TCREUR_Public/060926.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, September 26, 2006, Vol. 7, No. 191

                            Headlines


A U S T R I A

BCH-CHEMIE: Creditors' Meeting Slated for October 17
CLEAN - MASTER: Vienna Court Orders Closing of Business
DANLIS: Creditors' Meeting Slated for September 29
GALILEO: Property Manager Declares Insufficient Assets
GASTROBETRIEB: Claims Registration Period Ends October 10

HAWA: Claims Registration Ends September 27
HELAG: Creditors' Meeting Slated for October 18
S.T.R.U.C: Creditors' Meeting Slated for October 17


B E L G I U M

B-ARENA: Fitch Gives BB Rating on EUR11.5 Million Class F Notes


D E N M A R K

NYCOMED A/S: Acquires Altana's Pharmaceutical Biz for EUR4.5-Bln
NYCOMED A/S: Acquisition Prompts Moody's to Review Ratings
TDC/AS: Taps Alcatel for Managed Communication Services Solution


F R A N C E

ALCATEL SA: Inks MCS Solution Deal with Denmark's TDC AS
AMC ENTERTAINMENT: Incurs US$7.7 Mln Net Loss in First Quarter
BRAKES GROUP: Eyes October Closing for GBP275-Mln Refinancing
BRAKE BROS: Loan Refinancing Prompts S&P to Lower Rating to B


G E R M A N Y

ACTIVA OBJEKTENTWICKLUNG: Claims Registration Ends October 5
ERNST PAUL LEHMANN: Files for Bankruptcy Protection in Nurnberg
FLECKEN GMBH: Claims Registration Ends October 5
FRUECHTENICHT & HAMMERL: Claims Registration Ends October 1
GRINGEL MASCHINENBAU: Creditors' Meeting Slated for October 4

IMAGEWIRE SYSTEMS: June 30 Working Capital Deficit is US$1.8 Mln
KLOECKNER & CO: Reorganization Cues Moody's to Change Outlook
KURT GMBH: Claims Registration Ends October 6
MEDIAPEOPLE GMBH: Claims Registration Ends October 1
METALDYNE CORP: S&P Holds B Credit Rating on Developing Watch

NYCOMED A/S: Acquires Altana's Pharmaceutical Biz for EUR4.5-Bln
NYCOMED A/S: Acquisition Prompts Moody's to Review Ratings
RICLOO BAU: Claims Registration Ends October 3
S.I.G.M.A.N.N. BAUBETREUUNGS: Claims Registration Ends Sept. 27
SMS MICHAEL: Claims Registration Ends September 29

TECHNOSOFT SOFTWAREVERTRIEBS: Claims Registration Ends Sept. 28


G R E E C E

TIM HELLAS: Owners Mull Asset Sale for EUR4 Billion


H U N G A R Y

BORSODCHEM NYRT: Receives Takeover Offer from First Chemical


I R E L A N D

ARDAGH GLASS: Negative Trading Spurs Moody's to Cut Rating to B3


I T A L Y

LAZARD LTD: Names Georges Ralli as Chief Executive Officer
LYONDELL CHEMICAL: Repays Part of Term Loan from Notes Proceeds


K A Z A K H S T A N

INVEST COMPLECT: Creditors Must File Claims by Nov. 1
J. YRYS: Jambyl Court Opens Bankruptcy Proceedings
KARAGANDA ASIA-P: Creditors Must File Claims by Nov. 1
KAZGER: Proof of Claim Deadline Slated for Nov. 1
KAZIMPORTSERVICE-PV: Proof of Claim Deadline Slated for Nov. 1

META SOFT: Karaganda Court Begins Bankruptcy Proceedings
MOSKOVSKIY AGRO: Creditors' Claims Due Nov. 1
PV DELTA: Pavlodar Court Starts Bankruptcy Procedure
SEMEY VODOKANAL: Court Commences Bankruptcy Proceedings
ZAMGO: Atyrau Starts Bankruptcy Proceedings


K Y R G Y Z S T A N

ERLAN MEDIK: Proof of Claim Deadline Slated for Oct. 31
INTER SERVICE: Creditors' Claims Due Oct. 31
MASHHAD: Claims Registration Ends Oct. 31


L U X E M B O U R G

LIFESTAR CDO: Fitch Affirms BB- Rating on Class D Notes


N O R W A Y

AKER KVAERNER: Third Quarter Results Out October 24
AKER KVAERNER: Inks Service Deal with JiaLong Petrochemical


P O L A N D

AMERICAN AXLE: Transferring Work on Camaro Car to Mexican Plant


R U S S I A

ANNINSKOYE: Court Names V. Zhurikhin as Insolvency Manager
ASBESTOVSKIY: Sverdlovsk Court Starts Bankruptcy Supervision
BASHKIRSKIYE AIRLINES: Bankruptcy Hearing Slated for Feb. 5
BASHKIRSKIY PETROL: Court Names N. Pavlov as Insolvency Manager
BAYKAL: Court Names A. Sotnikov as Insolvency Manager

CHERNIGOVSKIY BAKERY: I. Zagorulko to Manage Assets
DOROGOBUZHSKIY CHEESE: L. Korovnikova to Manage Assets
DOROZHNIK: Orenburg Court Starts Bankruptcy Supervision
EAR: Kursk Court Names N. Krasilnikov as Insolvency Manager
FLOWERS OF URAL: Court Names S. Burmistrov as Insolvency Manager

IZHEVSKIY BAKERY 2: Court Starts Bankruptcy Supervision
KARGOPOLSKIY FISH-WORKING: M. Mordashov to Manage Assets
KRASNOYARSK-STROY: Creditors Must File Claims by October 19
MACADAM FACTORY: Court Names A. Plotnikov as Insolvency Manager
METAL-INVEST: Court Names M. Vasilega as Insolvency Manager

MIKHAYLOVSKAYA NIVA: Ryazan Court Starts Bankruptcy Supervision
MOSCOW REGIONAL: S&P Assigns B- Long-Term Issuer Credit Rating
NIZHNETAGILSKIY: Court Names Z. Kharbediya as Insolvency Manager
POKROVSKIYE FILTERS: Creditors Must File Claims by October 12
RAO ROS-OIL-GAS-STROY: Court Starts Bankruptcy Supervision

ROMSK: Court Names G. Kuptsov as Insolvency Manager
SAKHA-WOOD: Court Names I. Lukin as Insolvency Manager
SMOLENSKIY STOCKINET: Creditors Must File Claims by Oct. 19
SVYAZ: Bidding Organizer Sets Sept. 30 Public Auction for Assets
TEKHFLOT: Arkhangelsk Court Starts Bankruptcy Supervision

TOMSK-CENTRO-GAS: Tomsk Bankruptcy Hearing Slated for Oct. 23
URALSKAYA Sugar: L. Korovnikova to Manage Insolvency Assets
VOD-STROY: Court Names E. Meshenkova as Insolvency Manager
ZEYSKIY: Amur Bankruptcy Hearing Slated for Nov. 14


S P A I N

AMC ENTERTAINMENT: Incurs US$7.7 Mln Net Loss in First Quarter
SOL MELIA: Fitch Keeps BB+ Issuer Default Rating
IMAGEWIRE SYSTEMS: June 30 Working Capital Deficit is US$1.8 Mln


U K R A I N E

BANK KHRESCHATYK: Fitch Keeps B Rating on Foreign Currency
DRUZHBA: Kyiv Court Starts Bankruptcy Supervision Procedure
GNIDAVA-BUD: Court Names I. Vasiluk as Insolvency Manager
FACTOR: Creditors Must File Claims by October 1
HMELNITSKMOLPROM: Court Names Valentin Ivashuk as Liquidator

KIROVOGRAD FURNITURE: Court Starts Bankruptcy Supervision
KREDITPROMBANK: Fitch Assigns B- Default Rating on Weak Earnings
LISOVODSKIJ KONSRVNIK: Valentin Ivashuk to Liquidate Assets
TERMOPLASTSPETSREM: Court Names Valentin Ivashuk as Liquidator


U N I T E D   K I N G D O M

0207 LONDON: Claims Filing Period Ends Nov. 15
A1 WINDSCREENS: Appoints Liquidator from Tenon Recovery
A.G.S. FACILITIES: Creditors Confirm Liquidators' Appointment
A & H AIRCRAFT: Liquidator Sets Oct. 13 Claims Bar Date
ADVANTA UTILITY: Taps Liquidators from Gerald Edelman

AMC ENTERTAINMENT: Incurs US$7.7 Mln Net Loss in First Quarter
AMERICAN AXLE: Transferring Work on Camaro Car to Mexican Plant
ANGLO-PACIFIC ASSOCIATES: Names I. D. Holland Liquidator
ARDAGH GLASS: Negative Trading Spurs Moody's to Cut Rating to B3
B.F.F. CONTAINER: Hires Lloyd Biscoe to Liquidate Assets

BAUM CONSTRUCTION: Brings In Liquidator from EJK Associates
BGA CONSTRUCTION: Hires Grant Thornton as Administrators
BOBBIES FOOD: Taps Alex Kachani to Liquidate Assets
BRAKES GROUP: Eyes October Closing for GBP275-Mln Refinancing
BRAKE BROS: Loan Refinancing Prompts S&P to Lower Rating to B

BRANDRETH LIMITED: Appoints Claire L. Dwyer to Liquidate Assets
CBDC LIMITED: Creditors' Meeting Slated for October 10
CSA COMMERCIAL: Names David Field to Liquidate Assets
CAPITAL MAINTENANCE: Appoints Stephen Goderski as Liquidator
DELL INC: Faces NASDAQ Delisting Due to Form 10-Q Late Filing

DESIGN ENGINEERING: Taps Joint Administrators from Baker Tilly
EASTMAN KODAK: To Shut Down Part of New York Chemical Operation
FALCONBRIDGE: Proceeds with Subsequent Acquisition of Novicourt
FORD MOTOR: Vice President A.J. Wagner to Retire on January 2007
FREESCALE SEMICONDUCTOR: Fitch Cuts Sr. Facility's Rating to BB+

GENERAL MOTORS: Nissan-Renault Alliance Talks Crawl
GEO GROUP: Acquisition Spurs Moody's to Affirm Low-B Ratings
HERTZ CORPORATION: Moody's Assigns Loss-Given-Default Ratings
HOMME PLUS: Brings In Stephen Franklin to Liquidate Assets
HOTELOC PLC: S&P Places Low-B Ratings on Credit Watch Negative

INCO LTD: Reaches Tentative Labor Pact with Union Workers
INCO LTD: Board Recommends CVRD Proposal to Shareholders
IONICA INSTALLATIONS: Claims Registration Ends Oct. 10
ISOFT GROUP: Chris Stone Rejects Offer for CEO Post
J V DEMOLITION: Names Liquidator from Bishop Fleming

LASER CREATIONS: Appoints Harrisons as Joint Administrators
LAZARD LTD: Names Georges Ralli as Chief Executive Officer
LINIAN NORTH: Clive Morris Leads Liquidation Procedure
LONDAX LIMITED: Appoints Filippa Connor as Liquidator
LYONDELL CHEMICAL: Repays Part of Term Loan from Notes Proceeds

MARKETING BY DESIGN: Joint Liquidators Take Over Operations
MEVINS OF WIGAN: Claims Filing Period Ends Oct. 12
MILTON NURSERIES: Appoints R. E. C. Cook as Liquidator
MISYS PLC: Fiserv Inc. Drops Bid on Business Integration Doubts
NOVELIS INC: 2006 First Quarter Financials Filing Cures Default

OXCLOSE LIMITED: Brings In Grant Thornton to Administer Assets
PAPYRUS PRINTERS: Taps Liquidator from Francis Clark
PREMIER ENTERTAINMENT: Case Summary & Largest Unsec. Creditors
PREMIER ENTERTAINMENT: Ch. 11 Filing Cues S&P's Default Rating
QUEENSBERRY COX: Brings In Joint Liquidators from J W Lewis

REIVERS OF TARSET: Names T. Papanicola as Administrator
RIVERSIDE WOOLLENS: Calls In Liquidators from Elwell Watchorn
RUGGLES & CO: Appoints G. W. Rhodes to Liquidate Assets
SPEEDSIDE LIMITED: Claims Registration Ends Oct. 20
STOPGATE FURNITURE: Claims Filing Period Ends Oct. 12

TADROSS HOTELS: Creditors' Meeting Slated for September 27
THERMOPLAS DESIGNS: Names Joint Liquidators to Wind Up Business
TIKTAK CLOTHING: Kiran Mistry Leads Liquidation Procedure
TINGEY & COMPANY: Appoints Baker Tilly as Joint Administrators
TOTAL SOLUTIONS: Hires Alistair J. Findlay to Liquidate Assets

TYSON FOODS: S&P Lowers Rating on US$2.1 Billion Sr. Debt to BB+
VNESHTORGBANK: Pres. Putin Calms Concerns on 5% Stake in EADS
WILLOUGHBY INVESTMENTS: Claims Registration Ends Oct. 18
WORLD MAN: Creditors' Meeting Slated for October 6
WWC EXCHANGE: Creditors' Meeting Slated for October 3

* Fitch Says European Telecom Event Risk on the Rise

* Large Companies with Insolvent Balance Sheets

                            *********

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


BCH-CHEMIE: Creditors' Meeting Slated for October 17
----------------------------------------------------
Creditors owed money by LLC BCH-Chemie (FN 225455b) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Oct. 17 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in Wagram, Austria, the Debtor declared bankruptcy
on Aug. 23 (Bankr. Case No. 14 S 132/06m).  Walter Anzboeck
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Walter Anzboeck
         Stiegengasse 8
         3430 Tulln, Austria
         Tel: 02272/61600
         Fax: 02272/61600-20
         E-mail: anwalt@anzboeck.at  


CLEAN - MASTER: Vienna Court Orders Closing of Business
-------------------------------------------------------
The Trade Court of Vienna entered an order Aug. 22 closing the
business of KEG Clean - Master TODOROVIC (FN 249580f).  Court-
appointed property manager Kurt Freyler determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at    

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
July 20 (Bankr. Case No. 2 S 102/06x).  Hans Rant represents Dr.
Freyler in the bankruptcy proceedings.


DANLIS: Creditors' Meeting Slated for September 29
--------------------------------------------------
Creditors owed money by LLC DANLIS (FN 221621p) are encouraged
to attend the creditors' meeting at 10:30 a.m. on Sept. 29 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
June 21 (Bankr. Case No. 5 S 83/06z).  Astrid A. Haider serves
as the court-appointed property manager of the bankrupt estate.  
Ute Toifl represents Mag. Haider in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Astrid A. Haider
         c/o Dr. Ute Toifl
         Tuchlauben 12/20
         1010 Vienna, Austria
         Tel: 535 46 11
         Fax: 535 46 11-11
         E-mail: haider@thr.at


GALILEO: Property Manager Declares Insufficient Assets
------------------------------------------------------
Dr. Hannelore Pitzal, the court-appointed property manager for
LLC Galileo (FN 235183h), declared Aug. 22 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 6 (Bankr. Case No. 4 S 110/06p).  Wolfgang Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.

The property manager and her representative can be reached at:

         Dr. Hannelore Pitzal
         c/o Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna, Austria
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at


GASTROBETRIEB: Claims Registration Period Ends October 10
---------------------------------------------------------
Creditors owed money by LLC Gastrobetrieb (FN 251501f) have
until Oct. 10 to file written proofs of claims to court-
appointed property manager Wolfgang Fromherz at:

         Dr. Wolfgang Fromherz
         c/o Dr. Bernhard Glawitsch
         Graben 9
         4020 Linz, Austria
         Tel: 0732/7768100
         Fax: 0732/776810-22
         E-mail: kanzlei@fromherz-glawitsch.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 24 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         5th Floor
         Linz, Austria

Headquartered in Hagenberg im Muehlkreis, Austria, the Debtor
declared bankruptcy Aug. 21 (Bankr. Case No. 38 S 38/06a).  
Bernhard Glawitsch represents Dr. Fromherz in the bankruptcy
proceedings.
  

HAWA: Claims Registration Ends September 27
-------------------------------------------
Creditors owed money by LLC Hawa (FN 224055v) have until
Sept. 27 to file written proofs of claims to court-appointed
property manager Karl Schirl at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Oct. 10 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 8 (Bankr. Case No. 4 S 125/06v).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


HELAG: Creditors' Meeting Slated for October 18
-----------------------------------------------
Creditors owed money by Construction LLC HELAG (FN 218416a) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
Oct. 18 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 4 S 88/06b).  Hans Rant serves as the
court-appointed property manager of the bankrupt estate.  Kurt
Freyler represents Dr. Rant in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Hans Rant
         c/o Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


S.T.R.U.C: Creditors' Meeting Slated for October 17
---------------------------------------------------
Creditors owed money by LLC S.T.R.U.C (FN 166044h) are
encouraged to attend the creditors' meeting at 11:10 a.m. on
Oct. 17 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Aug. 23 (Bankr. Case No. 14 S 130/06t).  Hans-
Joerg Haftner serves as the court-appointed property manager of
the bankrupt estate.  

The property manager can be reached at:

         Dr. Hans-Joerg Haftner
         Viennese Road 12
         3100 St. Poelten, Austria
         Tel: 02742/354 234
         Fax: 02742/351 448
         E-mail: office@plusjus.at    


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


B-ARENA: Fitch Gives BB Rating on EUR11.5 Million Class F Notes
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to B-Arena N.V/S.A.'s
issue of residential mortgage-backed floating rate notes due
October 2044:

   -- EUR920 million Class A: AAA;
   -- EUR20 million Class B: AA;
   -- EUR20 million Class C: A;
   -- EUR18 million Class D: BBB;
   -- EUR10.5 million Class E: BBB-; and
   -- EUR11.5 million Class F: BB.

The final ratings are contingent on the receipt of final
documents conforming to information already received.
The ratings reflect the quality of the collateral, available
credit enhancement and excess spread as well as the sound legal
and financial structure of the transaction, including the
guaranteed investment contract, liquidity facility, and
provisioning mechanism.  The ratings also reflect the
underwriting and servicing quality of the mortgage loans.

This transaction is the first residential mortgage-backed
securitization transaction issued by Delta Lloyd Bank Belgium
N.V. in Belgium.  The latter is an indirectly owned subsidiary
of Delta Lloyd, which is a frequent issuer in the Dutch RMBS
market.

Initial credit enhancement, provided by subordination and a
reserve fund, totals 9% for the Class A notes, 7% for the Class
B, 5% for the Class C, 3.2% for the Class D, 2.15% for the Class
E and 1% for the Class F notes.

The underlying portfolio is an assortment of over 9,500 loans
with an average loan amount of EUR82,400.  Seasoning is just
under 29 months.  The weighted average current indexed loan-to-
value ratio, as calculated by Fitch, is 67.8%, while the
original LTV is 76.7%.  Of the portfolio balance, 9.5% is in
arrears up to 60 days, while 8.2% is in arrears up to 30 days.

The pool includes construction loans and loans backed by a mix
of a mandate and a registered mortgage, a feature unique to the
Belgium mortgage market, as well as loans backed by 'all-sum'
mortgages.

The transaction incorporates a nine-month pre-funding period as
well as a revolving period, running through to October 2011.
Eligibility criteria will ensure that the credit quality and
characteristics of the pool remain the same as those in the pool
analyzed by Fitch at inception.  

The transaction includes some structural elements that are
relatively new, for example the provisioning mechanism, which
traps excess spread for loans more than two months in default,
and until the time when a loss is realized, but only for an
amount of loss estimated by DLBB.  Moreover, the reserve fund's
required amount will be 1% of the initial pool balance less any
realized losses not compensated by excess spread or post-
foreclosure proceeds, an unusual feature in Belgium RMBS
transactions.

Further structure elements include a swap guaranteeing 10bps
excess spread per quarter and a liquidity facility.


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D E N M A R K
=============


NYCOMED A/S: Acquires Altana's Pharmaceutical Biz for EUR4.5-Bln
----------------------------------------------------------------
ALTANA AG dislosed the sale of ALTANA Pharma AG and its entire
pharmaceuticals business to Nycomed A/S.  

The Supervisory Board of ALTANA AG has approved this transaction
on Sept. 21.  The completion of the transaction is subject to
approval by the competent antitrust authorities in the European
Commission and the United States.  It is also subject to
approval by an Extraordinary General Meeting of ALTANA AG, which
will take place in December 2006.  Closing is expected by the
end of this year.  The transfer of the business is planned as of
January 1, 2007.

The total purchase price to ALTANA AG is expected to amount to
about EUR4.5 billion.  This amount consists of a debt-free/cash-
free valuation of ALTANA Pharma AG of EUR4.215 billion and an
additional amount of about EUR300 million after price adjustment
at closing (net cash/working capital).

The net proceeds of the transaction will be transferred to
ALTANA AG's shareholders in 2007.  The distribution will come in
addition to the dividend for the financial year 2006.  It is
planned that the Ordinary Annual General Meeting scheduled for
May 3, 2007, will take the decision on the distribution of the
net proceeds and the dividend after approval of the 2006
Financial Statements.

With the divestiture of its pharmaceutical activities, the
previously announced separation of ALTANA AG into two separate
pharmaceuticals and chemicals businesses will be completed.
After the divestiture, ALTANA AG will focus on its specialty
chemicals business ALTANA Chemie.  ALTANA AG will maintain its
stock exchange listing, and Susanne Klatten remains majority
shareholder.  Susanne Klatten has stated after the Supervisory
Board meeting, that she is supportive of the decision taken by
ALTANA AG, to sell ALTANA Pharma to Nycomed.

"With this significant step we have now, as previously
announced, paved the way for the future strategic development of
both the pharmaceuticals as well as the chemicals businesses of
the ALTANA Group.  After just under 30 years after the
foundation of ALTANA in 1977, this is the most defining moment
in the Company's history.  The separation of the two divisions,
which have so far been managed by the holding company ALTANA AG,
into two independently operating companies with different
shareholder structures is based on the firm belief that in the
planned new constellation both companies will be facing new
strategic opportunities for a successful future," explained Dr.
Nikolaus Schweickart, President and CEO of ALTANA AG, at the
announcement of the transaction.

"In Nycomed we have found a strategic match for our
pharmaceuticals business.  Combining ALTANA Pharma's market
strength and research capabilities with Nycomed's strong
position within development and in-licensing, provides a
sustainable future for the new company," Dr. Nikolaus
Schweickart continued.

"Both Nycomed and ALTANA Pharma are successful and growing
companies with highly complementary businesses.  Merging the two
companies will provide a leadership position in our European
home markets and a strong platform in some of the world's
fastest growing pharmaceutical markets, including Russia-CIS and
South America," said Dr. Hakan Bjorklund, Nycomed CEO.

If the transaction is approved, Dr. Hakan Bjorklund, Nycomed
CEO, and Toni Weitzberg, Chairman of the Nycomed board,
respectively will continue as CEO and Chairman of the board of
the combined group.  Dr. Hans-Joachim Lohrisch, ALTANA Pharma
President and CEO, will be a member of the board of the combined
group.

                        About ALTANA AG

ALTANA AG is an international pharmaceuticals and chemicals
Group with sales of EUR3,272 billion in 2005 and around 13,300
employees all over the world.  The ALTANA Group is composed of
the strategic management holding company, ALTANA AG, and two
operating divisions, ALTANA Pharma AG and ALTANA Chemie AG.

                     About ALTANA Pharma

Headquartered in Konstanz, Germany, ALTANA Pharma AG --
http://www.altana.com/-- is an international pharmaceutical  
group with about 9,000 employees and over 30 subsidiaries in
Europe, North and Latin America, Asia, South Africa and
Australia.  In 2005, the Company achieved sales of about EUR2.4
billion, up 12% from 2004.  Altana Pharma concentrates on
innovative pharmaceutical products in therapeutics, imaging
(contrast media) and OTC medication. Therapeutics, the most
important business area, is based on prescription drugs for
gastrointestinal and respiratory diseases.

                       About Nycomed

Headquartered in Roskilde, Denmark, Nycomed --
http://www.nycomed.com/-- is a pharmaceutical company that  
provides hospital products throughout Europe and general
practitioner and pharmacy medicines in selected markets.  The
company employs about 3,500 people throughout Europe and Russia-
CIS.  Nycomed is privately-owned and had a 2005 net turnover of
EUR748 million.


NYCOMED A/S: Acquisition Prompts Moody's to Review Ratings
----------------------------------------------------------
Moody's Investors Service placed the B2 corporate family rating
of Nycomed A/S and the B3 senior secured rating on the notes
issued by Nyco Holdings 2 Aps due in 2013 on review with
direction uncertain following the company's announcement of an
agreement to acquire ALTANA Pharma AG, for a total value of
EUR4.2 billion.

The direction uncertain reflects the positive pressure that the
improved geographic diversification and business profile of the
combined entity exerts on the existing B2 corporate family
rating, while uncertainty prevails on how Nycomed will fund the
acquisition, albeit Moody's understands this to be a combination
of both equity and debt, and the resulting impact on financial
leverage.  The positioning of the existing bond within the
capital structure of the enlarged group has also yet to be
clarified.  The transaction remains subject to approval from
antitrust regulators and ALTANA's shareholders.

The review process will focus on:

   -- the proposed capital structure of the enlarged entity
      and the prospect for potential deleveraging
      post acquisition,

   -- the integration risks associated with the relative
      size of the two companies,

   -- Nycomed's new business risk profile given ALTANA's
      larger exposure to R&D activity and the future strategy
      of the enlarged group,

   -- the resulting product portfolio of the combined
      entity, and

   -- the final treatment of existing bondholders in the
      new capital structure.

Ratings placed on review:

   -- Nycomed A/S Corporate Family Rating of B2; and

   -- Nyco Holdings 2 Aps 2013 senior secured notes rating
      of B3.

Headquartered in Konstanz, Germany, ALTANA Pharma AG is the
pharmaceutical business of Altana AG and concentrates on
therapeutics products and OTC medications.  During the FYE 2005
revenues and EBITDA stood at EUR2,365 million and EUR691 million
respectively.

Headquartered in Roskilde, Denmark, Nycomed produces and
distributes a broad range of pharmaceutical products mainly
through several licensing agreement.  Revenues and EBITDA for
the FYE 2005 stood at EUR748 million and EUR157 million
respectively.


TDC/AS: Taps Alcatel for Managed Communication Services Solution
----------------------------------------------------------------
Alcatel S.A. has been selected by TDC A/S, Denmark's leading
telecommunications provider, for an IMS-enabled managed
communication services solution for enterprise customers in
Denmark.

Alcatel's MCS solution enables service providers to deliver
advanced and innovative services (like voice VPN and virtual
PBX) that allow their enterprise customers to focus on their
core business activities.

The solution will enable TDC to realize new revenue streams
through the delivery of advanced and innovative enterprise
services, while providing their enterprise customers with the
flexibility to modify services, balance costs between capital
expenditures (CAPEX) and operational expenditures (OPEX), and
focus on their core business activities by delegating ICT
management to service providers.

"Enterprises are delegating the management of their
telecommunications infrastructure to service providers because
it results in many advantages," said Klaus Pedersen, Director at
TDC.  "Not only does it allow them to focus on their core
business activities, but it can result in significant cost
savings and efficiency improvements."

"This project represents a major step towards the delivery of
IMS-enabled managed communication services in Denmark," said
Monika Maurer, President of Alcatel's fixed solutions
activities.  "Alcatel and TDC have worked together in bringing
innovative services to TDC's customers in the past and, once
again, we look forward to working with them as they make fixed-
mobile convergence a reality in the enterprise world."

Alcatel will provide TDC with complete systems integration
services, including project management, software integration,
installation, commissioning and maintenance.  Alcatel will also
provide its 8640 Corporate Mobility Manager (CMM), a versatile
network application that spans PSTN, SIP and mobile networks,
enabling enterprises to integrate all their employees into one
converged communication system across locations, networks and
devices.  The Alcatel 8640 CMM offers advanced fixed-mobile
convergence services, enhanced voice/multimedia virtual private
network (VPN) and virtual PBX services and runs on Alcatel's
8690 Open Services Platform (OSP).

                         About Alcatel
  
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) --
http://www.alcatel.com/-- provides communications solutions to   
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                           About TDC

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in   
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                        *     *     *

As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's
Issuer Default Rating at BB- with Stable Outlook and senior
secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


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


ALCATEL SA: Inks MCS Solution Deal with Denmark's TDC AS
--------------------------------------------------------
Alcatel SA (Paris: CGEP.PA and NYSE: ALA) has been selected by
TDC A/S, Denmark's leading telecommunications provider, for an
IMS-enabled managed communication services (MCS) solution for
enterprise customers in Denmark.

Alcatel's MCS solution enables service providers to deliver
advanced and innovative services (like voice VPN and virtual
PBX) that allow their enterprise customers to focus on their
core business activities.

The solution will enable TDC to realize new revenue streams
through the delivery of advanced and innovative enterprise
services, while providing their enterprise customers with the
flexibility to modify services, balance costs between capital
expenditures (CAPEX) and operational expenditures (OPEX), and
focus on their core business activities by delegating ICT
management to service providers.

"Enterprises are delegating the management of their
telecommunications infrastructure to service providers because
it results in many advantages," said Klaus Pedersen, Director at
TDC.  "Not only does it allow them to focus on their core
business activities, but it can result in significant cost
savings and efficiency improvements."

"This project represents a major step towards the delivery of
IMS-enabled managed communication services in Denmark," said
Monika Maurer, President of Alcatel's fixed solutions
activities.  "Alcatel and TDC have worked together in bringing
innovative services to TDC's customers in the past and, once
again, we look forward to working with them as they make fixed-
mobile convergence a reality in the enterprise world."

Alcatel will provide TDC with complete systems integration
services, including project management, software integration,
installation, commissioning and maintenance.  Alcatel will also
provide its 8640 Corporate Mobility Manager (CMM), a versatile
network application that spans PSTN, SIP and mobile networks,
enabling enterprises to integrate all their employees into one
converged communication system across locations, networks and
devices.  The Alcatel 8640 CMM offers advanced fixed-mobile
convergence services, enhanced voice/multimedia virtual private
network (VPN) and virtual PBX services and runs on Alcatel's
8690 Open Services Platform (OSP).

                           About TDC

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in   
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                         About Alcatel
  
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) --
http://www.alcatel.com/-- provides communications solutions to   
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                         *     *     *

As reported in TCR-Europe on April 5, Moody's Investors Service
has placed the Ba1 long-term debt ratings of Alcatel SA on
review for possible downgrade following its definitive agreement
to merge with Lucent Technologies (rated B1).  The ratings
placed on review include Alcatel's senior, unsecured Eurobonds,
convertible bonds, Euro-medium term notes, its EUR1.0 billion
revolving credit facility and its corporate family rating, all
at Ba1 currently.  Alcatel's rating for short-term debt was
affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


AMC ENTERTAINMENT: Incurs US$7.7 Mln Net Loss in First Quarter
--------------------------------------------------------------
AMC Entertainment Inc. incurred a US$7.7 million net loss on
US$651.1 million of net revenues for the three months ended
June 29, 2006, compared to a US$27.7 million net loss on
US$412.7 million of revenues in 2005.

The Company's June 30 balance sheet also showed strained
liquidity with US$442 million in total current assets available
to pay US$468.7 million in total current liabilities coming due
within the next 12 months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?122f

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theaters
and 5,672 screens in 12 countries including the United States,
France, Portugal, Spain and the United Kingdom.

                            *    *    *

As reported in the Troubled Company Reporter on July 14, 2006,
Standard & Poor's Ratings Services placed its ratings on AMC
Entertainment Inc., including the 'B' corporate credit rating,
on CreditWatch with negative implications, based on the
company's high leverage and S&P's expectations that it will be
difficult to bring leverage down consistent with the timeline
that S&P's rating had originally anticipated.


BRAKES GROUP: Eyes October Closing for GBP275-Mln Refinancing
-------------------------------------------------------------
The Brakes Group, a Clayton, Dubilier & Rice portfolio company,
disclosed a GBP275 million refinancing.  

The group intends to use the majority of the proceeds to fund a
return of capital to the company's stockholders.  A fund managed
by CD&R indirectly owns approximately 67% of Brakes.  

Commenting on the refinancing facility, partner of CD&R and
Brakes' Chairman Bruno Deschamps said: "The new facility is a
strong endorsement of the management team and the excellent
progress that the team has made in transforming Brakes."  

Brakes' CEO Frank McKay said: "Under the stewardship of CD&R we
now have in place a regional organization focused on increasing
market performance, customer service, brand leadership and
product and service innovation. Brakes has the assets, the
financial strength and the leadership to pursue profitable
growth."

Since being acquired by CD&R in August 2002, Brakes has
strengthened its position as a leading supplier to caterers in
the UK and France by broadening Brakes' appeal to customers
through improved product offerings and the development of its
broadline and specialist businesses.  These have included the
launch of Prime Meats (Brakes specialist meat division), an
extended produce offering (through the Pauleys specialist
produce business), fish and seafood through M&J Seafood, bakery
products and food to go through Country Choice, as well as the
introduction of a new range of catering supplies and capital and
light equipment.

The refinancing is lead-arranged by JPMorgan, Credit Suisse and
Deutsche Bank, with UBS as a co-manager.  The refinancing is due
to close by the end of October 2006, subject to customary
closing conditions.

                   About Clayton, Dubilier & Rice

Clayton, Dubilier & Rice, Inc. -- http://www.cdr-inc.com/-- is  
one of the leading private equity investment firms in the world.  
Since its founding in 1978, CD&R has managed investments in 38
US and European businesses -- mostly subsidiaries or divisions
of large multi-business corporations -- representing a broad
range of industries with an aggregate transaction value in
excess of US$40 billion and revenues over US$40 billion.  CD&R
is based in New York and London.

                           About Brakes

Headquartered in London, U.K., The Brakes Group --
http://www.brake.co.uk/-- supplies frozen, chilled and grocery  
products to the catering industry in France and the United
Kingdom.  It offers an extensive portfolio of products, both
Brakes brand and supplier branded, in each temperature range,
and has a turnover in excess of GBP1.6 billion.  


BRAKE BROS: Loan Refinancing Prompts S&P to Lower Rating to B
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based food service distribution
group Brake Bros Finance PLC to 'B' from 'B+'.  At the same
time, the subordinated debt rating was lowered to 'CCC+' from
'B-'.  The outlook is stable.
     
The downgrade follows Brake Bros' announcement that its holding
company, Brake Bros Holding III Ltd., plans to refinance its
shareholder loans with the proceeds of a GBP275 million payment-
in-kind (PIK) note issue due 2012.  The current ratings assume
that the issue will not exceed GBP275 million and are subject to
the satisfactory review of final documentation by Standard &
Poor's.
     
"The rating action reflects increased leverage resulting from
the refinancing of the shareholder loans, which were treated as
equity, with the PIK note, which we view as debt," said Standard
& Poor's credit analyst Sunita Kara.
     
Pro forma for the transaction, Brake Bros' adjusted debt to
EBITDA for the 12 months to June 30, 2006, is about 6.3x (about
5.9x before restructuring costs), up from the current 3.6x and
higher than about 5.0x required for a 'B+' rating.
     
The ratings on Brake Bros continue to benefit from its No. 1
position in the growing U.K. food service distribution industry.
     
"The stable outlook reflects our expectation that Brake Bros
will continue to maintain a sound operating performance in the
U.K. and French markets," said Ms. Kara.
     
To maintain the ratings and outlook, adjusted debt to EBITDA
should remain within 5.5x-6.5x and adjusted EBITDA fixed-charge
cover at about 2.0x.  (The group achieved about 2.2x EBITDA
fixed-charge cover in the 12 months to June 30, 2006.)
     
"We would consider an upgrade if leverage improves and can be
sustained at about 5.0x and the group maintains its good free
operating cash flow generation," Ms. Kara added.
    
The ratings would come under pressure if we have concerns about
the group's liquidity profile.  This appears unlikely at present
given the good liquidity position.


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


ACTIVA OBJEKTENTWICKLUNG: Claims Registration Ends October 5
------------------------------------------------------------
Creditors of ACTIVA Objektentwicklung und Baubetreuung GmbH have
until Oct. 5 to register their claims with court-appointed
provisional administrator Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Leipzig, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Leipzig opened bankruptcy proceedings
against ACTIVA Objektentwicklung und Baubetreuung GmbH on
Aug. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ACTIVA Objektentwicklung und Baubetreuung GmbH
         Attn: Siegfried Simon, Liquidator
         Gueterbahnhofstr. 11a
         04860 Torgau, Germany

The administrator can be contacted at:

         Dr. Rainer Eckert
         Kaethe Kollwitz Road 9
         04109 Leipzig, Germany


ERNST PAUL LEHMANN: Files for Bankruptcy Protection in Nurnberg
---------------------------------------------------------------
Ernst Paul Lehmann Patentwerk OHG filed for bankruptcy
protection in the Nurnberg district court on Sept. 18.  The
court then ordered temporary bankruptcy administration, and Dr.
Steffen Goede of the law firm Goede, Bergfeld, Waldherr &
Hussmann was appointed as the temporary bankruptcy trustee.

Dr. Goede started the temporary bankruptcy administration
immediately and is conducting the business of EPL together with
the current owners, the Richter family.

The common task is now to preserve and secure this enterprise --
and the jobs it provides in Nurnberg -- for the future.  At a
factory meeting, the company's co-workers were updated on all
relevant information and were told that wages and salaries are
secured for the next three months, no matter what the resolution
of the bankruptcy claims.  The staff expressed its support of
the ongoing efforts to continue the company.

Dr. Goede has already arranged for a meeting last Wednesday with
all banks involved, so that production and distribution of LGB
products to retailers can begin again immediately.  The
temporary bankruptcy trustee and the management are eager to
insure the future of this traditional enterprise, Ernst Paul
Lehmann Patentwerk OHG, on a permanent basis.

                      About the Company

Headquartered in Nuremberg, Germany, Ernst Paul Lehmann
Patentwerk -- http://www.lgb.de/english/-- created the world's  
first "G-scale" train, Lehmann Gross Bahn, in 1968, and
continues to make the most popular garden railway model in
Europe.


FLECKEN GMBH: Claims Registration Ends October 5
------------------------------------------------
Creditors of Flecken GmbH have until Oct. 5 to register their
claims with court-appointed provisional administrator Rolf-
Dieter Moenning.

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

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Aachen opened bankruptcy proceedings
against Flecken GmbH on Aug. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Flecken GmbH
         Weingartshof 2
         52066 Aachen, Germany

         Attn: Hans Reiner Flecken, Manager
         Weingartsberg 6
         52066 Aachen, Germany

The administrator can be contacted at:

         Dr. Rolf-Dieter Moenning
         Juelicher Road 116
         52070 Aachen, Germany


FRUECHTENICHT & HAMMERL: Claims Registration Ends October 1
-----------------------------------------------------------
Creditors of Fruechtenicht & Hammerl GmbH & Co.KG have until
Oct. 1 to register their claims with court-appointed provisional
administrator Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Oct. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Arnsberg opened bankruptcy proceedings
against Fruechtenicht & Hammerl GmbH & Co.KG on Aug. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fruechtenicht & Hammerl GmbH & Co.KG
         Werler Highway 9
         59494 Soest, Germany

         Attn: Kai-Oliver Fruechtenicht, Manager
         Hattroper Weg 10
         59494 Soest, Germany

The administrator can be contacted at:

         Dr. Axel Kampmann
         Bronnerstrasse 7
         44141 Dortmund, Germany


GRINGEL MASCHINENBAU: Creditors' Meeting Slated for October 4
-------------------------------------------------------------
The court-appointed provisional administrator for Gringel
Maschinenbau GmbH & Co. KG, Achim Thomas Thiele, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:50 a.m. on Oct. 4.

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

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany

The Court will also verify the claims set out in the
administrator's report at 1:00 p.m. on Nov. 29 at the same
venue.

Creditors have until Oct. 11 to register their claims with the
court-appointed provisional administrator.

The District Court of Dortmund opened bankruptcy proceedings
against Gringel Maschinenbau GmbH & Co. KG on Aug. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gringel Maschinenbau GmbH & Co. KG
         Attn: Uwe Sass, Manager
         Schachtstr. 21
         59379 Selm, Germany

The administrator can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund, Germany


IMAGEWIRE SYSTEMS: June 30 Working Capital Deficit is US$1.8 Mln
----------------------------------------------------------------
ImageWare Systems, Inc., incurred a US$1.3 million net loss on
US$2.8 million of net revenues for the three months ended
June 30, 2006, compared to a US$1.9 million net loss on US$1.9
million of net revenues in 2005.

The Company's June 30 balance sheet also showed strained
liquidity with US$3.1 million in total current assets available
to pay US$5 million in total current liabilities coming due
within the next 12 months.

At June 30, 2006, ImageWare had available cash of US$480,000 and
US$106,000 in restricted cash securing its performance on
certain software implementation contracts.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1229

                        Going Concern Doubt

Stonefield Josephson, Inc., in San Diego, California, raised
substantial doubt about ImageWare Systems' ability to continue
as a going concern after auditing the Company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's substantial net losses and
substantial monetary liabilities in excess of monetary assets,
and had an accumulated deficit of US$64,321,551.

ImageWare Systems, Inc. (AMEX:IW) -- http://www.iwsinc.com/--  
is the leading global developer of digital imaging,
identification and biometric software solutions for the
corporate, government, law enforcement, professional
photography, transportation, education and healthcare markets,
among others.  ImageWare's secure credential and biometric
product lines are used to produce ID cards, driver licenses,
passports, national medical health cards, national IDs and more.  
The Company's law enforcement and biometric product lines
provide the public safety market with booking, investigative and
identification solutions that can be accessed and shared via PC,
Web and wireless platforms.  ImageWare's professional digital
imaging product line provides professional photographers with
automated, in-studio and mobile solutions to facilitate the
transition from film-based photography to digital imaging.  
Founded in 1987, ImageWare is headquartered in San Diego, with
offices in Canada, Europe and Asia.


KLOECKNER & CO: Reorganization Cues Moody's to Change Outlook
-------------------------------------------------------------
Moody's Investors Service changed outlook on all Kloeckner's
ratings to positive and reassigned the group's corporate family
rating at Kloeckner & Co. AG following reorganization of the
group.  The corporate family rating at Kloeckner & Co.
International GmbH is withdrawn.

The change in the outlook reflects the improved capital
structure of the company supported by the recent IPO, conversion
of shareholders loans and prepayment of 35% of its HY notes, as
well as good prospects for further reduction in leverage in the
next 12 months supported by strong operating performance in 2006
and several successful disposals.

The ratings may be upgraded if Kloeckner demonstrates continuous
strong performance, while continuing to reduce its absolute debt
to maintain its Debt / EBITDAR metrics in the range of x2.5.
Moody's also will look for smooth integration of the bolt-on
acquisitions and Kloeckner's sustained financial discipline in
executing its growth strategies.

Kloeckner's performance in 1H 2006 continues to be robust,
supported by favourable steel market environment allowing strong
growth in volumes and prices.  Moody's notes that Kloeckner's
free cash generation remains modest comparing to the absolute
level of debt (and the adjusted debt), but benefits from the
countercyclical nature of working capital requirements that
decline in a weaker pricing environment.

Ratings affected:

   -- Corporate family rating at Kloeckner & Co. AG: Ba3;

   -- Corporate family rating at Kloeckner &
      Co. International GmbH: withdrawn; and
   
   -- Global Notes at Kloeckner Investment SCA: B2.

Headquartered in Duisburg, Germany, Kloeckner is one of the
leading multi-metal distributors with an emphasis on steel and
metal products for customized specifications requiring value-
added processing to more than 200,000 active customers in
Western Europe and Northern America.  The company generated
consolidated sales of EUR4.96 billion in 2005 and EUR2.74
billion in 1H 2006.


KURT GMBH: Claims Registration Ends October 6
---------------------------------------------
Creditors of KURT GmbH have until Oct. 6 to register their
claims with court-appointed provisional administrator Stephan
Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 26 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hanau opened bankruptcy proceedings
against KURT GmbH on Aug. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         KURT GmbH
         Koenigsbruecker Landstr. 75
         01109 Dresden, Germany

         Attn: Winfried Banse, Manager
         Plan 15
         15831 Grossbeeren/OT Diedersdorf

The administrator can be contacted at:

         Dr. Stephan Laubereau
         Wolf-Heidenheim-Str. 12
         D-60489 Frankfurt, Germany
         Tel: 069/71379830
         Fax: 069/71379833
         Web: http://www.kuebler-gbr.de/
         E-mail: Frankfurt@kuebler-gbr.de


MEDIAPEOPLE GMBH: Claims Registration Ends October 1
----------------------------------------------------
Creditors of mediapeople GmbH have until Oct. 1 to register
their claims with court-appointed provisional administrator
Thomas Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Oct. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against mediapeople GmbH on Aug. 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         mediapeople GmbH
         Hufelandstr. 17
         45147 Essen, Germany

         Attn: Joerg Hoerner, Manager
         Oberbach 40
         40668 Meerbusch, Germany

The administrator can be contacted at:

         Thomas Bueckmann
         Kohlenkamp 39
         45468 Muelheim/Ruhr, Germany
         Tel: 0208/45939-6
         Fax: 0208/45939


METALDYNE CORP: S&P Holds B Credit Rating on Developing Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' corporate
credit rating and other ratings on Plymouth, Mich.-based auto
supplier Metaldyne Corp. remain on CreditWatch with developing
implications following the recent announcement of lower
production levels by important customer DaimlerChrysler AG unit
Chrysler.  Previously, Metaldyne agreed to be acquired by
unrated Asahi Tec Corp.
     
Standard & Poor's will review the terms of the transaction to
assess the impact on Metaldyne's credit quality.  Developing
implications mean that the ratings could be lowered, raised, or
affirmed following a review of the terms of the proposed
transaction.  Metaldyne has total debt of about US$860 million.
     
The ratings could be raised if it appears that Metaldyne's
liquidity and cash flow protection will significantly
strengthen, reducing its financial risk.
     
On the other hand, the ratings could be affirmed if the company
achieves only modest improvements in its financial risk profile,
while still facing the intense challenges of the automotive
supply industry.
     
The ratings could be lowered if the transaction is not completed
as planned, leaving Metaldyne with a very heavy debt burden amid
difficult market conditions, including sharply lower production
levels at important customers Ford Motor Co. and Chrysler


NYCOMED A/S: Acquires Altana's Pharmaceutical Biz for EUR4.5-Bln
----------------------------------------------------------------
ALTANA AG dislosed the sale of ALTANA Pharma AG and its entire
pharmaceuticals business to Nycomed A/S.  

The Supervisory Board of ALTANA AG has approved this transaction
on Sept. 21.  The completion of the transaction is subject to
approval by the competent antitrust authorities in the European
Commission and the United States.  It is also subject to
approval by an Extraordinary General Meeting of ALTANA AG, which
will take place in December 2006.  Closing is expected by the
end of this year.  The transfer of the business is planned as of
January 1, 2007.

The total purchase price to ALTANA AG is expected to amount to
about EUR4.5 billion.  This amount consists of a debt-free/cash-
free valuation of ALTANA Pharma AG of EUR4.215 billion and an
additional amount of about EUR300 million after price adjustment
at closing (net cash/working capital).

The net proceeds of the transaction will be transferred to
ALTANA AG's shareholders in 2007.  The distribution will come in
addition to the dividend for the financial year 2006.  It is
planned that the Ordinary Annual General Meeting scheduled for
May 3, 2007, will take the decision on the distribution of the
net proceeds and the dividend after approval of the 2006
Financial Statements.

With the divestiture of its pharmaceutical activities, the
previously announced separation of ALTANA AG into two separate
pharmaceuticals and chemicals businesses will be completed.
After the divestiture, ALTANA AG will focus on its specialty
chemicals business ALTANA Chemie.  ALTANA AG will maintain its
stock exchange listing, and Susanne Klatten remains majority
shareholder.  Susanne Klatten has stated after the Supervisory
Board meeting, that she is supportive of the decision taken by
ALTANA AG, to sell ALTANA Pharma to Nycomed.

"With this significant step we have now, as previously
announced, paved the way for the future strategic development of
both the pharmaceuticals as well as the chemicals businesses of
the ALTANA Group.  After just under 30 years after the
foundation of ALTANA in 1977, this is the most defining moment
in the Company's history.  The separation of the two divisions,
which have so far been managed by the holding company ALTANA AG,
into two independently operating companies with different
shareholder structures is based on the firm belief that in the
planned new constellation both companies will be facing new
strategic opportunities for a successful future," explained Dr.
Nikolaus Schweickart, President and CEO of ALTANA AG, at the
announcement of the transaction.

"In Nycomed we have found a strategic match for our
pharmaceuticals business.  Combining ALTANA Pharma's market
strength and research capabilities with Nycomed's strong
position within development and in-licensing, provides a
sustainable future for the new company," Dr. Nikolaus
Schweickart continued.

"Both Nycomed and ALTANA Pharma are successful and growing
companies with highly complementary businesses.  Merging the two
companies will provide a leadership position in our European
home markets and a strong platform in some of the world's
fastest growing pharmaceutical markets, including Russia-CIS and
South America," said Dr. Hakan Bjorklund, Nycomed CEO.

If the transaction is approved, Dr. Hakan Bjorklund, Nycomed
CEO, and Toni Weitzberg, Chairman of the Nycomed board,
respectively will continue as CEO and Chairman of the board of
the combined group.  Dr. Hans-Joachim Lohrisch, ALTANA Pharma
President and CEO, will be a member of the board of the combined
group.

                        About ALTANA AG

ALTANA AG is an international pharmaceuticals and chemicals
Group with sales of EUR3,272 billion in 2005 and around 13,300
employees all over the world.  The ALTANA Group is composed of
the strategic management holding company, ALTANA AG, and two
operating divisions, ALTANA Pharma AG and ALTANA Chemie AG.

                     About ALTANA Pharma

Headquartered in Konstanz, Germany, ALTANA Pharma AG --
http://www.altana.com/-- is an international pharmaceutical  
group with about 9,000 employees and over 30 subsidiaries in
Europe, North and Latin America, Asia, South Africa and
Australia.  In 2005, the Company achieved sales of about EUR2.4
billion, up 12% from 2004.  Altana Pharma concentrates on
innovative pharmaceutical products in therapeutics, imaging
(contrast media) and OTC medication. Therapeutics, the most
important business area, is based on prescription drugs for
gastrointestinal and respiratory diseases.

                       About Nycomed

Headquartered in Roskilde, Denmark, Nycomed --
http://www.nycomed.com/-- is a pharmaceutical company that  
provides hospital products throughout Europe and general
practitioner and pharmacy medicines in selected markets.  The
company employs about 3,500 people throughout Europe and Russia-
CIS.  Nycomed is privately-owned and had a 2005 net turnover of
EUR748 million.


NYCOMED A/S: Acquisition Prompts Moody's to Review Ratings
----------------------------------------------------------
Moody's Investors Service placed the B2 corporate family rating
of Nycomed A/S and the B3 senior secured rating on the notes
issued by Nyco Holdings 2 Aps due in 2013 on review with
direction uncertain following the company's announcement of an
agreement to acquire ALTANA Pharma AG, for a total value of
EUR4.2 billion.

The direction uncertain reflects the positive pressure that the
improved geographic diversification and business profile of the
combined entity exerts on the existing B2 corporate family
rating, while uncertainty prevails on how Nycomed will fund the
acquisition, albeit Moody's understands this to be a combination
of both equity and debt, and the resulting impact on financial
leverage.  The positioning of the existing bond within the
capital structure of the enlarged group has also yet to be
clarified.  The transaction remains subject to approval from
antitrust regulators and ALTANA's shareholders.

The review process will focus on:

   -- the proposed capital structure of the enlarged entity
      and the prospect for potential deleveraging
      post acquisition,

   -- the integration risks associated with the relative
      size of the two companies,

   -- Nycomed's new business risk profile given ALTANA's
      larger exposure to R&D activity and the future strategy
      of the enlarged group,

   -- the resulting product portfolio of the combined
      entity, and

   -- the final treatment of existing bondholders in the
      new capital structure.

Ratings placed on review:

   -- Nycomed A/S Corporate Family Rating of B2; and

   -- Nyco Holdings 2 Aps 2013 senior secured notes rating
      of B3.

Headquartered in Konstanz, Germany, ALTANA Pharma AG is the
pharmaceutical business of Altana AG and concentrates on
therapeutics products and OTC medications.  During the FYE 2005
revenues and EBITDA stood at EUR2,365 million and EUR691 million
respectively.

Headquartered in Roskilde, Denmark, Nycomed produces and
distributes a broad range of pharmaceutical products mainly
through several licensing agreement.  Revenues and EBITDA for
the FYE 2005 stood at EUR748 million and EUR157 million
respectively.


RICLOO BAU: Claims Registration Ends October 3
----------------------------------------------
Creditors of Ricloo Bau GmbH & Co. KG have until Oct. 3 to
register their claims with court-appointed provisional
administrator Thomas Kind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         1st Floor
         Schlossplatz 23
         76131 Karlsruhe, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Karlsruhe opened bankruptcy proceedings
against Ricloo Bau GmbH & Co. KG on Aug. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Ricloo Bau GmbH & Co. KG
         Attn: Juergen Neininger, Manager
         Plan 15
         15831 Grossbeeren, Germany

The administrator can be contacted at:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern, Germany
         Tel: (07841) 7080


S.I.G.M.A.N.N. BAUBETREUUNGS: Claims Registration Ends Sept. 27
---------------------------------------------------------------
Creditors of S.I.G.M.A.N.N. Baubetreuungs- und Ausbau GmbH have
until Sept. 27 to register their claims with court-appointed
provisional administrator Lason Gutsche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany    
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt/Main opened bankruptcy
proceedings against S.I.G.M.A.N.N. Baubetreuungs- und Ausbau
GmbH on Aug. 4.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         S.I.G.M.A.N.N. Baubetreuungs- und Ausbau GmbH
         Westerbachstrasse 122
         65936 Frankfurt/Main, Germany

The administrator can be contacted at:

         Dr. Lason Gutsche
         Cronstettenstrasse 30
         60322 Frankfurt/Main, Germany
         Tel: 069/959110-0
         Fax: 069/959110-12


SMS MICHAEL: Claims Registration Ends September 29
--------------------------------------------------
Creditors of SMS Michael Communication GmbH have until Sept. 29
to register their claims with court-appointed provisional
administrator Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Nuernberg opened bankruptcy proceedings
against SMS Michael Communication GmbH on Aug. 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SMS Michael Communication GmbH
         Attn: Rolf Schuster, Manager
         Beckschlagergasse 6
         90403 Nuernberg, Germany

The administrator can be contacted at:

         Dr. Bruno M. Kuebler
         Laufertorgraben 4
         90480 Nuernberg, Germany
         Tel: 0911/569448-0
         Fax: 0911/569448-9


TECHNOSOFT SOFTWAREVERTRIEBS: Claims Registration Ends Sept. 28
---------------------------------------------------------------
Creditors of technosoft Softwarevertriebsgesellschaft mbH have
until Sept. 28 to register their claims with court-appointed
provisional administrator Tatjana Gotsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 9 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Chemnitz opened bankruptcy proceedings
against technosoft Softwarevertriebsgesellschaft mbH on Aug. 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         technosoft Softwarevertriebsgesellschaft mbH
         Attn: Volker Schmidt, Manager
         Kolpingstr. 40
         08058 Zwickau, Germany

The administrator can be contacted at:

         Tatjana Gotsch
         Buettenstr. 4
         08058 Zwickau, Germany
         E-mail: widera@zwickau-net.de


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


TIM HELLAS: Owners Mull Asset Sale for EUR4 Billion
---------------------------------------------------
Texas Pacific Group and Ajax Partners intend to sell TIM Hellas
for up to EUR4 billion (GBP2.7 billion), a year after paying
EUR1.1 billion for the mobile operator, Elizabeth Judge writes
for The Times.

The sellers have instructed Morgan Stanley and Lehman Brothers
to handle the group's sale to both private equity and trade
buyers.  Ms. Judge says an auction for Greek's third-biggest
mobile operator is currently under way.

In April 2005, TIM subsidiary TIM International N.V. has
executed an agreement for the disposal of its 80.87% equity
stake in TIM Hellas to funds advised by Apax Partners and Texas
Pacific Group.  The price of the transaction is EUR1.1 billion,
which corresponds to an enterprise value of EUR1.6 billion for
100% of TIM Hellas and it's equivalent to approximately EUR16.43
per share.  The closing of the transaction and the approval by
the competent Authorities were finalized in July 2005.

The parties acquired the remaining shares for EUR263.5 million
in November last year.  The total number of TIM Hellas' shares
authorized issued and outstanding are 8,353,334 of nominal value
EUR3 each.

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.

                        *     *     *

As reported in TCR-Europe on April 25, Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit ratings on
Greek mobile telecommunications operator Tim Hellas
Telecommunications S.A. and related entities.

At the same time, Standard & Poor's affirmed all debt ratings
outstanding on related entities Hellas Telecommunications
(Luxembourg) V (Hellas V) and Hellas Telecommunications
(Luxembourg) III (Hellas III).

All the ratings were removed from CreditWatch, where they had
been placed with negative implications on April 5.  S&P said the
outlook is negative.


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


BORSODCHEM NYRT: Receives Takeover Offer from First Chemical
------------------------------------------------------------
First Chemical Holding Vagyonkezelo Korlatolt Felelossegu
Tarsasag is offering to acquire all outstanding shares in
BorsodChem Nyrt, in behalf of the Kikkolux Group and Vienna
Capital Partners Group.

As reported in TCR-Europe on July 11, Kikkolux signed an option
agreement with VCP and Firthlion (26.158%) and Vienna Capital
Partners (21.83%) to buy all their shares at HUF3,000 apiece.  

The offer is subject to approval by financial market regulator
PSzAF and the Competition Office.

Luxembourg-based Kikkolux, a unit of Permira Funds, may exercise
the option between July 6 and Oct. 31, BBJ relates.  Firthlion
is a U.K. company controlled and owned by Russian businessman
Megdet Rahimkulov.

                        About BorsodChem

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

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

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

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


ARDAGH GLASS: Negative Trading Spurs Moody's to Cut Rating to B3
----------------------------------------------------------------
Moody's Investors Services downgraded the Corporate Family
Rating for Ardagh Glass Group plc to B3 from B2 and the EUR125
million senior unsecured notes due 2015 to Caa3 from Caa2.  The
EUR175 million senior subordinated notes due 2013, issued by
Ardagh Glass Finance B.V., were downgraded to Caa2 from Caa1.
The outlook for all ratings remains negative.

The one-notch downgrade on all ratings was prompted by a
continued negative trading environment mainly reflected by
overcapacities in the core U.K. market and higher energy costs,
which the company has not been able to fully pass on to its
customers due to the fixed price nature of existing sales
contracts and the impact of significant overcapacity in the U.K.
market.

It is Moody's expectation that the 2007 operating environment is
likely to remain subdued mainly due to negative pressure on
prices on the back of excess capacities.  Despite announced
closure of production facilities accounting for about 10% of
annual output, these actions may not be sufficient to balance
supply and demand in the short term.  Moody's expects Ardagh to
be free cash flow negative for at least 2006 and 2007.

Available liquidity per June 30, 2006 totaled more than
EUR120 million with cash balances of EUR64.4 million and
available funds under undrawn facilities of EUR56.3 million and
is deemed to be sufficient to cover working capital needs.
Moody's, however, notes that, apart from Ardagh's core
GBP65 million maturing in 2010 with more lenient covenants since
Q1 2006 after amendments and GBP15 million committed Redfearn
revolver maturing in 2008, the majority of these lines are
secured working capital lines that can be cancelled within a
period of twelve months or less.  The possibility of support
from the company's major shareholders has not been factored into
the rating

The negative outlook reflects:

   -- the challenge for Ardagh to turn around profitability
      of its U.K. operations absent of any further
      significant capacity reductions.  Moody's notes
      Ardagh's ability as the largest U.K. glass producer
      to improve the pricing environment by further
      reducing capacity, but believes that such a move
      could encourage competition to increase capacity
      and therefore would most likely only be of a
      short-term benefit to the company;

   -- the current competitive landscape in the U.K.
      continuing to put its financial performance under
      pressure and weakening the company's long-term outlook,

   -- the risk of further raw material or energy price hikes.
      In this context Moody's noted that a further
      downgrade could be triggered by available cash
      declining below EUR25 million during 2007 or by
      a significant weakening of its alternative
      liquidity arrangements.

Registered in Ireland, Ardagh Glass Group Plc is the leading
supplier of glass containers by volume in the United Kingdom
through its subsidiaries, Rockware and Redfearn.  In addition,
Ardagh Glass operates glass container manufacturing businesses
in Italy, Germany and Poland and is also a leading provider of
technology and machinery to the glass manufacturing industry
through Heye International.  For the year ended Dec. 31, 2005,
Ardagh Glass Group generated revenues of EUR555.6 million.


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


LAZARD LTD: Names Georges Ralli as Chief Executive Officer
----------------------------------------------------------
Lazard Ltd. reported that Georges Ralli has been named Chief
Executive and William Rucker, Deputy Chief Executive, of
Lazard's European investment banking business, effective
immediately.

"Georges is the right leader, and this is the right team, to
accelerate our growth in Europe," said Bruce Wasserstein,
Chairman and Chief Executive Officer of Lazard.  "With these
important steps, we integrate our European investment banking
business under clear leadership, and advance the next generation
of management."

Senior management of Lazard Europe will include Mr. Ralli, Mr.
Rucker, Bruno Roger and Jeffrey Rosen.   In addition, Erik
Maris, Matthieu Pigasse and Antonio Weiss have been appointed as
Vice Chairmen of Lazard European Investment Banking, with senior
management responsibilities in Europe.

"We have made great progress since our announcement last year of
plans to reorganize and unify our European investment banking
business, based on clients and our expertise," said Mr. Ralli.  
"This reinforces Lazard's ability to conduct business as one
firm throughout Europe."

Mr. Ralli will continue as Chief Executive of Lazard Paris and
Mr. Rucker will continue as Chief Executive of Lazard London.  
Mr. Bruno Roger also is Chairman of Global Investment Banking
for Lazard and Chairman of Lazard Paris.  Mr. Rosen is a Deputy
Chairman of Lazard.

"I'm delighted to be working with Georges to build on our
success to date across Europe, while continuing to lead London,"
said Mr. Rucker.  "Lazard is distinct in its ability to offer
our clients premier advice through the combination of industry
knowledge, local intelligence and geographic reach."

Lazard Ltd. -- http://www.lazard.com/-- one of the world's   
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.

At June 30, 2006, the Company's balance sheet showed US$2.1
billion in total assets and US$2.8 billion in total liabilities,
resulting in US$745 million stockholders' deficit.


LYONDELL CHEMICAL: Repays Part of Term Loan from Notes Proceeds
---------------------------------------------------------------
Lyondell Chemical Company has closed its US$1.7 billion senior
unsecured note offerings consisting of US$875 million of 8%
Senior Unsecured Notes due Sept. 15, 2014, and US$900 million of
8.25% Senior Unsecured Notes due Sept. 15, 2016.

The Company is using US$875 million of the approximately
US$1.7 billion net proceeds from the offerings to repay a
portion of the seven-year term loan used to finance its Aug. 16,
2006, acquisition of CITGO Petroleum Corporation's 41.25%
interest in LYONDELL-CITGO Refining LP.

The Company is also using net proceeds from the offerings to
purchase approximately US$760 million in aggregate principal
amount of its 9.625% Series A, Senior Secured Notes due 2007,
representing approximately 90% of the outstanding principal
amount of the Notes, that have been tendered to date pursuant to
its cash tender offer and consent solicitation, which was
reported in The Troubled Company Reporter on Sept. 7, 2006.

The amount tendered to date constitutes a majority in principal
amount of the outstanding Notes and thus the Consent
Solicitation has been approved.  The amendments eliminate
substantially all the restrictive covenants, certain events of
default, and certain other provisions contained in the
indenture.  The supplemental indenture effecting the proposed
amendments has been executed and has become effective.

The Offer and the Consent Solicitation will expire at midnight
Eastern Time on Oct. 2, 2006.  Withdrawal rights with respect to
tendered Notes have expired.

The total consideration per US$1,000 principal amount of Notes
validly tendered and accepted for purchase is US$1,023.78, of
which US$30 is the consent payment.  Holders whose Notes are
validly tendered after the Consent Payment Deadline and prior to
the Expiration Date and accepted for purchase will receive the
total consideration minus the US$30 consent payment per US$1,000
principal amount of Notes.  Accrued and unpaid interest on Notes
will be paid in cash on all validly tendered Notes accepted for
purchase up to, but not including, the applicable payment date
for the Offer.  The applicable payment date is on Sept. 20,
2006, for Notes tendered on or prior to the Consent Payment
Deadline.  The applicable payment date is on Oct. 3, 2006, for
Notes tendered after the Consent Payment Deadline and prior to
the Expiration Date.

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) is North America's third-largest independent,
publicly traded chemical company.  Lyondell manufacturers basic
chemicals and derivatives including ethylene, propylene,
titanium dioxide, styrene, polyethylene, propylene oxide and
acetyls.  It also refines heavy, high-sulfur crude oil and
produces gasoline- blending components.  It operates on five
continents and employs approximately 11,000 people worldwide.  
In Europe, the company maintains operations in Austria, Belgium,
France, Germany, Italy, The Netherlands, Spain, and the United
Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 11, 2006
Moody's Investors Service confirmed the corporate family ratings
of Lyondell Chemical Company, Equistar Chemical LP and
Millennium Chemical Inc. and assigned Ba3 ratings to Lyondell's
new US$800 million credit facility and US$1.775 billion term
loan facility, and B1 ratings to US$1.775 billion of new
unsecured notes maturing in 2014 and 2016.

As reported in the Troubled Company Reporter on Sept. 11, 2006
Fitch Ratings assigned a 'BB-' to Lyondell's new US$1.775
billion senior unsecured notes due 2014 and 2016 and affirms
Issuer default rating at 'BB-'; Senior secured credit facility
and term loan at 'BB+';  Senior secured notes and debentures at
'BB+'; and Senior subordinated notes at 'B'.

The Rating Outlook for Lyondell remains Stable.  Approximately
US$5.4 billion of debt is covered by the actions.


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


INVEST COMPLECT: Creditors Must File Claims by Nov. 1
-----------------------------------------------------
LLP Invest-Complect-Ltd (RNN 451600214957) has declared
insolvency.  Creditors have until Nov. 1 to submit written
proofs of claim to:

         LLP Invest-Complect-Ltd
         Satpaev Str. 8/3-93
         Ekibastuz
         Pavlodar Region
         Kazakhstan


J. YRYS: Jambyl Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
commenced bankruptcy proceedings against LLP J. YRYS on Aug. 4.


KARAGANDA ASIA-P: Creditors Must File Claims by Nov. 1
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Karaganda Asia-P into
compulsory liquidation.

Creditors have until Nov. 1 to submit written proofs of claim
to:

         LLP Karaganda Asia-P
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


KAZGER: Proof of Claim Deadline Slated for Nov. 1
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Kazger (Case No. 2-2889/06) insolvent on July 26.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Nov. 1 to submit written proofs of claim
to:

         LLP Kazger
         Gagarin Str. 143-21
         Almaty, Kazakhstan
         Tel: 8 (3272) 78-68-94
              8 (7017) 33-36-24
              8 (3332) 50-44-33


KAZIMPORTSERVICE-PV: Proof of Claim Deadline Slated for Nov. 1
--------------------------------------------------------------
LLP Kazimportservice-PV has declared insolvency.  Creditors have
until Nov. 1 to submit written proofs of claim to:

         LLP Kazimportservice-PV
         Severnaya Str. 10
         Lesozavod
         Pavlodar Region
         Kazakhstan


META SOFT: Karaganda Court Begins Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Meta Soft
(RNN 302000242755).

The company can be reached at:

         LLP Meta Soft
         Gogol Str. 71
         Karaganda
         Karaganda Region
         Kazakhstan


MOSKOVSKIY AGRO: Creditors' Claims Due Nov. 1
---------------------------------------------
LLP Moskovskiy Agro has declared insolvency.  Creditors have
until Nov. 1 to submit written proofs of claim to:

         LLP Moskovskiy Agro
         Moskovskoye
         Esil District
         Akmola Region
         Kazakhstan


PV DELTA: Pavlodar Court Starts Bankruptcy Procedure
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
commenced bankruptcy proceedings against LLP PV Delta EK
(RNN 451600215284) on Aug. 21.

The company can be reached at:

         LLP PV Delta EK
         Satpaev Str. 22/4-25
         Ekibastuz
         Pavlodar Region
         Kazakhstan


SEMEY VODOKANAL: Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against State Utility
Enterprise Semey Water Channel Semey-Vodokanal on Aug. 16.


ZAMGO: Atyrau Starts Bankruptcy Proceedings
-------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
commenced bankruptcy proceedings against LLP Zamgo.


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


ERLAN MEDIK: Proof of Claim Deadline Slated for Oct. 31
-------------------------------------------------------
LLP Erlan Medik has declared insolvency.  Creditors have until
Oct. 31 to submit written proofs of claim to:

         LLP Erlan Medik
         Lenin Str. 313
         Osh
         Osh Region
         Kyrgyzstan


INTER SERVICE: Creditors' Claims Due Oct. 31
--------------------------------------------
LLP Inter Service has declared insolvency.  Creditors have until
Oct. 31 to submit written proofs of claim.

Inquiries can be addressed to (+996 3222) 7-13-54.


MASHHAD: Claims Registration Ends Oct. 31
-----------------------------------------
LLC Mashhad has declared insolvency.  Creditors have until
Oct. 31 to submit written proofs of claim to:

         LLC Mashhad
         Kurmanjan Datka Str. 180
         Osh
         Osh Region
         Kyrgyzstan


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


LIFESTAR CDO: Fitch Affirms BB- Rating on Class D Notes
-------------------------------------------------------
Fitch Ratings affirmed Lifestar CDO S.A.'s notes due 2016,
following a satisfactory performance review:

   -- Class A floating-rate notes (ISIN XS0133527472) at AAA;
   -- Class B floating-rate notes (ISIN XS0133529098) at AA;
   -- Class C fixed-rate notes (ISIN XS0133529338) at A-; and
   -- Class D fixed-rate notes (ISIN XS0133529841) at BB-.

The affirmations reflect the portfolio's relatively stable
performance.  Since the review in May 2005, the weighted average
rating has remained stable at BBB-.  According to the portfolio
manager, there are no CCC+ or below-rated assets in the
transaction.

Credit enhancement levels have remained stable, and the
transaction has sufficient excess spread to withstand the
current rating stresses.  Lifestar CDO S.A. exits the
reinvestment period on Sept. 23; hence subsequent principal
proceeds will go toward the redemption of the notes in order of
seniority.

In August 2001 Lifestar CDO S.A., a limited liability company
registered under the laws of Luxembourg, issued EUR625 million
of various Classes of fixed- and floating-rate notes and
invested the proceeds in a portfolio of investment grade and
speculative-grade debt securities.


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


AKER KVAERNER: Third Quarter Results Out October 24
---------------------------------------------------
The Aker Kvaerner group will release its financial results at
8:45 a.m. (Central European Time) on Oct. 24, 2006, at the Oslo
Stock Exchange.

Aker Kvaerner will present the results to investors and analysts
at 9:30 a.m. on (Central European Time) on the same day at:

         Auditorium
         Aker Kvaerner Headquarters
         Prof. Kohtsvei 15
         Lysaker
         Norway

                      About Aker Kvaerner

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

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

Moody's said the outlook on all is stable.


AKER KVAERNER: Inks Service Deal with JiaLong Petrochemical
-----------------------------------------------------------
Aker Kvaerner has signed a contract with JiaLong Petrochemical
Fiber Company Limited to provide the basic engineering design
and technical advisory services for JiaLong's new Purified
Terephthalic Acid plant to be built at its petrochemical complex
in ShiShi, Fujian Province, People's Republic of China.

"Aker Kvaerner is delighted to have won this important contract
with JiaLong Petrochemical Fiber," said Wim van der Zande,
President of AK Process.  "We are the most experienced
contractor in the execution of PTA projects utilizing the
INVISTA technology and in recent years much of that capability
has been expanded through projects in China."

"JiaLong has developed one of the largest chemical fibre
production bases in North China. With the completion of this
world-class manufacturing facility, we see it contributing both
to local demand in Fujian province and further afield," Fu
Shuquan, Chairman of Jialong Group, said.  "Aker Kvaerner's
considerable experience supports our goal for a successful and
timely project delivery."

The new plant will produce 600,000 tpa of PTA.  The project
commences immediately, and start-up of the new plant is
scheduled for late 2008.  The project will utilize advanced and
proven PTA technology from INVISTA (formerly DuPont Textiles &
Interiors).

Aker Kvaerner has worked on more than 20 PTA facilities spanning
more than 20 years. Currently, that represents around 20 per
cent of the world's PTA production capacity.

PTA is the preferred raw material for polyester, first
introduced in 1951.  Today, PTA is used globally as a key
ingredient in the manufacture of polyester fibres, resins and
films and in the manufacture of PET.

                      About Aker Kvaerner

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

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

Moody's said the outlook on all is stable.


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


AMERICAN AXLE: Transferring Work on Camaro Car to Mexican Plant
---------------------------------------------------------------
American Axle & Manufacturing's workers at its Buffalo plant
were disappointed when the company decided to send work on
General Motor's new Camaro muscle car to Mexico, Business First
of Buffalo reports.

"I'm disappointed and disgusted," Kevin Donovan, the United Auto
Workers union's Region 9 assistant director, told Business
First.  "The plant worked hard to make American Axle a success
which gave them the opportunity to build plants in Mexico.  Now
the company is taking work that we worked real hard to bring
here and is putting it into Mexico."

Mr. Donovan told Business First that 130 local jobs probably
would have been involved in producing components for the Camaro,
which is being introduced in the 2008 model year.  The plant has
about 650 hourly workers.  Several hundred more are on layoff,
some since early this year.

Plant officials assured workers that American Axle will
aggressively pursue other new work for the Delavan Avenue
facility, the same report says.

                    About American Axle  

American Axle & Manufacturing -- http://www.aam.com/--    
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis  
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, India, Japan, Mexico, Poland,
Scotland and South Korea.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 17, 2006,  
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).  

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.  
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.


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


ANNINSKOYE: Court Names V. Zhurikhin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. V.
Zhurikhin as Insolvency Manager for CJSC Anninskoye Vegetable
Oil.  He can be reached at:

         V. Zhurikhin
         Post User Box 195
         Post Off ice
         394000 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-4158-2006/100/27b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Anninskoye Vegetable Oil
         Lenina Str. 1
         Anna
         Anninskiy Region
         Voronezh Region
         Russia


ASBESTOVSKIY: Sverdlovsk Court Starts Bankruptcy Supervision  
------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on OJSC Asbestovskiy Factory of Metal
Constructions.  The case is docketed under Case No.
A60-14298/06-S11.

The Temporary Insolvency Manager is:

         T. Ivanova
         Post User Box 366
         620014 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Asbestovskiy Factory Of Metal Constructions
         Kooperativnaya Str. 49
         Tyukalins
         646330 Sverdlovsk Region
         Russia


BASHKIRSKIYE AIRLINES: Bankruptcy Hearing Slated for Feb. 5
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
10:30 a.m. on Feb. 5, 2007, to hear the bankruptcy supervision
procedure on OJSC Air Company Bashkirskiye Airlines (TIN
0274108158).  The case is docketed under Case No.
A07-15423/06-G-KhRM.

The Temporary Insolvency Manager is:

         V. Kirzhaev
         Office 1
         Oktyabrya Pr. 11
         Ufa
         450001 Bashkortostan Republic  
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Hall #3
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         450057 Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Air Company Bashkirskiye Airlines
         Airport
         Ufa
         450056 Bashkortostan Republic
         Russia


BASHKIRSKIY PETROL: Court Names N. Pavlov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. N. Pavlov as
Insolvency Manager for CJSC Bashkirskiy Petrol (TIN 7706005645).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-34867/06-73-470B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Bashkirskiy Petrol
         Leninskiy Pr. 4
         119049 Moscow Region
         Russia


BAYKAL: Court Names A. Sotnikov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. A.
Sotnikov as Insolvency Manager for CJSC Company Baykal.  He can
be reached at:

         A. Sotnikov
         Abrekskaya Str. 5
         690001 Vladivostok Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-9029/2006 9-257.

The Debtor can be reached at:

         CJSC Company Baykal
         Svetlanskaya Str. 7
         Vladivostok Region
         Russia


CHERNIGOVSKIY BAKERY: I. Zagorulko to Manage Assets
---------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. I.
Zagorulko as Insolvency Manager for LLC Chernigovskiy Bakery.  
He can be reached at:

         I. Zagorulko
         3rd Zagorodnaya Str. 9/7
         Spassk-Dalniy
         692243 Primorye Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 51-6940/06 26-131.

The Debtor can be reached at:

         LLC Chernigovskiy Bakery
         Pushkinskaya Str. 18
         Chernigovka
         Primorye Region
         Russia


DOROGOBUZHSKIY CHEESE: L. Korovnikova to Manage Assets
------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Ms. L.
Korovnikova as Insolvency Manager for OJSC Dorogobuzhskiy
Cheese.  She can be reached at:

         L. Korovnikova
         Stolovyj Per. 6
         214013 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-2176/2006(896-N/06).

The Debtor can be reached at:

         OJSC Dorogobuzhskiy Cheese
         Stolovyj Per. 6
         214013 Moscow Region
         Russia


DOROZHNIK: Orenburg Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Orenburg Region commenced bankruptcy
supervision procedure on CJSC Dorozhnik.  The case is docketed
under Case No. A47-6257/2006-14GK.

The Temporary Insolvency Manager is:

         V. Gorbunov
         Gaya Str. 23A
         460000 Orenburg Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         CJSC Dorozhnik
         Chernyshevskogo Str. 2A
         Saraktash
         462100 Orenburg Region
         Russia


EAR: Kursk Court Names N. Krasilnikov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. N.
Krasilnikov as Insolvency Manager for OJSC Ear.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-2290/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Ear
         Zhigaevo
         Konyshevskiy Region
         Kursk Region
         Russia


FLOWERS OF URAL: Court Names S. Burmistrov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. S.
Burmistrov as Insolvency Manager for CJSC Flowers of Ural.  He
can be reached at:

         S. Burmistrov
         Office 328
         Belinskog o Str. 34
         620075 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-12435/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Flowers of Ural
         Izoplitnaya Str. 23
         620033 Ekaterinburg Region
         Russia


IZHEVSKIY BAKERY 2: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Udmurtiya Republic commenced bankruptcy
supervision procedure on OJSC Izhevskiy Bakery 2.  The case is
docketed under Case No. A71-000762/2006.

The Temporary Insolvency Manager is:

         T. Kazakina
         Stolovyj Per. 6
         121069 Moscow Region
         Russia

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         Izhevskiy Bakery 2
         Stolovyj Per. 6
         121069 Moscow Region
         Russia


KARGOPOLSKIY FISH-WORKING: M. Mordashov to Manage Assets
--------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. M.
Mordashov as Insolvency Manager for LLC Kargopolskiy Fish-
Working Factory (TIN 2911002694).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-6474/2006-21.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         LLC Kargopolskiy Fish-Working Factory
         Polevaya Str. 1
         Kargopol
         164110 Arkhangelsk Region
         Russia


KRASNOYARSK-STROY: Creditors Must File Claims by October 19
-----------------------------------------------------------
Creditors OF OJSC Holding Company Krasnoyarsk-Stroy have until
Oct. 19 to submit written proofs of claim to:

         O. Uvarichev, Insolvency Manager
         Partizana Zheleznyaka Str. 17
         660133 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-3718/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Holding Company Krasnoyarsk-Stroy
         Krasnoy Armii Str. 3
         660017 Krasnoyarsk Region
         Russia


MACADAM FACTORY: Court Names A. Plotnikov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. A.
Plotnikov as Insolvency Manager for OJSC Macadam Factory.  He
can be reached at:

         A. Plotnikov
         Aviatsionnaya Str. 61/2-18
         620130 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-9353/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Macadam Factory
         Shebenochnyj Zavod
         Kushva
         Sverdlovsk Region
         Russia


METAL-INVEST: Court Names M. Vasilega as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Vasilega as
Insolvency Manager for CJSC Metal-Invest (TIN 7709025431).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-39629/06-73-750B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Metal-Invest
         Solyanka Str. 3
         Moscow Region
         Russia


MIKHAYLOVSKAYA NIVA: Ryazan Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Ryazan Region commenced bankruptcy
supervision procedure on LLC Mikhaylovskaya Niva.  The case is
docketed under Case No. A54-2299/2006-S6.

The Temporary Insolvency Manager is:

         A. Starkin
         Kuybyshevskoye Shosse 25
         Ryazan Region
         Russia

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         LLC Mikhaylovskaya Niva
         Mikhaylov
         Ryazan Region
         Russia


MOSCOW REGIONAL: S&P Assigns B- Long-Term Issuer Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
issuer credit rating and 'ruBBB' Russia national scale rating to
the Moscow Regional Investment Trust Co. (OJSC), which is fully
owned by the Moscow Oblast.  The outlook is stable.
     
At the same time, a 'ruBBB' Russian national scale rating was
assigned to a planned RUR3 billion senior unsecured debt issue
to be placed by MOITC on Sept. 27.
     
This is the first rating to be assigned by Standard & Poor's to
a company supported by a local or regional government in Central
and Eastern Europe.
     
"The ratings on the multifunctional holding company, MRITC,
reflect the lack of IAS-consolidated reporting, the company's
evolving nature, which includes potential privatization, and its
aggressive financial and debt policies," said Standard & Poor's
credit analyst Felix Ejgel.  

"Currently significant, but gradually diminishing, support from
its owner, the Moscow Oblast, supports the company's
creditworthiness."
     
Standard & Poor's follows the bottom-up approach for rating
MRITC, which is therefore rated higher than its stand-alone
credit quality would warrant.
     
MRITC is a financial company with a public policy role: the
company is involved in arranging budget and off-budget financing
for the oblast and municipal infrastructure such as sport
facilities, schools, and hospitals.  The company owns shares in
several utilities and other oblast companies, and guarantees
loans taken out by oblast-related and municipal entities.
     
On an unconsolidated basis, the company's revenues are expected
to reach US$3 million in 2006.  At June 30, 2006, MRITC's
unconsolidated debt accounted for RUR13.8 billion, including
RUR6 billion of guarantees against loans taken out by various
infrastructure developers.  It made up about 80% of the
company's assets, calculated based on Russian GAAP.
     
The stable outlook reflects the Moscow Oblast's continued,
although decreasing, support and oversight of MRITC.
     
"The improved transparency, should MRITC start reporting in
accordance with internationally accepted accounting principles,
combined with feasible medium-term financial plans based on
committed financial support from the Moscow Oblast, could have a
positive effect on the rating," said Mr. Ejgel.

"Conversely, if the company's debt burden grows beyond
expectations and/or the company is privatized, in addition to no
improvement in reporting, the ratings could come under
pressure."


NIZHNETAGILSKIY: Court Names Z. Kharbediya as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. Z.
Kharbediya as Insolvency Manager for OJSC Nizhnetagilskiy City
Diary.  He can be reached at:

         Z. Kharbediya
         Post User Box 366
         620014 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-30739/05-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Nizhnetagilskiy City Diary
         Krasnoarmeyskaya Str. 79
         Nizhniy Tagil
         Sverdlovsk Region
         Russia


POKROVSKIYE FILTERS: Creditors Must File Claims by October 12
-------------------------------------------------------------
Creditors of CJSC Pokrovskiye Filters have until Oct. 12 to
submit written proofs of claim to:

         A. Antonenko, Insolvency Manager
         Chernyshevskogo Str. 88
         410004 Saratov Region
         Russia

The Arbitration Court of Saratov Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-405B/05-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Pokrovskiye Filters
         Demokraticheskaya Str. 1
         Engels
         413118 Saratov Region
         Russia


RAO ROS-OIL-GAS-STROY: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on CJSC Rao Ros-Oil-Gas-Stroy (TIN 7706195918, OGRN
1027739151406).  

The case is docketed under Case No. A40-81223/05-88-183B.

The Temporary Insolvency Manager is:

         M. Dyakonov
         Post User Box 481.
         111141 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Rao Ros-Oil-Gas-Stroy
         Donskaya Str. 15.
         Moscow Region
         Russia


ROMSK: Court Names G. Kuptsov as Insolvency Manager
---------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. G.
Kuptsov as Insolvency Manager for CJSC Romsk.  He can be reached
at:

         G. Kuptsov
         Pionerskiy Pr. 21 A
         Novokuznets
         654000 Kemerovo region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-35885/2005-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Romsk
         Novokuznetsk
         Kemerovo Region
         Russia


SAKHA-WOOD: Court Names I. Lukin as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed Mr.
I. Lukin as Insolvency Manager for OJSC Sakha-Wood.  He can be
reached at:

         I. Lukin
         Post User Box 120
         Yakutsk
         677014 Sakha Republic-Yakutiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A58-3582/05.

The Debtor can be reached at:

         OJSC Sakha-Wood
         Post User Box 120
         Yakutsk
         677014 Sakha Republic-Yakutiya
         Russia


SMOLENSKIY STOCKINET: Creditors Must File Claims by Oct. 19
-----------------------------------------------------------
Creditors of OJSC Smolenskiy Stockinet have until Oct. 19 to
submit written proofs of claim to:

         A. Maltabar, Insolvency Manager
         Post User Box 619
         170006 Tver Region
         Russia

The Arbitration Court of Smolensk Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62-918-N/06(2447/2006).

The Debtor can be reached at:

         OJSC Smolenskiy Stockinet
         Prechistoe
         Dukhovshinskiy Region
         Smolensk Region
         Russia


SVYAZ: Bidding Organizer Sets Sept. 30 Public Auction for Assets
----------------------------------------------------------------
LLC NPO Ekoteks, in its capacity as the bidding organizer for
OJSC Svyaz, places the company's properties on public auction at
11:00 a.m. on Sept. 30 at:

         Office 4A
         Deputatskaya Str. 6
         Irkutsk Region
         Russia

To participate, bidders must deposit an amount equivalent to 18%
of the starting price to:

         Settlement Account 40702810218090102802
         Baykalskiy Bank SB RF
         Bratskoye OSB 2413/0114
         Irkutsk Region
         Russia


TEKHFLOT: Arkhangelsk Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Arkhangelsk Region commenced bankruptcy
supervision procedure on CJSC Tekhflot.  The case is docketed
under Case No. A05-6444/2006-21.

The Temporary Insolvency Manager is:

         A. Grishko
         Pomorskaya Str. 7
         Arkhangelsk Region
         Russia

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         CJSC Tekhflot
         Pomorskaya Str. 7
         Arkhangelsk Region
         Russia


TOMSK-CENTRO-GAS: Tomsk Bankruptcy Hearing Slated for Oct. 23
-------------------------------------------------------------
The Arbitration Court of Tomsk Region will convene at 11:30 a.m.
on Oct. 23 to hear the bankruptcy supervision procedure on OJSC
Tomsk-Centro-Gas.  The case is docketed under Case No.
A67-3094/06.

The Temporary Insolvency Manager is:

         I. Ponamorev
         K. Marksa Str. 56
         634009 Tomsk Region
         Russia

The Debtor can be reached at:

         OJSC Tomsk-Centro-Gas
         K. Marksa Str. 56
         634009 Tomsk Region
         Russia


URALSKAYA Sugar: L. Korovnikova to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Ms. L.
Korovnikova as Insolvency Manager for CJSC Uralskaya Sugar
Company.  She can be reached at:

         L. Korovnikova
         Post User Box 177
         620062 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-13556/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Uralskaya Sugar Company
         8th Marta Str. 267A-204
         Ekaterinburg Region
         Russia


VOD-STROY: Court Names E. Meshenkova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Penza Region appointed Ms. E.
Meshenkova as Insolvency Manager for OJSC Vod-Stroy.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-1407/2006-1586/10.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Vod-Stroy
         Tambovskaya Str. 33
         Tamala
         442900 Penza Region
         Russia


ZEYSKIY: Amur Bankruptcy Hearing Slated for Nov. 14
---------------------------------------------------
The Arbitration Court of Amur Region will convene on Nov. 14 to
hear the bankruptcy supervision procedure on LLC Meat And Milk
Combine Zeyskiy.  The case is docketed under Case No.
AO4-3706/06-7/150-B.

The Temporary Insolvency Manager is:

         D. Gumirov
         Lenina Str. 191
         Blagoveshensk
         Amur Region
         Russia

The Debtor can be reached at:

         LLC Meat And Milk Combine Zeyskiy
         Lenina Str. 233 a
         Zeya
         Amur Region
         Russia


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


AMC ENTERTAINMENT: Incurs US$7.7 Mln Net Loss in First Quarter
--------------------------------------------------------------
AMC Entertainment Inc. incurred a US$7.7 million net loss on
US$651.1 million of net revenues for the three months ended
June 29, 2006, compared to a US$27.7 million net loss on
US$412.7 million of revenues in 2005.

The Company's June 30 balance sheet also showed strained
liquidity with US$442 million in total current assets available
to pay US$468.7 million in total current liabilities coming due
within the next 12 months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?122f

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theaters
and 5,672 screens in 12 countries including the United States,
France, Portugal, Spain and the United Kingdom.

                            *    *    *

As reported in the Troubled Company Reporter on July 14, 2006,
Standard & Poor's Ratings Services placed its ratings on AMC
Entertainment Inc., including the 'B' corporate credit rating,
on CreditWatch with negative implications, based on the
company's high leverage and S&P's expectations that it will be
difficult to bring leverage down consistent with the timeline
that S&P's rating had originally anticipated.


SOL MELIA: Fitch Keeps BB+ Issuer Default Rating
------------------------------------------------
Fitch Ratings affirmed Sol Melia S.A.'s Issuer Default and
senior unsecured ratings at BB+ and Short-term rating at B.  The
Outlook remains Stable.  

"Thanks to some recovery in the European feeder markets and
reduced new supply, the Spanish hotel market is now picking up,"
Frederic Gits, Senior Director in Fitch's Corporate team
disclosed.  "As a consequence, Sol Melia's leverage is expected
to improve but not to a level consistent with an investment-
grade rating in the near-term," he added.

Over the past two years the Spanish market has been slower to
recover compared to the rest of Europe due to significant new
supply in the main cities and a lack of demand from the U.K. and
Germany on the resort market.  In H106 however, Sol Melia's room
rate and RevPar in Spanish cities grew 5.5% and 8.9%
respectively, helped in particular by a pick-up in convention
business and reduced new supply.  However, supply growth is
forecasted to resume in 2007, which could hamper the recovery if
macroeconomic conditions weaken in Spain.

The resort business also delivered good growth in H106 with
Revpar up 2.2%, mainly driven by increased room rates.  
Moreover, food & beverage sales grew 5%, reversing the decline
of the previous years.  The company did not see any negative
impact from the World Cup as tour operators made sure the event
could be followed from holiday destinations.  Prospects for the
2006 summer season are good with a sharp decline in the portion
of sales made through special offers to tour operators.  The
Americas continue to perform well on the back of a buoyant U.S.
economy.

In Fitch's computation of Sol Melia's core leverage and interest
cover ratios, the agency excludes the attributable EBITDA from
Sol Melia's real estate business while the corresponding debt is
included in the ratios.  These profits are mainly derived from
capital gains on disposal of hotel assets and plots of land as
well as the revenues from the sale of time-share units.  While
management makes the case that these capital profits are
expected to be recurring, Fitch regards the activity as having a
higher risk profile and thus separate from the more stable,
core, hotel room rate-derived profitability of the group.

Furthermore, in rating investment-grade European hotel groups
Fitch does not include capital "profit" in its core coverage
ratios, other than the effect of net proceeds received on
reducing net debt.  On that basis, Sol Melia's YE05 lease-
adjusted leverage was 6.1x.  These ratios exclude the EUR100
million preference share whose equity credit is under review
following the update of Fitch's hybrid methodology.

Should FY06's results be in line with H106, leverage could
significantly improve to about 4.8x.  However, consistent with
the rationale of the downgrade of Sol Melia's rating, at this
stage in the cycle Fitch regards sustainable leverage at or
below 4x, among other things, as more appropriate for an
investment-grade rating for a company with Sol Melia's business
risk profile.

Sol Melia is the world's 10th-largest hotel company and ranks
number one in its core markets of Spain, Latin America and the
Caribbean with a portfolio of 328 hotels and 81,282 rooms at
YE05.  It is also the leading resort hotel chain globally.  In
room number terms, some 45% of the hotel portfolio is
owned/leased and 55% is under management/franchise contracts.
However, Sol Melia derives close to 90% of its profits from
owned or leased hotels.

European cities accounted for 47% of FY05 revenues from
owned/leased hotels, European resorts for 30% and the remaining
23% from the Americas.  Sol Melia is controlled by the founding
Escarrer family.


IMAGEWIRE SYSTEMS: June 30 Working Capital Deficit is US$1.8 Mln
----------------------------------------------------------------
ImageWare Systems, Inc., incurred a US$1.3 million net loss on
US$2.8 million of net revenues for the three months ended
June 30, 2006, compared to a US$1.9 million net loss on US$1.9
million of net revenues in 2005.

The Company's June 30 balance sheet also showed strained
liquidity with US$3.1 million in total current assets available
to pay US$5 million in total current liabilities coming due
within the next 12 months.

At June 30, 2006, ImageWare had available cash of US$480,000 and
US$106,000 in restricted cash securing its performance on
certain software implementation contracts.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1229

                        Going Concern Doubt

Stonefield Josephson, Inc., in San Diego, California, raised
substantial doubt about ImageWare Systems' ability to continue
as a going concern after auditing the Company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's substantial net losses and
substantial monetary liabilities in excess of monetary assets,
and had an accumulated deficit of US$64,321,551.

ImageWare Systems, Inc. (AMEX:IW) -- http://www.iwsinc.com/--  
is the leading global developer of digital imaging,
identification and biometric software solutions for the
corporate, government, law enforcement, professional
photography, transportation, education and healthcare markets,
among others.  ImageWare's secure credential and biometric
product lines are used to produce ID cards, driver licenses,
passports, national medical health cards, national IDs and more.  
The Company's law enforcement and biometric product lines
provide the public safety market with booking, investigative and
identification solutions that can be accessed and shared via PC,
Web and wireless platforms.  ImageWare's professional digital
imaging product line provides professional photographers with
automated, in-studio and mobile solutions to facilitate the
transition from film-based photography to digital imaging.  
Founded in 1987, ImageWare is headquartered in San Diego, with
offices in Canada, Europe and Asia.


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


BANK KHRESCHATYK: Fitch Keeps B Rating on Foreign Currency
----------------------------------------------------------
Fitch Ratings affirmed Ukraine-based Bank Khreschatyk's ratings
at foreign and local currency Issuer Default B, Short-term B,
Individual D/E and Support 4.  The Outlooks on the Issuer
Default ratings remain Stable.  

Khreschatyk's IDRs, Short-term and Support ratings are based on
the limited probability of support being forthcoming from the
bank's majority owner, the City of Kiev, in case of need.

The rating affirmation follows recent media reports that the
City of Kiev may not participate in Khreschatyk's upcoming share
issue, resulting in its stake in the bank falling below 50%.  In
Fitch's view, such non-participation is unlikely, given the city
administration's approval of the share issue at the bank's
August shareholder meeting and representations made to Fitch by
the Chairman of Khreschatyk's Supervisory Board, who is also the
city's Deputy Mayor and Secretary of the City Council that the
city will participate.

At the same time, Fitch notes that the decision on the city's
participation in the share issue will be made by the full
session of the city council, which is independently elected,
rather than the Mayor or his administration.  Were the council,
which is expected to vote in October, elect not to participate
in the share issue, that would be very likely to trigger a
negative rating action, although at present this is not Fitch's
base expectation.  

Nonetheless, Fitch takes a positive view of the bank's decision
to postpone the issue of its upcoming eurobond until there is
clarity in respect to the city's participation in the share
issue.

Khreschatyk was founded in 1993 and was Ukraine's 18th-largest
bank by assets at end-H106 with a 1.2% share of assets.  The
bank's branch network and business are focused primarily on Kiev
and the Kiev region.  The City of Kiev currently owns, directly
and indirectly, a 55% stake in the bank.  

In April 2006, Leonid Chernovetsky, who is widely believed to be
the main owner of another mid-sized Ukrainian bank, Pravex,
became the new Mayor of Kiev, resulting in some uncertainty as
to the future relationship between the city and the bank.


DRUZHBA: Kyiv Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on Agricultural LLC Druzhba (code EDRPOU
00849379).  The case is docketed under Case No. 177/14 b-06.

The Temporary Insolvency Manager is:

         Bogdan Yarinko
         40-richya Zhovtnya Avenue 48/38
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Druzhba
         Radyanska Str. 1
         Ostriv
         Rokitnyanskij District
         09631 Kyiv Region
         Ukraine


GNIDAVA-BUD: Court Names I. Vasiluk as Insolvency Manager
---------------------------------------------------------
The Economic Court of Volinska Region appointed Mr. I. Vasiluk
as Liquidator/Insolvency Manager for LLC Gnidava-Bud (code
EDRPOU 32570612).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 16.  The case is docketed
under Case No. 7/126.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Gnidava-Bud
         Rankova Str. 1
         43022 Lutsk
         Volinska Region
         Ukraine


FACTOR: Creditors Must File Claims by October 1
-----------------------------------------------
Creditors of Agricultural LLC Factor (code EDRPOU 32231520) have
until Oct. 1 to submit written proofs of claim to:

         Sergij Yevtushenko, Temporary Insolvency Manager
         Gorbatuk Str. 12/102a
         Shepetivka
         Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on the company on July 24.  The case is
docketed under Case No. 3/175-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Factor
         Krasnosilka
         Starokostyantinivka District
         Hmelnitskij Region
         Ukraine


HMELNITSKMOLPROM: Court Names Valentin Ivashuk as Liquidator
------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Valentin
Ivashuk as Liquidator/Insolvency Manager for OJSC
Hmelnitskmolprom (code EDRPOU 00453380).  He can be reached at:

         Valentin Ivashuk
         Kurchatov Str. 13/1-92
         Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 9.  The case is docketed
under Case No. 13/8/4/1-b.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Hmelnitskmolprom
         Kurchatov Str. 13/1-92
         Hmelnitskij Region
         Ukraine


KIROVOGRAD FURNITURE: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Kirovograd Region commenced bankruptcy
supervision procedure on JSCCT Kirovograd Furniture Factory
(code EDRPOU 00274631) on June 19.  The case is docketed under
Case No. 10/124.

The Temporary Insolvency Manager is:

         Vadim Kosarenko
         Preobrazhenska Str. 6/29
         Kirovograd Region
         Ukraine

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         JSCCT Kirovograd Furniture Factory
         Karl Marks Str. 50/312
         25006 Kirovograd Region
         Ukraine


KREDITPROMBANK: Fitch Assigns B- Default Rating on Weak Earnings
----------------------------------------------------------------
Fitch Ratings assigned Ukraine-based Kreditprombank ratings of
Issuer Default B-, Short-term B, Support 5, Individual D/E and
National Long-term BBB-.  A Stable Outlook has been assigned to
both Issuer Default and National Long-term ratings.

The ratings reflect Kreditprombank's small size by international
standards, weak earnings generation, relatively high customer
concentrations on both sides of the balance sheet, risks
inherent in the rapid loan growth, and potentially vulnerable
liquidity.  The ratings also acknowledge the bank's growing
franchise, adequate asset quality to date and limited market
risks.

A successful business expansion, accompanied by reduced
concentrations in both loans and deposits and a major
improvement in the liquidity position, may put upward pressure
on the ratings.  However, sustainability of asset quality and
core profitability will be key for a positive rating action.

Downward pressure on the ratings might come from a further
worsening of recurring profitability, deterioration of asset
quality following rapid loan growth or the shareholders' failure
to provide projected capital support.

Fitch notes that the bank's high revenue growth was driven by
rising loan volumes, although profitability has been modest when
compared to peers.  The bank's core profitability improved in
H106; however, Fitch expects it to remain only modest in the
medium term, as the planned regional expansion, aimed at
propelling growth of retail and SME lending, is likely to be the
major source of earnings pressure.

Asset quality has been adequate so far, as has the level of
provisioning.  However, given the drive to promote retail
expansion, including through development of more risky consumer
loans, the latter might not prove sufficient to absorb all
future losses.  Kreditprombank's liquidity is vulnerable due to
a lack of long-term resources but may improve following the new
UAH200 million-share issue and the eurobond planned for later
2006.

Kreditprombank was initially founded under the name of Inkombank
Ukraine in 1997 as a subsidiary of a Russian privately owned
bank, Inkombank.  After the Russian banking crisis in 1998 and
the subsequent liquidation of Inkombank in Russia a group of
investors led by the current shareholders took over the bank and
renamed it Kreditprombank in 1999.

In the beginning of this decade the bank worked exclusively with
medium-sized corporate clients, but gradually expanded its
sphere of interest to a wider group of customers, including
small and medium sized companies and, starting from 2002, the
retail segment.  At end-June 2006, Kreditprombank was the 13th-
largest Ukrainian bank by assets, and the bank's network
comprised 73 points-of-sale.  The bank is majority-owned by a
Greek citizen with business ties in Ukraine.


LISOVODSKIJ KONSRVNIK: Valentin Ivashuk to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Valentin
Ivashuk as Liquidator/Insolvency Manager for Lisovodskij
Konsrvnik (code EDRPOU 23655465).  He can be reached at:

         Valentin Ivashuk
         Kurchatov Str. 13/1-92
         Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 17.  The case is docketed
under Case No. 13/183-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Lisovodskij Konsrvnik
         Lisovodi
         Gorodok District
         Hmelnitskij Region
         Ukraine


TERMOPLASTSPETSREM: Court Names Valentin Ivashuk as Liquidator
--------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Valentin
Ivashuk as Liquidator/Insolvency Manager for Termoplastspetsrem
(code EDRPOU 30865522).  He can be reached at:

         Valentin Ivashuk
         Kurchatov Str. 13/1-92
         Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
13/91-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Termoplastspetsrem
         Kurchatov Str. 8
         Hmelnitskij Region
         Ukraine


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


0207 LONDON: Claims Filing Period Ends Nov. 15
-----------------------------------------------
Creditors of 0207 London Cleaning Limited have until Nov. 15 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 appointed Liquidator
Martin Henry Linton, of Leigh & Co. at:

         Martin Henry Linton
         Leigh & Co.
         Brentmead House
         Britannia Road
         London N12 9RU
         United Kingdom

Headquartered in London, UK, London Cleaning Limited --
http://www.0207londoncleaning.co.uk/-- provides commercial  
cleaning services.


A1 WINDSCREENS: Appoints Liquidator from Tenon Recovery
-------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
A1 Windscreens uk.com Limited on Aug. 25 for the creditors'
voluntary winding-up procedure.

Headquartered in Ferryhill, UK, A1 Windscreens uk.com Limited,
installs car windscreens.


A.G.S. FACILITIES: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of A.G.S. Facilities Limited confirmed on Aug. 30 the
resolutions for voluntary liquidation and the appointment of
Andrew Philip Wood and John Russell of The P&A Partnership as
Liquidators.

Headquartered in Peterborough, UK, A.G.S. Facilities Limited
offers plumbing services to its customers.


A & H AIRCRAFT: Liquidator Sets Oct. 13 Claims Bar Date
-------------------------------------------------------
Creditors of A & H (Aircraft) Limited have until Oct. 13 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 appointed Liquidator Lloyd
Biscoe of Begbies Traynor at:

         Lloyd Biscoe
         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         Essex SS1 2EG
         United Kingdom

Headquartered in Essex, UK, A & H (Aircraft) Limited wholesales
engineering, aircraft and industrial supplies.


ADVANTA UTILITY: Taps Liquidators from Gerald Edelman
-----------------------------------------------------
Bernard Hoffman and Ian Yerrill of Gerald Edelman Business
Recovery were appointed Joint Liquidators of Advanta Utility
Services Limited on Aug. 31 for the creditors' voluntary
winding-up procedure.

Headquartered in Kent, England, Advanta Utility Services Limited
provides plumbing services.


AMC ENTERTAINMENT: Incurs US$7.7 Mln Net Loss in First Quarter
--------------------------------------------------------------
AMC Entertainment Inc. incurred a US$7.7 million net loss on
US$651.1 million of net revenues for the three months ended
June 29, 2006, compared to a US$27.7 million net loss on
US$412.7 million of revenues in 2005.

The Company's June 30 balance sheet also showed strained
liquidity with US$442 million in total current assets available
to pay US$468.7 million in total current liabilities coming due
within the next 12 months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?122f

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theaters
and 5,672 screens in 12 countries including the United States,
France, Portugal, Spain and the United Kingdom.

                            *    *    *

As reported in the Troubled Company Reporter on July 14, 2006,
Standard & Poor's Ratings Services placed its ratings on AMC
Entertainment Inc., including the 'B' corporate credit rating,
on CreditWatch with negative implications, based on the
company's high leverage and S&P's expectations that it will be
difficult to bring leverage down consistent with the timeline
that S&P's rating had originally anticipated.


AMERICAN AXLE: Transferring Work on Camaro Car to Mexican Plant
---------------------------------------------------------------
American Axle & Manufacturing's workers at its Buffalo plant
were disappointed when the company decided to send work on
General Motor's new Camaro muscle car to Mexico, Business First
of Buffalo reports.

"I'm disappointed and disgusted," Kevin Donovan, the United Auto
Workers union's Region 9 assistant director, told Business
First.  "The plant worked hard to make American Axle a success
which gave them the opportunity to build plants in Mexico.  Now
the company is taking work that we worked real hard to bring
here and is putting it into Mexico."

Mr. Donovan told Business First that 130 local jobs probably
would have been involved in producing components for the Camaro,
which is being introduced in the 2008 model year.  The plant has
about 650 hourly workers.  Several hundred more are on layoff,
some since early this year.

Plant officials assured workers that American Axle will
aggressively pursue other new work for the Delavan Avenue
facility, the same report says.

                    About American Axle  

American Axle & Manufacturing -- http://www.aam.com/--    
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis  
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, India, Japan, Mexico, Poland,
Scotland and South Korea.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 17, 2006,  
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).  

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.  
The rating outlook is negative.  The company has about US$717
million of lease-adjusted debt and US$425 million of underfunded
employee benefit liabilities.


ANGLO-PACIFIC ASSOCIATES: Names I. D. Holland Liquidator  
--------------------------------------------------------
I. D. Holland of Ian Holland & Co. was appointed Liquidator of
Anglo-Pacific Associates Limited on Aug. 14 for the creditors'
voluntary winding-up procedure.

Anglo-Pacific Associates Limited can be reached at:

         14 Bury Road
         Hatfield
         Hertfordshire AL108BJ
         United Kingdom
         Tel: 01707 262 738  

The company imports outdoor furniture, cushions, and associated
products.


ARDAGH GLASS: Negative Trading Spurs Moody's to Cut Rating to B3
----------------------------------------------------------------
Moody's Investors Services downgraded the Corporate Family
Rating for Ardagh Glass Group plc to B3 from B2 and the EUR125
million senior unsecured notes due 2015 to Caa3 from Caa2.  The
EUR175 million senior subordinated notes due 2013, issued by
Ardagh Glass Finance B.V., were downgraded to Caa2 from Caa1.
The outlook for all ratings remains negative.

The one-notch downgrade on all ratings was prompted by a
continued negative trading environment mainly reflected by
overcapacities in the core U.K. market and higher energy costs,
which the company has not been able to fully pass on to its
customers due to the fixed price nature of existing sales
contracts and the impact of significant overcapacity in the U.K.
market.

It is Moody's expectation that the 2007 operating environment is
likely to remain subdued mainly due to negative pressure on
prices on the back of excess capacities.  Despite announced
closure of production facilities accounting for about 10% of
annual output, these actions may not be sufficient to balance
supply and demand in the short term.  Moody's expects Ardagh to
be free cash flow negative for at least 2006 and 2007.

Available liquidity per June 30, 2006 totaled more than
EUR120 million with cash balances of EUR64.4 million and
available funds under undrawn facilities of EUR56.3 million and
is deemed to be sufficient to cover working capital needs.
Moody's, however, notes that, apart from Ardagh's core
GBP65 million maturing in 2010 with more lenient covenants since
Q1 2006 after amendments and GBP15 million committed Redfearn
revolver maturing in 2008, the majority of these lines are
secured working capital lines that can be cancelled within a
period of twelve months or less.  The possibility of support
from the company's major shareholders has not been factored into
the rating

The negative outlook reflects:

   -- the challenge for Ardagh to turn around profitability
      of its U.K. operations absent of any further
      significant capacity reductions.  Moody's notes
      Ardagh's ability as the largest U.K. glass producer
      to improve the pricing environment by further
      reducing capacity, but believes that such a move
      could encourage competition to increase capacity
      and therefore would most likely only be of a
      short-term benefit to the company;

   -- the current competitive landscape in the U.K.
      continuing to put its financial performance under
      pressure and weakening the company's long-term outlook,

   -- the risk of further raw material or energy price hikes.
      In this context Moody's noted that a further
      downgrade could be triggered by available cash
      declining below EUR25 million during 2007 or by
      a significant weakening of its alternative
      liquidity arrangements.

Registered in Ireland, Ardagh Glass Group Plc is the leading
supplier of glass containers by volume in the United Kingdom
through its subsidiaries, Rockware and Redfearn.  In addition,
Ardagh Glass operates glass container manufacturing businesses
in Italy, Germany and Poland and is also a leading provider of
technology and machinery to the glass manufacturing industry
through Heye International.  For the year ended Dec. 31, 2005,
Ardagh Glass Group generated revenues of EUR555.6 million.


B.F.F. CONTAINER: Hires Lloyd Biscoe to Liquidate Assets
--------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
B.F.F. Container Movements Limited on Aug. 21 for the creditors'
voluntary winding-up procedure.

Headquartered in Gillingham, England, B.F.F. Container Movements
Limited provides haulage services.


BAUM CONSTRUCTION: Brings In Liquidator from EJK Associates
-----------------------------------------------------------
Edwin James Kirkwood of EJK Associates Limited was appointed
Liquidator of Baum Construction Limited on Aug. 30 for the
creditors' voluntary winding-up procedure.

Baum Construction Limited can be reached at:

         Victoria Street
         Wetherby
         West Yorkshire LS226RE
         United Kingdom
         Tel: 01937 588 887


BGA CONSTRUCTION: Hires Grant Thornton as Administrators
--------------------------------------------------------
David Robert Thurgood and Martin Gilbert Ellis of Grant Thornton
U.K. LLP were appointed joint administrators of BGA Construction
Supplies Limited (Company Number 03748070) on Sept. 8.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

Headquartered in Kent, United Kingdom, BGA Construction Supplies
Limited is engaged in property maintenance.


BOBBIES FOOD: Taps Alex Kachani to Liquidate Assets
---------------------------------------------------
Alex Kachani of Crawfords was appointed Liquidator of Bobbies
Food Products Limited on Aug. 25 for the creditors' voluntary
winding-up procedure.

Bobbies Food Products Limited can be reached at:

         11-12 Enterprise Park
         Reliance Street
         Manchester
         Lancashire M40 3AL
         United Kingdom
         Tel: 0161 947 0044   


BRAKES GROUP: Eyes October Closing for GBP275-Mln Refinancing
-------------------------------------------------------------
The Brakes Group, a Clayton, Dubilier & Rice portfolio company,
disclosed a GBP275 million refinancing.  

The group intends to use the majority of the proceeds to fund a
return of capital to the company's stockholders.  A fund managed
by CD&R indirectly owns approximately 67% of Brakes.  

Commenting on the refinancing facility, partner of CD&R and
Brakes' Chairman Bruno Deschamps said: "The new facility is a
strong endorsement of the management team and the excellent
progress that the team has made in transforming Brakes."  

Brakes' CEO Frank McKay said: "Under the stewardship of CD&R we
now have in place a regional organization focused on increasing
market performance, customer service, brand leadership and
product and service innovation. Brakes has the assets, the
financial strength and the leadership to pursue profitable
growth."

Since being acquired by CD&R in August 2002, Brakes has
strengthened its position as a leading supplier to caterers in
the UK and France by broadening Brakes' appeal to customers
through improved product offerings and the development of its
broadline and specialist businesses.  These have included the
launch of Prime Meats (Brakes specialist meat division), an
extended produce offering (through the Pauleys specialist
produce business), fish and seafood through M&J Seafood, bakery
products and food to go through Country Choice, as well as the
introduction of a new range of catering supplies and capital and
light equipment.

The refinancing is lead-arranged by JPMorgan, Credit Suisse and
Deutsche Bank, with UBS as a co-manager.  The refinancing is due
to close by the end of October 2006, subject to customary
closing conditions.

                   About Clayton, Dubilier & Rice

Clayton, Dubilier & Rice, Inc. -- http://www.cdr-inc.com/-- is  
one of the leading private equity investment firms in the world.  
Since its founding in 1978, CD&R has managed investments in 38
US and European businesses -- mostly subsidiaries or divisions
of large multi-business corporations -- representing a broad
range of industries with an aggregate transaction value in
excess of US$40 billion and revenues over US$40 billion.  CD&R
is based in New York and London.

                           About Brakes

Headquartered in London, U.K., The Brakes Group --
http://www.brake.co.uk/-- supplies frozen, chilled and grocery  
products to the catering industry in France and the United
Kingdom.  It offers an extensive portfolio of products, both
Brakes brand and supplier branded, in each temperature range,
and has a turnover in excess of GBP1.6 billion.  


BRAKE BROS: Loan Refinancing Prompts S&P to Lower Rating to B
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based food service distribution
group Brake Bros Finance PLC to 'B' from 'B+'.  At the same
time, the subordinated debt rating was lowered to 'CCC+' from
'B-'.  The outlook is stable.
     
The downgrade follows Brake Bros' announcement that its holding
company, Brake Bros Holding III Ltd., plans to refinance its
shareholder loans with the proceeds of a GBP275 million payment-
in-kind (PIK) note issue due 2012.  The current ratings assume
that the issue will not exceed GBP275 million and are subject to
the satisfactory review of final documentation by Standard &
Poor's.
     
"The rating action reflects increased leverage resulting from
the refinancing of the shareholder loans, which were treated as
equity, with the PIK note, which we view as debt," said Standard
& Poor's credit analyst Sunita Kara.
     
Pro forma for the transaction, Brake Bros' adjusted debt to
EBITDA for the 12 months to June 30, 2006, is about 6.3x (about
5.9x before restructuring costs), up from the current 3.6x and
higher than about 5.0x required for a 'B+' rating.
     
The ratings on Brake Bros continue to benefit from its No. 1
position in the growing U.K. food service distribution industry.
     
"The stable outlook reflects our expectation that Brake Bros
will continue to maintain a sound operating performance in the
U.K. and French markets," said Ms. Kara.
     
To maintain the ratings and outlook, adjusted debt to EBITDA
should remain within 5.5x-6.5x and adjusted EBITDA fixed-charge
cover at about 2.0x.  (The group achieved about 2.2x EBITDA
fixed-charge cover in the 12 months to June 30, 2006.)
     
"We would consider an upgrade if leverage improves and can be
sustained at about 5.0x and the group maintains its good free
operating cash flow generation," Ms. Kara added.
    
The ratings would come under pressure if we have concerns about
the group's liquidity profile.  This appears unlikely at present
given the good liquidity position.


BRANDRETH LIMITED: Appoints Claire L. Dwyer to Liquidate Assets
---------------------------------------------------------------
Claire L. Dwyer was appointed Liquidator of Brandreth Limited on
Sept. 1 for the creditors' voluntary winding-up procedure.

Headquartered in Skelmersdale, England, Brandreth Limited is a
kitchen retailer.


CBDC LIMITED: Creditors' Meeting Slated for October 10
------------------------------------------------------
Creditors of CBDC Limited will meet at 2:15 p.m. and 2:45 p.m.
on Oct. 10 at:

         Shimmin Wilson & Co.
         13-15 Hope Street
         Douglas
         Isle of Man
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Oct. 9 at:

         Andrew Paul Shimmin
         Provisional Liquidator and Office Receiver
         Shimmin Wilson & Co.
         13-15 Hope Street
         Douglas
         Isle of Man
         United Kingdom


CSA COMMERCIAL: Names David Field to Liquidate Assets
-----------------------------------------------------
David Field of Centrum Recovery was appointed Liquidator of CSA
Commercial Installations Ltd. on Aug. 29 for the creditors'
voluntary winding-up procedure.

CSA Commercial Installations Ltd. can be reached at:

         8 Lonsdale Gardens
         Tunbridge Wells
         Kent TN1 1NU
         United Kingdom
         Tel: 01892 860 604


CAPITAL MAINTENANCE: Appoints Stephen Goderski as Liquidator
------------------------------------------------------------
Stephen Goderski of Geoffrey Martin & Co. was appointed
Liquidator of Capital Maintenance Services (London) Limited on
Aug. 30 for the creditors' voluntary winding-up procedure.

Capital Maintenance Services Limited can be reached at:

         Trinity Park
         Trinity Way
         Waltham Forest
         London E4 8TD
         United Kingdom
         Tel: 020 8527 0222

The company is an electrical service contractor.


DELL INC: Faces NASDAQ Delisting Due to Form 10-Q Late Filing
-------------------------------------------------------------
Dell Inc. has reported plans to request a hearing before a
NASDAQ Listing Qualifications Panel in response to its receipt,
on Sept. 15, of a NASDAQ Staff Determination letter indicating
Dell is not in compliance with the filing requirement for
continued listing as set forth in Marketplace Rule 4310(c)(14).

As anticipated, the letter was issued in accordance with NASDAQ
rules due to the delayed filing of the company's Form 10-Q for
the quarter ended Aug. 4, 2006.  Pending a decision by the
panel, Dell shares will remain listed on The NASDAQ Stock
Market.

Dell previously announced its inability to file its Form 10-Q
for the quarterly period ended Aug. 4, 2006, because of
questions raised in connection with an informal investigation by
the U.S. Securities and Exchange Commission into certain
accounting and financial reporting matters, and the subsequently
initiated independent investigation by the audit committee of
its board of directors.

The SEC requests for information were joined by a similar
request from the United States Attorney for the Southern
District of New York, who has subpoenaed documents related to
the company's financial reporting from 2002 to the present.  The
company said it will file the report as soon as possible.

Dell, Inc. (NASDAQ: DELL) -- http://www.dell.com/-- designs,   
develops, manufactures, markets, sells, and provides support for
various computer systems and services to customers worldwide.


DESIGN ENGINEERING: Taps Joint Administrators from Baker Tilly
--------------------------------------------------------------
Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly
were appointed joint administrators of Design Engineering
Services (Wolverhampton) Limited (Company Number 02482724) on
Sept. 7.

Headquartered in Birmingham, United Kingdom, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of  
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network, which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Design Engineering Services (Wolverhampton) Limited can be
reached at:

         57 Victoria Street
         Wolverhampton
         WV1 3NX
         United Kingdom
         Tel: 01902 429 440
         Fax: 01902 421 649


EASTMAN KODAK: To Shut Down Part of New York Chemical Operation
---------------------------------------------------------------
Eastman Kodak Company committed to shut down a portion of its
Synthetic Chemicals operations in Rochester, New York.  The
plant produces chemicals used in the manufacture of photographic
products.

In conjunction with the action, the Company will incur
restructuring related charges totaling approximately US$27
million, including employee termination benefits of
approximately US$7 million, building and plant equipment
accelerated depreciation and inventory write-offs of
approximately US$13 million, and other exit costs of
approximately US$7 million.

The severance and other exit costs require the outlay of cash,
while the accelerated depreciation and inventory write-offs
represent non-cash charges.  The estimated restructuring related
charges exclude any pension plan settlement or curtailment gains
or losses that may be incurred.  The actions are expected to be
complete by Dec. 31, 2007.

The action is part of the Kodak's restructuring program.  The
Company expects to continue to consolidate its worldwide
operations in order to eliminate excess capacity.

Headquartered in Rochester, New York, Eastman Kodak Company
-- http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

                        *     *     *

As reported in TCR-Europe on Aug. 11, Moody's Investors Service
placed Eastman Kodak Company on review for possible downgrade.  
Ratings under review include the Company's B1 Corporate Family
Rating; B2 Senior Unsecured Rating; and Ba3 rating on the Senior
Secured Credit Facilities.

Moody's review continues to focus on the company's potential
sale of the Kodak Health Group as well as the fundamental
operating performance of the company.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


FALCONBRIDGE: Proceeds with Subsequent Acquisition of Novicourt
---------------------------------------------------------------
Xstrata's subsidiary Falconbridge Limited and Falconbridge's
subsidiary Novicourt Inc. will proceed with a subsequent
acquisition transaction by way of amalgamation.  Under the
transaction, Falconbridge will acquire the remaining common
shares of Novicourt which were not tendered to Falconbridge's
offer, dated June 26, 2006, to purchase all of the outstanding
common shares of Novicourt.   The board of directors of
Novicourt approved the amalgamation on Sept. 18, 2006.

Falconbridge holds, directly or indirectly, a number of common
shares sufficient to enable all required corporate and
securities laws approvals to be obtained at the special meeting
of shareholders of Novicourt to be held on Oct. 17, 2006, for
the purpose of approving the amalgamation.  The management
information circular of Novicourt in connection with the special
meeting was mailed to registered owners and sent to
intermediaries for mailing to beneficial owners earlier Monday.

Once the subsequent acquisition transaction is completed,
Falconbridge expects that the Novicourt common shares will be
delisted from the Toronto Stock Exchange and that Novicourt will
cease to be a reporting issuer.

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a   
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

                        *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FORD MOTOR: Vice President A.J. Wagner to Retire on January 2007
----------------------------------------------------------------
A.J. Wagner, president of Ford Motor Credit Company North
America and a vice president of Ford Motor Company, has elected
to retire after 33 years with the company.  His retirement is
effective Jan. 1, 2007.

Since October 2003, Mr. Wagner has led the sales, marketing,
credit and brand functions for Ford Motor Credit's business in
the United States and Canada, which accounts for 75% of the
company's receivables.  Ford Motor Credit's North American
operations provides retail and lease vehicle financing, dealer
inventory financing and commercial lending for the Ford,
Lincoln, Mercury, Aston Martin, Jaguar, Land Rover, Volvo and
Mazda brands.

"A.J.'s outstanding dealer relations and business skills have
made a major contribution to our credit organization in North
America," said Ford Executive Chairman Bill Ford.  "He is an
excellent sales leader who has used his considerable energy to
support our product sales and our profitable financial
operations.  He also has been a strong advocate for our dealers
and for the value that Ford Motor Company provides to them."

Mr. Wagner joined the company in 1973 and held numerous
positions throughout the Ford Motor Credit organization in
leasing, marketing, dealer credit, operations services, field
operations and strategic planning.  He was executive vice
president of Ford Credit North America handling the Ford,
Lincoln and Mercury brands.  He served as senior vice president
of Western U.S. Operations, vice president of Major Accounts and
vice president of Marketing.  Mr. Wagner was also Field
Operations manager and regional manager at Ford Motor Company's
Ford Division.

Mr. Wagner served on three company boards: Ford Motor Credit
Company, Ford Credit Canada, of which he was chairman, and Ford
Direct, LLC.

Mr. Wagner holds a bachelor's degree in finance from the
University of Wisconsin and a master's degree in business
administration and finance from the University of Detroit.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes  
automobiles in 200 markets across six continents.  With more
than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                         *     *     *

As reported in TCR-Europe on Sept. 21, Moody's Investors Service
lowered Ford Motor Company's corporate family rating and senior
unsecured to B3 from B2, and Ford Motor Credit Company's senior
unsecured to B1 from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.


FREESCALE SEMICONDUCTOR: Fitch Cuts Sr. Facility's Rating to BB+
----------------------------------------------------------------
Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for US$17.6
billion, the largest ever technology leveraged buy-out.

The ratings remain on Rating Watch Negative.  Approximately
US$850 million of debt securities are affected by Fitch's
action.

Fitch believes the IDR of the new company would likely be 'B+'
or lower due to:

   * the company's increased leverage;

   * deteriorated credit protection measures; and

   * limited free cash flow pro forma for the anticipated
     incremental debt service.

The resolution of Fitch's Rating Watch will be determined by:

   * an evaluation of the ultimate financing of the transaction;

   * overall mix of securities in the capital structure; and

   * the company's ability to generate free cash flow after the
     transaction closes.

Fitch believes debt levels will increase to US$8.5-US$11.5
billion, assuming the private equity consortium contributes 35%-
50% of equity as is typical for LBO transactions within the
current market environment.

While the change of control put contained within the indenture
covering the existing senior unsecured notes is effective, Fitch
anticipates Freescale will tender for or repay the existing
US$850 million of senior unsecured notes and ultimately
refinance the current bank facility.

At that time, Fitch will withdraw ratings on these securities
and assign issue-specific and recovery ratings on the new debt
securities.


GENERAL MOTORS: Nissan-Renault Alliance Talks Crawl     
---------------------------------------------------
The three-way alliance between General Motors Corp., Renault SA
and Nissan Motor Co. is making slow progress even as the Oct. 15
deadline for the companies to turn up their findings on the
proposed merger approaches.

Monica Langley and Stephen Power at The Wall Street Journal
reports that the merger talks have lost steam because GM is
looking at a less comprehensive alliance than what Renault and
Nissan has in mind.  Carlos Ghosn, head of Renault and Nissan,
had indicated that he wanted, among other things, shared equity
holdings between the companies.

In July, the three carmakers agreed to conduct a 90-day study of
the potential benefits of an alliance that could create an
automobile giant with a combined annual production of 15 million
vehicles, The Associated Press reports.  The study came after GM
shareholder Kirk Kerkorian, who owns a 9.9% stake in the company
through his investment firm Tracinda Corp., called for the
carmakers to pursue an alliance.

Mr. Ghosn is set to discuss details of the proposed merger with
Rick Wagoner, GM's CEO, in Paris next week, the Journal reports.  

                      About General Motors

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

                           *     *     *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed March 29,
2006.  The CreditWatch update followed GM's announcement of
second quarter results and other recent developments involving
its bank facility and progress on the GMAC sale.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of
up to US$4.5 billion being proposed by General Motors
Corporation,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  The rating outlook is negative.


GEO GROUP: Acquisition Spurs Moody's to Affirm Low-B Ratings
------------------------------------------------------------
Moody's Investors Service affirmed GEO Group's Ba3 corporate
family and senior secured debt ratings, with a stable outlook.
The rating agency also affirmed GEO Group's B1 senior unsecured
debt rating.  GEO Group is planning to acquire CentraCore
Properties Trust in a debt-financed transaction.

CentraCore, a REIT, is GEO Group's main landlord. Moody's said
that the acquisition of CentraCore will strengthen GEO Group's
strategic flexibility and asset base, though these positives are
buffered by the increased debt leverage, particularly secured
debt, funding the merger.

According to Moody's, the transaction eliminates various cost
and structural uncertainties that have burdened GEO Group since
its spin-off from the Wackenhut Corporation in 2003.  This
transaction also marks another step in GEO Group's growing
scale, franchise and revenues.

The acquisition of CentraCore, though it is being financed
preponderantly with secured debt, does eliminate various debt-
like lease payments by GEO Group -- in effect, GEO is switching
from being a renter, to being an owner, of several correctional
facilities, financed with mortgages.  It is unclear at this time
whether GEO Group's operating margins will improve meaningfully.

The stable rating outlook incorporates Moody's expectation that
GEO Group will successfully integrate CentraCore, and that the
firm will continue to effectively manage expiring, terminating
or uneconomic corrections contracts.  The rating agency also
expects GEO Group will continue to add profitable new contracts
and customers.

Moody's would likely upgrade GEO Group should the firm achieve
interest coverage in excess of 3X, gross operating margins above
20% and reduce secured debt below 20% of gross assets.  A
downgrade would occur should GEO Group incur debt to EBITDA
above 6X, sustain secured debt to gross assets above 40%, or
revenue growth stall due to major tenant loss.  Any missteps
integrating CentraCore would also result in negative pressure.

Ratings affirmed with a stable outlook:

The GEO Group, Inc.:

   -- Ba3 senior secured and corporate family; B1
      senior unsecured

Moody's affirmed GEO's ratings with a stable outlook in July
2005.

The GEO Group, Inc. [NYSE: GEO] is based in Boca Raton, Florida,
USA, and is a world leader in the delivery of correctional,
detention and residential treatment services to federal, state
and local government agencies around the globe.  GEO has
government clients in the USA, Australia, South Africa, Canada
and the United Kingdom.  GEO Group's worldwide operations
include 62 correctional and residential treatment facilities,
with a total design capacity of approximately 52,000 beds.

CentraCore Properties Trust [NYSE: CPV], based in Palm Beach
Gardens, Florida, USA, is dedicated to ownership of properties
under long-term, triple-net leases, which minimizes occupancy
risk and development risk.  CentraCore currently owns 13
correctional facilities in nine states, all of which are leased,
with an aggregate completed design capacity of 8,071 beds.


HERTZ CORPORATION: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its Ba3 Corporate Family Rating for The
Hertz Corporation.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Term
   Facility               Ba2      Ba1     LGD2       17%

   Sr. Sec. Revolving
   ABL Facility           Ba2      Ba1     LGD2       17%

   Sr. Unsec. Notes       B1       B1      LGD4       61%

   Sr. Unsec. Notes
   (stub of old
   tendered notes,
   covenant stripped)     B2       B2      LGD6       90%

   Sr. Sub. Notes         B3       B2      LGD6       90%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                         About Hertz

Hertz was acquired from Ford Motor Co. by Clayton, Dubilier &
Rice Inc., The Carlyle Group, and Merrill Lynch Global Private
Equity in December 2005.  The acquisition, which added over US$2
billion of debt to Hertz's balance sheet, has resulted in an
increase in its borrowing costs, and credit ratios have weakened
from their previous relatively healthy levels.

In addition, the company's historically strong financial
flexibility has declined somewhat, with around two-thirds of its
tangible assets now secured, compared to around 10% previously.

Hertz, the largest global car rental company, participates
primarily in the on-airport segment of the car rental industry.
This segment, which generates approximately 69% of Hertz's
consolidated revenues, is heavily reliant on airline traffic.
Demand tends to be cyclical, and can also be affected by global
events such as wars, terrorism, and disease outbreaks.

Hertz has also grown its off-airport business (12% of
consolidated revenues), the segment of the car rental business
that is less cyclical and more profitable, but which is
dominated by 'A-' rated Enterprise Rent-A-Car Co.

Through its Hertz Equipment Rental Corp. subsidiary (HERC, 18%
of consolidated revenues), Hertz also operates one of the larger
industrial and construction equipment renters in the U.S., along
with some European locations.  This market had been depressed
for several years due to the weak economy and overexpansion by
several market participants, but has experienced improving
trends since 2004 as market participants reduced their capacity
growth and demand strengthened.


HOMME PLUS: Brings In Stephen Franklin to Liquidate Assets
----------------------------------------------------------
Stephen Franklin of Panos Eliades, Franklin & Co. was appointed
Liquidator of Homme Plus Limited (formerly Hommes Plus Limited)
on Aug. 30 for the creditors' voluntary winding-up procedure.

Headquartered in London, England, Homme Plus Limited retails
men's fashion.


HOTELOC PLC: S&P Places Low-B Ratings on Credit Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
all classes of notes issued by HOTELoC PLC on CreditWatch with
negative implications.
  
The CreditWatch placement reflects Standard & Poor's growing
concern that the special servicer may not sell the hotel assets
in time to repay any rated debt before legal final maturity in
May 2007.
  
The notes are backed by a single loan, which is now secured on a
portfolio of 28 hotels in the U.K. operated by Thistle Hotels
(Management) Ltd.  Operational performance at the hotels has
continued to weaken and the borrower failed to repay the loan on
its scheduled maturity date in May 2005.
  
The loan has since been subject to a borrower-assisted workout
process implemented by the special servicer, Capmark Services
U.K. Ltd.  Three London hotels were sold in April 2006 and the
proceeds, plus excess cash previously payable as deferred
consideration, were used to partially repay the most senior
class.
  
Default interest has been charged and paid on the loan, and the
transaction has made all issuer-level payments to date.
Investors in all classes may experience no shortfalls in
quarterly interest or principal until the legal final maturity
date of May 10, 2007.
  
However, if the asset sales were to be delayed in the
expectation of realizing higher recovery proceeds after May
2007, the ratings on the notes would have be lowered to 'D'
because the notes would not be paid down by the legal final
maturity.
  
Noteholders retain the power to direct the sale process through
their ability to choose the special servicer under the terms of
an extraordinary resolution.   

Standard & Poor's considers that if the assets are sold,
sufficient proceeds may be realized to repay all the outstanding
notes in full.  But as the legal final maturity date draws
closer, Standard & Poor's is increasingly concerned about the
special servicer's ability to sell the assets at a price
sufficient to repay all the rated notes in full.
  
Standard & Poor's intends to monitor the CreditWatch placements
between now and May 2007.  Depending on the outcomes of
decisions made by the special servicer and the noteholders, and
their communication of the decisions Standard & Poor's, further
rating actions on all classes of notes may occur as the legal
final maturity date nears.
    
                         Ratings List
                         HOTELoC PLC
GBP514 Million Commercial Mortgage-Backed Floating-Rate Notes
    and US26.557 Million Mortgage-Backed Floating-Rate Notes
  
           Class                  Rating
           -----                  ------            
                       To                        From
                       --                        ----  

    Ratings Placed On CreditWatch With Negative Implications
  
           A           AAA/Watch Neg             AAA
           B           AAA/Watch Neg             AAA
           C           A/Watch Neg               A
           D           BB/Watch Neg              BB
           E1          B/Watch Neg               B
           E2          B/Watch Neg               B
           E3          B/Watch Neg               B


INCO LTD: Reaches Tentative Labor Pact with Union Workers
---------------------------------------------------------
Inco Ltd. and the United Steelworkers union at Voisey's Bay
nickel mine in eastern Canada have reached a tentative labor
agreement, Reuters reports.  Union representative Ken Dawson
said "We're trying to get the vote done on Tuesday."

On July 28, 2006, about 120 workers went on stike at the
Labrador mine when the two parties failed to negotiate their
first labor agreement.  Inco closed its operations at the mine
due to the strike.

Before the strike, reports showed that Voisey's Bay was expected
to produce 120 million pounds (54 million kg) of nickel in
concentrate this year.  The mine started production in September
2005.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily   
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INCO LTD: Board Recommends CVRD Proposal to Shareholders
--------------------------------------------------------
The Board of Directors of Inco Limited has recommended that Inco
shareholders tender their shares to the offer made by Companhia
Vale do Rio Doce to purchase all of the outstanding common
shares of Inco at a price of CDN$86 in cash per share.

"We are satisfied that the CVRD offer of CDN$86 per share
represents compelling value for our shareholders," said Chairman
and CEO Scott Hand.  "CVRD is the third company that has made an
offer for Inco, and those companies have announced a total of
six bids between them since early May.  We believe this process
has brought about a very positive outcome for Inco shareholders,
and we recommend that they tender to the CVRD offer."

In addition to the value of the CVRD offer, Inco's Board and
management believe that CVRD represents an attractive partner
for Inco.  "We have great respect for the quality of their
management team and for what they have accomplished as a
company," Mr. Hand added.

"Assuming CVRD is successful in their acquisition, we plan to
assist them in every way we can to ensure the smoothest possible
integration of our two companies, and a successful transition to
create a new world leader in mining and metals," he said.

CVRD has obtained its required regulatory clearances from the
Canadian Competition Bureau and the United States competition
authorities but it has yet to obtain clearances from the
European Commission and Investment Canada.

                        About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining  
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily    
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


IONICA INSTALLATIONS: Claims Registration Ends Oct. 10
------------------------------------------------------
Creditors of Ionica Installations Limited have until Oct. 10 to
send in their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator C. H. I. Moore of K.J. Watkin & Co. at:

         C. H. I. Moore
         K.J. Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         United Kingdom

Ionica Installations Limited can be reached at:

         4 Granby Avenue
         Birmingham
         West Midlands 33 0SJ
         United Kingdom
         Tel: 0121 789 9005
         Fax: 0121 789 7716


ISOFT GROUP: Chris Stone Rejects Offer for CEO Post
---------------------------------------------------
Chris Stone, chief executive of Northgate Information Solutions,
turned down an offer to become iSoft Group plc's new boss, Joe
Bolger of The Times reports.

iSoft through Headhunters approached Mr. Stone to lead the
company out of its problems.

John Weston, the company's recently-appointed chairman and
acting interim chief, was reportedly interested in bringing Mr.
Stone on board.  However, it was understood that Mr. Stone have
rebuffed the approaches.

The company has been in search of a new chief executive after
CEO Tim Whiston stepped down in June, days after the group
announced a change in accounting policy that effectively wiped
out previous years' profits.  

The group was blamed for some of the delays in the National
Health Service's GBP6.2 billion IT modernization program.

                        About iSoft

Headquartered in Manchester, United Kingdom, iSOFT Group plc --
http://www.isoftplc.com/-- supplies advanced medical software  
applications for the healthcare sector.  Its products are used
by more than 8,000 organizations in 27 countries for managing
patient information and driving improvements in healthcare
services.  In international markets, the group has a strong
presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

An initial probe, conducted by Deloitte & Touche and Eversheds
LLP, found evidence of accounting irregularities affecting the
financial years ended April 30, 2004, and April 30, 2005.  The
group submitted the findings, which contained grounds for a more
formal investigation, to the Financial Services Authority, a
British regulator.  According to the company, Deloitte was
appointed as the group's auditor in July 2005 and was not
therefore acting for the group during the period covered by the
investigation.  After the initial review, the board suspended
Steve Graham, the group's commercial director, pending the
outcome of the formal investigation.

The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years 2004 and 2005 in
accordance with the accounting policy in force at that time.  
The irregularities uncovered to date do not appear to have
affected the group's cash position.


J V DEMOLITION: Names Liquidator from Bishop Fleming
----------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of J V Demolition Services Limited on Aug. 31 for the
creditors' voluntary winding-up proceeding.

J V Demolition Services Limited can be reached at:

         18 Victoria Terrace
         Leamington Spa
         Warwickshire CV313AB
         United Kingdom
         Tel: 01926 811 869

The company provides demolition services.


LASER CREATIONS: Appoints Harrisons as Joint Administrators
-----------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Laser Creations International Ltd.
(Company Number 01521181) on Sept. 13.

With offices in Reading, London, Manchester, Bristol and Derby,
United Kingdom, Harrisons -- http://www.harrisons.uk.com/--  
provide advice and solutions to professional advisors who found
their clients experiencing financial difficulties.  

Headquartered in London, United Kingdom, Laser Creations
International Ltd. is a firework display organization.


LAZARD LTD: Names Georges Ralli as Chief Executive Officer
----------------------------------------------------------
Lazard Ltd. reported that Georges Ralli has been named Chief
Executive and William Rucker, Deputy Chief Executive, of
Lazard's European investment banking business, effective
immediately.

"Georges is the right leader, and this is the right team, to
accelerate our growth in Europe," said Bruce Wasserstein,
Chairman and Chief Executive Officer of Lazard.  "With these
important steps, we integrate our European investment banking
business under clear leadership, and advance the next generation
of management."

Senior management of Lazard Europe will include Mr. Ralli, Mr.
Rucker, Bruno Roger and Jeffrey Rosen.   In addition, Erik
Maris, Matthieu Pigasse and Antonio Weiss have been appointed as
Vice Chairmen of Lazard European Investment Banking, with senior
management responsibilities in Europe.

"We have made great progress since our announcement last year of
plans to reorganize and unify our European investment banking
business, based on clients and our expertise," said Mr. Ralli.  
"This reinforces Lazard's ability to conduct business as one
firm throughout Europe."

Mr. Ralli will continue as Chief Executive of Lazard Paris and
Mr. Rucker will continue as Chief Executive of Lazard London.  
Mr. Bruno Roger also is Chairman of Global Investment Banking
for Lazard and Chairman of Lazard Paris.  Mr. Rosen is a Deputy
Chairman of Lazard.

"I'm delighted to be working with Georges to build on our
success to date across Europe, while continuing to lead London,"
said Mr. Rucker.  "Lazard is distinct in its ability to offer
our clients premier advice through the combination of industry
knowledge, local intelligence and geographic reach."

Lazard Ltd. -- http://www.lazard.com/-- one of the world's   
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.

At June 30, 2006, the Company's balance sheet showed US$2.1
billion in total assets and US$2.8 billion in total liabilities,
resulting in US$745 million stockholders' deficit.


LINIAN NORTH: Clive Morris Leads Liquidation Procedure
------------------------------------------------------
Clive Morris was appointed Liquidator of Linian (North West)
Limited on Sept. 1 for the creditors' voluntary winding-up
proceeding.

Headquartered in St. Helens, England, Linian (North West)
Limited is engaged in the sales, service and testing of all
types and sizes of overhead lifting equipment, hoists and
miscellaneous lifting tackle.


LONDAX LIMITED: Appoints Filippa Connor as Liquidator
-----------------------------------------------------
Filippa Connor of B & C Associates was appointed Liquidator of
Londax Limited on Aug. 30 for the creditors' voluntary winding-
up proceeding.

Headquartered in St. Albans, England, Londax Limited operates a
bar and nightclub.


LYONDELL CHEMICAL: Repays Part of Term Loan from Notes Proceeds
---------------------------------------------------------------
Lyondell Chemical Company has closed its US$1.7 billion senior
unsecured note offerings consisting of US$875 million of 8%
Senior Unsecured Notes due Sept. 15, 2014, and US$900 million of
8.25% Senior Unsecured Notes due Sept. 15, 2016.

The Company is using US$875 million of the approximately
US$1.7 billion net proceeds from the offerings to repay a
portion of the seven-year term loan used to finance its Aug. 16,
2006, acquisition of CITGO Petroleum Corporation's 41.25%
interest in LYONDELL-CITGO Refining LP.

The Company is also using net proceeds from the offerings to
purchase approximately US$760 million in aggregate principal
amount of its 9.625% Series A, Senior Secured Notes due 2007,
representing approximately 90% of the outstanding principal
amount of the Notes, that have been tendered to date pursuant to
its cash tender offer and consent solicitation, which was
reported in The Troubled Company Reporter on Sept. 7, 2006.

The amount tendered to date constitutes a majority in principal
amount of the outstanding Notes and thus the Consent
Solicitation has been approved.  The amendments eliminate
substantially all the restrictive covenants, certain events of
default, and certain other provisions contained in the
indenture.  The supplemental indenture effecting the proposed
amendments has been executed and has become effective.

The Offer and the Consent Solicitation will expire at midnight
Eastern Time on Oct. 2, 2006.  Withdrawal rights with respect to
tendered Notes have expired.

The total consideration per US$1,000 principal amount of Notes
validly tendered and accepted for purchase is US$1,023.78, of
which US$30 is the consent payment.  Holders whose Notes are
validly tendered after the Consent Payment Deadline and prior to
the Expiration Date and accepted for purchase will receive the
total consideration minus the US$30 consent payment per US$1,000
principal amount of Notes.  Accrued and unpaid interest on Notes
will be paid in cash on all validly tendered Notes accepted for
purchase up to, but not including, the applicable payment date
for the Offer.  The applicable payment date is on Sept. 20,
2006, for Notes tendered on or prior to the Consent Payment
Deadline.  The applicable payment date is on Oct. 3, 2006, for
Notes tendered after the Consent Payment Deadline and prior to
the Expiration Date.

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) is North America's third-largest independent,
publicly traded chemical company.  Lyondell manufacturers basic
chemicals and derivatives including ethylene, propylene,
titanium dioxide, styrene, polyethylene, propylene oxide and
acetyls.  It also refines heavy, high-sulfur crude oil and
produces gasoline- blending components.  It operates on five
continents and employs approximately 11,000 people worldwide.  
In Europe, the company maintains operations in Austria, Belgium,
France, Germany, Italy, The Netherlands, Spain, and the United
Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 11, 2006
Moody's Investors Service confirmed the corporate family ratings
of Lyondell Chemical Company, Equistar Chemical LP and
Millennium Chemical Inc. and assigned Ba3 ratings to Lyondell's
new US$800 million credit facility and US$1.775 billion term
loan facility, and B1 ratings to US$1.775 billion of new
unsecured notes maturing in 2014 and 2016.

As reported in the Troubled Company Reporter on Sept. 11, 2006
Fitch Ratings assigned a 'BB-' to Lyondell's new US$1.775
billion senior unsecured notes due 2014 and 2016 and affirms
Issuer default rating at 'BB-'; Senior secured credit facility
and term loan at 'BB+';  Senior secured notes and debentures at
'BB+'; and Senior subordinated notes at 'B'.

The Rating Outlook for Lyondell remains Stable.  Approximately
US$5.4 billion of debt is covered by the actions.


MARKETING BY DESIGN: Joint Liquidators Take Over Operations
-----------------------------------------------------------
David L. Cockshott and Gary E. Blackburn of BWC Business
Solutions were appointed Joint Liquidators of Marketing By
Design Limited on Aug. 25 for the creditors' voluntary winding-
up proceeding.

Headquartered in Shipley, U.K., Marketing By Design Limited is a
full-service marketing agency.


MEVINS OF WIGAN: Claims Filing Period Ends Oct. 12
--------------------------------------------------
Creditors of Mevins of Wigan Limited have until Oct. 12 to send
their names and addresses with particulars of their debts or
claims to appointed Joint Liquidator David Moore of Begbies
Traynor at:

         David Moore
         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

Headquartered in Wigan, U.K., Mevins of Wigan Limited is engaged
in the retail sale of jewelry.


MILTON NURSERIES: Appoints R. E. C. Cook as Liquidator
------------------------------------------------------
R. E. C. Cook of UHY Hacker Young was appointed Liquidator of
Milton Nurseries Limited on Sept. 6 for the creditors' voluntary
winding-up proceeding.

Headquartered in Wigan, U.K., Milton Nurseries Limited is
engaged in the growth and sale of plants and other garden items.


MISYS PLC: Fiserv Inc. Drops Bid on Business Integration Doubts
---------------------------------------------------------------
Fiserv Inc. dropped plans to purchase Misys PLC believing it
could not integrate Misys's banking software unit into its own
business, Bloomberg News reports citing Financial Times as its
source.

According to FT, Fiserv performed due diligence on the company
after Misys said it would open its books to interested parties.  

Another serious bidder, led by Misys's chief executive officer
and founder, Kevin Lomax is not willing to increase their bid to
more than 255 pence or US$4.85 a share, the paper relates.

Joe Bolger of Times Online reported Sept. 13 that U.S.
technology firm SunGard has also abandoned its bid for the
company after Misys disclosed its indicative offer was not high
enough.

According to the Times, the Independent Committee of Misys'
Board of Directors, led by Sir Dominic Cadbury, disclosed that
it had not received any proposals "it considers should be put to
shareholders".  

As reported by TCR-Europe on July 19, the Independent Committee
of Misys' Board began examining July 17 competing bids for the
software company.  Misys was set up for auction when Chief
Executive Kevin Lomax came up with a management buyout plan.  

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software  
serving the international banking and healthcare industries and
the U.K. general insurance industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


NOVELIS INC: 2006 First Quarter Financials Filing Cures Default
---------------------------------------------------------------
Novelis Inc. filed its financial results for the first quarter
ended March 31, 2006, with the U.S. Securities and Exchange
Commission on Sept. 15, 2006.

At March 31, 2006, the Company's balance sheet showed US$5.743
million in total assets, US$5.210 million in total liabilities,
US$150,000 in minority interests, and US$383,000 in total
shareholders' equity.

Through strong operating cash flows, the Company reduced its
debt by US$103 million during the first quarter, which was in
excess of its principal payment obligations.  Cash and cash
equivalents at March 31, 2006, were US$124 million compared with
US$100 million at the end of 2005.

While Novelis generated positive cash flow during the quarter,
it incurred a net loss of US$74 million on sales of US$2.3
billion compared with the first quarter of 2005 when it reported
net income of US$22 million on sales of US$2.1 billion.  Total
rolled product shipments increased to 741 kilotonnes (kt) from
713 kt in the first quarter of 2005, an increase of
approximately 4%.

Included in the net loss for the first quarter of 2006 is
US$102 million of income tax expense.  Significant tax expense
items in the quarter include:

   -- a US$33 million increase in valuation allowances primarily
      related to tax losses in certain jurisdictions where the
      Company believes, based on current facts and
      circumstances, it is more likely than not that it will not
      be able to utilize those losses;

   -- US$13 million of exchange translation and re-measurement
      items; and

   -- US$44 million due to foreign tax rate differences
      resulting from the application of an estimated annual
      effective tax rate to profit and loss entities.

Of the US$102 million of tax expense for the quarter,
approximately US$10 million is current tax expense.  Cash taxes
paid during the first quarter of 2006 were US$12 million.

"We have incurred significant deferred tax expense during our
first five quarters as a public company," Chief Financial
Officer Rick Dobson said.  "While we expect our tax expense to
decline by year-end, we are taking proactive tax planning
actions to develop the most efficient tax structure for the
Company."

Mr. Dobson added that Novelis plans to host an investor
conference call on Friday, September 29, in which the Company
will provide earnings and cash flow guidance for 2006 and 2007.

Earnings before income taxes in the first quarter of 2006 were
US$28 million, compared with US$57 million for the year-earlier
period.  The 2006 pre-tax earnings were negatively impacted by a
number of items, including higher metal prices that the Company
was unable to pass through to certain customers as a result of
metal price ceilings, higher energy and transportation costs,
the adverse effects of currency exchange rates, and expenses
related to the Company's restatement and review process and
delayed financial reporting.

As a result of metal price ceilings on a portion of the
Company's can sheet sales in North America, Novelis was unable
to pass on approximately US$95 million of metal price increases
in the first quarter.  This was partially offset by the positive
change in the fair market value of derivatives purchased to
hedge this risk.

"Novelis business operations remain strong," William T. Monahan,
chairman and interim chief executive officer, said, "and we
continue to generate solid cash flow as we remain focused on
debt reduction, efficient use of our global assets, and
investments to upgrade our product portfolio.  We also continue
to work toward removing the remaining price ceilings."

                       Filing Cures Default

Under the indenture governing the Company's Senior Notes,
Novelis is required to deliver to the trustee a copy of its
periodic reports filed with the U.S. Securities and Exchange
Commission within the time periods specified by SEC rules.  

The Company received an effective notice of default on July 21,
2006, from the trustee with respect to its 2005 Annual Report
and its 2006 first quarter financial statements.  The notice
required the Company to file the financial report by Sept. 19,
2006.  By filing the Form 10-Q for the first quarter of 2006,
the Company has cured this default.

Novelis also received an effective notice of default from the
trustee on Aug. 24, 2006, with respect to its Form 10-Q for the
second quarter of 2006, and is required to file this report by
Oct. 23, 2006.  The Company expects to file its Form 10-Q for
the second quarter before the deadline and to be current with
its filings after it files its third-quarter report during the
fourth quarter of the year.

"We have made progress in improving the quality of our financial
reporting process and we expect this progress to continue
through the balance of the year as we work toward becoming
current with our SEC filings," Mr. Monahan stated.

Full-text copies of the Company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?1221

                        About Novelis Inc.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Europe, the company
maintains operations in France, Germany, Luxembourg, Switzerland
and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 7,
Moody's Investors Service downgraded Novelis Inc's corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3
from Ba2, the bank term loan rating to Ba3 from Ba2 and its
senior unsecured notes to B2 from B1.


OXCLOSE LIMITED: Brings In Grant Thornton to Administer Assets
--------------------------------------------------------------
Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of Oxclose
Limited (Company Number 04696543) and Robin Hood Sports Cars
Limited (Company Number 04671997) on Sept. 11.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

Headquartered in Mansfield, United Kingdom, Oxclose Limited
develops and sells real estates while Robin Hood Sports Cars
Limited manufactures kit cars.


PAPYRUS PRINTERS: Taps Liquidator from Francis Clark
----------------------------------------------------
Stephen James Hobson of Francis Clark was appointed Liquidator
of Papyrus Printers & Stationers Limited on Aug. 31 for the
creditors' voluntary winding-up proceeding.

Headquartered in Castle Cary, U.K. Papyrus Printers & Stationers
Limited -- http://www.papyrus.uk.com/-- is engaged in product  
design and production, graphic design and printing, specialist
print finishing, bookbinding, marbling and leather-work.


PREMIER ENTERTAINMENT: Case Summary & Largest Unsec. Creditors
--------------------------------------------------------------
Debtor: Premier Entertainment Biloxi LLC
        dba Hard Rock Hotel & Casino Biloxi
        777 Beach Boulevard
        Biloxi, MS 39530

Bankruptcy Case No.: 06-50975

Debtor-affiliate filing separate chapter 11 petition:

      Entity                                   Case No.
      ------                                   --------
      Premier Finance Biloxi Corporation       06-50976

Type of Business: The Debtors own and operate the Hard Rock
                  Hotel & Casino Biloxi, a full service gaming
                  and entertainment resort built on
                  approximately 8.5 acres along the Mississippi
                  Gulf Coast in Biloxi, Mississippi.  
                  See http://www.hardrockbiloxi.com/

Chapter 11 Petition Date: September 19, 2006

Court: Southern District of Mississippi
       (Gulfport Divisional Office)

Judge: Edward Gaines

Debtors' Counsel: Nicholas Van Wiser, Esq.
                  Robert Alan Byrd, Esq.
                  Byrd & Wiser
                  145 Main Street, P.O. Box 1939
                  Biloxi, MS 39533
                  Tel: (228) 432-8123
                  Fax: (228) 432-7029

                                 Total Assets   Total Debts
                                 ------------   --------------
     Premier Entertainment     US$252,862,215   US$226,069,921
     Biloxi LLC

     Premier Finance Biloxi              US$0   US$162,341,111
     Corporation

A. Premier Entertainment Biloxi LLC's 19 Largest Unsecured
   Creditors:

   Entity                         Nature of Claim   Claim Amount
   ------                         ---------------   ------------
International Gaming Technology   Trade Debt        US$9,503,577
4028 Solutions Center
Chicago, IL 60677-4000
c/o Linda Rocconi
Tel: (775) 448-0115               Trade Debt        US$1,663,078

Hard Rock Caf, International      Trade Debt        US$2,562,475
6100 Old Park Lane
Orlando, FL 32835
c/o Michael Soll
Tel: (407) 445-7625

BellSouth Communication Systems   Trade Debt          US$498,647
P.O. Box 79045
Baltimore, MD 21279
c/o Bruce Cooper
Tel: (251) 602-6372

Associated Food Equipment         Trade Debt          US$355,728
10381 Express Drive
P.O. Box 3344
Gulfport, MS 39505
c/o Paul Watts
Tel: (228) 896-0043

Reigstad & Associates             Trade Debt          US$339,544
1636 Popps Ferry Road, Suite 116
Biloxi, MS 39532
c/o Gordon Reigstad
Tel: (228) 868-0771

AC Coin & Slot Service Co.        Trade Debt          US$324,941
201 Decatur Avenue
Pleasantville, NJ 08232
c/o Asley Jordan
Tel: (228) 365-0186

Cintas Corporation                Trade Debt          US$287,957
201 Evans Road, Suite 303
Harahan, LA 70123
c/o Andy Blair
Tel: (713) 849-2990

Shuffle Master Inc.               Trade Debt          US$274,312
1106 Palms Airport Drive
Las Vegas, NV 89119
c/o Chris Harbinson
Tel: (228) 388-3334

All Phase Electric Supply, Inc.   Trade Debt          US$262,151
3420 25th Avenue
Gulfport, MS 39501
c/o Sonny Watts
Tel: (228) 864-7731

The People's Bank                 Bank Loan           US$247,619

Technomedia Solutions, LLC        Trade Debt          US$228,929

Glory USA, Inc.                   Trade Debt          US$219,420

Young Electric Sign Company       Trade Debt          US$212,595

Banc of America, N.A.             Trade Debt          US$185,084

Duane Morris LLP                  Trade Debt          US$184,550

Rotolo Consultants, Inc.          Trade Debt          US$182,308

Prime Technology Systems, Inc.    Trade Debt          US$177,149

Commercial Millwork Specialists   Trade Debt            
US$166,860

Micros Systems, Inc.              Trade Debt          US$163,198

B. Premier Finance Biloxi Corp.'s Largest Unsecured Creditor:

   Entity                                           Claim Amount
   ------                                           ------------
   U.S. Bank Trustee                              US$162,341,111
   60 Livingston Avenue
   St. Paul, MN 55107


PREMIER ENTERTAINMENT: Ch. 11 Filing Cues S&P's Default Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and first mortgage note debt ratings on Premier Entertainment
Biloxi LLC to 'D' from 'CCC'.

The downgrade follows the announcement by Biloxi-based Premier
Entertainment that it has filed for voluntary Chapter 11
reorganization in the U.S. Bankruptcy Court.


QUEENSBERRY COX: Brings In Joint Liquidators from J W Lewis
-----------------------------------------------------------
John W. Lewis and Terry C. Evans of J W Lewis Insolvency
Services Ltd. were appointed Joint Liquidators of Queensberry
Cox Ltd. (formerly Queensberry Trading Company Ltd.) on Aug. 3
for the creditors' voluntary winding-up proceeding.

Headquartered in Bath, U.K., Queensberry Cox Ltd. manufactures
handbags.


REIVERS OF TARSET: Names T. Papanicola as Administrator
-------------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
Reivers of Tarset Limited (Company Number 01164062) on Sept. 11.

The administrator can be reached at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400

Headquartered in Hexham, United Kingdom, Reivers of Tarset
Limited -- http://www.reiversgroup.com/-- is a training company  
for organization, team and personal development.


RIVERSIDE WOOLLENS: Calls In Liquidators from Elwell Watchorn
-------------------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP were appointed Joint Liquidators of
Riverside Woollens Limited on Aug. 17 for the creditors'
voluntary winding-up proceeding.

Headquartered in Hinckley, U.K., Riverside Woollens Limited is a
clothing wholesaler.


RUGGLES & CO: Appoints G. W. Rhodes to Liquidate Assets
-------------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed Liquidator of
Ruggles & Co. Limited on Aug. 17 for the creditors' voluntary
winding-up proceeding.

Ruggles & Co. Limited can be reached at:

         13 Sunnyhill Road
         London SW162UG
         United Kingdom
         Tel: 020 8677 0926


SPEEDSIDE LIMITED: Claims Registration Ends Oct. 20
---------------------------------------------------
Creditors of Speedside Limited (t/a CCS Landhaul) have until
Oct. 20 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 appointed
Joint Liquidator Stewart Trevor Bennett of Berg Kaprow Lewis LLP
at:

         Stewart Trevor Bennett
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom

Headquartered in St. Albans, Speedside Limited provides road
haulage services.


STOPGATE FURNITURE: Claims Filing Period Ends Oct. 12
-----------------------------------------------------
Creditors of Stopgate Furniture Limited have until Oct. 12 to
send their names and addresses, with particulars of their debts
or claims to appointed Joint Liquidator David Moore of Begbies
Traynor at:

         David Moore
         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

Stopgate Furniture Limited can be reached at:

         Stopgate Lane
         Liverpool
         Merseyside L9 6EQ
         United Kingdom
         Tel: 0151 524 1666   


TADROSS HOTELS: Creditors' Meeting Slated for September 27
----------------------------------------------------------
Creditors of Tadross Hotels Limited (Company Number 05107162)
will meet at 11:00 a.m. on Sept. 27 at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TB
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Sept. 26 at:

         T. Papanicola
         Administrator
         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400


THERMOPLAS DESIGNS: Names Joint Liquidators to Wind Up Business
---------------------------------------------------------------
John W. Lewis and Terry C. Evans of J W Lewis Insolvency
Services Ltd. were appointed Joint Liquidators of Thermoplas
Designs Ltd. on Aug. 8 for the creditors' voluntary winding-up
proceeding.

Headquartered in Bristol, U.K., Thermoplas Designs Ltd.
manufactures and installs P V C windows & doors.


TIKTAK CLOTHING: Kiran Mistry Leads Liquidation Procedure
---------------------------------------------------------
Kiran Mistry of HKM LLP was appointed Liquidator of Tik Tak
Clothing Limited on Aug. 30 for the creditors' voluntary
winding-up procedure.

Tik Tak Clothing Limited can be reached at:

         124 126
         Weymouth Street
         Leicester
         Leicestershire LE4 6FQ
         United Kingdom
         Tel: 0116 258 2880


TINGEY & COMPANY: Appoints Baker Tilly as Joint Administrators
--------------------------------------------------------------
Matthew Richard Meadley Wild and Geoffrey Lambert Carton-Kelly
of Baker Tilly were appointed joint administrators of Tingey &
Company (Engineers) Limited (Company Number 00443087) on
Sept. 6.

Headquartered in Birmingham, United Kingdom, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of  
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network, which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Headquartered in Mitcham, United Kingdom, Tingey & Company
(Engineers) Limited manufactures machinery and equipment.


TOTAL SOLUTIONS: Hires Alistair J. Findlay to Liquidate Assets
--------------------------------------------------------------
Alistair J. Findlay of Findlay James was appointed Liquidator of
Total Solutions Technology Limited on Aug. 31 for the creditors'
voluntary winding-up procedure.

Headquartered in Cheltenham, U.K., Total Solutions Technology
Limited offers I.T.-related services.


TYSON FOODS: S&P Lowers Rating on US$2.1 Billion Sr. Debt to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' rating
to Springdale, Arkansas-based meat processor Tyson Foods Inc.'s
US$1 billion unsecured revolving credit facility maturing
Sept. 10, 2010, guaranteed by wholly owned subsidiary Tyson
Fresh Meats Inc. (formerly IBP Inc.).

Also, a 'BBB-' rating was assigned to Canadian operating
subsidiary Lakeside Farm Industries Ltd.'s US$345 million
unsecured three-year term loan, guaranteed by Tyson and Tyson
Fresh Meats.

At the same time, Standard & Poor's lowered its rating on US$2.1
billion of the company's outstanding senior unsecured debt to
'BB+' from 'BBB-' because these debt issues do not have the
benefit of the Tyson Fresh Meats guarantee, which was recently
provided to the holders of Tyson's 6.6% notes due 2016.

Under Standard & Poor' notching criteria, the holders of the
US$2.1 billion of debt are disadvantaged because of the amount
of priority debt ahead of it.  The 'BBB-' rating on the 6.6%
notes was affirmed.

The 'BBB-' rating on Tyson Fresh Meats' senior unsecured debt
was also affirmed, due to this debt's priority position in the
event of bankruptcy.

In addition, Standard & Poor's affirmed its 'BBB-' long-term
corporate credit rating and 'A-3' short-term rating on Tyson and
its 'BBB-' long-term corporate credit rating on Tyson Fresh
Meats.  The rating outlook is negative.

About US$4.2 billion of consolidated debt (including capitalized
operating leases) was outstanding at July 1, 2006.

"The 'BBB-' corporate credit rating reflects Tyson's market
positions in the poultry and meat production businesses, its
position as a low-cost producer, and the high barriers to entry
in these industries," said Standard & Poor's credit analyst
Jayne Ross.

"Partially mitigating these strengths are the company's lower
operating margins following its acquisition of beef and
pork producer Tyson Fresh Meats and the inherent cyclical nature
of the protein sector."

Tyson is the world's largest fully integrated producer,
processor, and marketer of poultry-based products, which account
for about 32% of its total sales.  The company is also the
world's largest processor of fresh beef and a leading pork
processor.  Beef and pork operations account for about 57% of
sales and have much lower EBITDA margins than the company's
poultry segment, which produces a much greater amount of value-
added poultry products.

The prepared foods segment accounts for the remaining portion of
sales; this division manufactures and markets frozen and
refrigerated food products.  Tyson's products are sold through
the food service, retail, and wholesale club channels, as well
as internationally.


VNESHTORGBANK: Pres. Putin Calms Concerns on 5% Stake in EADS
-------------------------------------------------------------
Russian President Vladimir Putin tried to still concerns on JSC
Vneshtorgbank's 5% stake in European Aeronautic Defence & Space
Co., Bloomberg News reports.

"You can all calm down," Mr. Putin disclosed at a press
conference after meeting French President Jacques Chirac and
German Chancellor Angela Merkel.  "We won't seek to change the
corporate constitution of EADS.  This isn't a sign of aggressive
behavior on the part of the Russian partners," he added.

"We are ready to cooperate with this company," Mr. Putin was
quoted by Bloomberg as saying.  "It must be in agreement with
our French and German colleagues."

According to the report, Mr. Putin has aimed to build up a stake
in EADS and increase Russia's share of the global aerospace
industry.  However, corporate rules supporting French-German
dominance on the company serve as obstacles to Mr. Putin's
plans, Bloomberg relates.

The three leaders agreed to set up an "expert group" to direct
Russia's plans for increasing its holding, Mr. Putin said.

                       About Vneshtorgbank

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

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

At the beginning of 2006, VTB purchased a 98% stake in the Bank
Mriya located in Ukraine.  VTB has operated under a full banking
License No. 1000 from the Central Bank of the Russian Federation
since 1990.  With 23,145 employees as of Dec. 31, 2005, the
Group operates in the commercial banking sector including
deposit taking and commercial lending, support of clients'
export/import transactions, foreign exchange, securities
trading, and trading in derivative financial instruments.  The
Government of the Russian Federation is the main shareholder of
VTB and owns through the Federal Property Management Agency
99.9% of its registered share capital.

                        *     *     *

As reported in TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


WILLOUGHBY INVESTMENTS: Claims Registration Ends Oct. 18
--------------------------------------------------------
Creditors of Willoughby Investments Limited have until Oct. 18
to prove their debts by sending written statements of the
amounts they claim to be due to them by the Company to appointed
Joint Liquidator Joanne Milner of Smith & Willimanson at:

         Joanne Milner
         Smith & Willimanson
         Prospect House
         2 Athenaeum Road
         London N20 9YU
         United Kingdom

Headquartered in Basildon, U.K., Willoughby Investments Limited
is a holding company for a group engaged as nursery furniture
wholesalers.


WORLD MAN: Creditors' Meeting Slated for October 6
--------------------------------------------------
Creditors of World Man Hotel & Industrial Cleaning Limited
(Company Number 03532856) will meet at 11:30 a.m. on Oct. 6 at:

         RE10
         Trinity House
         Heather Park Drive
         Wembley
         Middlesex HA0 1SU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 5 at:

         N. C. Patel and B. Shah
         Joint Administrators
         RE10
         Trinity House
         Heather Park Drive
         Wembley
         Middlesex HA0 1SU
         United Kingdom
         Helpline: 870 787 2346


WWC EXCHANGE: Creditors' Meeting Slated for October 3
-----------------------------------------------------
Creditors of WWC Exchange Brokers Limited (formerly World Wide
Currencies Limited) (Company Number 04944516) will meet at 11:00
a.m. on Oct. 3 at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on Oct. 2 at:

         Andrew Andronikou
         Joint Administrator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


* Fitch Says European Telecom Event Risk on the Rise
----------------------------------------------------
Fitch Ratings disclosed that European telecom operators with
residual state equity holdings are likely to be viewed as
attractive acquisition targets, both for strategic and financial
investors.  

This follows the Dutch government's sale of its remaining stake
in KPN and the recent victory for a right-wing government in
Sweden, where the state, along with the Finnish government,
still holds a combined majority stake in Sweden-based
TeliaSonera.

"Any debt-funded takeovers are likely to have an adverse impact
on the ratings of these issuers' existing bonds, both as a
result of increased leverage and potentially from structural
subordination," Raymond Hill, Senior Director in Fitch's
Telecoms team disclosed.

Fitch also notes that the Greek government is looking to sell
down its holding in OTE, the Greek incumbent operator.  Fitch
understands that the Norwegian government currently has no
intention in selling down its interest in Telenor and in the
event that another investor acquired majority control, this new
shareholder would be unable to change the company's Articles of
Association as long as that the Norwegian state retained no less
than one-third of its shares.

Portugal Telecom remains subject to a hostile bid from Sonae, a
Portuguese conglomerate.  Fitch views that the Portuguese
government would support a takeover of Portugal Telecom, subject
to takeover with substantial Portuguese involvement, be it a
single investor or a consortium.

Although these three companies are large business groups, they
are considered by Fitch to be of a digestible size for financial
investors, who may be attracted by the potential for cost
efficiencies at these companies and by the potential to reduce
initial leverage through non-core asset sales.

The recent developments at Telecom Italia highlight that many
governments remain key stakeholders in their national fixed-line
infrastructures and retain the political power to influence
these companies, regardless of whether or not they hold an
economic interest or special share in these companies.  

However, Denmark's TDC and Ireland's Eircom are both currently
owned by financial investors and some governments are open to
this possibility.  Fitch views that the Dutch, Swedish and
Finnish governments would allow either a foreign strategic or
financial takeover of their incumbents whereas the Greek
government is more likely to seek a strategic investor, for both
industrial and cultural reasons.

Bondholders in TeliaSonera and OTE have little covenant
protection from M&A event risk.  Telenor provided bond investors
with covenant protection in the form of a change of ownership
clause in recent bond documentation.  In March 2006 KPN revised
the terms of its global medium-term note program to include a
change of control clause.

In Fitch's view, the rising event risk could spur bondholders to
seek increased protection.  The fact that bondholders could
demand acceleration at the time of an M&A event will mean that
these bondholders are likely to receive more favorable
consideration from prospective investors.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates      
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)  

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, and Joy Agravante, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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