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

                           E U R O P E

            Friday, February 9, 2007, Vol. 8, No. 29    

                            Headlines


A U S T R I A

BST BETONSTAHLVERLEGUNG: Claims Registration Period Ends March 6
HH-PROJEKTABWICKLUNG: Claims Registration Period Ends March 5
IKARUS-ELEKTRONICS: Claims Registration Period Ends February 21
KLEBER STEINMETZ: Claims Registration Period Ends February 27
PIBS ISOLIER: Claims Registration Period Ends February 26

S + S AUFZUGSTECHNIK: Claims Registration Period Ends March 1
STELZER RECYCLING: Claims Registration Period Ends March 1


B E L G I U M

ARVINMERITOR INC: Prices US$175 Million Senior Notes Offering


C Z E C H   R E P U B L I C

ZBROJOVKA BRNO: J&T Finance Acquires Firm for CZK707 Million


F I N L A N D

M-REAL OYJ: Posts EUR266-Million Net Loss in Fourth Quarter 2006
M-REAL OYJ: Launches Profitability Program for Finnish Units


G E R M A N Y

ALOYS WUEST: Claims Registration Period Ends March 5
ATCE BAU: Claims Registration Ends March 23
AUTOMOTIVE GROUP ISE: Creditors' Meeting Slated for March 23
BARKOWSKI MRS: Claims Registration Period Ends March 20
BAU- UND INSTANDSETZUNGS: Claims Registration Ends February 28
BAU SERVICE KUPSCH: Creditors' Meeting Slated for March 13

BENQ CORP: Report Reveals EUR883-Million Debt for Mobile Unit
BENQ CORP: May Report Higher-Than-Expected Fourth Quarter Losses
BENQ CORP: Records NT$10.5 Billion in January 2007 Revenues
BOZ GERUESTBAU: Claims Registration Ends February 15
C&S SYSTEMLOGISTIK: Claims Registration Ends February 19

CAS AUTOMATIONS: Claims Registration Ends March 6
CCK - CRANE: Claims Registration Period Ends March 21
COSMOTEL GMBH: Claims Registration Ends February 28
DAIMLERCHRYSLER AG: Plans to Cut 10,000 Factory Jobs at Chrysler
DE AH BAU: Claims Registration Ends March 7

DHAL VERTRIEBS: Claims Registration Ends March 19
DON KTM: Claims Registration Ends March 27
EDUARD UBRIG: Claims Registration Ends March 2
EGP GRUNDBESITZ: Claims Registration Ends February 26
EUBO BAUPROJEKTENTWICKLUNGS: Claims Registration Ends March 13

EURASIA FRUCHTHANDELS: Claims Registration Ends March 16
JOHANSEN GMBH: Claims Registration Ends March 16
KAGIMA BAULEITUNGS: Claims Registration Ends February 21
KIM KAYRAN: Claims Registration Ends March 15
KKT KABEL: Claims Registration Ends March 23

KVG GMBH: Claims Registration Ends April 20
LANDESBANK BERLIN: Commerzbank & UniCredit Join EUR5-Bln Auction
LVG-LIEGENSCHAFTSVERWALTUNG: Claims Registration Ends March 19
M & M BAUUNTERNEHMUNG: Claims Registration Ends March 26
M2K INFORMATIONSMANAGEMENT: Claims Registration Ends March 9

MODAFA BAU: Creditors Must Register Claims by March 28
MORO VERMOEGENSVERWALTUNGSGESELLSCHAFT: Claims Due March 23
MOS-BAU GMBH: Creditors Must Register Claims by February 23
NEUE TRIANGEL: Creditors Must Register Claims by February 23
NOWEBA BAU: Creditors Must Register Claims by March 2

PROJEKTPLAN24 PROJEKTENTWICKLUNG: Claims Filing Ends March 9
REBA GMBH: Claims Registration Ends March 23
RIA - HOTEL: Claims Registration Ends March 15
RICHTER GMBH: Claims Registration Ends March 23
RP-KOM GMBH: Claims Registration Ends March 2

SAGA SHIPPING: Creditors Meeting Slated for March 1
SIRAM - SCHLOSSERSERVICE: Claims Registration Ends March 12
SOLECTRON CORP: German Plant Gets ISO 13485:2003 Certification
SYSORGA SYSTEM: Claims Registration Period Ends March 16
UBRIG AUTOMOTIVE: Claims Registration Period Ends March 27

W & W GMBH: Claims Registration Period Ends Feb. 27
WEBRU BAU: Claims Registration Period Ends March 1
WILLHUBER HAUSGERATE: Claims Registration Period Ends March 26


G R E E C E

TIM HELLAS: Weather Investments Buys Firm for EUR3.4 Billion


H U N G A R Y

CLOROX CO: Elects Richard Carmona & Edward Mueller to Board
CLOROX CO: Dec. 31 Balance Sheet Upside-Down by US$33 Million


I C E L A N D

STRAUMUR-BURDARAS: Plans to Double Assets to EUR8.4-Bln by 2010


I R E L A N D

CELESTICA INC: Restructuring Scheme Cuts 2,000 Jobs in Mexico
CELESTICA INC: Moody's May Downgrade Ratings After Review


I T A L Y

PARMALAT SPA: Debt-to-Equity Swap Hikes Capital by EUR186,770


K A Z A K H S T A N

3D CONSTRUCTION: Claims Filing Period Ends March 16
ALTAIR LLP: Creditors Must File Claims by March 16
ERAN LLP: Creditors' Claims Due March 16
INTERCOMSERVICE LLP: Proof of Claim Deadline Slated for March 16
IVIKON-MUNAY-SERVICE LLP: Claims Registration Ends March 23

KOKSHETAU INDUSTRY: Claims Filing Period Ends March 16
SEMSER OJSC: Court Begins Bankruptcy Proceedings
TAZA SEUR: Creditors' Claims Due March 16
TRISTAN OIL: Fitch Rates B+ IDR on Insufficient Collateral
UMIT CJSC: Proof of Claim Deadline Slated for March 23

USHTOBINSKY LLP: Claims Registration Ends March 16


K Y R G Y Z S T A N

GELIOS-EAST VOSTOK: Claims Filing Period Ends March 23


P O R T U G A L

WOLVERINE TUBE: Preferred Stocks' Sale Cues S&P's Positive Watch


R U S S I A

ASBESTOVSKIY FACTORY: Names T. Ivanova as Insolvency Manager
IZHEVSKIY BAKERY 2: Creditors Must File Claims by March 20
KLYUCHIKI LLC: Creditors Must File Claims by February 20
MAGADANSKIY LIQUEUR-VODKA: Claims Filing Period Ends February 20
MED-VITA LLC: Court Names Sh. Fazailov as Insolvency Manager

MEGA OJSC: Creditors Must File Claims by February 20
MEGAFON OAO: Fitch Raises IDR to BB+ with Stable Outlook
MIKHAYLOVSKIY LIME: Court Starts Bankruptcy Supervision Process
NOVO-MEDVENSKOYE CJSC: Asset Sale Slated for February 20
ROSNEFT OIL: Eyes US$24.5 Billion Loan to Fund Yukos Asset Bid

SAKHA-DIAM CJSC: Creditors Must File Claims by February 20
SERGIEVY GORKI: Creditors Must File Claims by March 20
SEV-WOOD-STROY-INVEST: Creditors Must File Claims by March 20
SITRONICS JSC: Sets Offering Price at US$0.24 Per Share
SUDZHANSKOYE CJSC: Creditors Must File Claims by March 20

UFIMSKIY FACTORY: Creditors Must File Claims by March 20
VOLGA-SERVICE CJSC: Creditors Must File Claims by February 20
YUKOS OIL: Rosneft Eyes US$24.5 Billion Loan to Fund Asset Bid
ZOLOTUKHINSKIY MEAT: Creditors Must File Claims by March 20

* Howard Seife Joins Int'l. Insolvency Institute as Member


S P A I N

LEAR CORP: Continues to Face ERISA Violations Suit in Michigan


S W I T Z E R L A N D

HOFSTETTER ROLF: Claims Registration Period Ends Feb. 24
I2 TECHNOLOGIES: Creditors' Liquidation Claims Due February 28
INTORGA JSC: Creditors' Liquidation Claims Due February 15
MERK INVESTMENTS: Creditors' Liquidation Claims Due February 26

MEXO JSC: Creditors' Liquidation Claims Due February 26
MILCHPRODUZENTEN-GENOSSENSCHAFT: Liquidation Claims Due Feb. 23
MIMER JSC: Claims Registration Period Ends Feb. 23


U K R A I N E

ANDRIYASHIVSKAYA LLC: Claims Submission Deadline Set February
BOLGARKA CJSC: Creditors Must File Claims by February 21
FORTUNA LLC: Creditors Must File Claims by February 21
FRIENDSHIP LLC: Claims Submission Deadline Set February 21
KARNEOL LLC: Claims Submission Deadline Set February 21

KHARKOV STATE AIRCRAFT: Financial Woes May Trigger Bankruptcy
OSTROG TIRE: Claims Submission Deadline Set February 21
RITA-LTD: Creditors Must File Claims by February 21


U N I T E D   K I N G D O M

ABN AMRO: Moody's Cuts iBoxx 50 Series 1 Notes to Ba3 From Baa3
ADVANCED MARKETING: Wants to Hire Focus Management as Advisors
ANDOVER TUBE: Joint Liquidators Take Over Operations
ARROWGUIDE LTD: Names Barry David Lewis Liquidator
BIFROST INVESTMENT: Moody's Rates Five Debt Classes at Low-B

BOOTLE BOARD: Appoints Ian C. Brown as Liquidator
BRITISH AIRWAYS: Agrees to Funding Plan Deal with NAPS Trustees
BRITISH AIRWAYS: Traffic Figures Down by 2.8% in January 2007
BRITISH AIRWAYS: Wants Inflation-Only Rise for Heathrow Charges
BSL AUTO: Creditors' Meeting Slated for February 28

CENTRAL MUSHROOMS: Creditors' Meeting Slated for February 15
CLAYFIELD CONTRACTORS: Claims Filing Period Ends March 29
COLLINS & AIKMAN: Judge Rhodes Approves Solicitation Protocol
COLLINS & AIKMAN: Wants Court Nod on Macher Separation Pact
CORUS GROUP: Tata to Repay US$1.8-Bln Bonds; Default Swaps Fell

CORUS GROUP: Tata Expects Deal to Take Effect Next Month
CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
CRAY VALLEY: Creditors' Meeting Slated for February 28
ELINVAC LTD: Taps Liquidators from Smith & Williamson
ESTATE-SOFTWARE LTD: Hires Liquidator from Tenonr Recovery

EXCHANGE CLEANING: Appoints Tina Bullock to Liquidate Assets
FITZROY TIMBER: Brings In Liquidators from Kroll
FKI PLC: Moody's Cuts Rating to Ba2 on High Debt Leverage
GAYTON GRAHAM: Names Liquidators to Wind Up Business
GEO GROUP: Finalizes Pricing for New US$365 Million Term Loan B

GILES FULLERTON: Taps Lloyd Biscoe to Liquidate Assets
HEAT-TEC LONDON: A. J. Clarke Leads Liquidation Procedure
HILTRONICS LTD: Claims Filing Period Ends March 2
JAVARIA TEXTILES: Names Gagen Dulari Sharma Liquidator
KOOLTRADERS LTD: Appoints A. Poxon to Liquidate Assets

MKM DEVELOPMENTS: Creditors' Meeting Slated for February 23
NEWADE STAINLESS: Hires Liquidators from Begbies Traynor
PCCH LTD: Taps Michael Young to Liquidate Assets
PENKRIDGE WINDOWS: Creditors' Meeting Slated for February 16
PORTRAIT CORP: Files Joint Plan & Disclosure Statement in SDNY

PRISM TESTING: Creditors' Claims Due March 31
RAJ TV: Brings In Liquidator from Sharma & Co.
RON KEWLEY: Claims Registration Ends February 26
RURAL PRODUCTIONS: Appoints T. Papanicola to Liquidate Assets
S. WINSTANLEY: Brings in Liquidator from Hodgsons

SEA CONTAINERS: Court OKs Bingham as Services Committee Counsel
SPENCER HART: Joint Liquidators Take Over Operations
STONEWORLD DEVELOPMENTS: Hires David Field as Liquidator
TIMBER SYSTEMS: Calls In Liquidators from Kroll

* UK Administrations Climb by 26% in 2006, Deloitte Says
* UK Profit Warnings Hit Five Year High, Ernst & Young Says

* BOOK REVIEW: Corporate Players: Designs for Working and
               Winning Together


                            *********


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A U S T R I A
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BST BETONSTAHLVERLEGUNG: Claims Registration Period Ends March 6
----------------------------------------------------------------
Creditors owed money by LLC BST Betonstahlverlegung (FN 270771v)
have until March 6 to file written proofs of claim to estate
administrator Alexander Burkowski at:

         Dr. Alexander Burkowski
         Graben 32
         4020 Linz
         Austria
         Tel: 65 45 56
         Fax: 65 45 56 57
         E-mail: burkowski.keul@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 20 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Jan. 22 (Bankr. Case No. 38 S 5/07z).  


HH-PROJEKTABWICKLUNG: Claims Registration Period Ends March 5
-------------------------------------------------------------
Creditors owed money by LLC HH-Projektabwicklung und - Handels
(FN 265655w) have until March 5 to file written proofs of claim
to estate administrator Arno Lerchbaumer at:

         Dr. Arno Lerchbaumer
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/822244
         Fax: 0316/822244-22
         E-mail: office@lerchbaumer.co.at  

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

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 22 (Bankr. Case No. 26 S 6/07p).  


IKARUS-ELEKTRONICS: Claims Registration Period Ends February 21
---------------------------------------------------------------
Creditors owed money by LLC Ikarus-Elektronics (FN 266329k) and
KEG Ikarus-Elektronics & Co (FN 267119y) have until Feb. 21 to
file written proofs of claim to estate administrator Norbert
Abel at:

         Mag. Norbert Abel
         c/o Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 01/533 52 72
         Fax: 01/533 52 72 15
         E-mail: office@abel-abel.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 7 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Leopoldsdorf bei Wien, Austria, the Debtor
declared bankruptcy on Jan. 22 (Bankr. Case No. 36 S 7/07g) and
(Bankr. Case No. 36 S 6/07k).  Johanna Abel-Winkler represents
Mag. Abel in the bankruptcy proceedings.


KLEBER STEINMETZ: Claims Registration Period Ends February 27
-------------------------------------------------------------
Creditors owed money by LLC Kleber Steinmetz & Partner (FN
114468k) have until Feb. 27 to file written proofs of claim to
estate administrator Klaus Fattinger at:

         Dr. Klaus Fattinger
         Ringmauergasse 8
         9500 Villach
         Austria
         Tel: 04242/22 681
         Fax: 04242/22681-20
         E-mail: prett+fattinger@villach.net  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 6 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Paternion, Austria, the Debtor declared
bankruptcy on Jan. 22 (Bankr. Case No. 40 S 5/07m).  


PIBS ISOLIER: Claims Registration Period Ends February 26
---------------------------------------------------------
Creditors owed money by LLC PIBS Isolier-und Brandschutztechnik
Erzeugung (FN 120096m) have until Feb. 26 to file written proofs
of claim to estate administrator Gerwald Holper at:

         Mag. Gerwald Holper
         Technologiezentrum
         Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704 266-0
         Fax: 02682/704 266-15
         E-mail: eisenstadt@kosch-partner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on March 12 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Horitschon, Austria, the Debtor declared
bankruptcy on Jan. 22 (Bankr. Case No. 26 S 7/07t).  


S + S AUFZUGSTECHNIK: Claims Registration Period Ends March 1
-------------------------------------------------------------
Creditors owed money by LLC S + S Aufzugstechnik (FN 224525i)
have until March 1 to file written proofs of claim to estate
administrator Georg Muhri at:

         Dr. Georg Muhri
         LLC CGO Masseverwaltung
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820 620 0
         Fax: 0316/820 620 4
         E-mail: office@cgo-masseverwaltung.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:45 p.m. on March 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L (Room 230)
         Second Floor
         Graz, Austria

Headquartered in Hausmannstatten, Austria, the Debtor declared
bankruptcy on Jan. 22 (Bankr. Case No. 25 S 8/07z).  


STELZER RECYCLING: Claims Registration Period Ends March 1
----------------------------------------------------------
Creditors owed money by LLC Stelzer Recycling Technik (FN
262331g) have until March 1 to file written proofs of claim to
estate administrator Regina Schedlberger at:

         Dr. Regina Schedlberger
         Andritzer Reichstrasse 42
         8045 Graz - Andritz
         Austria
         Tel: 0316/69 51 00
         Fax: 0316/69 51 00 9
         E-mail: regina.schedlberger@chello.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:35 p.m. on March 15 for examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L (Room 230)
         Second Floor
         Graz
         Austria

Headquartered in Frohnleiten, Austria, the Debtor declared
bankruptcy on Jan. 22 (Bankr. Case No. 25 S 7/07b).  


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


ARVINMERITOR INC: Prices US$175 Million Senior Notes Offering
-------------------------------------------------------------
ArvinMeritor Inc. disclosed the pricing of its offering of
US$175 million aggregate principal amount of convertible senior
unsecured notes due 2027.  

The offering is being made to qualified institutional buyers in
a private placement.  The notes will rank equally in right of
payment to all of ArvinMeritor's existing and future senior
unsecured indebtedness.  ArvinMeritor has granted to the initial
purchasers of the notes a 30-day option to purchase up to an
additional US$25 million aggregate principal amount of the
notes, solely to cover over-allotments.  The sale of the notes
is expected to close on Feb. 8, 2007, subject to customary
closing conditions.

The company will pay 4% cash interest on the notes semiannually
until Feb. 15, 2019, after which no cash interest will be paid.  
Commencing Feb. 15, 2019, the principal amount of the notes will
be subject to accretion at a rate that provides holders with an
aggregate annual yield to maturity of 4%.

The notes will be convertible in certain circumstances into cash
up to the accreted principal amount of the notes, and cash,
shares of common stock, or a combination thereof, at the
company's election, for the remainder of the conversion
obligation, if any, in excess of the accreted principal amount,
based on an initial conversion rate, subject to adjustment,
equivalent to 37.4111 shares of common stock per US$1,000
original principal amount of notes.  This represents an initial
conversion price of approximately US$26.73 per share.

The company currently expects to use the net proceeds from the
offering of the notes, together with proceeds from other sources
if needed, to repay in full the US$169.5 million aggregate
principal amount of its outstanding Term Loan B due 2012.  If
the company determines not to use the net proceeds from the
offering to repay the Term Loan B due 2012, the company intends
to use the net proceeds for general corporate purposes,
including retiring other indebtedness or funding certain pension
or other long-term liabilities.

                       About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a supplier of a broad  
range of integrated systems, modules and components to the motor
vehicle industry.  The company serves light vehicle, commercial
truck, trailer and specialty original equipment manufacturers
and certain aftermarkets.  ArvinMeritor employs approximately
29,000 people at more than 120 manufacturing facilities in 25
countries.  It maintains 23 facilities in Argentina, Belgium,
Brazil, Germany, the United Kingdom, and Venezuela, among
others.  ArvinMeritor common stock is traded on the New York
Stock Exchange under the ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb 8,
Standard & Poor's Ratings Services said that its ratings and
outlook on ArvinMeritor Inc. (ARM; BB-/Stable/B-1) are not
affected following the company's announcement that it has agreed
to sell its Emissions Technologies business to private equity
firm One Equity Partners for US$310 million.  

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

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

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

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

    -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


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


ZBROJOVKA BRNO: J&T Finance Acquires Firm for CZK707 Million
------------------------------------------------------------
The J&T Finance Group has acquired bankrupt arms manufacturer
Zbrojovka Brno a.s. for CZK707 million, Martina Mareckova writes
for Czech Business Weekly.

J&T, in partnership with CPI Group, outbid 10 other interested
buyers on Jan. 31.  Starting price was set at CZK351.6 million,
Jaroslav Hradil of auction organizer Prokonzulta said.  
According to Czech News Agency, the CZK707 million final price
was the largest in Czech auction history.

"We expected a big interest in the auction but we were surprised
that the price climbed so high," Mr. Hradil said.

                       Plant Re-Development

J&T is planning to redevelop Zbrojovka Brno's plant within five
to 10 years, but ruled out relaunching the company's arms
production business, Czech Business Weekly relates.

CBW suggests that J&T is facing a tough task of decontaminating
Zbrojovka Brno's buildings as well as implementing a zoning
change to conform to urban area standards.

"The owner will have to achieve a make-over of the entire
factory site -- it will be a long-term commitment," Jiri Fajkus
of Real Spektrum told CBW.

                      About Zbrojovka Brno

Headquartered in Brno, Czech Republic, Zbrojovka Brno a.s.
-- http://www.zbrojovkabrno.com/-- manufactures and sells  
hunting arms.  The company exports 80% of its hunting arms to
Finland, Germany, Spain, Italy, Poland, Ukraine, Romania and
Canada.

The Honorable Jiri Berka of the Regional Court of Usti nad Labem
declared Zbrojovka Brno a.s. bankrupt in March 2003, but kept
the group's arms production unit operating.  Shortly after, it
emerged from bankruptcy only to fall back in October 2003.  
Around 72 creditors have filed CZK465 million in claims against
the company.  Its largest creditors are Czech Social Security
Administration CSSZ, GE Money Bank, bailout agency CKA and the
local tax office.


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


M-REAL OYJ: Posts EUR266-Million Net Loss in Fourth Quarter 2006
----------------------------------------------------------------
M-real Oyj released its unaudited financial results for the
fourth quarter ended Dec. 31, 2006.

M-real reported EUR266 million in net loss on EUR1.44 billion in
net sales for the fourth quarter ended Dec. 31, 2006, compared
with EUR38 million in net loss on EUR1.37 billion in net sales
for the same period in 2005.

At Dec. 31, 2006, the company's condensed consolidated balance
sheet showed EUR6.17 billion in total assets and EUR4.27 billion
in total liabilities, resulting in EUR1.91 billion in
stockholders' equity.

The result was weakened by higher raw material prices and higher
energy prices in particular, investment and maintenance
shutdowns, slightly lower selling prices of folding boxboard and
coated fine paper, and the strike of paper workers at the
Finnish mills in May 2006.  The higher raw material prices were
offset by improved efficiency in production.  By comparison, in
2005 profitability weakened particularly due to the labor
dispute in Finland, which led to lower delivery volumes in
paperboard and coated magazine paper, as well as Metsa-Botnia's
lower operating result.

"While our profitability excluding non-recurring items improved
last year, it remained heavily negative," Mikko Helander, M-
real's CEO, commented.  "This has to change.  "Our operating
environment has changed in the past few years.  We believe that
the consolidation of the European paper industry will continue
and that the structure of the paper merchanting market is going
to change.  Higher production input costs, the unprecedentedly
low product prices, changes in exchange rates and the resulting
weakening of our ability to compete with prices all pose changes
to our operating environment."

In March 2006 M-real's Board of Directors initiated a strategic
review of M-real's current business portfolio.  As the first
step in the review, the company announced an extensive
restructuring program in October 2006.  The program includes
capacity closures, a new costs savings program, a reduction of
working capital and a number of divestments.  The program is
planned for completion by the end of 2007.

In connection with the restructuring program, M-real closed its
paper mill at Sittingbourne in the U.K. at the end of
January 2007 and is closing two paper machines (PM 6 and 7) at
the Gohrsmuehle mill in Germany by the end of February.  The
Wifsta mill in Sweden will be closed by the end of June.

In order to improve its balance sheet structure and because of
reduced need for pulp at its mills, M-real sold 9% of
Metsa-Botnia's shares to Metsaliitto Cooperative on Jan. 30.
Metsaliitto paid EUR240 million for the shares, and M-real
booked a capital gain of around EUR135 million.  In addition, M-
real has initiated the sale process for the folding carton
plants.  Other divestments will be announced later.

Demand for M-real's main products is forecast to improve
slightly in the first quarter of 2007 due to seasonal factors
compared with the fourth quarter of 2006.  In fine paper
products, capacity utilization rates are very high at the
beginning of the year.  The company has initiated measures to
increase the prices of fine paper products and are currently
confident that it will be able to push through these increases
at least in part.  It will continue to work actively towards
raising the prices of fine paper products.  In uncoated magazine
papers, the market situation has fallen short of its
expectations in the past few months.  The price increases for
folding boxboard and coated magazine paper will be challenging
in the short term.

The need to increase product prices is pressing for all of our
main grades.  The company anticipates the market balance to
improve for all of M-real's main paper grades due to capacity
closures already implemented or planned for 2007.

"The first quarter 2007 result before taxes and excluding non-
recurring items is expected to improve from the last quarter in
2006," Mr. Helander added.  In line with the restructuring
program, M-real's primary target for 2007 is to improve its
balance sheet and its profitability.  Our result for 2007 will
be burdened by an increase of production input costs, estimated
at more than EUR100 million, although their impact will be
eliminated through the cost savings program.  In order to
achieve a positive result before taxes and non-recurring items
in 2007, we must be able to raise the prices of our paper
products."

                        About the Company

Headquartered in Espoo, Finland, M-real Oyj produces and
distributes coated and uncoated fine papers for printing and
packaging industries.

                        *     *     *

As of Feb. 8, M-real Oyj carries these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family: B2
      -- Senior Unsecured Debt: B2
      -- Outlook: Negative

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit: B+
      -- Long-Term Local Issuer Credit: B+
      -- Short-Term Foreign Issuer Credi Rating: B
      -- Short-Term Local Issuer Credit: B
      -- Outlook: Negative


M-REAL OYJ: Launches Profitability Program for Finnish Units
------------------------------------------------------------
M-real Oyj, a subsidiary of the Metsaliitto Group, is commencing
a program to improve the profitability of its operations in
Finland.  

The program aims to achieve a full profit improvement of some
EUR40 million from the beginning of 2009.  The measures to be
taken will involve almost all units, and it is estimated that
implementing the program will reduce the number of employees by
about 600 persons in addition to those concerned by the
presently ongoing programs.  As far as can presently be seen, it
will not be necessary to close any of the production plants
entirely.  The realization of the profit impact and of the
reduction of the number of personnel both depend on the outcome
of the statutory workplace consultations.

"M-real has [Tues]day announced its result for 2006, which still
shows heavy losses.  The restructuring program announced on
Oct. 18, 2006, which is proceeding in many respects more rapidly
than was planned, focuses on M-real's units outside Finland.  
The program we announced [Tues]day aims to return M-real to
profitability in our Finnish units as well," says M-real CEO
Mikko Helander.

A thoroughgoing re-engineering process has already begun with
changes in the top management as well as in the support
functions in head office, where the consultation process
continues.  The more extensive profit improvement program to be
implemented in the Finnish mills means that on Feb. 8 M-real
will present all personnel groups with its proposal to start
consultations in accordance with the Finnish Act on Cooperation
within Undertakings.  The consultations will concern M-real's
production units in Kirkniemi, Kyro, Kemi, Simpele, Joutseno,
Kaskinen, Kangas, Aanekoski, Lielahti and the Tako carton plant
in Finland.

The statutory consultations will start up in the week beginning
on Feb. 12, and be concluded by the end of March at the latest.
They will be conducted in each unit and function by utilizing
local knowledge.  In the consultations, ways will be sought to
make operations profitable and thus to safeguard the
continuation of operations in the localities involved.  In
addition, M-real will also discuss with the personnel groups and
trade unions about "change security" with regard to all
personnel groups in the event of personnel reductions.

"In cooperation with the representatives of the personnel, we
want to ensure that there will be at least one paper industry
company in Finnish hands in Finland in the future too, giving
work to Finnish people and processing Finnish wood," Mikko
Helander declared.  I believe that the program will help us
achieve that goal."

                       About the Company

Headquartered in Espoo, Finland, M-real Oyj produces and
distributes coated and uncoated fine papers for printing and
packaging industries.

                        *     *     *

As of Feb. 8, M-real Oyj carry these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: B2
      -- Senior Unsecured Debt: B2
      -- Outlook: Negative

   * Standard & Poor's:

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


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


ALOYS WUEST: Claims Registration Period Ends March 5
----------------------------------------------------
Creditors of Aloys Wuest GmbH have until March 5 to register
their claims with court-appointed insolvency manager Jens
Fahnster.

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

The meeting of creditors will be held at:

         The District Court of Limburg
         Hall D 220
         Walderdorffstrasse 12
         65549 Limburg
         Germany

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

The insolvency manager can be contacted at:

         Jens Fahnster
         Koelnstr. 135
         53757 Sankt Augustin-Hangelar
         Germany
         Tel: 02241/9060-0
         Fax: 02241/9060-90
         E-mail: kanzlei@kalker-fahnster.de

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

The Debtor can be contacted at:

         Aloys Wuest GmbH
         Attn: Manfred Wuest, Manager
         Elf Morgen 4
         65549 Limburg
         Germany


ATCE BAU: Claims Registration Ends March 23
-------------------------------------------
Creditors of ATCE Bau GmbH have until March 23 to register their
claims with court-appointed insolvency manager Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Sebastian Laboga
         Einemstrasse 24
         10789 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against ATCE Bau GmbH on Jan. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ATCE Bau GmbH
         Attn: Abdi Celik, Manager
         Gartenstrasse 66
         12529 Schoenefeld
         Germany


AUTOMOTIVE GROUP ISE: Creditors' Meeting Slated for March 23
------------------------------------------------------------
The court-appointed provisional administrator for Automotive
Group ISE INTEX GmbH, Christopher Seagon, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on March 23.

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

         The District Court of Bonn
         Meeting Hall S 1.19
         First Floor
         William-Strasse 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the provisional
administrator's report at 9:00 a.m. on June 29 at the same
venue.

Creditors have until May 23 to register their claims with the
court-appointed provisional administrator.

The provisional administrator can be reached at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: 06221/91180
         Fax: 06221/911866
         Web site: http://www.wellensiek.de/

The District Court of Bonn opened bankruptcy proceedings against
Automotive Group ISE INTEX GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

As reported by Plastics Information Europe, Mr. Seagon disclosed
that the outlook going forward for Intex is good.  The company's
liquidity is sufficient and production facilities at Morsbach
were fully utilized.

Headquartered in Morsbach, Germany, Automotive Group ISE INTEX
GmbH -- http://www.innomotive.com/-- manufactures plastic  
linings for automotive interiors.  It has annual sales of EUR120
million.


BARKOWSKI MRS: Claims Registration Period Ends March 20
-------------------------------------------------------
Creditors of Barkowski MRS Metallrecycling Salzgitter GmbH have
until March 20 to register their claims with court-appointed
insolvency manager Joachim Hausherr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

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

The District Court of Braunschweig opened bankruptcy proceedings
against Barkowski MRS Metallrecycling Salzgitter GmbH on
Jan. 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Barkowski MRS Metallrecycling Salzgitter GmbH
         Attn: Sabine Barkowski, Manager
         Heerter Str. 39
         38229 Salzgitter
         Germany


BAU- UND INSTANDSETZUNGS: Claims Registration Ends February 28
--------------------------------------------------------------
Creditors of Bau- und Instandsetzungs-GmbH Barby have until
Feb. 28 to register their claims with court-appointed insolvency
manager Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

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

The District Court of Magdeburg opened bankruptcy proceedings
against Bau- und Instandsetzungs-GmbH Barby on Jan. 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bau- und Instandsetzungs-GmbH Barby
         Bahnhofstr. 5
         39249 Barby
         Germany


BAU SERVICE KUPSCH: Creditors' Meeting Slated for March 13
----------------------------------------------------------
The court-appointed insolvency manager for Bau Service Kupsch
GmbH, Dirk Wittkowski, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:35 a.m. on March 13.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:20 a.m. on June 12 at the same venue.

Creditors have until April 25 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Bau Service Kupsch GmbH on Jan 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bau Service Kupsch GmbH
         Riemenschneiderweg 16
         12157 Berlin
         Germany


BENQ CORP: Report Reveals EUR883-Million Debt for Mobile Unit
-------------------------------------------------------------
BenQ Mobile GmbH & Co. OHG, the bankrupt German unit of Taiwan-
based BenQ Corp., incurred up to EUR883 million of debts, far
worse than it anticipated, Sueddeutsche Zeitung states citing
the company's insolvency report as its source.

Siemens, which sold the bankrupt mobile unit to BenQ Corp., will
likely be affected by the debts as it is being asked to pay
EUR100 million to creditors, AFX News relates.

A spokeswoman for Martin Prager, BenQ Mobile's insolvency
administrator, told AFX News that the figures cited in the
insolvency report are rough estimates.

                        About Siemens

Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a  
global powerhouse in electrical engineering and electronics.  
The company has around 461,000 employees working to develop and
manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements.  Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.
Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control,
Power, Transportation, Medical, and Lighting.  In fiscal 2006
(ended Sept. 30), Siemens had sales from continuing operations
of EUR87.3 billion and net income of EUR3.1 billion.

                         About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ
Corp.  BenQ Mobile has lost market share against giant
competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

More than 3,000 manufacturing workers have been affected in the
company's insolvency proceedings after it disclosed of plans to
reduce two-thirds of its work force.  

In a TCR-Europe report on Feb. 5, BenQ Mobile shut down one of
its three plants in Germany early this month after efforts to
secure a buyer failed.

Some 165 workers in the firm's Kamp-Lintfort factory in North
Rhine-Westphalia were sent home after the firm decided to stop
producing mobile phones.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.
The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BENQ CORP: May Report Higher-Than-Expected Fourth Quarter Losses
----------------------------------------------------------------
BenQ Corp. may book higher-than-expected losses for the fourth
quarter of 2006, DigiTimes reports, citing Eric Yu, BenQ's
senior vice president for finance.

According to Mr. Yu, the higher losses would be due to the
appropriation of EUR80 million for two-year after-sale services
committed to handsets sold by the company's bankrupt German
unit, BenQ Mobile GmbH & Co.

BenQ is yet to publicly announce its financial reports for the
2006 fourth quarter, but analysts at Taiwan securities houses
have already estimated that the company may book a non-operating
loss of NT$6 billion to NT$8 billion for the period, DigiTimes
says.

In addition, the report notes, the analysts have indicated that
with the higher-than-expected operating losses, BenQ will
continue operating in the red after taxes in the fourth quarter
and after posting a net loss of NT$19.72 billion in the first
three quarters of 2006.   

For all of 2006, BenQ could record up to NT$26 billion, or
NT$10 per share, in net losses, DigiTimes relates, citing the
analysts.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

More than 3,000 manufacturing workers have been affected in the
company's insolvency proceedings after it disclosed of plans to
reduce two-thirds of its work force.  The mobile unit took over
a factory in Kamp Lintfort in western Germany from Siemens,
which cost Siemens more than US$1 billion.  Under the agreement,
BenQ will have the right to use the Siemens brand for five
years.  Siemens owns a 2.5 percent stake in BenQ Corp.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BENQ CORP: Records NT$10.5 Billion in January 2007 Revenues
-----------------------------------------------------------
BenQ Corp. disclosed that its January 2007 revenues amounted to
NT$10.5 billion, down slightly from the NT$10.6-billion revenues
reported in December 2006, DigiTimes says.

The report, citing BenQ's senior vice president for finance,
Eric Yu, notes that the unit sales of BenQ-branded LCD TVs hit a
record in January, thanks to the company's successful channel
strategies and strong seasonal demand.

While the projector line for January was able to maintain at the
similar level as December in terms of revenues, sales of LCD
monitors suffered a sequential drop for the month as demand
started declining from a seasonal peak recorded in the previous
quarter, Mr. Yu added.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

More than 3,000 manufacturing workers have been affected in the
company's insolvency proceedings after it disclosed of plans to
reduce two-thirds of its work force.  The mobile unit took over
a factory in Kamp Lintfort in western Germany from Siemens,
which cost Siemens more than US$1 billion.  Under the agreement,
BenQ will have the right to use the Siemens brand for five
years.  Siemens owns a 2.5 percent stake in BenQ Corp.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BOZ GERUESTBAU: Claims Registration Ends February 15
----------------------------------------------------
Creditors of Boz Geruestbau GmbH have until Feb. 15 to register
their claims with court-appointed insolvency manager Klaus W.
Gerling.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 240
         Second Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be contacted at:

         Klaus W. Gerling
         Mediapark 6 B
         50670 Cologne
         Germany
         Tel: 5743-7140
         Fax: +4922157437149

The District Court of Cologne opened bankruptcy proceedings
against Boz Geruestbau GmbH on Jan. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Boz Geruestbau GmbH
         Donatusstr. 10
         50767 Cologne
         Germany

         Attn: Ismail Yildiz, Manager
         Iddelsfelder Str. 66 a
         51067 Cologne


C&S SYSTEMLOGISTIK: Claims Registration Ends February 19
--------------------------------------------------------
Creditors of C&S Systemlogistik Computer & Software GmbH have
until Feb. 19 to register their claims with court-appointed
insolvency manager Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on March 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151/80580
         Fax: 02151/805858

The District Court of Kleve opened bankruptcy proceedings
against C&S Systemlogistik Computer & Software GmbH on Jan. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         C&S Systemlogistik Computer & Software GmbH
         Attn: Siegfried Maicki and Klaus Rothgang, Managers
         Franz-Haniel-Strasse 26
         47443 Moers
         Germany
         

CAS AUTOMATIONS: Claims Registration Ends March 6
-------------------------------------------------
Creditors of CAS Automations GmbH have until March 6 to register
their claims with court-appointed insolvency manager Heike
Metzger.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Heike Metzger
         Hauptstrasse 161
         68259 Mannheim
         Germany
         Tel: 0621/4328899-0
         Fax: 0621/4328899-50

The District Court of Heilbronn opened bankruptcy proceedings
against CAS Automations GmbH on Jan. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         CAS Automations GmbH
         Max-Eyth-Strasse 34
         74632 Neuenstein
         Germany


CCK - CRANE: Claims Registration Period Ends March 21
-----------------------------------------------------
Creditors of CCK - Crane Cooperation Kruse GmbH have until
March 21 to register their claims with court-appointed
insolvency manager Ulrich Zerrath.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against CCK - Crane Cooperation Kruse GmbH on Jan. 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CCK - Crane Cooperation Kruse GmbH
         Attn: Lothar Wissner, Manager
         Merveldtstr. 235
         45663 Recklinghausen
         Germany


COSMOTEL GMBH: Claims Registration Ends February 28
---------------------------------------------------
Creditors of cosmoTel GmbH Telekommunikations-Mietservice have
until Feb. 28 to register their claims with court-appointed
insolvency manager Axel Schwentker.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be contacted at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against cosmoTel GmbH Telekommunikations-Mietservice on Jan. 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         cosmoTel GmbH Telekommunikations-Mietservice
         Dasshorst 8
         46499 Hamminkeln
         Germany

         Attn: Mario Koenning, Manager
         Dohlenstr. 9
         46499 Hamminkeln
         Germany


DAIMLERCHRYSLER AG: Plans to Cut 10,000 Factory Jobs at Chrysler
----------------------------------------------------------------
DaimlerChrysler AG intends to cut 10,000 factory jobs and shut
down at least two plants at Chrysler Group to return the U.S.-
based division to profitability, Reuters reports citing the
Detroit News as its source.

According to the report, a hidden restructuring plan called
"Project X" aims to transform Chrysler into a smaller, more
efficient automaker with closer ties to its parent company
DaimlerChrysler and the Mercedes division.

Jason Vines, Chrysler spokesman called the report "speculation"
and refused to comment further, Reuters relates.  
DaimlerChrysler will announce the strategy for Chrysler's
turnaround on Feb. 14, together with its fourth-quarter results.

As reported in the Troubled Comapny Reporter-Europe on Feb. 8,
the plan includes the joint development of the basic
underpinnings of automobiles and possibly include the idling of
DaimlerChrysler's truck plant in Newark, Delaware, and several
thousand layoffs.  Published reports say an engine plant in
Detroit might also be affected.

"We need to go deeper and faster, or else what's the point?"
Reuters quoted DaimlerChryler chairman Dieter Zetsche as saying.

According to Reuters, inventory management problems pursued
Chrysler in 2006, considering its statement that it had been
hoarding large numbers of vehicles in a "sales bank" before they
had been ordered for showrooms.  At one time, the automaker had
about 100,000 vehicles in the sales bank of unassigned inventory
that were not disclosed in its monthly sales calls for analysts.

                     About DaimlerChrysler

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

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

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

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

                            Outlook

As reported in the TCR-Europe on Oct. 30, 2006, DaimlerChrysler
said it expects a slight decrease in worldwide demand for
automobiles in the fourth quarter and thus slower market growth
than in Q4 2005. For full-year 2006, the company anticipates
market growth of around 3%. It expects unit sales in 2006 to be
lower than in the previous year (4.8 million units).  The
company reported a third-quarter operating loss of EUR1.16
billion.

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


DE AH BAU: Claims Registration Ends March 7
-------------------------------------------
Creditors of De Ah Bau GmbH have until March 7 to register their
claims with court-appointed insolvency manager Ulrike Hoge-
Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 11, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany   

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

The insolvency manager can be contacted at:

         Ulrike Hoge-Peters
         Rosa-Luxemburg-Strasse 8
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against De Ah Bau GmbH on Jan. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         De Ah Bau GmbH
         Attn: Uwe Denz, Manager
         Kapruuschstrat 6
         18182 Moenchhagen
         Germany


DHAL VERTRIEBS: Claims Registration Ends March 19
-------------------------------------------------
Creditors of DHAL Vertriebs-, Service- und Produktions GmbH have
until March 19 to register their claims with court-appointed
insolvency manager Michael Schoor.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael Schoor
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Tel: 0341/4903699
         E-mail: leipzig@pluta.net  

The District Court of Leipzig opened bankruptcy proceedings
against DHAL Vertriebs-, Service- und Produktions GmbH on
Jan. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DHAL Vertriebs-, Service- und Produktions GmbH
         Kerbelweg 18
         04158 Leipzig
         Germany


DON KTM: Claims Registration Ends March 27
------------------------------------------
Creditors of DON KTM Montagebetrieb GmbH have until March 27 to
register their claims with court-appointed insolvency manager
Andreas Mueller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim
         Germany

The District Court of Cologne opened bankruptcy proceedings
against DON KTM Montagebetrieb GmbH on Jan. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DON KTM Montagebetrieb GmbH
         Buesdorfer Str. 28 a
         50259 Pulheim
         Germany


EDUARD UBRIG: Claims Registration Ends March 2
----------------------------------------------
Creditors of Eduard Ubrig + Soehne GmbH have until March 2 to
register their claims with court-appointed insolvency manager
Dr. Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Eiland 2
         42103 Wuppertal
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Rainer Maus
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/45 13 66

The District Court of Wuppertal opened bankruptcy proceedings
against Eduard Ubrig + Soehne GmbH on Jan. 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Eduard Ubrig + Soehne GmbH
         Nordring 30-38
         42579 Heiligenhaus
         Germany


EGP GRUNDBESITZ: Claims Registration Ends February 26
-----------------------------------------------------
Creditors of EGP Grundbesitz GmbH have until Feb. 26 to register
their claims with court-appointed insolvency manager Heiko
Rautmann.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         EGP Grundbesitz GmbH
         Walter-Kersten-Str. 15
         06449 Aschersleben
         Germany


EUBO BAUPROJEKTENTWICKLUNGS: Claims Registration Ends March 13
--------------------------------------------------------------
Creditors of EUBO Bauprojektentwicklungs- und
Investitionsgesellschaft mbH have until March 13 to register
their claims with court-appointed insolvency manager Carsten
Morgenstern.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Carsten Morgenstern
         Michaelstrasse 71
         09116 Chemnitz
         Germany
         Tel:(0371) 381770
         Fax: (0371) 3817730
         Internet/E-mail: chemnitz@hww-kanzlei.de

The District Court of Chemnitz opened bankruptcy proceedings
against EUBO Bauprojektentwicklungs- und
Investitionsgesellschaft mbH on Jan. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         EUBO Bauprojektentwicklungs- und  
         Investitionsgesellschaft mbH
         Attn: Manfred Mueller, Manager
         Zollstrasse 25-29
         08258 Erlbach OT Wernitzgruen
         Germany   


EURASIA FRUCHTHANDELS: Claims Registration Ends March 16
--------------------------------------------------------
Creditors of Eurasia Fruchthandels GmbH have until March 16 to
register their claims with court-appointed insolvency manager
Axel W. Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muenchen
         Infanteriestrasse 5
         80097 Muenchen
         Germany

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

The insolvency manager can be reached at:

         Axel W. Bierbach
         Schwanthalerstr. 32
         80336 Muenchen
         Germany
         Tel: 54511-0
         Fax: 54511-444

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

The Debtor can be reached at:

         Eurasia Fruchthandels GmbH
         Thalkirchner Str. 81
         81371 Muenchen
         Germany


JOHANSEN GMBH: Claims Registration Ends March 16
------------------------------------------------
Creditors of Johansen GmbH have until March 16 to register their
claims with court-appointed insolvency manager Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Johansen GmbH on Jan. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Johansen GmbH
         Attn: Giesela Johansen, Manager
         Heymannstrasse 12
         20253 Hamburg
         Germany


KAGIMA BAULEITUNGS: Claims Registration Ends February 21
--------------------------------------------------------
Creditors of KAGIMA Bauleitungs GmbH have until Feb. 21 to
register their claims with court-appointed insolvency manager
Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 10: 15 a.m. on March 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Klaus Wrede
         Lenngestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973315
         Fax: 0391/5973333
         E-mail: k.wrede@kwp-magdeburg.com  

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

The Debtor can be reached at:

         KAGIMA Bauleitungs GmbH
         Attn: Steffen Baese, Manager
         Domersleber Str. 1
         39167 Niederndodeleben
         Germany


KIM KAYRAN: Claims Registration Ends March 15
---------------------------------------------
Creditors of KIM Kayran Bau GmbH & Co. KG have until March 15 to
register their claims with court-appointed insolvency manager
Marcus Janca.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 p.m. on April 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Kiel
         Germany

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

The insolvency manager can be reached at:

         Marcus Janca
         Willestr. 3
         24103 Kiel
         Germany
         Tel: 0431/888970

The District Court of Kil opened bankruptcy proceedings against
KIM Kayran Bau GmbH & Co. KG on Jan. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KIM Kayran Bau GmbH & Co. KG
         Attn: Sultan Kayran, Manager
         Theodor-Heuss-Ring 132
         24143 Kiel
         Germany


KKT KABEL: Claims Registration Ends March 23
--------------------------------------------
Creditors of KKT Kabel- und Kunststofftechnik GmbH have until
March 23 to register their claims with court-appointed
insolvency manager Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Nikolaus Schmidt
         Magdeburger Strasse 23
         06112 Halle
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against KKT Kabel- und Kunststofftechnik GmbH on Jan. 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KKT Kabel- und Kunststofftechnik GmbH
         Carl-Reichstein-Strasse 6
         14770 Brandenburg
         Germany


KVG GMBH: Claims Registration Ends April 20
-------------------------------------------
Creditors of KVG GmbH have until April 20 to register their
claims with court-appointed insolvency manager Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Krefeld opened bankruptcy proceedings
against KVG GmbH on Jan. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KVG GmbH
         Adolf-Dembach-Str. 8
         47829 Krefeld
         Germany

         Attn: Ralph Hoefges, Manager
         Huettenallee 53b
         47800 Krefeld
         Germany


LANDESBANK BERLIN: Commerzbank & UniCredit Join EUR5-Bln Auction
----------------------------------------------------------------
Commerzbank AG and UniCredit SpA joined 17 other financial
institutions in the EUR5 billion Landesbank Berlin AG auction,
which is managed by Swiss investment bank UBS, Reuters reports.

According to published reports, the city of Berlin, the bank's
owner, must sell its 81% stake by the end of the year as part of
the conditions set by the European Commission when the city
rescued the bank following a property market collapse.

The bank also owns Berliner Sparkasse, the savings bank that
serves nearly half of all Berliners, which makes the potential
acquisition even more attractive.

According to Reuters, this is Germany's biggest bank sale since
UniCredit acquired Bavaria's HVB in 2005.

The sale is significant to the banking sector because it serves
as the golden ticket for private banks to enter the previously
protected German savings banks sector, Reuters states.

The bank's sale is also a threat to Germany's traditional three-
pillar banking structure of private, public, and co-operative
banks, the Financial Times relates.

Private banks have always maintained that protection of public
banks cramps competition in the retail market, which is
controlled by public and co-operative banks, FT says.

According to Reuters, Germany's savings banks, which are
community-based and not for profit, want to prevent private
entities from taking over savings banks like Landesbank Berlin
because they fear the repercussions of a private-led banking
industry.

The German savings banks' association, with the German
government's support, tried to block private banks from
acquiring Berliner Sparkasse.  However, Brussels issued a 2006
ruling that any buyer can buy the bank and keep its name, FT
states.

"We are of the opinion that it is best suited for the whole
German savings banks [industry] to retain a true savings bank in
Berlin," Heinrich Haasis, the association's president, was
quoted by FT as saying.

Meanwhile, other banks from the public sector, including
landesbanks WestLB and HSH Nordbank, also expressed interest in
the acquisition.  J.C. Flowers, which owns a 27% stake in HSH,
tried to buy Landesbank Berlin in 2003; however, the city
rejected its US$10 million bid, FT reveals.

Potential bidders have at least two months to prepare their
offers, after gleaning enough information about the bank, and
are expected to submit binding bids in June, Reuters reports.

Deutsche Bank is banned from taking part in the auction, after
it bought Berliner Bank in 2006, which was part of the
Landesbank Berlin group, FT adds.

Deka Bank, jointly owned by Germany's savings banks and
landesbanks, owns a 10% stake in Landesbank Berlin that is
excluded from the auction, FT reports.

                   About Landesbank Berlin AG

Headquartered in Berlin, Germany, Landesbank Berlin AG --
http://www.lbb.de/landesbank/-- is the German capital's biggest  
credit institution, holding a dominant market share of both the
retail and corporate banking market.

The company comprises the banking operations of Landesbank
Berlin Holding AG.  On a group basis, first half 2006 earnings
reached EUR121 million and total assets were reported at EUR140
billion.

On Aug. 29, 2006, Landesbank Berlin changed its name from
Bankgesselschaft Berlin AG.  It is 81% owned by the city of
Berlin.  Deka Bank owns 10% while the remaining 9% stake is
listed on the Berlin Stock Exchange.

The TCR-Europe reported on Jan. 19 that Moody's Investors
Service assigned a D+ Financial Strength Ratings for the bank.


LVG-LIEGENSCHAFTSVERWALTUNG: Claims Registration Ends March 19
--------------------------------------------------------------
Creditors of LVG-Liegenschaftsverwaltung GmbH have until
March 19 to register their claims with court-appointed
insolvency manager Jochen Eisenbeis.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on March 5, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during at 8:45 a.m. on April 2, at the same
venue.

The insolvency manager can be contacted at:

         Jochen Eisenbeis
         Kathe-Kollwitz-Str. 11
         66115 Saarbruecken
         Germany
         Tel: 0681/7097790
         Fax: 0681/70977910

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

The Debtor can be contacted at:

         LVG-Liegenschaftsverwaltung GmbH
         Attn: Anna Pascale, Manager
         Schueren 22c
         66386 St. Ingbert
         Germany


M & M BAUUNTERNEHMUNG: Claims Registration Ends March 26
--------------------------------------------------------
Creditors of M & M Bauunternehmung GmbH have until March 26 to
register their claims with court-appointed insolvency manager
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on April 25, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be contacted at:

         Dr. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

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

The Debtor can be contacted at:

         M & M Bauunternehmung GmbH
         Attn: Marian Marek Dardas, Managers
         Schiffgraben 10
         31535 Neustadt
         Germany


M2K INFORMATIONSMANAGEMENT: Claims Registration Ends March 9
------------------------------------------------------------
Creditors of m2k Informationsmanagement GmbH have March 9 to
register their claims with court-appointed insolvency manager
Dr. Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Room 087
         Station Route 24
         67655 Kaiserslautern
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz
         Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28

The District Court of Kaiserslautern opened bankruptcy
proceedings against m2k Informationsmanagement GmbH on Jan. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         m2k Informationsmanagement GmbH
         Attn: Frank Stoermer, Manager
         Europaallee 3-5
         67657 Kaiserslautern
         Germany


MODAFA BAU: Creditors Must Register Claims by March 28
------------------------------------------------------
Creditors of MODAFA Bau GmbH Modernisierung-Dach-Fassaden have
until March 28 to register their claims with court-appointed
insolvency manager Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Ulrich Wenzel
         Grossbeerenstr. 231
         14480 Potsdam
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against MODAFA Bau GmbH Modernisierung-Dach-Fassaden
on Jan. 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MODAFA Bau GmbH Modernisierung-Dach-Fassaden
         Muehlenstrasse 10
         16356 Werneuchen
         Germany


MORO VERMOEGENSVERWALTUNGSGESELLSCHAFT: Claims Due March 23
-----------------------------------------------------------
Creditors of MoRo Vermoegensverwaltungsgesellschaft mbH i.L.
have until March 23 to register their claims with court-
appointed insolvency manager Boris Bussche.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Boris Bussche
         Lueneburger Str. 43 a
         29456 Hitzacker
         Germany
         Tel: 05862/5088
         Fax: 05862/5089
         E-mail: info@kanzlei-v-d-bussche.de

The District Court of Celle opened bankruptcy proceedings
against MoRo Vermoegensverwaltungsgesellschaft mbH i.L. on
Jan. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MoRo Vermoegensverwaltungsgesellschaft mbH i.L.
         Muedener Str. 8
         29320 Hermannsburg
         Germany


MOS-BAU GMBH: Creditors Must Register Claims by February 23
-----------------------------------------------------------
Creditors of MOS-Bau GmbH have until Feb. 23 to register their
claims with court-appointed insolvency manager Hanns Poellmann.

Creditors and other interested parties are encouraged to attend
the meeting at 3:45 p.m. on March 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Hanns Poellmann
         Blankenburger Strasse 3
         07318 Saalfeld
         Germany

The District Court of Gera opened bankruptcy proceedings against
MOS-Bau GmbH on Jan. 26.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         MOS-Bau GmbH
         Attn: Kleiner Weg 8a
         07407 Uhlstadt-Kirchhasel
         Germany


NEUE TRIANGEL: Creditors Must Register Claims by February 23
------------------------------------------------------------
Creditors of Neue Triangel Verwaltungs GmbH have until Feb. 23
to register their claims with court-appointed insolvency manager
Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on March 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Kienast
         Johnsallee 7
         20148 Hamburg
         Germany
         Tel: 040/808065920
         Fax: 040/808065999

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

The Debtor can be reached at:

         Neue Triangel Verwaltungs GmbH
         Attn: Claus Hein Cohrs, Manager
         Poststr. 1
         21224 Rosengarten
         Germany


NOWEBA BAU: Creditors Must Register Claims by March 2
-----------------------------------------------------
Creditors of NOWEBA Bau- und Wirtschaftsberatungsges mbH have
until March 2 to register their claims with court-appointed
insolvency manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on March 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against NOWEBA Bau- und Wirtschaftsberatungsges mbH on Jan. 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NOWEBA Bau- und Wirtschaftsberatungsges mbH
         Attn: Klaus Schophuis, Manager
         Werningskamp 6
         48493 Wettringen
         Germany

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450


PROJEKTPLAN24 PROJEKTENTWICKLUNG: Claims Filing Ends March 9
------------------------------------------------------------
Creditors of Projektplan24 Projektentwicklung und Baubetreuung
GmbH have until March 9 to register their claims with court-
appointed insolvency manager Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn
         Germany
         Tel: 0228/98 52 10
         Fax: 0228/98 52 122

The District Court of Bonn opened bankruptcy proceedings against
Projektplan24 Projektentwicklung und Baubetreuung GmbH on
Jan. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Projektplan24 Projektentwicklung und Baubetreuung GmbH
         Servatiusweg 19-23
         53332 Bornheim
         Germany

         Attn: Manfred Bruno Bewersdorf, Manager
         Caloa Slvaja Adeje
         ESP- Santa Cruz
         Teneriffa
         Spain


REBA GMBH: Claims Registration Ends March 23
--------------------------------------------
Creditors of ReBa GmbH have until March 23 to register their
claims with court-appointed insolvency manager Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 27
         Fuerstenstrasse 21
         Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (03 75) 81 89 20
         Fax: (03 75) 818 92 14
         E-mail: widera@zwickau-net.de

The District Court of Chemnitz opened bankruptcy proceedings
against ReBa GmbH on Jan. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ReBa GmbH
         Attn: Rainer Galilaer, Manager
         Hauptstrasse 29
         08468 Reichenbach
         Germany


RIA - HOTEL: Claims Registration Ends March 15
----------------------------------------------
Creditors of Ria - Hotel-Freizeitanlagen und Energie GmbH i.L.
have until March 15 to register their claims with court-
appointed insolvency manager Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on April 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Justus Schneidewind
         Eisenhartstrasse 1
         14469 Potsdam
         Germany

The District Court of Frankfurt opened bankruptcy proceedings
against Ria - Hotel-Freizeitanlagen und Energie GmbH i.L. on
Jan. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ria - Hotel-Freizeitanlagen und Energie GmbH i.L.
         Rudolf-Breitscheid-Str. 2
         16278 Angermuende
         Germany


RICHTER GMBH: Claims Registration Ends March 23
-----------------------------------------------
Creditors of Richter GmbH Industrieller Rohrleitungsbau have
until March 23 to register their claims with court-appointed
insolvency manager Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Richter GmbH Industrieller Rohrleitungsbau
         Attn: Rolf Richter, Manager
         Sittarder Strasse 105
         52511 Geilenkirchen
         Germany


RP-KOM GMBH: Claims Registration Ends March 2
---------------------------------------------
Creditors of RP-KOM GmbH have until March 2 to register their
claims with court-appointed insolvency manager Ruediger
Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Michaelstrasse 71
         09116 Chemnitz
         Tel: (0371) 381770
         Fax: (0371) 3817730
         E-mail: chemnitz@hww-kanzlei.de

The District Court of Chemnitz opened bankruptcy proceedings
against RP-KOM GmbH on Jan. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RP-KOM GmbH
         Attn: Winfried Banse, Manager
         Kurfuerstenstrasse 79
         10787 Berlin
         Germany


SAGA SHIPPING: Creditors Meeting Slated for March 1
---------------------------------------------------
The court-appointed insolvency manager for Saga Shipping +
Logistics GmbH, Detlef-Helmut Stuermann, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:30 a.m. on March 1.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on June 14 at the same venue.

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

The insolvency manager can be reached at:

         Detlef-Helmut Stuermann
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-mail: InsolvenzBremen@schubra.de
         Web site: http://www.schubra.de/

The District Court of Bremen opened bankruptcy proceedings
against Saga Shipping + Logistics GmbH on Jan. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Saga Shipping + Logistics GmbH
         Ludwig-Erhard-Str. 8
         28197 Bremen
         Germany

         Attn: Rainer Herbert Runge, Manager
         Am Dorfrand 39
         28857 Syke
         Germany


SIRAM - SCHLOSSERSERVICE: Claims Registration Ends March 12
-----------------------------------------------------------
Creditors of SIRAM - Schlosserservice GmbH i.L. have until
March 12 to register their claims with court-appointed
insolvency manager Ulrich Weber.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Weber
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Frankfurt opened bankruptcy proceedings
against SIRAM - Schlosserservice GmbH i.L. on Jan. 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SIRAM - Schlosserservice GmbH i.L.
         Attn: Gabriele Kessler
         Mittelstr. 40
         15569 Woltersdorf
         Germany


SOLECTRON CORP: German Plant Gets ISO 13485:2003 Certification
--------------------------------------------------------------
Solectron Corp. disclosed that its plant in Herrenberg, Germany,
has received ISO 13485:2003 medical certification.  

The certification specifies requirements for a quality
management system to demonstrate the ability to provide medical
devices and related services that consistently meet customer and
regulatory requirements applicable to medical devices.  The
scale of this quality management system includes production,
assembly and repair of electronic systems and subsystems.

"This medical certification underscores our consistent
commitment to stringent quality standards," said Dr. Monika
Reintjes, General Manager Solectron Germany.  "Receiving ISO
13485 certification increases our value to our medical device
customers, expands our proven competence across the supply chain
and aligns perfectly with our medical segment growth strategy."

Solectron offers OEMs expertise in medical device manufacturing,
including prototyping and new product introduction solutions to
facilitate time-to-market and reduce cost.

"By strategically certifying sites in key regions in Asia,
Europe and North America, Solectron offers a global footprint
and infrastructure to provide close customer proximity as well
as access to low-cost supply bases and manufacturing," said
Misha Rozenberg, senior vice president and Chief Quality
Officer, Solectron.  "This certification reinforces Solectron's
comprehensive quality management system."

Headquartered in Milpitas, California, Solectron Corporation
(NYSE: SLR) -- http://www.solectron.com/-- provides a full  
range of worldwide manufacturing and integrated supply chain
services to the world's premier high-tech electronics companies.  
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.  
The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.  
It had sales from continuing operations of US$10.6 billion in
fiscal 2006.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 14,
2006, Standard & Poor's Ratings Services raised its corporate
credit and senior unsecured ratings on Milpitas, Calif -based
Solectron Corp. to 'BB-' from 'B+', and its subordinated debt
rating to 'B' from 'B-'.  S&P said the outlook is revised to
stable.

In a TCR-Europe report on Nov. 23, 2006, Moody's Investors
Service affirmed the B1 Corporate Family Rating of Solectron
Corp. and other ratings affirmed included the B3 ratings of its
US$450 million Convertible Senior Notes due 2034 and the US$150
million Senior Subordinated Notes due 2016 guaranteed by it.  


SYSORGA SYSTEM: Claims Registration Period Ends March 16
--------------------------------------------------------
Creditors of SysOrga System- & Organisationsberatungs
gesellschaft mbH have until March 16 to register their claims
with court-appointed insolvency manager Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Apr. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

  Jens-Soren Schroder
  Raboisen 38
  20095 Hamburg
  Germany

The District Court of Hamburg opened bankruptcy proceedings
against SysOrga System- & Organisationsberatungs gesellschaft
mbH on Jan. 29.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         SysOrga System & Organisationsberatungs GmbH
         Rutersbarg 48
         22529 Hamburg
         Germany

         Attn: Wilfried Borchert
         Weidenkamp 45
         25436 Uetersen
         Germany


UBRIG AUTOMOTIVE: Claims Registration Period Ends March 27
----------------------------------------------------------
Creditors of Ubrig Automotive GmbH have until March 27 to
register their claims with court-appointed insolvency manager
Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Apr. 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolfgang Schroder
         Genthiner Strasse 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Ubrig Automotive GmbH
         Strasse B 6
         Gewerbegebiet Ost
         17291 Prenzlau
         Germany


W & W GMBH: Claims Registration Period Ends Feb. 27
---------------------------------------------------
Creditors of W & W GMBH have until Feb. 27 to register their
claims with court-appointed insolvency manager Ralph Bunning.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ralph Bunning
         Domshof 18-20
         28195 Bremen
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-mail: InsOBremen@schubra.de  

The District Court of Bremen opened bankruptcy proceedings
against W & W GMBH on Jan. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         W & W GMBH
         Arberger Heerstrasse 87a
         28307 Bremen
         Germany

         Attn: Jurgen Wendt, Manager
         Niedersachsenweg 28
         27299 Langwedel
         Germany

         Attn: Jorg Wenzel, Manager
         Zur Ziese 17f
         28307 Bremen
         Germany


WEBRU BAU: Claims Registration Period Ends March 1
--------------------------------------------------
Creditors of WEBRU BAU GmbH have until March 1 to register their
claims with court-appointed insolvency manager Heinrich C.
Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Apr. 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Heinrich C. Friedhoff
         Viktoriastrasse 73-75
         52066 Aachen
         Germany
         Tel: 0241/9491932
         Fax: 0241/9491919

The District Court of Aachen opened bankruptcy proceedings
against WEBRU BAU GmbH on Jan. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WEBRU BAU GmbH
         Huettenstr. 7
         52068 Aachen
         Germany

         Attn: Willem Gerard Gorissen
         Huttenstr. 7
         52068 Aachen
         Germany


WILLHUBER HAUSGERATE: Claims Registration Period Ends March 26
--------------------------------------------------------------
Creditors of Willhuber Hausgerate GmbH have until March 26 to
register their claims with court-appointed insolvency manager
Dr. Alexander Geilert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Apr. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Alexander Geilert
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Willhuber Hausgerate GmbH on Jan. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Willhuber Hausgerate GmbH
         Wiedenbrucker Str. 18
         33397 Rietberg
         Germany

         Attn: Christopher Willhuber, Manager
         Westerwieher Str. 196
         33397 Rietberg
         Germany


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


TIM HELLAS: Weather Investments Buys Firm for EUR3.4 Billion
------------------------------------------------------------
Weather Investments, owned by Egyptian telecommunications
investor Naguib Sawiris, purchased TIM Hellas Telecommunications
S.A. for about EUR3.4 billion on Feb. 7, including debt from its
private-equity owners, Jason Singer writes for the Wall Street
Journal.

Apax Partners and Texas Pacific Group sold the company for
EUR500 million of equity plus EUR2.9 billion of net debt at the
end of 2006 to Weather Investments, WSJ states.

The two private equity firms initially decided not to sell the
company after receiving less than desired bids at an auction,
WSJ relates.

The firms have already recapitalized the business twice and
recouped its investment manifold after buying the company from
Telecom Italia SpA's mobile division in 2005, WSJ says.

TIM Hellas is Greece's third-largest mobile-phone company, with
a 21% share of its local market, lagging behind the mobile arm
of Hellenic Telecommunications Organization and the local arm of
Vodafone Group PLC of London, WSJ states.

According to the report, the owners of TIM Hellas purchased the
country's fourth-largest mobile-phone company, Q-
Telecommuncations SA, in January 2006, to give the business more
range.

Weather Investments acquired Wind Telecomunicazioni SpA, an
Italian mobile operator, in 2005 for about EUR4.8 billion from
power company Enel SpA, WSJ relates.

                        About TIM Hellas

Headquartered in Athens, Greece, TIM Hellas Telecommunications
S.A. -- http://www.tim.gr/-- was established in 1992 and was  
the first company in Greece to be granted a license for the
creation of a national mobile telephony services network (GSM).  
For the obtainment of this license TIM Hellas invested the sum
of GRD30 billion, which constituted one of the biggest
investments in Greece since the end of the Second World War.  
The company initiated its activities in the Greek market under
the brand name TELESTET on June 29, 1993, when the first call
from a mobile phone took place in Greece.

TCR-Europe reported on Jan. 17 that Fitch Ratings assigned
Hellas Telecommunications II's subordinated floating-rate notes
due 2015 final ratings of CCC+/RR6 following the receipt of
final documents.

Other debt issue ratings of TIM Hellas affiliates are affirmed:

    -- Hellas Telecommunications V senior credit facility:
       B+/RR3;

    -- Hellas Telecommunications V senior secured floating-rate
       notes due 2012: B+/RR3;

    -- Hellas Telecommunications III senior unsecured notes due
       2013: B/RR4.

On Dec. 18, 2006, TCR-Europe disclosed that Standard & Poor's
Ratings Services lowered its long-term corporate credit ratings
on Greek mobile telecommunications operator Tim Hellas
Telecommunications S.A. and related entities to 'B' from 'B+'.

At the same time, Standard & Poor's affirmed its outstanding 'B'
senior secured debt rating on related entities Hellas
Telecommunications (Luxembourg) V and lowered its debt rating on
Hellas Telecommunications (Luxembourg) III to 'CCC+' from 'B-'.

Also, Standard & Poor's assigned its preliminary 'B' debt rating
and a recovery rating of '2' to Hellas V's proposed additional
issuance of EUR100-million of senior secured notes due October
2012 and its preliminary 'CCC+' debt rating to Hellas
Telecommunications (Luxembourg) II's proposed EUR1.1-billion of
subordinated notes due January 2015 and to Hellas
Telecommunications Finance SARL's proposed EUR200-million PIK
notes due July 2015.


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


CLOROX CO: Elects Richard Carmona & Edward Mueller to Board
-----------------------------------------------------------
The Clorox Company elected Edward A. Mueller and Dr. Richard H.
Carmona, M.D., M.P.H., F.A.C.S., to its board of directors.

"I am delighted to have such outstanding individuals joining our
board," said Chairman and Chief Executive Officer Don Knauss.
"Richard Carmona's distinguished medical background and
commitment to public health will be invaluable as we continue to
build the company's health-and-wellness platform.  He will also
provide unique insight into developing products that meet the
needs of Latino consumers.

"Edward Mueller's extensive retail, executive and board
experience are a perfect fit for Clorox, and will serve us well
as we continue to develop our corporate strategy for the
company's 2013 centennial and beyond."

Mr. Carmona, 57, has been vice chairman of Canyon Ranch, a life-
enhancement company, since October 2006.  As vice chairman, he
works with Canyon Ranch's executives and integrative medicine
team on major projects including joint ventures with Cleveland
clinic, one of the country's academic medical research
institutions.  He also serves as chief executive officer of the
Canyon Ranch Health division and president of the nonprofit
Canyon Ranch Institute.  He is also the first professor of
public health at the Mel and Enid Zuckerman College of Public
Health at the University of Arizona.

Before joining Canyon Ranch, Mr. Carmona served as the 17th
Surgeon General of the United States, achieving the rank of Vice
Admiral.  Previously, he was chairman of the State of Arizona
Southern Regional Emergency Medical System; a professor of
surgery, public health, and family and community medicine at the
University of Arizona; and surgeon and deputy sheriff of the
Pima County, Arizona, Sheriff's Department.

Mr. Carmona also held positions of increasing responsibility in
the Pima County health-care system, including chief medical
officer, hospital chief executive officer, public health officer
and finally chief executive officer.  In addition, he served in
the U.S. Army and the Army's Special Forces.  A native of New
York, he holds an associate degree from Bronx Community College
of the City University of New York; bachelor's and medical
degrees from the University of California San Francisco; and a
master's degree in public health from the University of Arizona.

Mr. Mueller, 59, most recently led Williams-Sonoma Inc.  He
joined Williams-Sonoma as chief executive officer in January
2003, and served on the board of directors from 1999 until
leaving the company in July 2006.

Before joining Williams-Sonoma, Mr. Mueller served as president
and chief executive officer of Ameritech Corporation, a
subsidiary of SBC Communications, Inc.  He joined SBC in 1968,
and held numerous executive positions, including president and
chief executive officer of Southwestern Bell Telephone Company,
president and chief executive officer of Pacific Bell and
president of SBC International, Inc.

Mr. Mueller is a member of the board of directors of VeriSign,
Inc.  A native of St. Louis, he holds a bachelor's degree in
civil engineering from the University of Missouri and an
executive master's degree in business administration from
Washington University.

                          About Clorox

Headquartered in Oakland, California, The Clorox Company --
http://www.thecloroxcompany.com/-- provides household cleaning  
products and reaches beyond bleach.  Although best known for
bleach (leader worldwide), Clorox makes laundry and cleaning
items (Formula 409, Pine-Sol, Tilex), cat litter (Fresh Step),
car care products (Armor All, STP), the Brita water-filtration
system (in North America), and charcoal briquettes (Kingsford).

The company has locations worldwide, including the Philippines,
South Korea, Hungary, Russia and the United Kingdom.

At Sept. 30, 2006, the company's balance sheet showed
US$3,539,000,000 in total assets and US$3,594,000,000 in total
liabilities resulting in a US$55,000,000 in stockholders'
deficit.  At Sept. 30, 2005, the company disclosed a
US$156,000,000 stockholders' deficit.


CLOROX CO: Dec. 31 Balance Sheet Upside-Down by US$33 Million
-------------------------------------------------------------
The Clorox Company reported US$3,624,000,000 in total assets,
US$3,657,000,000 in total liabilities, and US$33,000,000 in
total stockholders' deficit at Dec. 31, 2006.

The company's balance sheet at Dec. 31, 2006, showed strained
liquidity with US$979,000,000 in total current assets available
to pay US$1,519,000,000 billion in total current liabilities.
              
The Clorox Company reported net income of US$96,000,000 on
US$1,101,000,000 of net sales for the second quarter ended
Dec. 31, 2006, compared with US$83,000,000 of net income on
US$1,064,000,000 billion of net sales for the same period in
2005.  Net income included a tax benefit of US$5,000,000 related
to the sale of the company's residual assets in a Brazilian
subsidiary.  Clorox discontinued its operations in Brazil in
fiscal year 2003.

The 3% increase in sales was primarily due to price increases
taken in early calendar year 2006.  Volume actually declined 1%.  
Shipments of Glad trash bags and some laundry and home-care
products were also impacted by aggressive competitive activity.  

"I'm pleased with our second-quarter results," said Chairman and
CEO Don Knauss.  "We drove strong sales growth in two of our
three business segments, grew gross margin and delivered EPS
results above our outlook range for the quarter.

"Importantly, we remain committed to achieving our financial
targets for the full fiscal year, and work is under way to
refresh our corporate strategy as we set sights on the company's
2013 centennial.  I look forward to sharing our plans this
spring for continuing to drive the long-term growth and value of
the company."

                  Net Cash Provided by Operations

Net cash provided by operations in the second quarter was
US$122,000,000, compared to US$142,000,000 in the year-ago
quarter. The year-over-year decrease was primarily due to the
timing of tax payments and cash provided by discontinued
operations in the year-ago quarter.

During the quarter, Clorox repurchased about 1.1 million shares
of the company's common stock at a cost of about US$69,000,000,
under its ongoing program to offset stock option dilution.

A full-text copy of the company's financial report on Form 10-Q
is available for free at http://ResearchArchives.com/t/s?198e

                          About Clorox

Headquartered in Oakland, California, The Clorox Company --
http://www.thecloroxcompany.com/-- provides household cleaning  
products and reaches beyond bleach.  Although best known for
bleach (leader worldwide), Clorox makes laundry and cleaning
items (Formula 409, Pine-Sol, Tilex), cat litter (Fresh Step),
car care products (Armor All, STP), the Brita water-filtration
system (in North America), and charcoal briquettes (Kingsford).

The company has locations worldwide, including the Philippines,
South Korea, Hungary, Russia and the United Kingdom.

At Sept. 30, 2006, the company's balance sheet showed
US$3,539,000,000 in total assets and US$3,594,000,000 in total
liabilities resulting in a US$55,000,000 in stockholders'
deficit.  At Sept. 30, 2005, the company disclosed a
US$156,000,000 stockholders' deficit.


=============
I C E L A N D
=============


STRAUMUR-BURDARAS: Plans to Double Assets to EUR8.4-Bln by 2010
---------------------------------------------------------------
Straumur-Burdaras Investment Bank hf CEO Fridrik Johannsson said
that the bank intends to double its assets by 2010, in part
through acquisitions in the U.K. and Northern Europe, Bloomberg
News reports.

"We target having a balance sheet of EUR8.4 billion in the next
three years, in other words, roughly doubling the size of our
balance sheet" by 2010, Mr. Johannsson was quoted by Bloomberg
as saying.

At the end of 2006, the company had EUR4.6 billion of assets.  
It now plans to increase its customer base to three times its
present size by the end of 2009, Bloomberg News states.

The bank's expansion outside Iceland increased profit more than
50-fold between 2002 and 2006, Bloomberg News relates.

"We've already secured funds, namely EUR1 billion, for
considerable growth in 2007," Mr. Johannsson added.  "We also
plan to get more funding this year.  It's our aim to grow fast."

                        About the Company

Headquarters in Reykjavik, Iceland, Straumur-Burdaras Investment
Bank hf -- http://www.straumur.net/-- is Iceland's fourth-
biggest lender, created by the merger of Straumur and Burdaras,
which was announced in August 2005.

The TCR-Europe reported on Dec. 6, 2006, that Fitch Ratings
affirmed the bank's ratings at Issue Default BBB-, Short-term
F3, Individual C/D, and Support 3.


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


CELESTICA INC: Restructuring Scheme Cuts 2,000 Jobs in Mexico
-------------------------------------------------------------
Celestica Inc. has reduced output of complex components in its
four factories in Monterrey, Mexico, as part of its
restructuring scheme to cut back on losses.

As widely reported, Celestica's Mexican plants were losing
millions of dollars every month due to inventory and execution
difficulties.  The losses in Mexico greatly affected the
electronics manufacturer's fourth quarter results.  It reported
fourth quarter losses of about US$60.8 million.

As a result of production cuts, 2,000 workers were dismissed
from their jobs.  Lisa Muenkel, Celestica Americas division
spokesperson, told Business Americas that the displaced workers
were all contractual.  On a positive note, Ms. Muenkel added
that they would soon be recalled because Celestica has recently
won a "major customer, which continues to have confidence in the
Monterrey facility."

The Mexican plants manufacture flat screen televisions, mobile
phone parts, and X-Box systems.

The company appointed Guy Delisle to lead turn around
Celestica's operations in Mexico.  He's been with the
electronics manufacturing services industry for more than 20
years.

"I'm pleased to welcome Guy to the Celestica team," Craig
Muhlhauser, Celestica's president and chief executive officer,
said in reports.  "I'm confident that his skills and industry
experience will drive greater operational efficiencies in Mexico
and help to return the site to profitability."

Headquartered in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- is a world leader  
in the delivery of innovative electronics manufacturing
services.  Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others, providing a broad range of integrated
services and solutions to original equipment manufacturers.  
Celestica's expertise in quality, technology and supply chain
management, enables the company to provide competitive advantage
to its customers by improving time-to-market, scalability and
manufacturing efficiency.  

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
Fitch Ratings has changed its Ratings Outlook for Celestica Inc.
to Negative from Stable and affirmed the following ratings:

   -- Issuer default rating at 'BB-'
   -- Unsecured credit facility at 'BB-'
   -- Senior subordinated debt at 'B+'

Fitch's action affects approximately US$750 million of debt.

In addition, Standard & Poor's Ratings Services placed its
ratings, including its 'BB-' long-term corporate credit rating,
on Celestica Inc. on CreditWatch with negative implications.

This action follows the company's weak fourth-quarter operating
results, which reflected larger-than-expected weakness in end-
market demand, particularly with respect to key
telecommunications clients and persistent problems at the
company's Mexican operations.


CELESTICA INC: Moody's May Downgrade Ratings After Review
---------------------------------------------------------
Moody's Investors Service has placed the ratings of Celestica
Inc. under review for possible downgrade.  

This is based on the poor performance and operational issues
earlier disclosed as part of company's fourth quarter earnings
release and Moody's concerns regarding the company's ability to
rectify its operational issues in a timely manner to minimize
customer attrition and its impact on Celestica's revenue,
profitability, and cash flow.

Celestica said that while revenue for the fourth quarter was
generally in line with expectations, it is faced with
significant operational issues at its Mexican facilities, a
core piece of the company's cost re-alignment strategy.  
Execution challenges which included sub par ERP systems
capability resulted in a us US$30 million inventory write off at
the Mexico site, and became a reason for "customer
disengagement."  

Celestica also announced that its revenue guidance for first
quarter 2007 will be negatively impacted mainly by seasonality
and partly by these customer disengagements as well.  The
company will also incur an additional US$60 to US$80 million in
restructuring charges.

As part of the review, Moody's will focus on management's plans
to turnaround its operations and improve execution -- a key
competitive differentiation in the EMS industry.  Moody's will
also examine prospects for improvements in Celestica's revenue,
profitability, free cash flow generation given the uncertainty
provided by the company's operational mishaps.  Furthermore,
Moody's will also review management's business and financial
strategies given the recent changes in the company's key
management -- the latest being the resignation of Celestica CFO,
announced as part of the earnings call yesterday.

These ratings are placed under review for possible downgrade:

  (1) Corporate family rating at Ba3;

  (2) Probability of default rating at Ba3;

  (3) US$500 million 7.875% Senior Subordinated Notes due
      2011 at B2 LGD5, 87%; and

  (4) US$250 million 7.5% Senior Subordinated Notes due
      2013 at B2, LGD5, 87%;

Speculative grade liquidity rating SGL -- 1.


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


PARMALAT SPA: Debt-to-Equity Swap Hikes Capital by EUR186,770
-------------------------------------------------------------
Following the allocation of shares to creditors of the
Parmalat Group, the subscribed and fully paid up share capital
of Parmalat S.p.A. has been increased by EUR186,770 to
EUR1,641,714,226 from EUR1,641,527,456.  The share capital
increase is due to the conversion of warrants for 186,770
shares.

The latest status of the share allotment is that 47,673,685
shares representing around 2.9% of the share capital are still
in a deposit account c/o Parmalat S.p.A., of which:

   -- 16,124,843 or 1.0% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli, compared with
      16,852,397 shares as at Dec. 21, 2006);    

   -- 31,548,842 or 1.9% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

         -- 120,000 shares representing the initial share
            capital of Parmalat S.p.A.;  

         -- 31,428,842  or  1.9%  of  the  share  capital  that  
            pertain  to  currently  undisclosed creditors,
            compared with 32,547,753 shares as at Dec. 21, 2006.

                         About Parmalat

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

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

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

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

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

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


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


3D CONSTRUCTION: Claims Filing Period Ends March 16
---------------------------------------------------
LLP Silk City 3D Construction has declared insolvency.  
Creditors have until March 16 to submit written proofs of claim
to:

         LLP Silk City 3D Construction
         Promyshlennaya Zona 040800
         Kapshagay
         Almaty
         Kazakhstan
         Tel: 8 (32772) 2-52-62
              8 (32772) 2-31-51


ALTAIR LLP: Creditors Must File Claims by March 16
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Altair insolvent.

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

         LLP Altair
         Mayakovsky Str. 123-22
         Kostanai
         Kazakhstan


ERAN LLP: Creditors' Claims Due March 16
----------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Eran insolvent on Dec. 11, 2006.

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

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


INTERCOMSERVICE LLP: Proof of Claim Deadline Slated for March 16
----------------------------------------------------------------
LLP Intercomservice has declared insolvency.  Creditors have
until March 16 to submit written proofs of claim to:

         LLP Intercomservice
         Abylay-Han ave. 20-60
         Kokshetau
         Akmola
         Kazakhstan


IVIKON-MUNAY-SERVICE LLP: Claims Registration Ends March 23
-----------------------------------------------------------
LLP Ivikon-Munay-Service has declared insolvency.  Creditors
have until March 23 to submit written proofs of claim to:

         LLP Ivikon-Munay-Service
         Radlov Str. 146
         Almaty
         Kazakhstan


KOKSHETAU INDUSTRY: Claims Filing Period Ends March 16
------------------------------------------------------
LLP Kokshetau Industry has declared insolvency. Creditors have
until March 16 to submit written proofs of claim to:

         LLP Kokshetau Industry
         Sayin Str. 32/17
         Kokshetau
         Akmola
         Kazakhstan


SEMSER OJSC: Court Begins Bankruptcy Proceedings
------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has begun bankruptcy proceeding against OJSC Semser on
Dec. 15, 2006.


TAZA SEUR: Creditors' Claims Due March 16
-----------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Taza Seur insolvent.

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

         LLP Taza Seur
         Mayakovsky Str. 123-22
         Kostanai
         Kazakhstan


TRISTAN OIL: Fitch Rates B+ IDR on Insufficient Collateral
----------------------------------------------------------
Fitch Ratings assigned BVI-based oil and gas producer Tristan
Oil Ltd's US$300m notes maturing 2012 a senior unsecured rating
of 'B+', a Recovery rating of 'RR4' and an Issuer Default rating
of 'B+' with Stable Outlook.  

Although the company classifies the notes as senior secured,
Fitch views the collateral in place as being insufficient to
meet creditor claims and has therefore assigned a senior
unsecured rating.

Tristan is a small upstream crude oil and natural gas
exploration and production group operating in the Pre Caspian
Basin in Kazakhstan.  It therefore has a business profile that
is limited not only by its scale, but also by its vulnerability
to volatile crude oil prices.

Its reserve base and production profile are dominated by natural
gas, which is a regulated market in Kazakhstan, and therefore
has limited profit potential for the group.  While crude oil
figures less prominently in the group's asset mix, it generates
more than 88% of its revenues.  

Tristan is challenged by the scale of its operations, in as much
as the group will likely struggle to replace reserves onshore in
Kazakhstan.  Recent legislative changes seem to favour the
state-run KMG EP in this respect, giving the company the right
of first refusal on all onshore oil resources.

Tristan is looking to grow its business organically, and is in
the process of constructing both a gas and condensate processing
facility and a new liquid petroleum gas plant.  Management hopes
that the new LPG plant will help to expand the market for the
group's natural gas resources by allowing them to be transported
by means other than pipeline.

Tristan's financial policy can be categorized as moderately
agressive.  While its recent issuance of US$300 million in
senior notes maturing 2012 has slightly increased the group's
leverage, they come at a time when it has doubled its EBITDA and
funds from operations in just two years.  Management does not
anticipate any additional borrowing to fund its capital
expenditure program.

Tristan's financial profile could come under pressure, however,
if oil prices were to decline even marginally, and remain there.  
As the group is purely an upstream operator, its revenue sources
remain more vulnerable to market volatility than integrated
players.  As such, downward earnings pressure could result in a
weakening of Tristan's interest coverage and leverage ratios as
Fitch does not expect its debt to decline materially until the
notes mature in 2012.

The Stable Outlook foresees a balanced operating environment for
Tristan coupled with an accommodative regulatory and licensing
regime.  Crude oil production rates are expected to grow from
the current 31,000 bpd on average for the next two years while
Tristan enjoys contractual commitments to supply crude to both
domestic and foreign markets with access to transportation
infrastructure.  A relatively high crude oil price environment
is also expected in the short- to medium-term; however, any
sudden or prolonged downturn in crude oil prices would severely
affect the group's operating and financial profiles.


UMIT CJSC: Proof of Claim Deadline Slated for March 23
------------------------------------------------------
CJSC Lengerskaya Plant Umit has declared insolvency. Creditors
have until March 23 to submit written proofs of claim to:

         CJSC Lengerskaya Plant Umit
         Gagarin Str. 91/2
         Lenger
         South Kazakhstan Region
         Kazakhstan


USHTOBINSKY LLP: Claims Registration Ends March 16
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Ushtobinsky insolvent on Dec. 22, 2006

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

         LLP Ushtobinsky
         Jangusurov Str. 1
         Eskeldy
         Karatalsky District
         Almaty
         Kazakhstan
         Tel: 8 (234) 2-24-08


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


GELIOS-EAST VOSTOK: Claims Filing Period Ends March 23
------------------------------------------------------
LLP Gelios-East Vostok has declared insolvency.  Creditors have
until March 23 to submit written proofs of claim.

Inquiries can be addressed to (+996 3132) 4-08-77.


===============
P O R T U G A L
===============


WOLVERINE TUBE: Preferred Stocks' Sale Cues S&P's Positive Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications to positive from negative for all of its ratings on
Wolverine Tube Inc., including its 'CC' corporate credit rating.
The ratings had first been placed on CreditWatch on Nov. 1,
2006.

The action comes after Wolverine's US$50 million preferred stock
purchase agreement with The Alpine Group and Plainfield Special
Situations Master Fund Ltd.

As part of the transaction, Wolverine plans to raise a minimum
of US$25 million in additional cash through a rights offering to
existing shareholders, with Alpine and Plainfield agreeing to
ensure a minimum total cash infusion of US$75 million.  Through
the purchase agreement, Plainfield and Alpine have an option to
bring their collective ownership to 55% on a fully diluted
basis, after the preferred stock purchase and rights offering,
this could yield as much as US$135 million in combined proceeds
to Wolverine from all planned transactions.

The purchase agreement also includes plans to conduct a
registered exchange offer and solicitation of consent for the
Huntsville, Alabama-based company's existing 7.375% senior notes
due 2008.

In the solicitation of consent, Wolverine seeks to remove
substantially all of the covenants from the 7.375% senior notes.
In the exchange offer, Wolverine will offer to exchange
the notes on par for new notes similar to its existing 10.5%
senior notes due 2009 and with the same maturity but with less
restrictive covenants.

"We do not deem the exchange offer and new maturity date as an
event of default or a distressed transaction," said Standard &
Poor's credit analyst Lisa Tilis, "because the note holders were
offered an increase in their interest rate by 3% and, with the
additional liquidity and new ownership, Wolverine should be able
to continue meeting its financial obligations in the near term.  
Furthermore, we view the extension of the maturity as a
reflection of the company's reorganization strategy rather than
as a result of refinancing risk."

In resolving the CreditWatch, Standard & Poor's plans to meet
with management to discuss its plans for the business.

Wolverine Tube, Inc. -- http://www.wlv.com/-- supplies copper  
and copper alloy tube, fabricated products and metal joining
products.  The company has locations in China, Mexico and
Portugal.


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


ASBESTOVSKIY FACTORY: Names T. Ivanova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed Ms. T. Ivanova as
Insolvency Manager for OJSC Asbestovskiy Factory of Metal
Constructions.  She can be reached at:

         T. Ivanova
         Post User Box 366
         620014 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-14298/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Asbestovskiy Factory of Metal Constructions
         Post User Box 129
         Asbest
         624260 Sverdlovsk
         Russia


IZHEVSKIY BAKERY 2: Creditors Must File Claims by March 20
----------------------------------------------------------
Creditors of OJSC Izhevskiy Bakery 2 (TIN 1835016676) have until
March 20 to submit written proofs of claim to:

         A. Peskov, Insolvency Manager
         Ordzhonikidze Str. 4a
         Izhevsk
         426063 Udmurtiya
         Russia
         Tel: (3412) 63-73-27

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-000762/2005-G21.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Izhevskiy Bakery 2
         Ordzhonikidze Str.1
         Izhevsk
         426063 Udmurtiya
         Russia


KLYUCHIKI LLC: Creditors Must File Claims by February 20
--------------------------------------------------------
Creditors of LLC Diary Complex Klyuchiki (TIN 6619006048) have
until Feb. 20 to submit written proofs of claim to:

         M. Glavina, Temporary Insolvency Manager
         Post User Box 215
         620072 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A 60-34314/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         LLC Diary Complex Klyuchiki
         Mira Str. 1
         Klyuchiki
         Krasnoufimskiy
         623309 Sverdlovsk
         Russia


MAGADANSKIY LIQUEUR-VODKA: Claims Filing Period Ends February 20
----------------------------------------------------------------
Creditors of OJSC Magadanskiy Liqueur-Vodka Distillery (TIN
4909070404) have until Feb. 20 to submit written proofs of claim
to:

         A. Shenin, Temporary Insolvency Manager
         Office 306
         Volochaevskaya Str. 181-B
         680038 Khabarovsk
         Russia

The Arbitration Court of Magadan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-2549/06-13B.

The Debtor can be reached at:

         OJSC Magadanskiy Liqueur-Vodka Distillery
         Dzerzhinskogo Str. 2
         685000 Magadan
         Russia


MED-VITA LLC: Court Names Sh. Fazailov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. Sh. Fazailov as
Insolvency Manager for LLC Insurance Company Med-Vita.  He can
be reached at:

         Sh. Fazailov
         Mira Pr. 101V
         129085 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-27167/06-86-391B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Insurance Company Med-Vita
         Aviamotornaya Str. 49/1
         115142 Moscow
         Russia


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

         N. Levandovskaya, Insolvency Manager
         Post User Box 0674
         170100 Tver
         Russia

The Arbitration Court of Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A44-2577/2006-15.

The Court is located at:

         The Arbitration Court of Novgorod
         Mikhaylova Str. 25
         Velikiy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Mega
         Grigorovskoye Shosse, 34
         Velikiy Novgorod
         Russia


MEGAFON OAO: Fitch Raises IDR to BB+ with Stable Outlook
--------------------------------------------------------
Fitch Ratings upgraded OAO MegaFon's Issuer Default and senior
unsecured ratings to 'BB+' from 'BB'.  The Outlook on the Issuer
Default rating remains Stable.  

The other ratings are affirmed at Short-term 'B' and National
Long-term 'AA'.  MegaFon S.A.'s US$375 million eurobond maturing
in December 2009, which is guaranteed by Megafon, is upgraded to
'BB+' from 'BB'.

"The upgrade reflects Megafon's achievement of positive free
cash flow generation by end-2006, improvements in financial
performance and debt composition and strengthening market
position," says Nikolai Lukashevich, Director with Fitch's TMT
team.

The ratings take into account MegaFon's position as an
established mobile operator in Russia.  Although the company's
subscriber market share improved only modestly to 19% in third
quarter of 2006 from 18% at end-2004 its revenue market share of
the 'Big Three' domestic operators strengthened to around 29% in
third quarter of 2006 from 21% in first quarter of 2004.  
Revenue growth was strong at 55% for nine months 2006 and 61% in
2005 on the back of Russia's rapidly increasing mobile
penetration.  Megafon's EBITDA margin rose sharply to 50.5% in
9M06 from 46.4% in 9M05.  With the country's penetration having
surpassed the 100% benchmark, Fitch expects that long-term
greenfield growth opportunities to be limited.  However, Fitch
believes that as the third-largest operator by subscribers,
Megafon is best positioned to grow its market share at the
expense of its competitors.  Generally, Megafon's regional
market shares increase in territories where they are weak, and
decline in areas where they are strong, so there is a tendency
for each of the operators to grab an equal share of the market.  
The company's tight cost control should help to preserve margins
in future.  However, Megafon faces strong competition from small
regional operators in some of its key territories, which
increases the likelihood of price undercutting.

MegaFon reports the highest ARPU of the 'Big Three' Russian
operators, a result of its focus on 'value-for-money' marketing
concept and conservative definition of active subscribers.  
Fitch believes that the company is likely to find it difficult
to maintain a strong ARPU premium against its peers given the
keen competition.  Its recent focus on narrowing the average
price per minute gap with its competitors may hamper its efforts
to increase subscriber and revenue market shares.

In 2006 MegaFon caught up considerably with its domestic peers
in network coverage and capacity, which should reduce its
capital expenditure needs.  Although capital expenditure is
projected to decline only moderately in absolute terms, as a
percentage of revenues and earnings it dropped sharply in 2006.  
Capital expenditure will continue to decline, improving the
company's free cash flow generation.

Leverage is low in absolute terms; net debt/EBITDA was estimated
0.8x at end of third quarter of 2006 on an LTM basis, and is
expected to further decline in 2007 on the back of improving
EBITDA and cash flow generation and declining debt.  In 2006
Megafon improved its debt structure; it paid out its hybrid C-
loan, refinanced the most expensive debt instruments and
extinguished all secured obligations.

MegaFon's major shareholders continue to be in dispute over a
blocking 25.1% equity stake in the company.  So far this has not
precluded the board from taking strategic decisions and has not
led to operating disruptions.  Fitch believes that disputing
shareholders are unlikely to take actions that could destroy
their value in the company. However, should they decide to do
so, it may block the company's operations and invite more
litigation. Fitch believes that Megafon is likely to resume
dividend payments soon, which should not damage the company's
credit profile unless they are excessive.


MIKHAYLOVSKIY LIME: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on LLC Mikhaylovskiy Lime Pit.  The case
is docketed under Case No. A 60-34994/2006-S11.

The Temporary Insolvency Manager is:

         V. Permikin
         Post User Box 748
         620063 Ekaterinburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Mikhaylovskiy Lime Pit
         Building A
         Izvestkovaya Str. 1
         Mikhaylovsk
         Nizhneserginskiy
         623080 Sverdlovsk
         Russia


NOVO-MEDVENSKOYE CJSC: Asset Sale Slated for February 20
--------------------------------------------------------
LLC Auction Centre Region, the bidding organizer for CJSC Novo-
Medvenskoye, will open a public auction for the company's
properties at 1:00 p.m. on Feb. 20 at:

         LLC Auction Centre Region
         Office 609
         Ryazanskaya Str. 1
         Tula
         Russia

The company has set a RUR2,111,999 starting price for the
auctioned assets.

Interested participants have until Feb. 13 to deposit an amount
equivalent to 10% of the starting price to:

         LLC Auction Centre Region  
         Settlement Account 40702810705000000276
         Correspondent Account 3010181070000000746
         BIK 047003746
         FACB Rossiyskiy Capital
         Tulskiy
         Tula
         Ukraine

Bidding documents must be submitted to:

         LLC Auction Centre Region
         Office 609
         Ryazanskaya Str. 1
         Tula
         Russia
         Tel: (0872) 3340-43

The Debtor can be reached at:

         CJSC Novo-Medvenskoye
         Medvenskoye
         Leninskiy
         Tula
         Russia


ROSNEFT OIL: Eyes US$24.5 Billion Loan to Fund Yukos Asset Bid
--------------------------------------------------------------
OAO Rosneft Oil Co. has mandated eight banks to organize a
US$24.5-billion loan to finance its acquisition of the assets of
OAO Yukos Oil, Reuters reports citing banking sources.

The banks include ABN AMRO, Barclays, BNP Paribas, Citigroup,
Calyon, Goldman Sachs, JP Morgan and Morgan Stanley.  The banks
will commit around US$3 billion each to the financing package,
which would pay a margin of 30 to 50 basis points over LIBOR.

"This is a huge financing deal and we don't know how the company
will decide to break it down to different instruments," a
banking source was cited by Reuters as saying.  "There will be
sell-downs of different types in the bridge financing," said
one.

Reuters suggests the financing package would include a five-year
bridging loan and a 5-10 year Eurobond.

Rosneft, however, is yet to finalize the terms of the financing
package, Reuters relays.  The company's board was to meet at the
end of January to approve the loan.

The company is eyeing to acquire the rest of Yukos' bankruptcy
assets, which would be placed in an auction as early as this
month, following a valuation of the bankrupt's properties.  
Rosneft already owns Yuganskneftegaz, Yukos' former main
production unit.

In a TCR-Europe report on Jan. 24, experts estimate Yukos'
assets at more than US$22 billion.  

Nikolai Lashkevich, chief spokesman for Eduard Rebgun, Yukos'
bankruptcy receiver, said the consortium of five appraisers had
valued 180 of 193 Yukos enterprises.  Six of Yukos's domestic
affiliates still need to submit necessary information for the
appraisal, while four foreign affiliates refused to submit the
required data.

According to a TCR-Europe report on Oct. 26, 2006, Yevgeny
Neiman, general director of Roseco, one of the five valuers in
the consortium, said Yukos's assets may be sold at a discount
after appraisers complete the valuation of the company's
properties.

"The discount on the liquidation price will depend on which
asset we are valuing.  The discount could be 10 percent or it
could be 90 percent," he said.

Rosneft is one of Yukos' main creditors, along with Federal Tax
Service, and two Yukos production units -- Samaraneftegaz
and Tomskneft.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is    
an open joint stock company existing under the laws of the
Russian Federation.  Yukos is involved in energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.  
06-0775), in an attempt to halt the sale of Yukos' 53.7%  
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum     
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian
OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from
CreditWatch, where it had been placed with positive implications
on Nov. 15, 2006.  S&P said the outlook is developing.

As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed
OJSC Rosneft Oil's foreign and local currency Issuer Default
ratings of BB+ on Rating Watch Positive following the company's
announcement of strong financial results for the first nine
months of 2006.


SAKHA-DIAM CJSC: Creditors Must File Claims by February 20
----------------------------------------------------------
Creditors of CJSC Sakha-Diam have until Feb. 20 to submit
written proofs of claim to:

         S. Fedorov, Temporary Insolvency Manager
         Post User Box 515
         Central Post Office
         Yakutsk
         677000 Sakha-Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A58-7844/2006.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         CJSC Sakha-Diam
         4th km 31
         Sergelyakhskoye Shosse
         Yakutsk
         Sakha-Yakutiya
         Russia


SERGIEVY GORKI: Creditors Must File Claims by March 20
------------------------------------------------------
Creditors of LLC Flax Manufacture Sergievy Gorki have until
March 20 to submit written proofs of claim to:

         R. Morgunov, Insolvency Manager
         Post User Box 79
         600000 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-6868/2006-K1-432B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         LLC Flax Manufacture Sergievy Gorki
         Vyaznikovskiy
         Vladimir
         Russia


SEV-WOOD-STROY-INVEST: Creditors Must File Claims by March 20
-------------------------------------------------------------
Creditors of CJSC Corporation Sev-Wood-Stroy-Invest (TIN
3828005081) have until March 20 to submit written proofs of
claim to:

         A. Vysokikh, Insolvency Manager
         Office 307
         Proletarskaya Str. 1A
         Ust-Kut
         666780 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-16666/06-37.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Novosilskiy Diary
         Magistralny
         Kazachinsko-Lenskiy
         666520 Irkutsk
         Russia


SITRONICS JSC: Sets Offering Price at US$0.24 Per Share
-------------------------------------------------------
JSC Sitronics has set the price of its offering, of ordinary
shares and Global Depositary Receipts representing interests in
its shares.

Sitronics intends to list its GDRs on the London Stock Exchange.
The ordinary shares are listed on the RTS Stock Exchange and the
Moscow Stock Exchange.  The Offering is subject to receipt of
all necessary regulatory approvals by the U.K. Financial
Services Authority.

                      Details of the Offering

The price for the Offering has been set at US$0.24 per Share and
US$12 per Global Depositary Receipt, with each GDR representing
an interest in 50 ordinary shares.

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

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

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

Sitronics' GDRs will trade on the London Stock Exchange under
the ticker symbol "SITR."  Sitronics' shares are listed on the
Moscow Stock Exchange and RTS under the ticker symbol "SITR."

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

Alexander Goncharuk, chairman of Sitronics' Board of Directors,
said, "We are delighted with the level of interest in the
offering from a broad range of investors in Russia, Europe and
the United States.  We are now looking forward to the next stage
of SITRONICS' strategic development".

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

                         About Sitronics

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

                          *     *     *

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


SUDZHANSKOYE CJSC: Creditors Must File Claims by March 20
---------------------------------------------------------
Creditors of CJSC Sudzhanskoye have until March 20 to submit
written proofs of claim to:

         E. Tsapordey, Insolvency Manager
         Post User Box 8
         Kosmonavtov Str. 10
         394038 Voronezh
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A 35-8551/06 g.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sudzhanskoye
         1st Maya Str. 6
         Sudzha, Kursk
         Russia


UFIMSKIY FACTORY: Creditors Must File Claims by March 20
--------------------------------------------------------
Creditors of OJSC Ufimskiy Factory of Building Materials (TIN
0275018274) have until March 20 to submit written proofs of
claim to:

         V. Osipov, Insolvency Manager
         Post User Box 114
         420087 Kazan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-39422/05-G-PAV.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ufimskiy Factory of Building Materials
         Silikatnaya Str. 3
         Ufa
         450019 Bashkortostan
         Russia


VOLGA-SERVICE CJSC: Creditors Must File Claims by February 20
-------------------------------------------------------------
Creditors of CJSC Volga-Service have until Feb. 20 to submit
written proofs of claim to:

         V. Perepelkin, Temporary Insolvency Manager
         Zavodskaya Str. 11
         Ufa
         450097 Bashkortostan
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
supervision procedure the company.  The case is docketed under
Case No. A43-33950/2006, 24-587.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Volga-Service
         Ostrovskogo Str. 24
         Bor
         606440 Nizhniy Novgorod
         Russia


YUKOS OIL: Rosneft Eyes US$24.5 Billion Loan to Fund Asset Bid
--------------------------------------------------------------
OAO Rosneft Oil Co. has mandated eight banks to organize a
US$24.5-billion loan to finance its acquisition of the assets of
OAO Yukos Oil, Reuters reports citing banking sources.

The banks include ABN AMRO, Barclays, BNP Paribas, Citigroup,
Calyon, Goldman Sachs, JP Morgan and Morgan Stanley.  The banks
will commit around US$3 billion each to the financing package,
which would pay a margin of 30 to 50 basis points over LIBOR.

"This is a huge financing deal and we don't know how the company
will decide to break it down to different instruments," a
banking source was cited by Reuters as saying.  "There will be
sell-downs of different types in the bridge financing," said
one.

Reuters suggests the financing package would include a five-year
bridging loan and a 5-10 year Eurobond.

Rosneft, however, is yet to finalize the terms of the financing
package, Reuters relays.  The company's board was to meet at the
end of January to approve the loan.

The company is eyeing to acquire the rest of Yukos' bankruptcy
assets, which would be placed in an auction as early as this
month, following a valuation of the bankrupt's properties.  
Rosneft already owns Yuganskneftegaz, Yukos' former main
production unit.

In a TCR-Europe report on Jan. 24, experts estimate Yukos'
assets at more than US$22 billion.  

Nikolai Lashkevich, chief spokesman for Eduard Rebgun, Yukos'
bankruptcy receiver, said the consortium of five appraisers had
valued 180 of 193 Yukos enterprises.  Six of Yukos's domestic
affiliates still need to submit necessary information for the
appraisal, while four foreign affiliates refused to submit the
required data.

According to a TCR-Europe report on Oct. 26, 2006, Yevgeny
Neiman, general director of Roseco, one of the five valuers in
the consortium, said Yukos's assets may be sold at a discount
after appraisers complete the valuation of the company's
properties.

"The discount on the liquidation price will depend on which
asset we are valuing.  The discount could be 10 percent or it
could be 90 percent," he said.

Rosneft is one of Yukos' main creditors, along with Federal Tax
Service, and two Yukos production units -- Samaraneftegaz
and Tomskneft.

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum     
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is    
an open joint stock company existing under the laws of the
Russian Federation.  Yukos is involved in energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.  
06-0775), in an attempt to halt the sale of Yukos' 53.7%  
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


ZOLOTUKHINSKIY MEAT: Creditors Must File Claims by March 20
-----------------------------------------------------------
Creditors of OJSC Zolotukhinskiy Meat Combine have until
March 20 to submit written proofs of claim to:

         E. Tsapordey, Insolvency Manager
         Post User Box 8
         Kosmonavtov Str. 10
         394038 Voronezh
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-8297/06 g.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zolotukhinskiy Meat Combine
         Zheleznodorozhnaya Str. 26
         Zolotukhino, Kursk
         Russia


* Howard Seife Joins Int'l. Insolvency Institute as Member
----------------------------------------------------------
Chadbourne & Parke LLP partner Howard Seife was elected a member
of the International Insolvency Institute, a non-profit,
limited-membership organization of leading insolvency
professionals, judges and academics dedicated to promoting
efficient insolvency systems and procedures.

Based in New York, Mr. Seife chairs Chadbourne's global
bankruptcy and financial restructuring practice.  In the first
major test of cross-border insolvency under new Chapter 15 of
the U.S. Bankruptcy Code, Mr. Seife commenced a case in New York
on behalf of the Russian interim receiver for Yukos Oil.

Mr. Seife's role as a leader in the innovative use of ancillary
bankruptcy proceedings was recently recognized by The Deal's
Bankruptcy Insider, describing him as "the top-ranked U.S.
lawyer to foreign debtors."  

Mr. Seife has written extensively on international insolvency
issues, including as author and co-editor of Cross-Frontier
Insolvency of Insurance Companies, published by Sweet & Maxwell.

The International Insolvency Institute's primary objectives
include improving international co-operation in the insolvency
area and achieving greater co-ordination among nations in
multinational business reorganizations and restructurings.  The
Institute's membership is drawn from the most senior and
respected insolvency practitioners, judges and academics in the
world and it has valuable liaisons with many of the most senior
regulatory and administrative professionals in the insolvency
field.

               About Chadbourne & Parke LLP

Headquartered in New York City, Chadbourne & Parke LLP --
http://www.chadbourne.com/-- is an international law firm that  
provides a full range of legal services, including mergers and
acquisitions, securities, project finance, private equity,
corporate finance, energy, communications and technology,
commercial and products liability litigation, securities
litigation and regulatory enforcement, special investigations
and litigation, intellectual property, antitrust, domestic and
international tax, insurance and reinsurance, environmental,
real estate, bankruptcy and financial restructuring, employment
law and ERISA, trusts and estates and government contract
matters.  Major geographical areas of concentration include
Central and Eastern Europe, Russia and the CIS, and Latin
America.  The Firm has offices in New York, Washington, D.C.,
Los Angeles, Houston, Moscow, St. Petersburg, Kyiv, Almaty,
Warsaw (through a Polish partnership), Beijing, and a
multinational partnership, Chadbourne & Parke, in London.


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


LEAR CORP: Continues to Face ERISA Violations Suit in Michigan
--------------------------------------------------------------
Lear Corp. remains a defendant in a purported consolidated class
action filed in the U.S. District Court for the Eastern District
of Michigan over allegations of Employment Retirement Income
Security Act violations.

In April 2006, a former employee of the company filed a
purported class action in the U.S. District Court for the
Eastern District of Michigan against the company, members of its
board of directors, members of its Employee Benefits Committee
and certain members of its human resources personnel.

The suit alleges violations of the Employment Retirement Income
Security Act with respect to the company's retirement savings
plans for salaried and hourly employees.

In the second quarter of 2006, the company was served with three
additional purported class action ERISA lawsuits, each of which
contained similar allegations against the company, members of
its Board of Directors, members of its Employee Benefits
Committee and certain members of its senior management and its
human resources personnel.

At the end of the second quarter, the court entered an order
consolidating these four lawsuits.  During the third quarter,
plaintiffs filed their consolidated complaint, which alleges
breaches of fiduciary duties substantially similar to those
alleged in the four individually filed lawsuits.

The consolidated complaint continues to name certain current and
former members of the Board of Directors and the Employee
Benefits Committee and certain members of senior management and
adds certain current and former members of the Employee Benefits
Committee.  The consolidated complaint generally alleges that
the defendants breached their fiduciary duties to plan
participants in connection with the administration of the
company's retirement savings plans for salaried and hourly
employees.

The fiduciary duty claims are largely based on allegations of
breaches of the fiduciary duties of prudence and loyalty and of
over-concentration of plan assets in the company's common stock.  
The plaintiffs purport to bring these claims on behalf of the
plans and all persons who were participants in or beneficiaries
of the plans from Oct. 21, 2004, to the present and seek to
recover losses allegedly suffered by the plans.

The complaints do not specify the amount of damages sought.  No
determination has been made that a class action can be
maintained, and there have been no decisions on the merits of
the cases, according to the company's form 10-Q filing with the
U.S. Securities and Exchange Commission for the quarter ended
Sept. 30, 2006.

The suit is "Malloy v. Lear Corp., et al., Case No. 5:06-cv-
11735-JCO-VMM," filed in the U.S. District Court for the Eastern
District of Michigan under Judge John Corbett O'Meara with
referral to Judge Virginia M. Morgan.   

Representing the plaintiffs is Stephen F. Wasinger of Stephen F.  
Wasinger, PLC, (Royal Oak), 32121 Woodward Avenue, 300 Balmoral  
Centre, Royal Oak, MI 48073-0999, Phone: 248-554-6306, E-mail:  
sfw@sfwlaw.com.  

Representing the defendant is Thomas G. McNeill of Dickinson  
Wright, 500 Woodward Avenue, Suite 4000, Detroit, MI 48226-3425,  
Phone: 313-223-3500, E-mail: TMcNeill@dickinsonwright.com.

                        About the Company

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

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

                           *     *     *

As of Feb. 7, Lear Corp. carries these ratings:

Moody's:

   -- Corporate Family: B2
   -- Speculative Grade Liquidity: SGL-2
   -- US$700 million unsecured notes:
         -- B3,
         -- LGD4 61%
   -- Outlook: Stable

Standard & Poor's:

   -- Corporate Credit: B+

   -- US$300 million senior notes due 2013, and
      US$400 million senior notes due 2016: B-

   -- Outlook: negative


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


HOFSTETTER ROLF: Claims Registration Period Ends Feb. 24
--------------------------------------------------------
The Bankruptcy Court of Bern commenced bankruptcy proceedings
against LLC Hofstetter Rolf Montagen + Reparaturen on Dec. 13,
2006.

Creditors have until Feb. 24 to file their written proofs of
claim.

The Debtor can be reached at:

         LLC Hofstetter Rolf Montagen + Reparaturen
         Sangi 35
         4916 Untersteckholz
         Aarwangen BE
         Switzerland

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service Bern
         Office Aarwangen
         4912 Aarwangen
         Bern
         Switzerland


I2 TECHNOLOGIES: Creditors' Liquidation Claims Due February 28
--------------------------------------------------------------
Creditors of i2 Technologies have until Feb. 28 to submit their
claims to:

         Stefanie Peters
         Liquidator
         Staiger, Schwald & Partner
         Genferstrasse 24
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         i2 Technologies
         Zurich
         Switzerland


INTORGA JSC: Creditors' Liquidation Claims Due February 15
----------------------------------------------------------
Creditors of JSC Intorga have until Feb. 15 to submit their
claims to:

         Heinz E. Weber
         Liquidator
         Feld 3
         6362 Stansstad
         Nidwalden
         Switzerland

The Debtor can be reached at:

         JSC Intorga
         Stansstad NW
         Switzerland


MERK INVESTMENTS: Creditors' Liquidation Claims Due February 26
---------------------------------------------------------------
Creditors of JSC Merk Investments have until Feb. 26 to submit
their claims to:

         Alexander Merk
         Liquidator
         Bergstrasse 6
         6045 Meggen
         Lucerne
         Switzerland

The Debtor can be reached at:

         JSC Merk Investments
         Meggen LU
         Switzerland


MEXO JSC: Creditors' Liquidation Claims Due February 26
-------------------------------------------------------
Creditors of JSC Mexo have until Feb. 26 to submit their claims
to:

         Peter Marcandella
         Liquidator
         Kesselstrasse 4
         8200 Schaffhausen
         Switzerland

The Debtor can be reached at:

         JSC Mexo
         Schaffhausen
         Switzerland


MILCHPRODUZENTEN-GENOSSENSCHAFT: Liquidation Claims Due Feb. 23
---------------------------------------------------------------
Creditors of Milchproduzenten-Genossenschaft Alterswilen-
Siegershausen-Dippishausen have until Feb. 23 to submit their
claims to:

         Karl Hahn
         Liquidator
         Ringstrasse 1
         8573 Siegershausen
         Switzerland

The Debtor can be reached at:

         Milchproduzenten-Genossenschaft Alterswilen-
         Siegershausen-Dippishausen
         Kemmental
         Kreuzlingen TG
         Switzerland


MIMER JSC: Claims Registration Period Ends Feb. 23
--------------------------------------------------
The Bankruptcy Court of Nidwalden commenced bankruptcy
proceedings against JSC MIMER on Nov. 16, 2006.

Creditors have until Feb. 23 to file their written proofs of
claim.

The Debtor can be reached at:

         JSC MIMER
         Fischer & Partner
         Schulhausstrasse 9
         6052 Hergiswil
         Nidwalden
         Switzerland

The Bankruptcy Service of Nidwalden can be reached at:

         Bankruptcy Service Nidwalden
         6370 Stans
         Nidwalden
         Switzerland


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


ANDRIYASHIVSKAYA LLC: Claims Submission Deadline Set February
-------------------------------------------------------------
Creditors of LLC Agrarian Firm Andriyashivskaya (code EDRPOU
30902459) have until Feb. 21 to submit written proofs of claim
to:

         Artem Oskorbin, Liquidator
         Suprun Str. 7
         40011 Sumy
         Ukraine
         Tel: (0542) 21-09-29

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 1.  The
case is docketed under Case No. 6/170-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agrarian Firm Andriyashivskaya
         Lenin Str. 10
         Andriyashivka
         Romny District
         Sumy
         Ukraine


BOLGARKA CJSC: Creditors Must File Claims by February 21
--------------------------------------------------------
Creditors of CJSC Bolgarka (code EDRPOU 30342773) have until
Feb. 21 to submit written proofs of claim to:

         Maksim Vlasenko, Temporary Insolvency Manager
         P.O. Box 16
         54030 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company on Jan. 16.  The case is docketed under
Case No. 10/22/07.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         CJSC Bolgarka
         Vinogradnaya Str. 1-A
         Taborovka
         Voznesensl District
         56520 Nikolaev
         Ukraine


FORTUNA LLC: Creditors Must File Claims by February 21
------------------------------------------------------
Creditors of LLC Fortuna (code EDRPOU 32295139) have until
Feb. 21 to submit written proofs of claim to:

         Igor Ivanishin, Temporary Insolvency Manager
         Konovalec Str. 192
         76011 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-7/41-19/227-14/317.

The Court is located at:

         The Economic Court of Ivano-Frankivsk
         Shevchenko Str. 16a
         76000 Ivano-Frankivsk
         Ukraine

The Debtor can be reached at:

         LLC Fortuna
         Galick District Brin
         77165 Ivano-Frankovsk
         Ukraine


FRIENDSHIP LLC: Claims Submission Deadline Set February 21
----------------------------------------------------------
Creditors of Agricultural LLC Friendship (code EDRPOU 00849379)
have until Feb. 21 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 177/14b-06.

The Debtor can be reached at:

         Agricultural LLC Friendship
         Lenin Str. 1
         Ostrov
         Rokitnianka District
         Kiev
         Ukraine


KARNEOL LLC: Claims Submission Deadline Set February 21
-------------------------------------------------------
Creditors of LLC Karneol (code EDRPOU 23274869) have until
Feb. 21 to submit written proofs of claim to:

         Yaroslav Onushkanich, Liquidator
         Striyskaya Str. 71b/3
         79031 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on Jan. 10 after finding it insolvent.  The
case is docketed under Case No. 6/213-29/315.

The Court is located at:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Karneol
         G. Washington Str. 8
         Lvov
         Ukraine


KHARKOV STATE AIRCRAFT: Financial Woes May Trigger Bankruptcy
-------------------------------------------------------------
The Committee for National Security and Defense of Ukraine's
Parliament will review the financial situation at Kharkov State
Aircraft Manufacturing Co. in the second half of February,
Financial Information Service reports citing Anatoly Kinakh,
head of the Profile Parliament Committee.

"I have to note the most serious financial situation at the
aviation plant," Mr. Kinakh was quoted by FIS as saying.  "It
shows no signs of improvement and has all the signs of systemic
crisis," the deputy said.
   
Headquartered in Kharkov, Ukraine, Kharkov State Aircraft
Manufacturing Co. -- http://www.ksamc.com/-- manufactures  
aircraft for the international market.


OSTROG TIRE: Claims Submission Deadline Set February 21
-------------------------------------------------------
The Economic Court of Rovno commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/62.

Creditors of OJSC Ostrog Tire Plant have until Feb. 21 to submit
written proofs of claim to:

         Pavel Duplika, Liquidator
         P.O. Box 27
         Rivne-23
         33023 Rovno
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ostrog Tire Plant
         Independency Avenue 166
         Ostrog District
         Ostrog
         35800 Rovno
         Ukraine


RITA-LTD: Creditors Must File Claims by February 21
---------------------------------------------------
Creditors of LLC Production Commercial Financial Investment Firm
Rita-Ltd. (code EDRPOU 20165986) have until Feb. 21 to submit
written proofs of claim to:

         M. Sidorenko, Temporary Insolvency Manager
         Chernigov Str. 12
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
22/94b.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Investment Firm Rita-Ltd.
         Resinschiki Avenue 1
         Lisichansk
         93116 Lugansk
         Ukraine


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


ABN AMRO: Moody's Cuts iBoxx 50 Series 1 Notes to Ba3 From Baa3
---------------------------------------------------------------
Moody's Investors Service downgrades to Ba3 from Baa3 the iBoxx
50 Series 1 EUR750-million Credit-Linked Notes due 2007 issued
by ABN Amro Bank N.V.

This downgrade is the result of a credit migration in the
underlying pool.


ADVANCED MARKETING: Wants to Hire Focus Management as Advisors
--------------------------------------------------------------
Advanced Marketing and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to
employ Focus Management Group U.S.A. Inc. to provide them with
financial reporting, consulting, and advisory services in their
Chapter 11 cases.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, at
Wilmington, Delaware, relates that Focus has substantial
experience in both the financial analysis area and certain
insolvency services, having served in Chapter 11 cases on behalf
of debtors and creditors.

On March 8, 2006, the Debtors hired Focus for the purpose of,
inter alia, developing financial models and other tools to
assist in the Debtors' reporting to their senior secured
lenders.  To develop the models, Focus reviewed in detail the
Debtors' financial and operations reporting and systems.  Mr.
Collins says that Focus has developed a significant amount of
knowledge of the Debtors' businesses.

Specifically, Focus will:

   (a) prepare and, from time to time, update cash flow
       forecasts, other projections and other financial data for
       the Debtors;

   (b) assemble and prepare information for the Debtors' DIP
       lenders;

   (c) assist the Debtors in monitoring compliance with
       operating cash flow requirements as per the loan
       agreement with the Debtors' DIP lenders;

   (d) assist the Debtors in the preparation of reports to the
       United States Trustee;

   (e) assist the Debtors in complying with guidelines
       established by the U.S. Trustee;

   (f) assist the Debtors in connection with other financial
       operations and related tasks;

   (g) periodically communicate with and participate in meetings
       with the Debtors' management and other parties-in-
       interest regarding the Debtors' financial condition; and

   (h) perform other functions as requested by the Debtors,
       their legal counsel, and their financial advisors.   

Mr. Collins adds that Focus' retention centers around its
familiarity from prepetition work with certain aspects of the
Debtors' books, records and financial reporting needs.

Focus will be working on a number of projects either in
conjunction with the Capstone Advisory Group, LLC, or under the
supervision of Capstone.

Moreover, Mr. Collins notes that it is necessary and essential
that the Debtors employ Focus to render the professional
services necessary to assist the Debtors with their duties as
debtors and debtors-in-possession.  "The Debtors believe that
Focus is well qualified to serve them in these chapter 11 cases
and that the retention of Focus is necessary and in the best
interests of their estates and creditors," says Mr. Collins.

Robert O. Riiska, a managing director at Focus, assures the
Court that Focus' partners and associates do not have any
connection with or any interest adverse to the Debtors, their
creditors, or any other party-in-interest, or their attorneys.

Prior to the Dec. 29, 2006, the Debtors paid Focus US$1,044,850
for fees and expenses for prepetition services rendered by Focus
to the Debtors, as well as to serve as retainer, of which
US$775,452 was received during the 90 days prior to the Petition
Date.

After deducting fees and expenses previously billed -- and paid
-- and estimated unbilled prepetition amounts for prepetition
services rendered, US$346,626 remains as a retainer.  The
balance will be available to be applied to postpetition services
and any prepetition fees and expenses incurred but unprocessed,
prior to the Petition Date.

The Debtors will pay Focus its hourly fees and reasonable
expenses.  Focus' discounted hourly rate schedule for the
Debtors is:

   Designation                Hourly Rate        
   -----------                -----------
   Managing Directors            US$375
   Senior Consultants            US$350

Traveling time to and from the Debtors' corporate headquarters
will not be charged to the Debtors; however, the Debtors will
pay for all costs and expenses incurred in connection with the
services provided.

The Debtors and Focus also agreed to certain indemnification
provisions.

                    About Advanced Marketing

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

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


ANDOVER TUBE: Joint Liquidators Take Over Operations
----------------------------------------------------
Carl Derek Faulds and James Richard Tickell of Portland Business
& Financial Solutions Ltd were appointed joint liquidators of
Andover Tube Engineering Ltd. on Jan. 30 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Andover Tube Engineering Ltd.
         Unit O
         Hunting Gate  
         Andover  
         Hampshire SP103SJ  
         England
         Tel: 01264 363 644  
         Fax: 01264 369 977  


ARROWGUIDE LTD: Names Barry David Lewis Liquidator
--------------------------------------------------
Barry David Lewis of Harris Lipman LLP was appointed liquidator
of Arrowguide Ltd. on Jan. 29 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Arrowguide Ltd.
         29 Dering Street  
         City of Westminster  
         London W1S 1AP  
         England
         Tel: 020 7486 9243  
         Fax: 020 7493 6680  


BIFROST INVESTMENT: Moody's Rates Five Debt Classes at Low-B
------------------------------------------------------------
Moody's Investors Service has taken these rating actions in
respect of various classes related to the Bifrost series 11 to
20 credit default swaps entered into by BNP Paribas, London
Branch:

   -- Downgraded to Baa1 from A2, the Series 11 EUR75-million
      Class 7C credit default swap due 2010;

   -- Downgraded to Ba1 from Baa2, the Series 11 EUR55-million
      Class 7D credit default swap due 2010;

   -- Downgraded to Aa3 from Aa2, the Series 11 EUR150-million
      Class 10B credit default swap due 2013;

   -- Downgraded to Baa2 from A2, the Series 11 EUR91-million
      Class 10C credit default swap due 2013;

   -- Downgraded to Ba2 from Baa2, the Series 11 EUR67.5-
      million Class 10D credit default swap due 2013;

   -- Downgraded to Baa3 from Baa2, the Series 12 EUR50-million
      Class 7D credit default swap due 2010;

   -- Downgraded to Baa1 from A2, the Series 12 EUR100-million
      Class 10C credit default swap due 2013;

   -- Downgraded to Ba1 from Baa2, the Series 12 EUR65-million
      Class 10D credit default swap due 2013;

   -- Downgraded to Baa1 from A3, the Series 13 EUR75-million
      Class 7C credit default swap due 2010;

   -- Downgraded to Ba1 from Baa3, the Series 13 EUR62.5-million
      Class 7D credit default swap due 2010;

   -- Downgraded to Aa3 from Aa2, the Series 13 EUR135-million
      Class 10B credit default swap due 2013;

   -- Downgraded to Baa2 from A2, the Series 13 EUR100-million
      Class 10C credit default swap due 2013;

   -- Downgraded to Ba2 from Baa3, the Series 13 EUR75-million
      Class 10D credit default swap due 2013;

   -- Upgrades to Aaa from Aa2, the Series 14 EUR115-million    
      Class 5B credit default swap due 2008;

   -- Upgrades to Aa1 from A2, the Series 14 EUR60  Class 5C
      credit default swap due 2008;

   -- Upgrades to A2 from Baa2, the Series 14 EUR50-million    
      Class 5D credit default swap due 2008;

   -- Upgrades to Aaa from Aa2, the Series 14 EUR130-million    
      Class 7B credit default swap due 2010;

   -- Upgrades to Aa3 from A2, the Series 14 EUR80-million  
      Class 7C credit default swap due 2010;

   -- Upgrades to Baa1 from Baa2, the Series 14 EUR 50  Class 7D
      credit default swap due 2010;

   -- Upgrades to Aa1 from Aa2, the Series 14 EUR 135-million    
      Class 10B credit default swap due 2013;

   -- Upgrades to Aaa from Aa2, the Series 15 EUR 115-million    
      Class 5B credit default swap due 2008;

   -- Upgrades to Aa1 from A2, the Series 15 EUR 60-million    
      Class 5C credit default swap due 2008;

   -- Upgrades to A1 from Baa2, the Series 15 EUR50-million
      Class 5D credit default swap due 2008;

   -- Upgrades to Aaa from Aa2, the Series 15 EUR 125-million    
      Class 7B credit default swap due 2010;

   -- Upgrades to Aa3 from A2, the Series 15 EUR 80-million  
      Class 7C credit default swap due 2010;

   -- Upgrades to A3 from Baa2, the Series 15 EUR 57.5-million  
      Class 7D credit default swap due 2010;

   -- Upgrades to Aa1 from Aa2, the Series 15 EUR 135-million  
      Class 10B credit default swap due 2013;

   -- Upgrades to A1 from A2, the Series 15 EUR 80-million  
      Class 10C credit default swap due 2013; and

   -- Upgrades to Baa1 from Baa2, the Series 15 EUR 65-million
      Class 10D credit default swap due 2013.

These upgrades and downgrades are the result of credit migration
in the underlying pools and the reduced time to maturity.


BOOTLE BOARD: Appoints Ian C. Brown as Liquidator
-------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed liquidator
of Bootle Board Co. Ltd. on Jan. 31 for the creditors' voluntary
winding-up procedure.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals  
entirely with insolvency practice.

The company can be reached at:

         Bootle Board Co. Ltd.
         5 Nelson Street  
         Bootle  
         Merseyside  
         L20 1BN  
         England
         Tel: 0151 922 9106  
         Fax: 0151 922 4466


BRITISH AIRWAYS: Agrees to Funding Plan Deal with NAPS Trustees
---------------------------------------------------------------
British Airways Plc and the trustees of the New Airways Pension
Scheme have formally agreed the funding plan including benefit
changes to tackle the GBP2.1-billion deficit in the scheme.

The plan, which was agreed in principle with the trustees last
year, includes annual company contributions of some GBP280
million for the next ten years and a one-off cash injection of
GBP800 million.  It also includes benefit changes to take effect
from April 1 and an additional GBP150 million in cash over the
next three years, subject to the airline's financial
performance.

The benefit changes will deliver an immediate deficit reduction
of some GBP400 million and a saving of some GBP80 million a
year.

Benefit changes include:

   -- normal retirement age at 60 with an accrual rate of
      1/60 and contribution rates of 8.5%;

   -- normal retirement age at 65 with an accrual rate of
      1/60 and contribution rates of 5.25%;

   -- normal retirement age of 55 with an accrual rate of
      1/60 and contribution rates of 17.5%;

   -- options to buy improved accrual rates;

   -- lifting the cap on total pension contributions from 15
      to 30%;

   -- introducing tax efficient ways of making
      pension contributions;

   -- future pensionable pay rises capped to inflation; and

   -- pension growth in retirement (LPI) remains at 5%.

Staff can still choose to retire earlier than the normal
retirement age but with a reduced pension.

"This brings to a close our lengthy consultation process on
pensions," British Airways' chief financial officer Keith
Williams, said.  "It provides greater stability and certainty
for all 70,000 NAPS members and frees the company to move
forward into an exciting phase of investment and growth."

According to AFX News, the Transport & General Workers Union
will consult its members regarding the issue.

Meanwhile, the British Airline Pilots Association will allow its
3,000 members to vote on the matter with a recommendation to
accept BA's proposals.  The union is set to reveal the results
on Friday, AFX relates.

                       About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and   
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                          *     *     *

As reported in the TCR-Europe on Feb. 7, Moody's Investors
Service changed the outlook on the Ba1 corporate family and Ba2
senior unsecured debt ratings of British Airways Plc and its
guaranteed subsidiaries to positive from negative.


BRITISH AIRWAYS: Traffic Figures Down by 2.8% in January 2007
-------------------------------------------------------------
British Airways Plc disclosed of its traffic and capacity
statistics for January 2007.

In January 2007, passenger capacity, measured in Available Seat
Kilometers, was 1.5% above January 2006.  Traffic, measured in
Revenue-Passenger-Kilometers, was lower by 2.8%.  This resulted
in a passenger load factor down 3 points versus last year, to
69.5%.  The decrease in traffic comprised a 3.1% decrease in
premium traffic and a 2.7% decrease in non-premium traffic.
Cargo, measured in Cargo-Ton-Kilometers, decreased by 18.1%.  
Overall load factor fell by 3.2 points to 64.9%.  

This month's statistics were significantly impacted by the
threat of industrial action.  Premium volumes suffered the
largest reductions as most tickets are flexible and refundable,
and customers are easily able to move to other carriers.  The
ballot result in favor of strike action was disclosed on
Jan. 15 and the strike averted on Jan. 29.

                       Market Conditions

The market continues to show good demand in premium cabins.  The
weakness in some non-premium segments is also still a feature.
The revenue outlook for the fourth quarter has been impacted by
the threat of industrial action by the T&G.  While the strike
was averted, the estimated revenue loss is still some GBP80
million.  Revenue guidance for the full year is now 3.25 - 3.75%
growth.

                            Costs

While cost control remains strong, full year costs excluding
fuel are expected to be some GBP50 million higher than last
year.  This reflects higher costs in the first quarter.  The
airline's full year fuel guidance has been revised down by GBP40
million reflecting the reduction in fuel prices.  The fuel bill
will now be accounted for on a continuing operations basis, and
is expected to be some GBP1.95 billion.

                    Strategic Developments

Following a ballot for industrial action the T&G announced a
series of planned strikes.  As a result the airline cancelled
1,300 flights over a 48-hour period.  While the dispute was
averted and the schedule reinstated, supported by a seat sale of
500,000 tickets, the impact on lost bookings and revenue is
expected to be some GBP80 million in the fourth quarter.

The BA Forum, which represents British Airways' unions, issued a
statement recommending acceptance of changes to benefits to
tackle the GBP2.1 billion deficit in the New Airways Pension
Scheme.  

The airline reduced its fuel surcharge on longhaul flights under
nine hours by from GBP35 to GBP30 per sector as a result of a
fall in the price of oil.

British Airways disclosed of modifications to its uniform rules
to allow staff to wear a symbol of faith openly.  The decision
came after a comprehensive review of the airline's uniform
policy and extensive consultation with a wide range of religious
groups including representatives from the Church of England, the
Catholic Church and the Muslim Council of Britain.  The new
policy was introduced on Feb. 1, 2007.       

The airline disclosed of a new daily service between London
Gatwick and Newquay.  The flights will start on March 20
operating on a Boeing 737.

                        About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and   
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                          *     *     *

As reported in the TCR-Europe on Feb. 7, Moody's Investors
Service changed the outlook on the Ba1 corporate family and Ba2
senior unsecured debt ratings of British Airways Plc and its
guaranteed subsidiaries to positive from negative.


BRITISH AIRWAYS: Wants Inflation-Only Rise for Heathrow Charges
---------------------------------------------------------------
British Airways Plc is calling for airport charges at London
Heathrow to rise by no more than inflation between 2008 and 2013
and for safeguards to be introduced to allow the Civil Aviation
Authority to ringfence revenue to improve airport facilities.

The airline wants the CAA to challenge BAA plc to run its
business more efficiently to reduce costs and to take account of
the full retail earning potential of the airport operator so
that charges can be reduced to the benefit of customers.

It also wants safeguards in place to ensure that BAA's new
owners, Grupo Ferrovial SA, cannot divert money for improved
airport facilities and services to pay off its debt.

The airline's views are detailed in its response to the CAA's
consultation on its preliminary prices proposals for charges at
BAA London airports.

The CAA'S preliminary proposal is to raise charges at London
Heathrow by inflation plus 4-8% each year between 2008 and 2013.  
It has proposed a lower cost of capital at 6.2%, down from 7.75%
currently, and assumed that BAA can achieve a 1% operating
efficiency each year.

British Airways believes that a 50% rise in charges over the
next five years is unjustified on top of the 50% increase during
the current charging period between 2003-8.

Paul Ellis, British Airways general manager airport policy,
said, "While the CAA has told Ferrovial that it won't allow them
to increase charges to pay off debt or acquisition costs, it is
vital that sufficient measures are put in place to ensure this
does not happen.  Revenue from the regulated parts of the
business must be ringfenced to protect the airport's operational
integrity and secure Heathrow's future."

The airline is calling on the CAA to set BAA's cost of capital
at 5.5% and target the airport operator with a 3% a year
operating efficiency improvement.  Achieving this would enable
charges to increase by no more than inflation.

"The opening of Terminal 5 in March 2008 will be a catalyst for
change at BAA.  The cost of investing at Heathrow can be cut by
5% because terminal congestion will be reduced, lowering
building costs and making it easier to modernize the airport.

"Also, an improved operating efficiency target is achievable. By
opening a brand new terminal and redeveloping older facilities
such as Terminal 2, there is an opportunity for better working
and operational practices to be introduced," Mr. Ellis said.

                       About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and   
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                          *     *     *

As reported in the TCR-Europe on Feb. 7, Moody's Investors
Service changed the outlook on the Ba1 corporate family and Ba2
senior unsecured debt ratings of British Airways Plc and its
guaranteed subsidiaries to positive from negative.


BSL AUTO: Creditors' Meeting Slated for February 28
---------------------------------------------------
Creditors of BSL Auto Services (South) Ltd. will meet at 10:30  
a.m. on Feb. 28 at:
  
         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds  
         LS27 7JN
         England

Creditors who want to vote at the meeting have until noon on  
Feb. 27 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on Feb. 26.

Mazars -- http://www.mazars.com/-- provides in audit,  
accounting, tax and advisory services.


CENTRAL MUSHROOMS: Creditors' Meeting Slated for February 15
------------------------------------------------------------
Creditors of Central Mushrooms (Kent) Ltd. will meet at 11:00
a.m. on Feb. 15 at:

         Smith & Williamson Limited
         First Floor
         89 King Street
         Maidstone
         Kent  
         ME14 1BG
         England
  
Creditors who want to vote at the meeting have until noon on  
Feb. 14 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 13 and Feb. 14.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.  


CLAYFIELD CONTRACTORS: Claims Filing Period Ends March 29
---------------------------------------------------------
Creditors of Clayfield Contractors Ltd. have until March 29 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         Barry Peter Knights
         Liquidator
         Knights & Company
         Milford House
         43-55 Milford Street
         Salisbury
         Wiltshire  
         SP1 2BP
         England

Barry P Knights of Knights & Company was appointed liquidator of
the company on Jan. 29.


COLLINS & AIKMAN: Judge Rhodes Approves Solicitation Protocol
-------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan previously approved the
disclosure statement to the Debtors' First Amended Joint Plan
filed on Jan. 24.

Judge Rhodes approved the procedures and the form of certain
documents to be distributed in connection with solicitation of
the Amended Plan.  The Debtors will distribute the solicitation
documents and related notices by Feb. 15.

The Court fixed Jan. 26 as the record date for determining:

   (i) the creditors that are entitled to receive Solicitation
       Documents pursuant to the Solicitation Procedures;

  (ii) the creditors entitled to vote to accept or reject the
       Plan; and

(iii) whether Claims have been properly transferred to an
       assignee pursuant to Rule 3001(e) of the Federal Rules of
       Bankruptcy Procedure such that the assignee can vote as
       the Holder of the Claim.

The Court establishes April 9, at 5:00 p.m. Pacific Time,
as the deadline by which Holders of Claims must accept or reject
the Plan in accordance with the Solicitation Procedures.  The
Debtors may extend the deadline without further Court order to a
date no later than April 14.

The Court sets the deadline to file objections to confirmation
of the Plan to April 9, at 5:00 p.m. Pacific Time.  Replies to
any confirmation objections must be filed by April 16.

The hearing to consider confirmation of the Plan will commence
on April 19, at 10:00 a.m. Eastern Time.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of around 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  


COLLINS & AIKMAN: Wants Court Nod on Macher Separation Pact
-----------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the
Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the
Eastern District of Michigan to approve their Separation
Agreement with Frank E. Macher.

The Debtors and Frank E. Macher have reached a settlement
providing for the consensual resignation of Mr. Macher as
president and chief executive officer.

The Debtors, with the input of the Board of Directors, hired
Mr. Macher in July 2005 to address their operational leadership
needs in restructuring their business towards developing,
negotiating and confirming a Chapter 11 plan of reorganization.

The Debtors and Mr. Macher signed an employment agreement on
July 7, 2005.  The term of Mr. Macher's employment, as provided
in the employment agreement, runs through June 30.

The Debtors have recently embarked on a sale process to maximize
the value of their businesses and assets.  Since a reorganized
enterprise on a standalone basis is no longer contemplated, the
Debtors no longer require the services of Mr. Macher, relates
Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York.

The Employment Agreement provides that, in the event of a "No
Cause Termination" or a "Constructive Termination," Mr. Macher
will be paid his unpaid base salary through the termination
date; any accrued but unused vacation; all vested and accrued
benefits earned; a severance payment in a lump sum of
US$1,750,000; and continuation of insurance for one year.

The parties acknowledge that Mr. Macher is not entitled the
severance payment and continuance of insurance if the
circumstances and events were not deemed to constitute a
Constructive Termination.

As a result of negotiations, the parties agreed to a separation
agreement.  The terms of the agreement are:

     * Mr. Macher's employment will end effective Jan. 31,
       wherein Mr. Macher will waive any right to accrued
       but unused vacation;

     * Mr. Macher will relinquish his duties as president and
       chief executive officer as of Dec. 22, 2006;

     * Mr. Macher will be paid a lump sum severance payment of
       US$700,000;

     * through Jan. 1, 2008, Mr. Macher will not induce
       employees to leave the Company or assist in hiring any of
       the Company's employees on behalf of a third party;

     * Mr. Macher fully and forever releases, acquits and
       discharges the Company from any and all claims
       arising out of, or in any way related to his employment,
       separation and the Employment Agreement; and

     * Mr. Macher agrees to assist and cooperate with
       the  Debtors in litigation involving the company.

In addition, Collins & Aikman will pay the reasonable attorneys
fees incurred by Mr. Macher in the negotiation of the Separation
Agreement, to a maximum of US$7,500.

The agent to the Debtors' prepetition senior, secured lenders,
and the Official Committee of Unsecured Creditors do not object
to the Debtors' request.

Mr. Macher had been chairman of the board and chief executive
officer of Federal-Mogul Corp. during its bankruptcy
proceedings.  Previously he served as president and chief
executive officer of ITT Automotive, a global automotive parts
supplier, and as the vice president and general manager of the
Automotive Components Division of Ford Motor Co.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of around 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  


CORUS GROUP: Tata to Repay US$1.8-Bln Bonds; Default Swaps Fell
---------------------------------------------------------------
Tata Steel Ltd. is likely to repay Corus Group Plc's US$1.8
billion of bonds as cost of credit default swaps on EUR10-
million of Corus debt fell to EUR172,000 since the takeover deal
was disclosed on Jan. 31, Bloomberg News reports citing traders
of credit derivatives.

There may not be "any Corus debt to back the default swap
contracts," Priya Viswanathan, a credit analyst at Bangalore,
India-based Frontline, was quoted by Bloomberg as saying.

Ms. Viswanathan added Tata Steel might opt to issue a new debt
under the company that isn't referenced by existing credit-
default swap contracts.

Tata Steel Managing Director B. Muthuraman said financing
arrangements of the takeover would be revealed this month,
Hamish Risk writes for Bloomberg.  However, he declined to
provide further details on the matter.

According to Roberto Pozzi, a credit analyst at Societe Generale
in London, Mr. Muthuraman will either send credit-default swaps
tumbling or push the cost to as much as EUR270,000, Bloomberg
relates.

As previously reported in the TCR-Europe on Jan. 31, Tata Steel
won an auction for Corus over Companhia Siderurgica Nacional
after offering investors 608 pence per share in cash, or
GBP5.7 billion (US$11.3 billion).


                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the TCR-Europe on Feb. 2, Fitch Ratings said that
Corus Group Plc's Issuer Default 'BB-' and Short-term 'B'
ratings remain on Rating Watch Negative following a recommended
bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd.
in the wake of an auction process conducted by the U.K. Takeover
Panel on Jan. 30-31.

The RWN also applies to the 'B+' ratings on CS's EUR800 million
7.5% senior notes and Corus Finance Plc's GBP200m 6.75%
guaranteed bonds.

At the same time, Standard & Poor's Ratings Services kept its
'BB' long-term corporate credit rating on U.K.-based steelmaker
Corus Group PLC on CreditWatch with developing implications,
after the completion of the auction process, during which India-
based steel manufacturer Tata Steel Ltd. offered the highest bid
of 608 pence per share.


CORUS GROUP: Tata Expects Deal to Take Effect Next Month
--------------------------------------------------------
Tata Steel Ltd. anticipates that the Effective Date of the
scheme of arrangement for its acquisition of Corus Group Plc
will be around the end of March or the first week in April 2007.

Tata Steel intends to despatch consideration pursuant to the
Scheme as soon as practicable following the Effective Date and
if practicable, on the Effective Date.

As previously reported in the TCR-Europe on Jan. 31, Tata Steel
won an auction for Corus over Companhia Siderurgica Nacional
after offering investors 608 pence per share in cash, or
GBP5.7 billion (US$11.3 billion).

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company.  Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the TCR-Europe on Feb. 2, Fitch Ratings said that
Corus Group Plc's Issuer Default 'BB-' and Short-term 'B'
ratings remain on Rating Watch Negative following a recommended
bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd.
in the wake of an auction process conducted by the U.K. Takeover
Panel on Jan. 30-31.

The RWN also applies to the 'B+' ratings on CS's EUR800 million
7.5% senior notes and Corus Finance Plc's GBP200m 6.75%
guaranteed bonds.

At the same time, Standard & Poor's Ratings Services kept its
'BB' long-term corporate credit rating on U.K.-based steelmaker
Corus Group PLC on CreditWatch with developing implications,
after the completion of the auction process, during which India-
based steel manufacturer Tata Steel Ltd. offered the highest bid
of 608 pence per share.


CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
-----------------------------------------------------------
In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers, Corus Group plc confirmed that, as at Feb. 7, it had
the following relevant securities in issue (including any
ordinary shares represented by American Depositary Shares but
excluding any ordinary shares held in treasury):

   -- 946,127,682 ordinary shares of 50p each under
      ISIN code GB00B127GF29.

   -- 4.625% convertible subordinated bonds due 2007
      amounting to NLG345,000,000 convertible into
      19,338,687 ordinary shares of Corus Group plc.

The ISIN code for these securities is NL0000183184.

Each American Depositary Share represents two ordinary shares of
the company.

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Six years ago, the group suffered from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

As previously reported in the TCR-Europe on Jan. 31, Tata Steel
won an auction for Corus over Companhia Siderurgica Nacional
after offering investors 608 pence per share in cash, or
GBP5.7 billion (US$11.3 billion).

                          *     *     *

As reported in the TCR-Europe on Feb. 2, Fitch Ratings said that
Corus Group Plc's Issuer Default 'BB-' and Short-term 'B'
ratings remain on Rating Watch Negative following a recommended
bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd.
in the wake of an auction process conducted by the U.K. Takeover
Panel on Jan. 30-31.

The RWN also applies to the 'B+' ratings on CS's EUR800 million
7.5% senior notes and Corus Finance Plc's GBP200m 6.75%
guaranteed bonds.

At the same time, Standard & Poor's Ratings Services kept its
'BB' long-term corporate credit rating on U.K.-based steelmaker
Corus Group PLC on CreditWatch with developing implications,
after the completion of the auction process, during which India-
based steel manufacturer Tata Steel Ltd. offered the highest bid
of 608 pence per share.


CRAY VALLEY: Creditors' Meeting Slated for February 28
------------------------------------------------------
Creditors of Cray Valley Heat Treatment Co. Ltd. will meet at  
11:15 a.m. on Feb. 28 at:

         Sussex House
         8-10 Homesdale Road
         Bromley
         Kent
         BR2 9LZ
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on Feb 26 at the said
address.


ELINVAC LTD: Taps Liquidators from Smith & Williamson
-----------------------------------------------------
Stephen John Adshead and Gregory Andrew Palfrey of Smith &
Williamson Ltd. were appointed joint liquidators of Elinvac Ltd.
on Jan. 31 for the creditors' voluntary winding-up procedure.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

Elinvac Ltd. can be reached at:

         Unit G  
         Heath Place  
         Bognor Regis  
         West Sussex  
         PO229SL
         England  
         Tel: 01243 849 125  
         Fax: 01243 849 126  


ESTATE-SOFTWARE LTD: Hires Liquidator from Tenonr Recovery
----------------------------------------------------------
Creditors of Estate-Software Ltd. confirmed on Jan. 25 the
appointment of Christopher Ratten of Tenon Recovery as the
company's liquidator.

The liquidator can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester M3 2LF
         England


EXCHANGE CLEANING: Appoints Tina Bullock to Liquidate Assets
------------------------------------------------------------
Tina Bullock of Crossfields was appointed liquidator of Exchange
Cleaning Co. Ltd. on Feb. 15 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Crossfields
         85-87 High Street West
         Glossop
         Derbyshire  
         SK13 8AZ
         England


FITZROY TIMBER: Brings In Liquidators from Kroll
----------------------- -------------------------
Adrian John Wolstenholme and Joanne Marie Wright of Kroll were
appointed joint liquidators of Fitzroy Timber Tailors Ltd. on
Jan. 23 for the creditors' voluntary winding-up procedure.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Fitzroy Timber Tailors Ltd. can be reached at:

         Belgrave Road  
         Bulwell  
         Nottingham  
         Nottinghamshire  
         NG6 8LY  
         England  
         Tel: 0115 942 1000  
         Fax: 0115 977 0348  


FKI PLC: Moody's Cuts Rating to Ba2 on High Debt Leverage
---------------------------------------------------------
Moody's Investor's Service downgraded to Ba2 the Corporate
Family Rating and the long-term senior unsecured rating of FKI
plc and assigned a negative outlook to all ratings.  This
concludes the review process initiated on Dec. 18, 2006.

The downgrade of FKI's ratings mainly is a result of the
company's high leverage -- with Debt/EBITDA at 5.2x and RCF/ Net
Debt remaining around 8.1% at LTM September 2006 --; against
earlier expectations of significant profitability improvements
and free cash flow generation in the current financial year
(ending March 2007) which could have reduced the high leverage
levels, FKI's profitability and free cash flow has so far
continued to decline: Its operating margin weakened further to
6.8% during LTM ending September 2006, from 7.4% during
financial year 2006, and its free cash generation has also
deteriorated significantly from GBP27 million at FYE March 2006
to GBP1 million at LTM September 2006.

FKI's operations have been negatively affected by a reduction in
U.S. airport impacting FKI Logistex; FKI's Hardware and Engergy
Technology divisions experienced reduced profits due to a
significant market reduction in U.S. housing and high raw
material prices, whereas FKI reported increased operating
profits at its Lifting Products division which accounts for 49%
of operating profits.

The negative outlook reflects Moody's concerns that FKI may be
challenged to visibly improve key credit metrics to sustainable
levels that are commensurate with a Ba2 rating against the
backdrop of volatile input costs and little visibility of
improving market conditions in Europe and the US.  For a
stabilization of the Ba2 rating, Moody's would expect to see an
improvement of cash coverage (RCF/Net Debt to increase towards
15%, EBIT/Interest Expense to return to above 2.5x) and leverage
to decrease to about 4x (Debt/EBITDA).

Although FKI should be able to arrange some third party funding
at short notice, e.g. to cover a potentially negative free cash
flow, Moody's nevertheless also expects that the GBP150 million
committed credit facility -- which matures in July 2007 -- will
be replaced in the next few months to provide the company with a
sufficient liquidity cushion.

Should FKI over the next 4 to 6 months demonstrate however that
the above indicated leverage and coverage metrics may not be
met, then further downward rating pressure may weigh on the Ba2
ratings.

The rating does not take into account any outcome of the
announced strategic review.

Downgrades:

   * FKI plc

     -- Corporate Family Rating, Downgraded to Ba2 from Ba1

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        Ba2 from Ba1

Outlook Actions:

   * FKI plc

     -- Outlook, Changed To Negative From Rating Under Review

The last rating action for FKI has been on Dec. 18, 2006, when
Moody's put FKI's ratings under review for possible downgrade.

FKI, headquartered in Loughborough, England, is an international
engineering group active in four specialized business areas: FKI
Logistex, Lifting Products & Services, Hardware and Energy
Technology.  The group generated revenues of GBP1,273 million in
FY 2005/2006.


GAYTON GRAHAM: Names Liquidators to Wind Up Business
----------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed joint liquidators of Gayton Graham Ltd. on  
Jan. 29 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Gayton Graham Ltd.
         94 London Road  
         Oadby  
         Leicester
         Leicestershire  
         LE2 5DJ  
         England
         Tel: 0116 233 7711  
         Fax: 0116 233 6833


GEO GROUP: Finalizes Pricing for New US$365 Million Term Loan B
---------------------------------------------------------------
The GEO Group Inc. has finalized the pricing for its new
US$365 million, 7-year term loan B at a rate of LIBOR plus
1.50%.  

Proceeds from the new Term Loan B, together with approximately
US$62.6 million in GEO's cash on hand, were used to finance
GEO's acquisition of CentraCore Properties Trust, which closed
on Jan. 24.  

BNP Paribas recently completed the syndication of the Term Loan
B and the final pricing took effect on Feb. 1, 2007.  The Term
Loan B is part of GEO's senior secured credit facility, which
was refinanced in connection with the CPT acquisition and also
includes a US$150 million, 5-year revolving credit facility
bearing interest initially at LIBOR plus 2.25%.

                        About GEO Group

Headquartered in Boca Raton, Florida, The GEO Group, Inc. (NYSE:
GEO) -- http://www.thegeogroupinc.com/-- delivers correctional,   
detention and residential treatment services to federal, state
and local government agencies around the globe.  It has
government clients in the USA, Australia, South Africa, Canada
and the United Kingdom.  Its operations include 62 correctional
and residential treatment facilities, with a total design
capacity of 52,000 beds.
               
                         *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 23,
Standard & Poor's Ratings Services assigned a BB rating to its
US$515 million senior secured credit facility, with a recovery
rating of 1, indicating a high expectation for full recovery of
principal in the event of a payment default.

S&P has affirmed its BB- corporate credit rating on GEO and
revised the rating outlook to negative from stable.  Also, the
rating on GEO's senior unsecured debt rating was lowered to B
from B+, reflecting unsecured lenders' less favorable recovery
position than the senior secured lenders under the company's pro
forma capital structure.

S&P has also lowered its preliminary senior unsecured shelf debt
rating to B from B+.


GILES FULLERTON: Taps Lloyd Biscoe to Liquidate Assets
------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed liquidator of
Giles Fullerton Ltd. on Jan. 31 for the creditors' voluntary
winding-up procedure.

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

Giles Fullerton Ltd. can be reached at:

         48B St. Johns Street  
         Colchester  
         Essex  
         CO2 7AD  
         England
         Tel: 01206 548 811


HEAT-TEC LONDON: A. J. Clarke Leads Liquidation Procedure
---------------------------------------------------------
A. J. Clarke of Carter Clark was appointed liquidator of Heat-
Tec London Ltd. on Jan. 29 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Heat-Tec London Ltd.
         Trading Estate  
         Motherwell Way  
         Grays  
         Essex  
         RM203XD  
         England
         Tel: 0870442 7977  
         Fax: 01708 862 716  


HILTRONICS LTD: Claims Filing Period Ends March 2
-------------------------------------------------
Creditors of Hiltronics Ltd. have until March 2 to send in their
names and addresses, with particulars of their debts or claims,
and the names and addresses of their solicitors (if any), to:

         Tony James Thompson
         Liquidator
         Piper Thompson
         Mulberry House
         53 Church Street
         Weybridge
         Surrey  
         KT13 8DJ
         England

Tony James Thompson of Piper Thompson was appointed liquidator
of the company on Jan. 10.

The company can be reached at:

         Hiltronics Ltd.
         Unit 60  
         The Waterside Trading Centre  
         Trumpers Way  
         Ealing  
         London  
         W7 2QD  
         England
         Tel: 020 8867 9191  
         Fax: 020 8579 6011  


JAVARIA TEXTILES: Names Gagen Dulari Sharma Liquidator
------------------------------------------------------
Gagen Dulari Sharma was appointed liquidator of Javaria Textiles
Ltd. on Jan. 25 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Javaria Textiles Ltd.
         Unit 4  
         Bay Street  
         Blackburn  
         Lancashire  
         BB1 5NJ  
         England
         Tel: 01254 680 777  
         Fax: 01254 261 688  


KOOLTRADERS LTD: Appoints A. Poxon to Liquidate Assets
------------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Kooltraders Ltd. on Jan. 23 for the creditors' voluntary
winding-up proceeding.

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

Kooltraders Ltd. can be reached at:

         Kurpas House  
         Greenside Way  
         Greengate Industrial Estate  
         M iddleton  
         Manchester  
         Lancashire  
         M24 1SW  
         England
         Tel: 0161 643 3999  
         Fax: 0161 643 1114  


MKM DEVELOPMENTS: Creditors' Meeting Slated for February 23
-----------------------------------------------------------
Creditors of MKM Developments Ltd. will meet at 11:00 a.m. on  
Feb. 23 at:
  
         Granite Buildings
         6 Stanley Street
         Liverpool  
         L1 6AF
         England    

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

         Leigh & Co.
         Brentmead House
         Britannia Road
         London  
         N12 9RU
         England
  
Martin Henry Linton will furnish creditors with information
concerning the company's affairs free of charge during the
period before the meeting as they may reasonably require.


NEWADE STAINLESS: Hires Liquidators from Begbies Traynor
-------------------------------------------- ------------
Peter Sargent and Michael Saville of Begbies Traynor were
appointed joint liquidators of Newade Stainless Products Ltd. on
Jan. 24 for the creditors' voluntary winding-up procedure.

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

Newade Stainless Products Ltd. can be reached at:

         Jubilee Works  
         Jubilee Street North  
         Halifax  
         West Yorkshire  
         HX3 6QY  
         England  
         Tel: 01422 356 658  
         Fax: 01422 343 793  


PCCH LTD: Taps Michael Young to Liquidate Assets
------------------------------------------------
Michael Young of Vantis was appointed liquidator of PCCH Ltd. on
Jan. 30 for the creditors' voluntary winding-up procedure.

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

PCCH Ltd. can be reached at:

         Holiday House 146-148  
         London Road  
         St. Albans  
         Hertfordshire  
         AL1 1PQ  
         England  
         Tel: 01727 866 177  
         Fax: 01727 843 766  


PENKRIDGE WINDOWS: Creditors' Meeting Slated for February 16
------------------------------------------------------------
Creditors of Penkridge Windows Ltd. will meet at 11:30 a.m. on
Feb. 16 at:
  
         The Express By Holiday Inn
         Acton Court  
         Acton Gate
         Stafford  
         ST18 9AR       
         England

Creditors who want to vote at the meeting have until noon on
Feb. 15 to submit their proxy forms together with particulars of
their claims or of any security at:

         Sale Smith & Co. Ltd.
         Carmella House  
         3 & 4 Grove Terrace
         Walsall  
         West Midlands  
         WS1 2NE
         England
  
Eileen T. F. Sale of Sale Smith & Co. Ltd. will furnish
creditors with information concerning the company's affairs free
of charge during the period before the day on which the meeting
is to be held as they may reasonably require.


PORTRAIT CORP: Files Joint Plan & Disclosure Statement in SDNY
--------------------------------------------------------------
Portrait Corp. of America Inc. and its debtor-affiliates filed a
joint plan of reorganization and a disclosure statement
explaining that plan with the U.S. Bankruptcy Court for the
Southern District of New York in White Plains.

                        Treatment of Claims

Under the Plan, holders of Allowed Administrative Expense Claims
will be paid in full and in cash.

On the Plan's effective date, the DIP obligations will be deemed
allowed and paid indefeasibly in full in accordance with the
terms of the DIP Agreement and DIP Order.  Upon full payment of
all DIP Obligations, all liens and security interests granted to
secure those obligations will be terminated.  Provided, however,
that the particular provisions of the DIP Agreement that are
specified to survive will survive.  Existing letters of credit
issued pursuant to the DIP Agreement will be cancelled and
replaced with new letters of credit to be issued pursuant to the
Exit Facility.

Holders of Allowed Priority Tax Claim will receive cash on the
later of the plan effective date or the date the claim became
allowed, or equal annual cash payments together with interest to
be determined by the Bankruptcy Court.

Holders of Class A Allowed Priority Non-Tax Claims will also be
paid in full in cash.

At the sole option of the Debtors, holders of Class B Allowed
Other Secured Claims will:

   (a) receive payment in full in cash plus post-commencement
       date interest;

   (b) have a reinstated claim;

   (c) receive the collateral securing their claim; or

   (d) receive a treatment that renders the claim unimpaired
       pursuant to Section 1124 of the Bankruptcy Code.

Holders of Class C Allowed Second Lien Notes Claims will
receive, in full satisfaction of their claim, their pro rata
share of 100% of Reorganized Portrait Corp of America common
stock.

Holders of Class D Allowed Senior Notes and Other Unsecured
Claims will receive their pro rata distribution of new warrants.

Holders of Class E Allowed Convenience Class Claims will receive
1% of their allowed claim as payment.

Holders of Class F Allowed Goldman Note Claims, Class G Allowed
Old Preferred Equity Interests, Class H Allowed Old Common
Equity Interests, and Class I Allowed Old Common Subsidiary
Equity Interests will not receive anything under the plan.

Goldman Note Claims refer to:

   -- the 13.75% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.  These notes were guaranteed by Portrait
      Corporation of America Inc., American Studios Inc., PCA
      National LLC, PCA National of Texas LP, PCA Photo
      Corporation of Canada Inc., Photo Corporation of America
      Inc., and PCA Finance Corp; and

   -- the 16.5% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.

                       About Portrait Corp.

Portrait Corporation of America Inc. -- http://pcaintl.com/--   
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany, and the United Kingdom.  The company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


PRISM TESTING: Creditors' Claims Due March 31
---------------------------------------------
Creditors of Prism Testing and Inspection Ltd. (f ormerly Parks
Radiographic Inspection Company Ltd.) have until March 31 to
send their names and addresses, together with particulars of
their debts or claims, and the names and addresses of their
solicitors (if any), to:

         Philip John Gorman
         Liquidator
         Hazlewoods LLP       
         Windsor House
         Barnett Way
         Barnwood GL4 3RT
         England

Philip John Gorman of Hazlewoods LLP was appointed liquidator of
the company on Jan. 29.


RAJ TV: Brings In Liquidator from Sharma & Co.
----------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed liquidator of
Raj TV Ltd. on Jan. 24 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Raj TV Ltd.
         39 Wharfside Street  
         Birmingham  
         West Midlands  
         B1 1RE  
         England
         Tel: 0121 632 1011  
         Fax: 0121 632 1482  


RON KEWLEY: Claims Registration Ends February 26
------------------------------------------------
Creditors of Ron Kewley Ltd. have until Feb. 26 to send their
names and addresses and particulars of their claims to:

         Matthew Colin Bowker and David Antony Willis
         Joint Liquidators
         Jacksons Jolliffe Cork  
         Europarc Innovation Centre
         Innovation Way
         Grimsby
         DN37 9TT
         England

Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint liquidators of the company on
Jan. 25.

The company can be reached at:

         Ron Kewley Ltd.
         44A  
         Cleethorpe Road  
         Grimsby  
         South Humberside  
         DN31 3LB  
         England  
         Tel: 01472 358 140


RURAL PRODUCTIONS: Appoints T. Papanicola to Liquidate Assets
-------------------------------------------------------------
T. Papanicola was appointed liquidator of Rural Productions Ltd.
on Jan. 31 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Rural Productions Ltd.
         Bay 7 Cromwell Works  
         Boraston Lane  
         Tenbury Wells  
         Worcestershire  
         WR15 8GZ  
         England  
         Tel: 01584 819 906  
         Fax: 01584 811 641  


S. WINSTANLEY: Brings in Liquidator from Hodgsons
-------------------------------------------------
David E. M. Mond of Hodgsons was appointed liquidator of S.
Winstanley Ltd. on Jan. 29 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         S. Winstanley Ltd.
         Prospect House  
         70 Market Street  
         Tottington  
         Bury  
         Lancashire  
         BL8 3LJ  
         England  
         Tel: 01706 828 282


SEA CONTAINERS: Court OKs Bingham as Services Committee Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in Sea
Containers Ltd. and its debtor-affiliates' chapter 11 cases
obtained authority from the Honorable Kevin J. Carey of the U.S.  
Bankruptcy Court for the District of Delaware to retain Bingham
McCutchen, Morris, Nichols, Arsht & Tunnell LLP, as its counsel
serving in the Services Committee, nunc pro tunc to Oct. 26,
2006.

As reported in the Troubled Company Reporter on Jan. 25, 2007,
the Creditors Committee sought Court approval to retain Bingham
McCutchen LLP as counsel to its financial members sub-committee.  
The U.S. Trustee had indicated that it would be appointing a
Services Committee, after the Creditors Committee requested the
appointment of a separate committee to represent the interests
of the unsecured creditors of Sea Containers Services Ltd.  

Among other things, Bingham McCutchen is expected to:

    a. provide legal advice with respect to the Creditors
       Committee's rights, powers, and duties in the bankruptcy
       cases;

    b. represent the Creditors Committee at all hearings and
       other proceedings;

    c. advise and assist the Creditors Committee in discussions
       with the Debtors and other parties-in-interest, as well
       as professionals retained by any of the parties,
       regarding the overall administration of the bankruptcy
       cases;

    d. assist the Creditors Committee in analyzing the claims of
       the Debtors' creditors and in negotiating with those
       creditors;

    e. assist with the Creditors Committee's investigation of    
       the assets, liabilities, and financial condition of the
       Debtors and of the operations of their businesses;

    f. assist the Creditors Committee in its analysis of, and
       negotiations with, the Debtors or any third party
       concerning matters related to, among other things,
       formulating the terms of a plan or plans of
       reorganization for the Debtors;

    g. assist and advise the Creditors Committee with respect to
       their communications with the general creditor body
       regarding matters in the bankruptcy cases;

    h. review and analyze on behalf of the Creditors Committee
       all pleadings, orders, statements of operations,
       schedules, and other legal documents;

    i. prepare on behalf of the Creditors Committee of all
       pleadings, orders, reports and other legal documents as
       may be necessary in furtherance of the Creditors
       Committee's interests and objectives; and

    j. perform all other legal services for the Creditors
       Committee that may be necessary and proper to facilitate
       the Committee's discharge of its duties in the bankruptcy
       cases and any related proceedings.

Bingham McCutchen's services will be paid according to its
customary hourly rates:

                                U.S.-based        UK-based
                               Hourly Rates     Hourly Rates
                               ------------    ---------------
   Partners and Of Counsel   US$445 - US$850   GBP400 - GBP540
   Counsel and Associates    US$175 - US$535   GBP210 - GBP390
   Paraprofessionals         US$100 - US$315   GBP110 - GBP130

The principal attorneys and paralegal designated to represent
the Debtors and their current hourly rates are:

   Professional               Designation         Hourly Rate
   ------------               -----------         -----------
   Barry G. Russell, Esq.       Partner              GBP535
   Ronald J. Silverman, Esq.    Partner              US$750
   Tom Bannister, Esq.          Partner              GBP460
   Abigail Milburn, Esq.        Counsel              GBP255
   Scott K. Seamon, Esq.       Associate             US$470
   Stacy A. Lopez, Esq.        Associate             GBP240
   Flora Ahn, Esq.             Associate             US$265

Ronald L. Silverman, Esq., a partner of Bingham McCutchen,
assures the Court that his firm is a "disinterested person" as
that phrase is defined in Section 101(14) of the Bankruptcy
Code.  Bingham McCutchen does not hold or represent any interest
adverse to the Debtors' estates with respect to the matters for
which it is to be retained.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. (NYSE:
SCRA, SCRB) -- http://www.seacontainers.com/-- provides  
passenger and freight transport and marine container leasing.  
Registered in Bermuda, the company has regional operating
offices in London, Genoa, New York, Rio de Janeiro, Sydney, and
Singapore.  The company is owned almost entirely by United
States shareholders and its primary listing is on the New York
Stock Exchange (SCRA and SCRB) since 1974.  On October 3, the
company's common shares and senior notes were suspended from
trading on the NYSE and NYSE Arca after the company's failure to
file its 2005 annual report on Form 10-K and its quarterly
reports on Form 10-Q during 2006 with the U.S. Securities and
Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
$1.7 billion in total assets and US$1.6 billion in total debts.  
The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.  (Sea Containers
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SPENCER HART: Joint Liquidators Take Over Operations
----------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP were appointed joint liquidators of
Spencer Hart Ltd. on Jan. 30 for the creditors' voluntary
winding-up proceeding.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

Spencer Hart Ltd. can be reached at:

         36 Savile Row  
         City of Westminster  
         London  
         W1S 3QB  
         England
         Tel: 020 7434 0000  
         Fax: 020 7792 0119  


STONEWORLD DEVELOPMENTS: Hires David Field as Liquidator
--------------------------------------------------------
David Field of Centrum Recovery was appointed liquidator of
Stoneworld Developments Ltd. on Jan. 29 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Stoneworld Developments Ltd.
         45 St. Davids Road  
         Letterston  
         Haverfordwest  
         Dyfed  
         SA625SF
         Wales  
         Tel: 01348 840 608


TIMBER SYSTEMS: Calls In Liquidators from Kroll
-----------------------------------------------
Adrian John Wolstenholme and Joanne Marie Wright of Kroll were
appointed joint liquidators of Timber Systems Ltd. (formerly
Timber Tailors Ltd.) on Jan. 23 for the creditors' voluntary
winding-up proceeding.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating un it
of Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Timber Systems Ltd. can be reached at:

         Belgrave Road  
         Bulwell  
         Nottingham  
         Nottinghamshire  
         NG6 8LY  
         England
         Fax: 0115 977 0348  


* UK Administrations Climb by 26% in 2006, Deloitte Says
--------------------------------------------------------
Latest analysis of administration figures by Deloitte & Touche
LLP has shown that U.K. businesses suffered in 2006 with an
increase of 26% going into administration compared with 2005.

Neville Kahn, reorganization services partner at Deloitte,
commented: "Many businesses have shown signs of distress over
the past year.  Our research shows that the worst hit were in
the financial services, hospitality & leisure and recruitment
and business support services sectors.  The overarching theme of
increased costs appears to have hit a large number of the
businesses.  In the financial and recruitment sectors we have
seen an increased regulatory burden and in hospitality & leisure
-- a typically high cost environment -- we have seen businesses
punished by their thin margins when volatility occurs.  Overall,
the figures suggest the economy is not as healthy as it might
seem on the surface."

The three sectors which saw dramatic increases in administration
levels from 2006 to 2005:

   -- recruitment and business support services saw an increase
      of almost 90%;

   -- hospitality and leisure businesses saw an increase of over
      50%;

   -- financial services businesses, particularly IFAs and
      personal finance providers saw in increase of nearly 50%.

Lee Manning, reorganization services partner at Deloitte, went
on to discuss the key drivers in the sectors: "The costs
associated with running an independent financial advisory
business, such as FSA regulation and professional indemnity
insurance, have increased significantly in recent years making
it more difficult for the smaller businesses to absorb these
costs.  

The increase in failures in financial services could also be a
sign of a gradual shift away from the typical high street IFA in
favor of large providers, such as banks and Internet buying.  
Increased compliance costs is a theme which has affected
recruitment businesses as well.  The last year has seen a number
of regulatory changes creating an additional audit burden, which
may have pushed a number of the smaller operators over the
edge."

Mr. Manning went on to discuss the hospitality & leisure sector:
"Most of the businesses affected are operated from leased
premises and therefore heavily operationally geared.  Earnings
appear to be becoming more volatile in competitive leisure
businesses and relatively high gearing in a leased business
gives less scope for error in achieving forecasts.  Often the
smaller businesses lack access to capital to invest in their
properties and customer offerings, compared with the bigger
players who are able to tap into funds and keep their offerings
fresh and interesting."

On the regional numbers, Mr. Manning said: "The geographical
spread of administrations also gives us an insight into which
parts of the country are suffering economically more than
others.  The Midlands saw the biggest increase across the
country, with a jump of 60% in administrations on the year
before, particularly in the manufacturing sector.  Wales also
suffered with an increase of 50% in administrations.  
Interestingly, the only region to see a reduction in the figures
was the North East."

Regional administration key facts:

   -- The Midlands was the worst hit with an increase of 60%;
      Wales was second at 50%;

   -- The South West saw an increase of 27%;

   -- London and the South East saw an increase of 25%;

   -- East Anglia saw an increase of 19%;

   -- Yorkshire & Humberside saw an increase of 17%;

   -- The North West figures increased by 15%;

   -- The North East was the only region to see a reduction at
      2%.

                        About Deloitte

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


* UK Profit Warnings Hit Five Year High, Ernst & Young Says
-----------------------------------------------------------
Analysis released by Ernst & Young has revealed that 51
companies in the United Kingdom issued profit warnings in
January 2007.  This compares to 39 in January 2006 and 48 in
January 2001, a year considered to be the benchmark for
distress.  Evidence suggests that a high number of profit
warnings in January does not bode well for the rest of the year.

As well as seeing an increased number of profit warnings in
January, the level of corporate insolvencies were reported to
have jumped by more than the 11 percent in 2006 despite benign
economic conditions.  In addition, house repossessions were up
by 65 percent.

Alan Hudson, Corporate Restructuring partner at Ernst & Young
explains:  "The 'vast majority' of those getting into trouble
will be small businesses.  In the mid to upper end insolvencies
are still relatively rare."

Keith McGregor, Corporate Restructuring partner at Ernst & Young
comments: "Some 86 percent of those warning have a turnover of
under GBP200 million.  This historically high figure is expected
to be maintained throughout 2007.  However, we are unlikely to
see restructuring activity pick up in larger companies until mid
2008 due to the wall of liquidity in the debt capital markets
and the cushion provided by typically complex and long dated
debt structures."

                          About E&Y

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.  


* BOOK REVIEW: Corporate Players: Designs for Working and
               Winning Together
----------------------------------------------------------------
Author:     Robert W. Keidel
Publisher:  Beard Books
Paperback:  276 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982587/internetbankrupt  

In American business, the metaphor of the sports team is
commonly used for business groups of all sizes -- from ad hoc
teams of a few members that deal with temporary problems to
groups of executive managers who are responsible for long-term
corporate survival and the profitability of an entire
organization.

The sports team is a favored metaphor because sports bring
individuals with different talents and different
responsibilities together to perform a particular activity and
pursue a common objective.  Within its framework, sports also
allow for the outstanding performance of particular individuals
and recognition of that performance.  The sports tem metaphor
has become so common in business and so routinely applied to
business teams of all sorts and sizes that little thought is
usually given to its specifics.

Corporate Players -- Designs for Working and Winning Together
takes a close look at what makes a sports team function
effectively and win.  The author then applies these observations
to develop a plan for those in the corporate world to be as
successful as those in the sports world.  While a reprint of a
1988 book, the lessons in this book are timeless.

Keidel identifies three main types of teams found in business:
autonomy, control and cooperation.  The author relates each to a
particular type of sports team: autonomy for baseball, control
for football and cooperation for basketball.  A chart compares
differences among the three with respect to organizational
strategy, organizational structure, and organizational style.  

For instance, the organizational strategy for autonomy in base
ball is "adding value through star performers"; while the
organizational strategy for cooperation in basketball is
"innovating by combining resources in novel ways."

With a sharp analytic eye and decades of experience in different
aspects of business, including academic and government
positions, Keidel delves into the specifics of business groups
as sports teams.  

A fundamental point often overlooked by businesspersons is that
teams in different sports are different in significant ways.  An
understanding of these differences is crucial for executives,
managers, and consultants who are responsible for
conceptualizing a team in relation to a particular business
matter and then bringing together a team of individuals.  

As such, executives, managers and consultants have roles similar
to a general manager and coach of a sports team.  In some case,
they may also have the role of a player on the team.

This chart and other aids, together with the author's engaging
commentary and enlightening analyses, will help business leaders
select the right personnel, assemble a team capable of
performing the task at hand, and then coordinate all of the
players to accomplish the desired objective.

Robert W. Keidel has a Ph.D. from Wharton, and has also been a
Senior Fellow at this top business school.  An author of three
other books and many articles, he teaches courses in business
strategy, technology, and organization at Drexel University's
Lebow College of Business.  Robert Keidel Associates is his
business consulting firm.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including E-mail forwarding, electronic
rE-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via E-mail.  Additional E-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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