Court Suspends Bankruptcy Process
----------------------------------------------------------
The Bankruptcy Court of Oerlikon-Zurich suspended the bankruptcy
proceedings of JSC Intravend Import-Export on Oct. 23, pursuant
to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF6,000
deposit.

The Debtor, declared bankrupt on Sept. 28, can be reached at:

         JSC Intravend Import-Export
         Gubelstrasse 28
         8050 Zurich
         Switzerland

The Bankruptcy Service of Oerlikon-Zurich can be reached at:

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland


K & I: Aussersihl-Zurich Court Suspends Bankruptcy Process
----------------------------------------------------------
The Bankruptcy Service of Aussersihl-Zurich suspended the
bankruptcy proceedings of LLC K & I on Oct. 25, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF4,300
deposit.

The Debtor, declared bankrupt on Sept. 7, can be reached at:

         LLC K & I
         Langstrasse 64
         8004 Zurich
         Switzerland

The Bankruptcy Service of Aussersihl-Zurich can be reached at:

         Bankruptcy Service of Aussersihl-Zurich
         8026 Zurich
         Switzerland


MALER-UND TAPEZIERERGESCHAFT: Court Suspends Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Court of Wiedikon-Zurich suspended bankruptcy
proceeding of LLC Maler-und Tapezierergeschaft Isenschmid on
Nov. 13, pursuant to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF5,000
deposit.

The Debtor, declared bankrupt on Oct. 17, can be reached at:

         LLC Maler-und Tapezierergeschaft Isenschmid
         Leonhard Ragaz-Weg 3
         8055 Zurich
         Switzerland

The Bankruptcy Service of Wiedikon-Zurich can be reached at:

         The Bankruptcy Service of Wiedikon-Zurich
         8036 Zurich
         Switzerland


REHEMA JSC: Asset Auction Slated Tomorrow
-----------------------------------------
Bankruptcy Court of Aargau will auction the assets of JSC Rehema
at 10:00 a.m. on Dec. 13.  The auction will be held at:

         The Bankruptcy Service of Aargau
         4th floor
         Gemeindehaus Hall
         5036 Oberentfelden
         Aargau
         Switzerland

The assets for sale include land records in Aarburg, estimated
at CHF4,900,000.  The cost of equipment and outfit is estimated
at CHF545,435.

Interested bidders must deposit CHF500,000 by cash or check to
any Swiss bank, to participate in the sale.  Participants must
separately deposit CHF50,000 per equipment and outfit.

The Debtor can be contacted at:

         JSC Rehema
         Kanalstrasse 14
         5745 Safenwil
         Aargau
         Switzerland

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Administrative Department of Oberentfelden
         5036 Oberentfelden
         Aargau
         Switzerland


UNEVA UMBAU: Zurich Court Suspends Bankruptcy Process
-----------------------------------------------------
The Bankruptcy Court of Pfaffikon-Zurich suspended bankruptcy
proceeding of LLC UNEVA Umbau & Renovations on Oct. 24, pursuant
to Article 230 of the Swiss Bankruptcy Code.

The bankruptcy proceedings will be declared closed once
creditors fail to submit their claims and pay a CHF4,000
deposit.

The Debtor, declared bankrupt on Aug. 29, can be reached at:

         LLC UNEVA Umbau & Renovations
         Obermulistrasse 27
         8320 Fehraltorf
         Zurich
         Switzerland

The Bankruptcy Service of Pfaffikon ZH can be reached at:

         Bankruptcy Service of Pfaffikon ZH
         8330 Pfaffikon
         Zurich
         Switzerland


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


GARANTI FINANSAL: Fitch Keeps BB Foreign Currency Default Rating
----------------------------------------------------------------
Fitch Ratings affirmed Garanti Finansal Kiralama A.S.'s and
Garanti Factoring A.S.'s ratings at local currency Issuer
Default BB+, foreign currency Issuer Default BB, National Long-
term AA, Short-term foreign and local currency B, and Support 3.
The Outlooks on the Issuer Default and National ratings remain
Positive and Stable, respectively.

The ratings of Garanti Leasing and Garanti Factoring reflect the
moderate probability of support from and close integration with
their parent bank, Turkiye Garanti Bankasi A.S.  Garanti Leasing
and Garanti Factoring are focused on small-ticket business,
benefiting from the retail distribution capabilities of the
large branch network of Garanti Bank.

Garanti Leasing is Turkey's largest leasing company.  Despite
solid profitability and continuing improvements in asset
quality, rapid growth resulted in leverage weakening in H106.
Debt/equity stood at 7.5x at end-H106, which is close to a
covenanted level of 8x.

Fitch understands that growth has since abated and that the
company is now broadly self-financing.  Fitch views that Garanti
Bank would have a strong propensity to provide support to
Garanti Leasing to meet its covenants, were it required by
lenders.

Garanti Factoring is Turkey's second largest factoring company
by factoring volume.  Strong earnings in H106 were supported by
interest arbitrage opportunities, which Fitch does not view as
being sustainable in the long term.  Asset quality is sound, but
leverage has been increasing and is high.

Garanti Bank is Turkey's third largest private commercial bank
by assets at end-June 2006 and provides a full range of
corporate, commercial and retail banking services.  Garanti Bank
is 28% owned by Dogus Group, which is engaged in automotive,
food, construction, tourism, media and financial services.

In August 2005, General Electric Consumer Finance wholly owned,
directly or indirectly, by General Electric Company and active
in commercial finance, real estate, aviation, consumer finance,
insurance, equipment and other services, purchased a 25.5% stake
from Dogus Group and the remainder is publicly traded.


IS FINANSAL: Fitch Affirms Foreign Currency Default Rating at BB
----------------------------------------------------------------
Fitch Ratings affirmed Is Finansal Kiralama A.S.'s foreign and
local currency Issuer Default ratings at BB and BB+,
respectively, National Long-term rating at BB, Short-term
foreign and local currency ratings at B and Support rating at 3.
The Outlooks on the foreign and local currency IDRs remain
Positive and the Outlook on the National rating is Stable.

The ratings of Is Leasing reflect the support by and close
integration with its parent Turkiye Is Bankasi A.S.  Is Leasing
is majority-owned by Isbank and it is among the largest leasing
companies in Turkey by transaction volumes.  The company is
focused on increasing business volumes by capitalizing on the
retail distribution capabilities of Isbank's large branch
network.

Isbank is the largest bank in Turkey at end-H106 by assets and
has 875 domestic branches.  It provides a full range of
corporate, commercial and retail banking services.  At end-H106,
about 41% of the bank was held by Isbank Pension Fund, 30.4% was
publicly traded and 28.1% by represented Ataturk's shares.


PETROL OFISI: Fitch Affirms BB- Ratings Despite US$414-Mln Fine
---------------------------------------------------------------
Fitch Ratings affirmed Turkey-based Petrol Ofisi A.S.'s local
and foreign currency Issuer Default ratings at BB-.  The
National Long-term rating is affirmed as A.  The Outlooks on all
ratings are Stable.

The senior unsecured rating on the US$175 million notes of
POAS's 100%-owned and guaranteed subsidiary PO Oil Financing
Ltd. is affirmed at BB-.

The ratings are affirmed despite the US$414 million
administrative fine imposed on Aug. 31 on POAS and its
subsidiary Erk Petrol Yatirimlari A.S. by the regulator EMRA for
allegedly supplying fuels to unlicensed dealers.

On Nov. 9, Petrol Ofisi filed lawsuits at Istanbul
Administrative Court, requesting cancellation of the payment
orders by the tax office.  On Dec. 5, in response to POAS's
request to implement an installment plan, the Ministry of
Finance accepted an 18-month payment plan.

Fitch understands that the legal process could be completed by
end-Q107 and the company will incur monthly cash outflows of
US$3.5 million in December 2006 and January 2007 after which the
monthly payments will rise to US$25 million-US$35 million till
Q208.

In a worst-case scenario, POAS's leverage may deteriorate to the
1.5x-1.9x range, still within the limits of current rating
category.  However, any deterioration beyond this mark would put
pressure on the ratings.  Fitch also takes into account that the
non-compliant filling stations have not been closed or banned by
EMRA.  Fitch does not factor in any additional fines by EMRA and
will continue to monitor developments on this front closely.

The ratings are underpinned by POAS's leading domestic market
position in the diesel market despite consolidation and elevated
competition in the sector.  Other supportive factors are its
sizeable network and storage capacity, economies of scale and
competitive advantages on direct fuel imports.

Fitch views that Lukoil's entry into the local market with
planned 1,000 stations by end-2007 will result in more
competition in the long term.  The ratings also incorporate
POAS's free cash flow-generating capacity, despite rising
capital expenditure and net working capital requirements and the
recently imposed US$414 million fine.  POAS had become highly
leveraged following its merger, but its debt is now moderate
with net debt/EBITDA at targeted 1x at 9M06, down from 1.6x at
FYE05.

As a result of management's successful de-leveraging drive,
gross debt dropped to TRY952 million at 9M06, thanks to strong
operating cash flow, increased trade payables, an absence of
cash dividends, a tax shield and US$ depreciation in the last
three years.

POAS is the largest wholesale and retail fuel distributor in
Turkey, commanding 34% and 26% market shares in key segments of
diesel and gasoline sales respectively.  The company runs a
nationwide dealer network of around 3,500 stations.


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


VIMPEL-COMMUNICATIONS: Eyes Full Ownership of Armentel
------------------------------------------------------
OJSC Vimpel-Communications has yet to decide whether to acquire
the Armenian government's 10% stake in CJSC Armenia Telephone
Company, RIA Novosti reports citing Vladimir Ryabokon, the
company's Vice President and Corporate Development Chief.

"Certainly, VimpelCom is interested in a 100% stake in
Armentel," Mr. Ryabokon told RIA Novosti.  "The issue is being
discussed, and a final decision has yet to be made."

As reported in the TCR-Europe on Nov. 13, the Armenian
government is selling its 10% stake in CJSC Armenia Telephone
Company to VimpelCom.  A sale, however, hinges on the condition
that Vimpelcom discard further expansion plans in the country,
Communications Minister Andranik Manukyan said.

In mid-November, the company concluded a deal to acquire
Hellenic Telecommunications Organization's 90% stake in Armentel
for EUR341.9 million, including the assumption of EUR40 million
in debts.

Andrei Bliznyuk, Vimpelcom's nominee for the director post at
Armentel, said the company would invest US$100 million in the
Armenian telecom sector in 2007.  Vimpelcom bested fellow
bidders MTC, ETISALAT, VTEL Holdings and Knightsbridge
Associates in a tender launched by OTE.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.  The group wholly owns Mobitel in Georgia.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based mobile telecommunications operator Vimpel-
Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


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


24 SEVEN SECURITY: Appoints Gerald Edelman to Administer Assets
---------------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of 24
Seven Security & Bodyguards (U.K.) Ltd. (Company Number
05329244) on Nov. 28.

Gerald Edelman -- http://www.geraldedelman.com/-- is registered
to carry on audit work by the Institute of Chartered Accountants
in England and Wales and is authorized and regulated by the
Financial Services Authority. Gerald Edelman Financial Solutions
Ltd. is an appointed representative of Independent Solutions
Group Ltd. who is regulated by the Financial Services Authority.

24 Seven Security & Bodyguards (U.K.) Ltd. can be reached at:

         19 The Rows
         Harlow
         Essex CM20 1BZ
         United Kingdom
         Tel: 01279412679
         Fax: 01279423046


AKER KVAERNER: Inks EUR50-Million Deal with Porin Prosessivoima
---------------------------------------------------------------
Aker Kvaerner ASA has been awarded a letter of intent to provide
an industrial-size, multi-fuel-fired boiler plant to Porin
Prosessivoima Oy, Finland.

The contract value to Aker Kvaerner is around EUR50 million.

Kvaerner Power is to deliver the power boiler to a new combined
heat and power plant at Kemira's factory in Pori on the west
coast of Finland.  The new company Porin Prosessivoima Oy, which
is part of the Finnish energy company Pohjolan Voima Oy, will
build the power plant.  The new power plant will produce process
steam for the adjacent factory, district heating for the nearby
town of Pori and electricity.

"Once again, this new order shows Kvaerner Power's expertise in
combustion of demanding fuels.  With the help of the advanced
combustion solution Porin Prosessivoima will be able to reduce
its CO2 emissions, by combining the high plant efficiency and
the increased possibility to use biofuels and recycled fuels,"
Lennart Ohlsson, President of Kvaerner Power, said.

Kvaerner Power, part of the Aker Kvaerner group, will supply the
power boiler, which utilizes circulating fluidized bed (CFB)
combustion technology, and will burn wood fuel, peat, recycled
fuel and coal.  The boiler will have a steam capacity of 177
megawatts and steam data of 522ºC and 84 bar.  The contract is a
EPC delivery (engineering, procurement and construction)
consisting of the boiler with auxiliary equipment, the boiler
building, and the flue gas cleaning system. The boiler plant is
designed to fulfill the requirements of the EU waste
incineration directive for co-firing.  The new boiler plant will
be ready at the end of 2008.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


BRECONRIDGE MANUFACTURING: Appoints Administrators from Deloitte
----------------------------------------------------------------
Andrew Philip Peters and Dominic Lee Zoong Wong of Deloitte &
Touche LLP were appointed joint administrators of Breconridge
Manufacturing Solutions Ltd. (Company Number 04264373) on
Nov. 27.

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

Breconridge Manufacturing Solutions Ltd. can be reached at:

         Castlegate Business Park
         Caldicot
         Gwent NP26 5YR
         United Kingdom
         Tel: 0870 909 5000
         Fax: 0870 909 4002


BRIDGEND RUGBY: Names Wilfred Vaughan Jones Liquidator
------------------------------------------------------
Wilfred Vaughan Jones of B N Jackson Norton was appointed
Liquidator of Bridgend Rugby Football Club Limited on Nov. 24
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Bridgend Rugby Football Club Limited
         Tondu Road
         Bridgend
         Mid Glamorgan CF314JE
         United Kingdom
         Tel: 01656 652 707
         Fax: 01656 651 515


CAPE CAFE: Brings In Administrators from Begbies Traynor
--------------------------------------------------------
Vivian Murray Bairstow and David Paul Hudson of Begbies Traynor
were appointed joint administrators of Cape Cafe Ltd. (Company
Number 03758321) on Nov. 28.

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

Cape Cafe Ltd. can be reached at:

         945 Brighton Road
         Purley
         Surrey CR8 2BP
         United Kingdom
         Tel: 020 8668 3900


CRESCENT CATERING: Taps Portland Business as Administrators
-----------------------------------------------------------
Michael Robert Fortune and Carl Derek Faulds of Portland
Business & Financial Solutions Ltd. were appointed joint
administrators Crescent Catering Equipment Ltd. (Company Number
5739330) on Nov. 16.

The administrators can be reached at:

         Michael Robert Fortune and Carl Derek Faulds
         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk

Crescent Catering Equipment Ltd. can be reached at:

         Lynch Lane
         Weymouth
         Dorset DT4 9DN
         United Kingdom
         Tel: 01305 775 463


EAST SIDE: Brings In Begbies Traynor as Administrators
------------------------------------------------------
James P. N. Martin and W. John Kelly of Begbies Traynor were
appointed joint administrators of East Side Freight Services
Ltd. (Company Number 02571499) on Nov. 28.

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

East Side Freight Services Ltd. can be reached at:

         Amington Road
         Birmingham
         West Midlands B25 8ET
         United Kingdom
         Tel: 0121 766 8333
         Fax: 0121 708 0472


FITNESS NETWORK: Joint Liquidators Take Over Operations
-------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of The Fitness Network
Limited on Nov. 28 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         The Fitness Network Limited
         6 Ace Parade
         Hook Road
         Chessington
         Surrey KT9 1DR
         United Kingdom
         Tel: 020 8391 2600


GENERAL MOTORS: Europe Unit Eyes Astra Export to North America
--------------------------------------------------------------
General Motors Corp.'s European division will export its Opel
Astra model to North America to be sold under the company's
Saturn brand, Christoph Rauwald writes for The Wall Street
Journal.

"The Astra is a great fit for Saturn, with its European style
and driving dynamics," said Jill Lajdziak, Saturn general
manager.  "It also signals our efforts to get new vehicles to
market quickly and reinvent the entire Saturn product lineup
with unprecedented speed."

According to GM Europe President Carl-Peter Forster, the company
aims to export at least 20,000 Astra models annually to North
America starting in the third quarter of 2007.

"The Astra enables Saturn to occupy a unique position in the
marketplace and to strategically broaden its appeal with
consumers who usually have import brands on their shopping
lists," said Lajdziak.  "Saturn's partnership with Opel is a
natural way to expand our lineup with relevant products that
will attract new buyers into our showrooms."

GM will produce both the three- and five-door version of the
Astra hatchback for sale in North America in its plant in
Antwerp, Belgium.

WSJ discloses that the company is also eyeing to export its
next-generation mid-size Opel Vectra for the North American
market.  GM expects to launch its Vectra model in 2009.

The Astra is part of the larger collaboration between Saturn and
Opel.  By sharing resources from throughout GM's global network
of design and engineering centers, the two brands can develop
strong, broad product lineups that will attract buyers to the
brands both in North America and Europe.  Early examples of this
collaboration include the Saturn Sky and upcoming Opel GT, as
well as the Opel Antara and 2008 Saturn Vue.

                           About Saturn

Saturn, a division of General Motors Corp., markets vehicles in
the U.S. and Canada through a network of about 500 retailers,
with a focus on providing innovative products with solid value
and excellent customer service.  In 2006, the brand has
undertaken a major revitalization of its portfolio with four new
vehicles: the Sky roadster, the Aura midsize sedan, the Vue
Green Line hybrid and the larger Outlook crossover.  Next year,
Saturn continues its aggressive growth plans with an all-new Vue
compact crossover (Spring 2007) and the new European Astra small
car (Fall 2007).

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including Brazil and Mexico, and its vehicles are
sold in 200 countries.

                           *     *     *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


GENERAL MOTORS: GM Europe Eyes Higher Profits In 2007
-----------------------------------------------------
General Motors Corp.'s European division anticipates higher
profits in 2007, driven in part by robust sales in Russia and
increasing demand for its revamped Opel Corsa model, The Wall
Street Journal reports citing GM Europe President Carl-Peter
Forster.

"We want to earn more in 2007 and the new Corsa should help us
to do so," Mr. Forster said.

Sales in Russia are expected to increase to about 180,000
vehicles next year, up from the approximate 120,000 sold so far
this year.  However, Mr. Forster sees "only a slight growth" in
the western European auto market, The Associated Press News
relates.

As previously disclosed by GM Europe, overall European sales are
likely to hold steady at around 1.6 million vehicles this year.

The company is unveiling a revamped version of its Opel Astra
hatchback at the Bologna auto show with a current selling price
of around US$5,000 per vehicle higher than for the previous
model of the car, WSJ relates.

GM Europe posted earnings of US$196 million in the first three
quarters of 2006 after incurring a US$183 million loss last
year.  The improvement in the units' financial performance in
2006 was attributed to lower costs and higher revenue per car.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including Brazil and Mexico, and its vehicles are
sold in 200 countries.

                           *     *     *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


H B PROJECT: Taps Paul James Fleming to Liquidate Assets
--------------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator of H B Project Management Limited on Nov. 30 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         H B Project Management Limited
         Office 1
         23 Wilson Patten Street
         Warrington
         Cheshire WA1 1PG
         United Kingdom
         Tel: 01925 240 070
         Fax: 01925 240 080


HABEN LIMITED: G. W. Rhodes Leads Liquidation Procedure
-------------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed Liquidator of
Haben Limited (formerly Plumbline Double Glazing Limited) on
Nov. 29 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Haben Limited
         B14 St. Georges Business Park
         Castle Road
         Sittingbourne
         Kent ME10 3TB
         United Kingdom
         Tel: 01795 432642


KONINKLIJKE AHOLD: Tops Markets Unit Sells U.S. Stores
------------------------------------------------------
Tops Markets, a unit of Koninklijke Ahold N.V., has sold
majority of its stores in Northeast Ohio supermarket operators
in the region.

Tops summarized the status of 29 of their 46 locations and
indicated that more contracts with additional buyers will be
finalized in the coming weeks.

"Throughout our history in Northeast Ohio, we have worked hard
to be a good corporate citizen by actively supporting our
associates, customers and neighborhoods," said Max Henderson,
Jr., Executive Vice President and General Manager of Tops.  "We
are satisfied that many of our stores have been sold to
experienced grocery store operators who will continue the
tradition of service to their communities," continued Mr.
Henderson.

"While we are closing our doors, we will continue to seek buyers
for the stores that have yet to be sold and feel confident that
the majority of the remaining stores will be sold," Mr.
Henderson added.

These purchase and sales agreements have been signed:

   -- Giant Eagle, Inc., headquartered in Pittsburgh,
      Pennsylvania, has agreed to purchase 19 former Tops
      Markets locations, including the Tops location at 1230
      State Rt. 303, Streetsboro;

      Four of these locations will become Dave's Supermarkets.
      These stores are located in Cuyahoga, Summit, Lorain,
      Medina, Huron and Portage counties in Northeast Ohio;

   -- Rego's Fresh Market, Inc., has agreed to purchase the
      17400 Lorain Avenue, Cleveland and 1499 Columbia Road,
      Westlake locations;

      Rego's Fresh Market is a local family-owned supermarket
      operator based in Westlake, Ohio;

   -- Heinen's, Inc., has agreed to purchase the Tops located at
      18300 Royalton Road in Strongsville.  As a family-owned
      and operated business, Heinen's has maintained a
      commitment to being a premier food store in Cleveland from
      its first store to the 16 stores currently serving
      neighborhoods throughout the Greater Cleveland area;

   -- Steve Rogers, who previously operated supermarkets in the
      Cleveland area, has agreed to purchase the Tops Market
      located at 11905 Superior Avenue in Cleveland;

   -- Crystal Capital has agreed to purchase the real estate and
      store at 18501 Neff Road in Cleveland;

   -- Buehler's Food Markets, Incorporated, has executed an
      agreement to acquire the assets of the Tops location at
      3688 Center Road in Brunswick Marketplace, Brunswick.
      Buehler's is a family-owned chain of 11 stores
      headquartered in Wooster, Ohio.

   -- Cascade Management Services, Inc., the Lorain-based owners
      of Apples which operate supermarkets in Lorain, Elyria,
      and Norwalk, has agreed to purchase the Tops located at
      400 Sheffield Center in Sheffield.

   -- Wilson-Rich, LLC, has taken ownership and is operating a
      Zagara's Marketplace at the former Tops Market located at
      5100 Wilson Mills Road in Richmond Heights.

Leases will revert back to the landlords at these two locations:
4698 Ridge Road in Brooklyn, Ohio and 34700 Vine Street in
Eastlake.

All Tops Markets were closed by 3 p.m. on Dec. 8.  The stores
purchased by new owners will be transferred this month.  Many
associates have been hired by new buyers and others have been
actively encouraged to interview with existing supermarket
operators in the region.

                         About Ahold

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

                        *     *     *

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


LAFFERTY BUSINESS: Hires Liquidator from Wilder Coe
---------------------------------------------------
Norman Cowan of Wilder Coe was appointed Liquidator of Lafferty
Business Research Limited on Nov. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Lafferty Business Research Limited
         The Colonnades
         82 Bishops Bridge Road
         City Of Westminster
         London W2 6BB
         United Kingdom
         Tel: 020 7792 4964


LAFFERTY COUNCILS: Appoints Norman Cowan to Liquidate Assets
------------------------------------------------------------
Norman Cowan of Wilder Coe was appointed Liquidator of Lafferty
Councils Limited on Nov. 27 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Lafferty Councils Limited
         The Colonnades
         82 Bishops Bridge Road
         City Of Westminster
         London W2 6BB
         United Kingdom
         Tel: 020 7563 5700
         Fax: 020 7563 5701


LAN WORKS: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------
Creditors of LAN Works Limited confirmed Nov. 27 the appointment
of John Charles Heath and David John Oprey of Chantrey Vellacott
DFK LLP as Joint Liquidators.

Headquartered in Chelmsford, England, LAN Works Limited --
http://www.lanworks.co.uk/-- is a technology consultancy
providing installation, maintenance and support for business
users.


MAS RESTAURANTS: Nominates Joint Liquidators from Abbot Fielding
----------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Mas Restaurants & Bars Limited for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Mas Restaurants & Bars Limited
         LPW House
         2b Suttons Lane
         Hornchurch
         Essex RM12 6RJ
         United Kingdom
         Tel: 01708 221 112


NORTHUMBERLAND CAKE: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------------
Creditors of Northumberland Cake Company Limited confirmed
Nov. 28 the appointment of Ian William Kings of Tenon Recovery
as the company's Liquidator.

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


NPR LIMITED: Creditors' Meeting Slated for December 14
------------------------------------------------------
Creditors of NPR (U.K.) Ltd. (Company Number 04838761) will meet
at 10:30 a.m. on Dec. 14 at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         West Midlands B72 1TU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 13 at:

         G. Irwin
         Administrator
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net


PHASE PROPERTY: Nominates Zafar Igbal as Liquidator
---------------------------------------------------
Zafar Iqbal of Cooper Young was nominated Liquidator of Phase
Property & Insurance Services Ltd. on Nov. 30 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Phase Property & Insurance Services Ltd.
         91 Upton Lane
         Newham
         London E7 9PB
         United Kingdom
         Tel: 020 8472 1334


RANK GROUP: Disposes Hard Rock to Seminole for GBP490 Million
-------------------------------------------------------------
The Rank Group Plc reached an agreement with Seminole Hard Rock
Entertainment Inc., a wholly owned subsidiary of the Seminole
Tribe of Florida, to sell the Hard Rock business for a total
consideration of US$965 million or approximately GBP490 million
payable in cash.

Rank expected that tax and transaction costs of approximately
GBP30 million will arise from the Disposal, payable by Rank.

Following the completion of this transaction, Rank intends to
return GBP350 million to shareholders through payment of a
special dividend, and to effect a share consolidation.

This will be accompanied by a consolidation of the issued share
capital of Rank.  The exact level of consolidation will be
disclosed of within a circular to be sent to Rank shareholders.

After the payment of the special dividend, anticipated taxation
and other costs associated with the Disposal, the remaining
proceeds of approximately GBP110 million will be used to reduce
general corporate borrowings.  The Disposal is expected to be
dilutive to reported earnings per share for Rank in 2007.

In view of its size, the Disposal is conditional, among other
things, upon the approval of Rank shareholders at an
Extraordinary General Meeting, to be held in January 2007.

The Board of Rank announced on July 4 that it had decided to
review the potential strategic options for Hard Rock.  Following
completion of the review in December 2006, the Board decided
that the disposal of Hard Rock by Rank to Seminole for US$965
million is in the best interests of Rank's shareholders.

Hard Rock has limited synergies with the rest of the Group and
delivery of its growth strategy would require a significant
increase in capital expenditure over the medium term.  Through a
competitive auction process Rank has been able to maximize the
value of Hard Rock for its shareholders.

The Disposal will allow Rank to focus on its gaming operations
during a key period for the industry.  Rank saw considerable
long-term opportunities for its gaming businesses as a result of
the full implementation of the 2005 Gambling Act and societal
changes in attitudes towards gaming.

Rank believes that as a focused gaming operator it is better
able to manage a number of near-term challenges, notably the
extension from 2007 of a smoking ban across the U.K.

The Disposal is expected to be completed on March 5, 2007.

Merrill Lynch International is acting as lead financial adviser
and corporate broker to Rank. Goldman Sachs International is
also providing financial advice to Rank in relation to the
Disposal.

"The announcement sets a clear strategic course for Rank as a
focused gaming business.  We have maximized the value of Hard
Rock through this disposal following a thorough strategic review
and competitive auction.  We intend to return GBP350 million of
the proceeds to shareholders, reflecting the ongoing capital
requirements of the Group.  This will bring the total amount
returned to shareholders since March 2006 to GBP625 million,
including dividend payments," Ian Burke, Rank's chief executive
disclosed.

"We have established clear plans to capitalize on the changes
taking place in U.K. gaming in order to generate sustained
growth in profits and improvements in our return on capital
employed.  In spite of a number of near-term challenges, we
believe that our considerable operating experience and our
strong portfolio of gaming assets will enable us to take
advantage of the long-term growth in the gaming market," Mr.
Burke added.

"In recent months we have made progress on the key strategic
objectives that we highlighted at the time of our interim
results: completing the review of Hard Rock, exiting non-core
businesses, restructuring our balance sheet, generating overhead
and operating efficiencies and driving operational improvements
from our gaming businesses.  We believe that this strategy is in
the best interests of our shareholders," Mr. Burke concluded.

                        About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

On March 6, Moody's Investors Service assigned a Ba2 corporate
family rating to The Rank Group Plc and concurrently downgraded
the senior unsecured long-term debt ratings of Rank Group
Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.


RANK GROUP: Moody's Reviews Ba2 Ratings for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service put the Ba2 corporate family and
issuer ratings of The Rank Group Plc and the Ba2 debt ratings of
its subsidiary Rank Group Finance plc under review for possible
downgrade.

The rating action follows the announcement that Rank has reached
agreement with Seminole Hard Rock Entertainment, Inc., a wholly
owned subsidiary of the Seminole Tribe of Florida, to sell its
Hard Rock operations for a total consideration of US$965 million
(equivalent to approximately GBP490 million).  Following
completion of the transaction, which remains subject to approval
by Rank's shareholders, the company intends to return GBP350
million of the proceeds to its shareholders by way of special
dividend. Rank expects that the remaining proceeds (~GBP110
million) after tax and other costs associated with the deal will
be used to reduce debt.

Moody's acknowledges that following completion of the deal Rank
will become a clearly focused U.K. gaming group.  However, the
agency noted that its review reflected concerns regarding:

   (i) the reduced scope and scale of Rank's operations;

  (ii) the loss of geographic and operational diversification
       and

(iii) increased lease-adjusted leverage following
       completion of the transaction.  In addition, Rank
       faces challenges in its U.K. Bingo business
       where attendance has been declining for some time
       now resulting in the need to be overcompensated
       by increased spend per head and where the company
       faces uncertainties from the impending
       introduction of smoking bans in England and Wales
       in 2007.

Against this background Moody's review will focus on:

   (i) the details of Rank's financial and operational plans ;

  (ii) the trajectory for the company's lease-adjusted leverage
       and the further evolution of its capital structure;

(iii) the impact of Rank's loss of scale and scope on the
       company's leverage tolerance; and

  (iv) the evaluation of event risk from financial investor
       interest.

Ratings under review (all at Ba2):

The Rank Group Plc:

   -- Corporate Family Rating
   -- Senior Unsecured Issuer Rating

Rank Group Finance (guaranteed by The Rank Group Plc)

   -- US$100 million Guaranteed note due 2008
   -- US$14.3 million Guaranteed note due 2018

The Rank Group Plc is based in Maidenhead, England.  Following
the planned disposal of its Hard Rock division it will be
focused on its U.K. gaming activities (casinos, bingo, online
and telephone betting and gaming).


RANK GROUP: Fitch Downgrades IDR to B+ on Hard Rock Disposal
------------------------------------------------------------
Fitch Ratings downgraded Rank Group Plc's Issuer Default and
Senior Unsecured Ratings to B+ from BB- on the sale of its Hard
Rock branded restaurants, hotels and casinos for a net
consideration of GBP460 million to the Seminole tribe of
Florida.

Fitch assigned a RR4 Recovery rating to Rank's outstanding
bonds.  The Short-term rating is affirmed at B and the Outlook
remains Negative.  The transaction is subject to Rank
shareholders' approval.

"Although the Hard Rock brand needed rejuvenation, it performed
comparatively better than Rank's continuing gaming businesses,"
said Frederic Gits, Senior Director in Fitch's RLCP team.

"The disposal will deprive Rank of a source of diversification
from the U.K. gaming business, likely to become more competitive
and in which Rank's position remains exposed," Mr. Gits added.

The combined impact of this transaction, of the GBP172 million
sale and leaseback which took place in July, as well as the
completion of the share buyback program announced after the
disposal of the Deluxe Film business, is expected to result in
Rank's lease adjusted leverage remaining at about 5.0x, slightly
above FY05's level.  However, the 8x multiple currently used
tends to underestimate lease obligations.

Had the sale & leaseback transaction - which is at best credit
neutral - not taken place, lease adjusted leverage would have
been above 5.5x.  Fitch does not expect Rank to generate free
cash flow in the next couple of years given its capex needs to
re-energize the gaming business and its relatively high dividend
distribution.

The book value of tangible fixed assets will reduce from FY05's
GBP480 million to about GBP220 million at YE06, limiting further
Rank's financial flexibility.  Fitch notes as well that GBP350
million of the proceeds will be returned to shareholders and
GBP110 million only will be allocated to debt reduction.

Hard Rock delivered 6% like for like sales growth in FY06 and in
H106 its profits were up from GBP16.4 million to GBP18.9
million, whereas Rank's gaming businesses saw their profits
decline from GBP52 million to GBP46.5 million in H106, mainly
due to increase overheads and to the profits of Bingo operations
going down to GBP36 million from GBP43 million.

Bingo was particularly hard hit by the smoking ban in Scotland
introduced in March 2006, which led to a 6% decline in admission
and a 9% decline in spend per head according to Dec. 7 trading
statement.  In the same period bingo clubs in England and Wales,
not yet subject to a smoking ban generated a 1% growth in
revenue.  The upcoming introduction of the smoking ban in the
rest of the U.K. could therefore hurt Rank significantly.

Rank's casinos have also seen a slow down in revenue growth
during the second half of the year due to increased competition.
The upcoming deregulation of the casino market could generate
significant over-capacity and renewed competition with the
entrance of major U.S. casino operators such as Harrah's
Entertainment, the world's largest operator, which acquired in
October London Clubs International for US$570 million.  With its
relatively small size and limited financial flexibility, Rank
does not seem best positioned to take full advantage of the
market deregulation.


RITE PEOPLE: Creditors' Meeting Slated for December 14
------------------------------------------------------
Creditors of Rite People Limited (Company Number 04745366) will
meet at 10:00 a.m. on Dec. 14 at:

         Vantis Plc
         66 Wigmore Street
         London W1U 2HQ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 13 at:

         Colin Ian Vickers
         Joint Administrator
         Vantis Plc
         4th Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex BN11 1RY
         United Kingdom
         Tel: 01903 222500
         Fax: 01903 207009

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


ROCK REALISATIONS: Brings In Administrators from Begbies Traynor
----------------------------------------------------------------
Robert Michael Young and Ian Michael Rose of Begbies Traynor
were appointed joint administrators of Rock Realisations Ltd.
(formerly Rockfield Civil Engineering Limited) (Company Number
04834965) on Nov. 27.

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

Headquartered in Leicester, England, Rock Realisations Ltd.
offers civil engineering services.


SHAW TAX: Creditors' Meeting Slated for December 20
---------------------------------------------------
Creditors of Shaw Tax (London) Ltd. (Company Number 05226172)
will meet at 11:00 a.m. on Dec. 20 at:

         Moore Stephens LLP
         St. Paul's House
         Warwick Lane
         London EC4M 7BP
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 19 at:

         Mark Bowen
         Joint Administrator
         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         United Kingdom
         Tel: 0121 233 2557
         Fax: 0121 200 2558

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


SHIZHEN HUIREN: Hires Joint Administrators from Crawfords
---------------------------------------------------------
David N. Kaye and Alex Kachani of Crawfords were appointed joint
administrators of Shizhen Huiren Ltd. (Company Number 4332697)
on Nov. 24.

The administrators can be reached at:

         David N. Kaye and Alex Kachani
         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829
         E-mail: akachani@aol.com

Headquartered in Manchester, England, Shizhen Huiren Ltd. sells
Chinese herbal medicine.


SIMMONS SCAFFOLDING: Names Joint Liquidators to Wind Up Business
----------------------------------------------------------------
Ronald Stanley Harding and Richard John Elwell of Elwell
Watchorn & Saxton LLP were appointed Joint Liquidators of
Simmons Scaffolding Limited on Nov. 28 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Simmons Scaffolding Limited
         5 Fox Meadows
         High Leys Road
         Hucknall
         Nottingham
         Nottinghamshire NG156EZ
         United Kingdom
         Tel: 0115 963 6315


SOUTH COAST: Brings In Liquidator from Bond Partners
----------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
South Coast Canvas Ltd. on Nov. 28 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         South Coast Canvas Ltd.
         24 The Precinct
         Winchester Road
         Chandlers Ford
         Eastleigh
         Hampshire SO532GA
         United Kingdom
         Tel: 023 8033 9370


STYHEAD TRANSPORT: Creditors' Claims Due Jan. 2, 2007
-----------------------------------------------------
Creditors of Styhead Transport Limited have until Jan. 2, 2007,
to send their names and addresses and particulars of their
claims to appointed Joint Liquidators David Antony Willis and M.
C. Bowker at:

         Jacksons Jolliffe Cork
         35 East Parade
         Harrogate
         North Yorkshire HG1 5LQ
         United Kingdom

The company can be reached at:

         Styhead Transport Limited
         8 Appleby Crescent
         Knaresborough
         North Yorkshire HG5 9LS
         United Kingdom
         Tel: 01423 863 271


TRAEMAR LTD: Hires Stephen Franklin to Liquidate Assets
-------------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed
Liquidator of Traemar Ltd. on Nov. 15 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Traemar Ltd.
         Marks Lodge
         Hendon Rise
         Nottingham
         Nottinghamshire NG3 3AN
         United Kingdom
         Tel: 0115 988 1111


WAINFLEET MOTOR: Creditors' Meeting Slated for December 21
----------------------------------------------------------
Creditors of Wainfleet Motor Services Ltd. (Company Number
00371976) will meet at 10:00 a.m. on Dec. 21 at:

         Paramount Hinckley Island Hotel
         A5 Watling Street
         Hinckley LE10 3JA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 20 at:

         Dilip K. Dattani
         Joint Administrator
         Tenon Recovery
         1 Bede Island Road
         Bede Island Business Park
         Leicester LE2 7EA
         United Kingdom
         Tel: 0116 222 1101
         Fax: 0116 222 1102

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


WASP CONSTRUCTION: Brings In Mazars to Administer Assets
--------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Wasp Construction Ltd. (Company Number
05114451) on Nov. 29.

Mazars -- http://www.mazars.com/-- is an international,
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Wasp Construction Ltd. can be reached at:

         Lower Station Road
         Normanton
         West Yorkshire WF6 2BG
         United Kingdom
         Tel: 0113 277 8931


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

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 Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  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$575 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 * * *