TCREUR_Public/060927.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, September 27, 2006, Vol. 7, No. 192

                            Headlines


A U S T R I A

ARTICLE: Creditors' Meeting Slated for September 29
ELEKTRO SANDLEITEN: Creditors' Meeting Slated for September 29
EUR-CAR: Claims Registration Period Ends October 2
GOERBICZ GERHARD: Vienna Court Orders Closing of Business
GRIMM MIRJAM: Property Manager Declares Insufficient Assets

MA.RE. - HOLDING: Claims Registration Period Ends October 4
MEHA: Creditors to Recover 6.3% of Claims
SCHELEX: Graz Court Orders Closing of Business
VIP BAU-PROJEKT: Claims Registration Period Ends October 30


B E L G I U M

DELTA LLOYD: S&P Rates EUR11.5-Mln Class F Notes at BB
MEGA BRANDS: Moody's Assigns Loss-Given-Default Ratings
PHIBRO ANIMAL: Moody's Assigns Loss-Given-Default Rating

* Moody's Develops New Analytical Tool for Belgian RMBS


B U L G A R I A

ALLIANCE ONE: Moody's Assigns Loss-Given-Default Rating


D E N M A R K

TDC A/S: Buys Esbjerg Municipality's Cable-TV & Internet Assets


F R A N C E

ACXIOM CORP: Gets US$277.8 Mil. in "Dutch Auction" Tender Offer
ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings
NORAMPAC INC: Moody's Assigns Loss-Given-Default Ratings


G E R M A N Y

BIOVEST INT'L: Equity Deficit Hikes to US$12.7MM at June 30
CAM GRUNDSTUECKSVERWALTUNG: Claims Registration Ends Oct. 4
CORNELSSEN GMBH: Claims Registration Ends October 5
DANNER GMBH: Claims Registration Ends October 2
GEORG BEHRENS: Creditors' Meeting Slated for October 5

GERKO-CAR: Claims Registration Ends October 4
GRINGEL MASCHINENBAU: Creditors' Meeting Slated for October 4
INCENIA - FINANCIAL: Claims Registration Ends October 4
LEAR CORP: Production Cuts to Lower 2006 Net Sales by US$300 Mln
LIKURA LICHTKUPPEL: Claims Registration Ends October 2

LUENPHARMA GMBH: Claims Registration Ends October 4
NYCO HOLDINGS: Altana Acquisition Prompts S&P to Assign B Rating
OBJEKTAUSSTATTUNG STEINBAUER: Claims Registration Ends October 4
PROSIEBENSAT.1 MEDIA: German Media Partners Deny Sale Talks
SAN-HEI-TEC: Creditors' Meeting Slated for October 4

TEGATEX TEPPICH: Claims Registration Ends October 4


H U N G A R Y

AES CORP: Indian Unit Won't Bid For Mundra Power Project


I T A L Y

BERRY PLASTICS: Apollo and Graham Complete BPC Holding Purchase
BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702 Mln
VALEANT PHARMA: Moody's Assigns Loss-Given-Default Ratings


K A Z A K H S T A N

AIS KYZYLORDA: Creditors Must File claims by Oct. 17
AKTUBE DEPARTMENT: Creditors Must File Claims by Oct. 17
ARKO TRADE: Proof of Claim Deadline Slated for Oct. 17
ARTEM GRAND: Proof of Claim Deadline Slated for Oct. 17
BAGANALY: Claims Registration Ends Oct. 17

FARMEKS: Claims Registration Ends Oct. 17
KOLOS: North Kazakhstan Court Opens Bankruptcy Proceedings
KRUPTORG: Creditors' Claims Due Oct. 17
SK ALIN: Karaganda Court Begins Bankruptcy Proceedings
STARTELEKOM: Karaganda Court Starts Bankruptcy Procedure


K Y R G Y Z S T A N

AIT-EMIR: Public Auction Scheduled for Oct. 12
OSH SOODA: Proof of Claim Deadline Slated for Nov. 8
SIMTEC: Creditors Must File Claims by Nov. 8


L U X E M B O U R G

TMK CAPITAL: Parent Prices Latest Eurobond Issue at US$300 Mln


N E T H E R L A N D S

BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating
FORNAX B.V.: Fitch Assigns Final BB Rating on EUR8 Mln Notes
JUBILEE CDO I: Fitch Affirms BB Rating on Class E Senior Notes
JUBILEE CDO II: Fitch Keeps BB Rating on Class D Notes


P O R T U G A L

SUNNY DELIGHT: Moody's Assigns Loss-Given-Default Ratings


R U S S I A

BOBROVSKIY REFINERY: S. Bogay to Manage Insolvency Assets
BOROVICHSKIY FEED: Novgorod Court Starts Bankruptcy Supervision
BRILLIANTS OF YAKUTIYA:  A. Maltabar to Manage Assets
CHERMISINOVSKIY BUTTER: Creditors Must File Claims by Oct. 19
CRYSTAL FACTORY: Vladimir Court Starts Bankruptcy Supervision

DOLZHANSK-AGRO-PROM-KHIMIYA: S. Galakhov to Manage Assets
FISHER: Court Names A. Pakhomov as Insolvency Manager
FURNITURE-SALE: Novosibirsk Court Starts Bankruptcy Supervision
IRKUT CORP: Pays RUR141.6 Mln Interest on Second Coupon Bonds
KLINTSY-SEL-KHOZ-KHIMIYA:  I. Goldova to Manage Assets

KOVALEVSKIY: Omsk Court Starts Bankruptcy Supervision
KURCHATOVSKIY FACTORY: E. Popov to Manage Insolvency Assets
KURSKIY FACTORY: Court Names Y. Akulshin as Insolvency Manager
KUZNETSK-SHOES: Penza Court Starts Reorganization Process
MALOSERDOBINSKAYA WATER: Bankruptcy Hearing Slated for Dec. 7

METAL-PROM-TORG: Court Names S. Kuznetsov as Insolvency Manager
NORTH-WEST TELECOM: Earns RUR1.03 Billion for First Half 2006
NOVATEK OAO: Buys 60% Equity Stake of Northern Energy Company
OIL-KHIM-INVEST: Court Names L. Serdyuk as Insolvency Manager
PRIOBSKOYE OIL: Court Names A. Zubairov as Insolvency Manager

REINFORCED-CONCRETE 25: Creditors Must File Claims by Oct. 19
SHUYSKIY ENGINEERING: I. Borzov to Manage Insolvency Assets
SOUTHERN TELECOMMUNICATIONS: Reveals 2006-2007 Investment Plan
TMK OAO: Prices Latest Eurobond Issue at US$300 Million
TYUMEN-GAS-STROY-MASH: Court Starts Bankruptcy Supervision

USOLSKIY: Court Names E. Meshenkova as Insolvency Manager
USPENSKAYA RAW: Krasnodar Court Starts Bankruptcy Supervision
VITA MILK: Krasnodar Court Starts Bankruptcy Supervision
VNESHTORGBANK JSC: Shareholders Okay Share Split
VYSELKOVSKIY BAKERY: O. Sapronov to Manage Insolvency Assets

WHEAT: Court Names I. Maslov as Insolvency Manager
WHEAT KHOMUTOVSKAYA: Orel Court Starts Bankruptcy Supervision
YASHKINSKIY BUTTER: A. Kolmagorov to Manage Insolvency Assets
YUKOS OIL: RTS to Keep Shares Trading Until Liquidation
ZAP-SIB-KUZBASS-COAL: F. Voytsik to Manage Insolvency Assets


S P A I N

SUNNY DELIGHT: Moody's Assigns Loss-Given-Default Ratings


S W E D E N

FALCON AIR: Carrier Declares Bankruptcy in Malmo
WATSONS PHARMACEUTICALS: Moody's Puts Loss-Given-Default Ratings


T U R K E Y

ASYA KATILIM: Fitch Affirms Foreign & Local Default Rating at B


U K R A I N E

BAGET: Donetsk Court Names S. Lunkova as Insolvency Manager
DNIPROMETBUD: Court Names Oleksandr Romantsov as Liquidator
HIMREMMONTAZH: Court Names Kirilo Liseyev as Insolvency Manager
INTERA: Chernivtsi Court Starts Bankruptcy Supervision Procedure
MIRTA: Odessa Court Names Kirilo Liseyev as Insolvency Manager

MISTSPETSPROEKT: Court Names Kirilo Liseyev as Liquidator
QUINTILES TRANSNATIONAL: Moody's Puts Loss-Given-Default Rating
TUDES: Court Names Oleg Chervinskij as Insolvency Manager


U N I T E D   K I N G D O M

ACXIOM CORP: Gets US$277.8 Mil. in "Dutch Auction" Tender Offer
ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings
ANDREWS SERVICES: Names Richard Ian Williamson Liquidator
APPLETON PAPERS: Moody's Assigns Loss-Given-Default Ratings
AQUARIUS BEAUTY: Creditors Confirm Liquidators' Appointment

AVIALL INC: Boeing's Purchase Cues Moody's to Withdraw Ratings
B.I. TRAINING: Taps Liquidators from Jacksons Joliffe Cork
BARR LABORATORIES: Moody's Assigns Loss-Given-Default Rating
BASEMENT NET: Brings In Administrators from Herron Fisher
BOISE CASCADE: Moody's Assigns Loss-Given-Default Ratings

BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702 Mln
BRAKE BROS: PIK Notes Issuance Spurs Moody's to Cut Rating to B2
BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating
C M T GAMES: J. N. Bleazard Leads Liquidation Procedure
C P CONTRACTS: Appoints Administrators from Wilson Field

CADOGAN BRISTOL: Creditors' Meeting Slated for September 29
CAPAS CONCEPT: Creditors' Meeting Slated for September 28
CELSIUS MECHANICAL: Brings In Joint Liquidators from Inson House
CHASSERAL LIMITED: Joint Liquidators Take Over Operations
CONSTRUCTION AND JOINERY: Appoints Ninos Koumettou as Liquidator

COTT CORPORATION: Moody's Assigns Loss-Given-Default Rating
CRYSTALEYES LIMITED: Creditors' Meeting Slated for October 2
DIGITAL TABLES: Taps Peter Maurice to Liquidate Assets
DIRECT VENTURES: Hires James Paul Shaw to Liquidate Assets
DRAIN EXPRESS: Creditors Confirm Voluntary Liquidation

DYKEM 2003: Creditors Confirm Liquidator's Appointment
EASTMANK KODAK: Moody's Assigns Loss-Given-Default Ratings
ELEVATIONS LIMITED: Hires Joint Liquidators from KPMG LLP
EURAMAX INTERNATIONAL: S&P Lowers Corporate Credit Rating to B
EXP SOLUTIONS: Calls In Liquidator from Carter Clark

FUTRONIX INC: Sibex Buys Bankrupt Assets for US$1.38 Million
GEDDES GROUP: Claims Filing Period Ends Oct. 25
GH JOINERY: Appoints A. J. Clark to Liquidate Assets
GLOSS CLOTHING: Appoints Administrators from Smith & Williamson
GRAND UNION: Names Keith Barry Stout to Liquidate Assets

GROW WITH US: Claims Registration Ends Oct. 17
HERBALIFE INT'L: Moody's Assigns Loss-Given-Default Rating
HEVECO MUSHROOMS: Hires Tenon Recovery as Joint Administrators
HOMESHIELD WINDOWS: Liquidator Sets Oct. 6 Claims Bar Date
HOME-TEX DERBY: Brings In Joint Liquidators from Begbies Traynor

IMPACT SECURITY: Hires David N. Hughes to Liquidate Assets
INTELSAT LTD: Reports Anomaly on IS-802 Satellite
JAUNOIR LIMITED: Taps RSM Robson to Administer Assets
JOHN DENTON: Appoints Liquidator to Wind Up Business
KEENETS LIMITED: Creditors' Meeting Slated for October 2

KRISPY KREME: Names Andrew J. Schindler to Board of Directors
KRISPY KREME: Hires Charles A. Blixt as Interim General Counsel
MASONS JOINERY: M. S. E. Solomons Leads Liquidation Proceeding
MASON REVIS: Claims Filing Period Ends Oct. 16
MASONS PAINTERS: Taps M. S. E. Solomons to Liquidate Assets

NBTY INC: Moody's Assigns Loss-Given-Default Rating
OFFICE + LIMITED: Liquidator Sets Oct. 31 Claims Bar Date
OUTFIT DESIGN: Brings In Liquidator from O'Hara & Co.
PRO DRIVE: Hires Elizabeth Arakapiotis as Liquidator
RSIS TRAINING: Creditors Confirm Liquidators' Appointment

ROBERT LLOYD: Appoints Joint Liquidators from Harrisons
SLC DRIVER: Creditors Confirm Liquidator's Appointment
SPORT ROOM: Claims Filing Period Ends Nov. 24
SUNLIGHT LOFT: Taps Asher Miller to Liquidate Assets
TRW AUTOMOTIVE: Fitch Keeps Issuer Default Rating at BB

U.K. TRAN-STOR: Names Liquidator from BN Jackson Norton
ULTRA SCAFFOLDING: Calls In Liquidator from Turpin Baker
ZENITH PRODUCTIONS: Taps Liquidators from PricewaterhouseCoopers

                            *********

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


ARTICLE: Creditors' Meeting Slated for September 29
---------------------------------------------------
Creditors owed money by LLC Article (FN 227260g) are encouraged
to attend the creditors' meeting at 9:30 a.m. on Sept. 29 to
consider the adoption of the rule by revision and
accountability.

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 July 17 (Bankr. Case No. 4 S 115/06y).  Dr. Kurt Freyler
serves as the court-appointed property manager of the bankrupt
estate.  Hans Rant represents Dr. Freyler in the bankruptcy
proceedings.

The property manager can be reached at:

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


ELEKTRO SANDLEITEN: Creditors' Meeting Slated for September 29
--------------------------------------------------------------
Creditors owed money by OEG Elektro Sandleiten Hufnagl & Dafert
(FN 143782w) are encouraged to attend the creditors' meeting at
10:15 a.m. on Sept. 29 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 21 (Bankr. Case No. 4 S 116/06w).  Andrea Prochaska
serves as the court-appointed property manager of the bankrupt
estate.  Christoff Beck represents Mag. Prochaska in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Andrea Prochaska
         c/o Mag. Christoff Beck
         Wassergasse 33/12
         1030 Vienna, Austria
         Tel: 718 77 50
         Fax: 718 77 50 15
         E-mail: anwalt@andrea-prochaska.at


EUR-CAR: Claims Registration Period Ends October 2
--------------------------------------------------
Creditors owed money by LLC Eur-Car (FN 106488a) have until
Oct. 2 to file written proofs of claims to court-appointed
property manager Hubert Koellensperger at:

         Dr. Hubert Koellensperger
         Schubertstrasse 20
         4600 Wels, Austria
         Tel: 07242/44546-0
         Fax: 07242/42849
         E-mail: office@wels-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:40 p.m. on Oct. 12 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Road 12
         Wels, Austria

Headquartered in Marchtrenk, Austria, the Debtor declared
bankruptcy on Aug. 24 (Bankr. Case No. 20 S 101/06p).


GOERBICZ GERHARD: Vienna Court Orders Closing of Business
---------------------------------------------------------
The Trade Court of Vienna entered an order Aug. 23 closing the
business of LLC Goerbicz Gerhard (FN 95730f).  Court-appointed
property manager Felix Stortecky determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Place 2
         1010 Vienna, Austria
         Tel: 513 88 37
         Fax: 514 35 40
         E-mail: ra-stortecky@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 23 (Bankr. Case No. 4 S 108/06v).


GRIMM MIRJAM: Property Manager Declares Insufficient Assets
-----------------------------------------------------------
Dr. Kurt Bernegger, the court-appointed property manager for LLC
Grimm Mirjam (FN 86720f), declared Aug. 23 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 June 22 (Bankr. Case No. 4 S 107/06x).  Maria Kainer
represents Dr. Bernegger in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Kurt Bernegger
         c/o Mag. Maria Kainer
         Jacquingasse 21
         1030 Vienna, Austria
         Tel: 799 15 80/0
         Fax: 796 59 14
         E-mail: kanzlei@bernegger-wt.com


MA.RE. - HOLDING: Claims Registration Period Ends October 4
-----------------------------------------------------------
Creditors owed money by LLC MA.RE. - HOLDING (FN 214710a) have
until Oct. 4 to file written proofs of claims to court-appointed
compensation manager Daniel Lampersberger at:

         Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 18 to consider the
compensation payment.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared the
beginning of compensation process on Aug. 24 (Case No. 3
Sa 2/06y).


MEHA: Creditors to Recover 6.3% of Claims
-----------------------------------------
The Land Court of Wiener Neustadt approved the final decision on
allocation of Dr. Gernot Hain, the court-appointed property
manager of LLC Meha (FN 109255 w), on Aug. 23.

Under the property manager's project by final allocation,
creditors will recover 6.3% of their claim.

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on June 30, 2003 (Bankr. Case No. 11 S 218/03z).

The property manager can be reached at:

         Dr. Gernot Hain
         Main Place 14
         2700 Wr.Neustadt, Austria
         Tel: 02622/84141
         Fax: 02622/84141-23
         E-mail: hain.advocat@netway.at


SCHELEX: Graz Court Orders Closing of Business
----------------------------------------------
The Land Court of Graz entered an order Aug. 23 closing the
business of LLC Schelex (FN 263284h).  Court-appointed property
manager Christoph Benda determined that the continuing operation
of the business would reduce the value of the estate.

The property manager can be reached at:

         Mag. Christoph Benda
         Pestalozzistrasse 3
         8010 Graz, Austria
         Tel: 0316/825417
         Fax: 0316/825417-13
         E-mail: christoph.benda@telering.at

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 25 S 57/06d).  The Debtor's manager
Semsudin Litric represents the Debtor in the bankruptcy
proceedings.


VIP BAU-PROJEKT: Claims Registration Period Ends October 30
-----------------------------------------------------------
Creditors owed money by LLC VIP Bau-Projekt (FN 94725b) have
until Oct. 30 to file written proofs of claims to court-
appointed property manager Susi Rathauscher at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 a.m. on Nov. 13 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 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 24 (Bankr. Case No. 45 S 59/06i).  Beate Holper
represents Dr. Rathauscher in the bankruptcy proceedings.


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


DELTA LLOYD: S&P Rates EUR11.5-Mln Class F Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1 billion mortgage-backed floating-rate
notes to be issued by B-Arena N.V./S.A., a special purpose
entith, acting through its Compartment No. 1.  B-Arena will also
issue EUR10 million of unrated notes that will be used to fund
the reserve fund.

B-Arena is the first securitization of mortgages originated by
Delta Lloyd Bank N.V. (Belgium).

The collateral consists of loans secured by first- and
sequentially lower-ranking mortgages (and mandates to create
lower-ranking mortgages) over residential property in Belgium.

The ratings reflect the sound payment structure and cash flow
mechanics of the transaction.  The noteholders also benefit from
strong protection provided by a combination of subordination, a
liquidity facility, a reserve fund, and excess spread to cover
credit losses and income shortfalls.

                        Ratings List
             B-Arena N.V./S.A., Compartment No. 1
       EUR1.01 Billion Mortgage-Backed Floating-Rate Notes

                        Prelim.        Prelim.
         Class          rating         amount (Mil. EUR)
         -----          ------         ------
         A              AAA            920.0
         B              AA              20.0
         C              A               20.0
         D              BBB             18.0
         E              BBB-            10.5
         F              BB              11.5
         G (1)          NR              10.0

     (1) The class G notes will be issued to fund the reserve
         fund.

         NR - Not rated.


MEGA BRANDS: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency revised its
Ba3 Corporate Family Rating to B1 for MEGA Brands Inc.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans
facilities:

   Issuer: MEGA Brands Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
  Sr. Sec. Revolving
  Credit Facility
  Due 2010                Ba3      Ba2     LGD2       24%

  Sr. Sec. Term Loan A
  Due 2010                Ba3      Ba2     LGD2       24%


   Issuer: Mega Blocks US

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
  Sr. Sec. Revolving
  Credit Facility
  Due 2010                Ba3      Ba2     LGD2       24%

   Issuer: Mega Blocks Finco

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
  Sr. Sec. Term Loan B
  Due 2012                Ba3      Ba2     LGD2       24%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc. --
http://www.megabloks.com/-- distributes a range of toys,
puzzles, and craft-based products worldwide.

The company has its European headquarters in Laagstraat,
Belgium.


PHIBRO ANIMAL: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
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. pharmaceutical sector this week, the
rating agency confirmed its B2 Corporate Family Rating for
Phibro Animal Health 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
   ----------             -------  ------   ------  -------
   US$160 Million
   Senior Unsecured
   Notes due 2013         B3        B2      LGD3    48%

   US$80 Million
   Senior Subordinated
   Notes due 2015         Caa1      Caa1    LGD5    89%

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%).

Headquartered in Ridgefield Park, New Jersey, Phibro Animal
Health Corporation is a diversified manufacturer of a broad
range of animal health and nutritional products with operations
in Belgium.  For the twelve-month period ended March 31, 2006,
Phibro reported net sales of approximately US$388 million.


* Moody's Develops New Analytical Tool for Belgian RMBS
-------------------------------------------------------
Moody's Investors Service's updated scoring model for
residential mortgage loans in Belgium offers an enhanced
analytical tool for Belgian Residential Mortgage-Backed
Securities portfolios.

The model is based on an in-depth analysis of the Belgian
market, as well as a detailed assessment and comparison of major
European residential mortgage markets, the rating agency
explains in a new Rating Methodology report.

Moody's Individual Loan Analysis is a benchmarking tool to be
used in conjunction with Moody's Analyser of Residential Cash
Flows in Moody's rating analysis of Belgian RMBS. This model
quantifies the impact of specific loan, borrower, property and
portfolio characteristics on obligor default probability as well
as on the severity of the loss and determines the Aaa credit
enhancement levels required for a given pool.

"Based on our analysis, we expect to enhance the consistency and
transparency of our residential mortgage analysis in Europe. At
the same time, we have created a model that deals with those
features that are unique to the Belgian market" says Alix Faure,
a Moody's Analyst and the author of the report, entitled
"Moody's Approach to Rating Belgian RMBS".

MILAN is one of several tools that Moody's uses in rating RMBS
portfolios.  It relies primarily on the provision of good loan-
by-loan data from originators.  Ms. Faure explains that the
MILAN results are further adjusted to account for structural and
legal credit risks of a particular transaction as well as for
additional risks resulting, for instance, from replenishment and
substitutions over time.

Moody's Rating Methodology report offers a detailed insight into
the process of deriving a Belgian benchmark mortgage loan and
portfolio along with the calculation of the benchmark credit
enhancement.  It provides details on the relationship between
LTV and defaults as well as penalties and credits associated
with certain types of asset characteristics that deviate from
the Belgian benchmark loan and pool characteristics capturing
additional frequency and severity drivers.

Certain assumptions and input parameters within MILAN and its
version for the Belgian -- such as house price indices,
population density figures, classification of regions and house
price stress rates -- will be updated in line with market
developments, ensuring that MILAN remains a highly adaptable yet
consistent and reliable rating technique over time.

After limited activity in Belgium securitization over the past
two years, Moody's expects new transactions to come soon to
market.  This Belgian MILAN report is the tenth of a series of
reports providing insight into the use of MILAN across Europe,
Middle East, Africa and Asia.  MILAN reports have so far been
published for Australia, France, Germany, Italy, the
Netherlands, South Africa, Spain, Switzerland and the UK.


===============
B U L G A R I A
===============


ALLIANCE ONE: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for Alliance One International, Inc.,
and upgraded its B2 rating on the Company's $300 million senior
secured revolver to B1.  In addition, Moody's assigned an LGD3
rating to notes, suggesting noteholders will experience a 37%
loss in the event of a default.

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%).

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a
leaf tobacco merchant.

The company has worldwide operations in Argentina, Bangladesh,
Brazil, Bulgaria, Canada, China, France, Philippines, Malaysia,
and Singapore.


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


TDC A/S: Buys Esbjerg Municipality's Cable-TV & Internet Assets
---------------------------------------------------------------
TDC A/S has acquired Esbjerg Municipality's Cable-TV and
Internet assets and activities.

Esbjerg Municipality's Cable-TV and Internet assets and
activities is already receiving TV-programs and broadband from
TDC Kabel TV and is TDC Kabel TV's largest customer.

The transaction, which is being concluded as an acquisition of
assets whereby TDC acquires net and customers and takes over a
number of employees, is taking place with effect from Nov. 15.

Esbjerg Municipality's Cable-TV and Internet assets and
activities will strengthen TDC Kabel TV's position in Esbjerg.

                         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
===========


ACXIOM CORP: Gets US$277.8 Mil. in "Dutch Auction" Tender Offer
---------------------------------------------------------------
Acxiom(R) Corp. disclosed the final results of its modified
"Dutch Auction" tender offer to purchase up to 11,111,111 shares
of the company's common stock, which expired at 5:00 p.m., New
York City time, on Tuesday, Sept. 12, 2006.

Acxiom has accepted for payment an aggregate of 11,111,111
shares of its common stock at a purchase price of US$25.00 per
share and an aggregate purchase price of approximately US$277.8
million.  These shares represent approximately 12.6% of the
shares outstanding immediately prior to completion of the tender
offer.  Computershare Trust Company, N.A., the depositary for
the tender offer, have informed Acxiom that the final proration
factor for the tender offer is 73.868515%.

Based on the final count by the depositary (and excluding
conditional tenders that were not accepted because the specified
condition was not satisfied), 15,053,367 shares were properly
tendered and not withdrawn at a price of US$25.00 per share.
Any shares that were not properly tendered will be returned
promptly to the tendering stockholders.

Payment for the shares accepted for purchase, and return of all
shares tendered and delivered and not accepted for purchase,
will be carried out promptly by the depositary.  As a result of
the completion of the tender offer, Acxiom has approximately
77.4 million shares of common stock outstanding.

Inquiries with regard to the tender offer may be directed to:

       Innisfree M&A Incorporated
       Information Agent
       Tel: (877) 750-9497,

           -- or --

       J.P. Morgan Securities Inc.
       Dealer Manager
       Tel: (877) 371-5947

           -- or --

       Stephens Inc.
       Dealer Manager
       Tel: (800) 643-9691

                     About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  In Europe, Acxiom has operations in France, Germany, the
Netherlands, Portugal, Spain, and the United Kingdom.

                        *     *     *

As reported in TCR-Europe on Sept. 18, Standard & Poor's Ratings
Services assigned its loan and recovery ratings to Little Rock,
Arkansas-based Acxiom Corp.'s proposed US$800 million secured
first-lien financing.  The first-lien facilities consist of a
US$200 million revolving credit facility and a US$600 million
term loan.  They are rated 'BB' (at the same level as the
corporate credit rating on Acxiom) with a recovery rating of
'2', indicating the expectation for substantial (80%-100%)
recovery of principal in the event of a payment default.


ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings
----------------------------------------------------------------
Acxiom(R) Corp. quantified the expected cumulative financial
impact of the successful completion of the proxy contest with
ValueAct Capital, the anticipated completion of the Dutch
Auction Self Tender, an US$800 million credit facility, and
other items reported on the first-quarter earnings conference
call held July 26, 2006.  The net impact of these items will
reduce the midpoint of the original fiscal year 2007 Financial
Road Map earnings target by six to seven cents per fully diluted
share.

The six- to seven-cent reduction reflects the anticipated impact
for fiscal 2007 of these five items:

The fiscal 2007 Road Map targets, communicated during the fiscal
2006 year-end conference call on May 17, 2006, were based on
90 million weighted average shares outstanding.  Subsequently,
the company reported a net 2 million share increase related to
greater-than-expected exercises of 2.5 million stock options,
partially offset by share repurchases of 0.5 million shares.
The net increase of approximately 2 million shares will increase
the fiscal 2007 weighted average share count to 91 million, a
weighted average increase of 1 million shares that is expected
to result in a reduction of one cent in fiscal 2007 EPS.

The company incurred proxy contest expenses related to financial
and non-financial advisory fees of approximately US$1.2 million
in addition to expenses previously reported.  These fees were
not anticipated in the earlier fiscal 2007 Road Map targets and
are expected to reduce fiscal 2007 EPS by approximately one
cent.

The company expects to repurchase up to US$300 million of its
shares through the Dutch Auction Self Tender scheduled to close
on Sept. 12, 2006.  The impact on the weighted average fully
diluted shares outstanding for fiscal 2007 is expected to be a
reduction of approximately 6.0 to 6.5 million shares or an
increase to fiscal 2007 EPS of approximately seven to eight
cents.

The company expects to incur incremental interest expense of
approximately US$14.3 million related to the incremental
borrowings under the new credit facilities scheduled to close on
Sept. 15, 2006.  These borrowings are to fund the DAST,
restructure existing debt and be available for general corporate
purposes.  These costs are anticipated to result in an
approximate 10-cent reduction in fiscal 2007 EPS.

During the first-quarter earnings conference call, the company
reported that its effective tax rate for fiscal year 2007 was
expected to be 39%.  Previously reported targets anticipated an
effective tax rate of 38%.  The one percentage point increase is
expected to result in an approximate two-cent reduction in
fiscal 2007 EPS.

"Since the fiscal 2006 year-end conference call, we have
publicly provided a significant amount of information to
investors, and management is clarifying that information so that
shareholders have a more complete view of Acxiom's full-year
earnings expectation for fiscal year 2007.  While the amounts
for the DAST and the credit facilities continue to be estimates,
we do not expect the final amounts to differ materially from our
current expectations," said Frank Cotroneo, Acxiom's Chief
Financial Officer.

                     About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  In Europe, Acxiom has operations in France, Germany, the
Netherlands, Portugal, Spain, and the United Kingdom.

                        *     *     *

As reported in TCR-Europe on Sept. 18, Standard & Poor's Ratings
Services assigned its loan and recovery ratings to Little Rock,
Arkansas-based Acxiom Corp.'s proposed US$800 million secured
first-lien financing.  The first-lien facilities consist of a
US$200 million revolving credit facility and a US$600 million
term loan.  They are rated 'BB' (at the same level as the
corporate credit rating on Acxiom) with a recovery rating of
'2', indicating the expectation for substantial (80%-100%)
recovery of principal in the event of a payment default.


NORAMPAC INC: 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 North American Forest Products sector, the
rating agency confirmed its Ba3 Corporate Family Rating for
Norampac Inc.  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
   ----------         ------   ------   ------  -------
   US$325 mm
   Revolving Facility
   due 2011           Ba2       Ba1     LGD2    22%

   US$250 mm
   6.75% Sr. Unsec.
   Notes due 2013     B1        B1      LGD5    74%


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 our notching
practices across industries and will improve the transparency
and accuracy of our ratings as our 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%).

Headquartered in Quebec, Canada, Norampac Inc. --
http://norampac.com/-- operates 8 linerboard and corrugating
medium mills and 26 box plants in Canada, the United States, and
France.


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


BIOVEST INT'L: Equity Deficit Hikes to US$12.7MM at June 30
-----------------------------------------------------------
BioVest International, Inc., reported a US$4.1 million net loss
on US$2 million of net revenues for the three months ended
June 30, 2006, compared to a US$2.5 million net loss on US$1.4
million of revenues in 2005, the Company disclosed in its third
quarter financial statements on Form-10QSB filed with the U.S.
Securities and Exchange Commission.

At June 30, 2006, the Company's balance sheet showed US$10.8
million in total assets and US$23.6 million in total
liabilities, resulting in a US$12.7 million stockholders'
deficit.

The Company's June 30 balance sheet also showed strained
liquidity with US$6.5 million in total current assets available
to pay US$11.3 million in total current liabilities coming due
within the next 12 months.

                      New Market Tax Credits

On April 26, 2006, the Company, through its wholly owned
subsidiary, Biovax, Inc., closed a financing transaction that
was structured in an effort to obtain certain perceived
advantages and enhancements from the New Market Tax Credit
regulations adopted under the auspices of the United States
Department of the Treasury in 2002 to provide incentive for
investing in businesses located in "qualifying census tracts,"
or areas with a median income below the poverty line.  In the
Transaction, Biovax entered into a Convertible Loan Agreement
where Telesis CDE purchased from Biovax a Subordinated
Convertible Promissory Note dated as of April 25, 2006, in the
principal amount of US$11.5 million.  The CDE Loan has a
maturity date of Oct. 27, 2013.  The following parties were
involved in the Transaction: Biovax, Accentia
Biopharmaceuticals, Inc., the Company's majority shareholder,
Biolender, LLC, Telesis CDE Two, LLC, Telesis CDE Corporation,
Biovax Investment LLC, U.S. Bancorp Community Investment
Corporation, First Bank and Laurus Master Fund, Ltd.

Under an Asset Purchase Agreement dated as of April 18, 2006,
the Company transferred all or substantially all of the assets
of its vaccine manufacturing business situated at 377 Plantation
Street, in Worchester, Massachusetts, and the Company's rights
under that lease agreement for the Plant and that letter of
intent with the landlord to potentially lease additional space
adjacent to the Plant to Biovax.  As full purchase price for the
Equipment, Biovax paid the Company US$1.5 million and assumed
certain liabilities, including a portion of a demand note
payable to Accentia.  In addition, Biovax advanced rental
payments for the Leasehold in the amount of US$4.5 million.
Under the Asset Purchase Agreement, the Company is required to
treat the advance as unrestricted and non-segregated funds
provided that we shall use the funds to make all required lease
payments.  Finally, Biovax also hired all of the Company's
employees that are related to the vaccine manufacturing business
and assumed responsibility for all accrued vacation time and
maintenance of existing health and other benefits.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1258

                        Going Concern Doubt

Aidman Piser & Co., PA, expressed substantial doubt about
BioVest's ability to continue as a going concern after it
audited the Company's financial statements for the fiscal years
ended Sept. 30, 2005, and 2004.  The auditing firm pointed to
the Company's significant losses and working capital deficit at
Sept. 30, 2005.

BioVest International, Inc. -- http://www.biovest.com/-- is a
biotechnology company that provides cell culture services to
research institutions and the biopharmaceutical industry.
BioVest also develops, manufactures and markets cell culture
systems.  For over 10 years the company has been designated, by
the National Institutes of Health, as the National Cell Culture
Center.  Through its proprietary technology, BioVest provides
cell culture services to research institutions, biotechnology
companies and the pharmaceutical industry.  The company is the
holder of a Cooperative Research and Development Agreement with
the National Cancer Institute for the commercialization of a
personalized biologic therapeutic cancer vaccine for the
treatment of non-Hodgkin's lymphoma currently in its phase III
pivotal trial.

The company has sales offices in China, Germany, Japan, Korea,
Singapore, and Taiwan.


CAM GRUNDSTUECKSVERWALTUNG: Claims Registration Ends Oct. 4
-----------------------------------------------------------
Creditors of CAM Grundstuecksverwaltung GmbH & Co. Vermietungs
KG have until Oct. 4 to register their claims with court-
appointed provisional administrator Josef Nachmann.

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

The meeting of creditors will be held at:

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

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

The District Court of Munich opened bankruptcy proceedings
against CAM Grundstuecksverwaltung GmbH & Co. Vermietungs KG on
July 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         CAM Grundstuecksverwaltung GmbH & Co. Vermietungs KG
         Maximiliansplatz 5
         80333 Munich, Germany

The administrator can be contacted at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Munich, Germany
         Tel: 089/24217737
         Fax: 089/24217738


CORNELSSEN GMBH: Claims Registration Ends October 5
---------------------------------------------------
Creditors of Cornelssen GmbH have until Oct. 5 to register their
claims with court-appointed provisional administrator Christian
Strauss.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.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 Oldenburg
         Meeting Room
         2nd Floor
         Elizabeth Route 6
         26135 Oldenburg, 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 Oldenburg opened bankruptcy proceedings
against Cornelssen GmbH on Aug. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Cornelssen GmbH
         Metjendorfer Str. 298
         26180 Rastede, Germany

         Attn: Ralf Cornelssen, Manager
         Metjendorfer Str. 302
         26180 Oldenburg, Germany

         Gerd Cornelssen, Manager
         Hakestr. 4
         26180 Rastede, Germany

The administrator can be contacted at:

         Dr. Christian Strauss
         Friedrich-Missler-Str. 42
         28211 Bremen, Germany
         Tel: 0421/7926260
         Fax: 0421/7926285


DANNER GMBH: Claims Registration Ends October 2
-----------------------------------------------
Creditors of Danner GmbH have until Oct. 2 to register their
claims with court-appointed provisional administrator Michael
Krebs.

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 Aschaffenburg
         Meeting Room 5.103
         1st Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg, 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 Aschaffenburg opened bankruptcy
proceedings against Danner GmbH on Aug. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Danner GmbH
         Steinweg 1
         63743 Aschaffenburg, Germany

The administrator can be contacted at:

         Dr. Michael Krebs
         Frohsinnstr. 15
         63739 Aschaffenburg, Germany
         Tel: 06021/30880
         Fax: 06021/308899


GEORG BEHRENS: Creditors' Meeting Slated for October 5
------------------------------------------------------
The court-appointed provisional administrator for Georg Behrens
Holzelementebau GmbH & Co. KG, Haro Helms, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:30 a.m. on Oct. 5.

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

         The District Court of Bremen
         Hall 115
         Court House (New Building)
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Dec. 6 at the same venue.

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

The District Court of Bremen opened bankruptcy proceedings Georg
Behrens Holzelementebau GmbH & Co. KG on Aug. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Georg Behrens Holzelementebau GmbH & Co. KG
         Attn: Marc Behrens, Manager
         Marschstrasse 10B
         28309 Bremen, Germany

The administrator can be reached at:

         Haro Helms
         Schillerstr. 10
         28195 Bremen, Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         Web: http://www.dr-stankewitz.de/
         E-mail: helms@drstankewitz.de


GERKO-CAR: Claims Registration Ends October 4
---------------------------------------------
Creditors of Gerko-Car Grundbesitz GmbH Hasebrink GbR have until
Oct. 4 to register their claims with court-appointed provisional
administrator Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on Oct. 18 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 Gerko-Car Grundbesitz GmbH Hasebrink GbR on Aug. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gerko-Car Grundbesitz GmbH Hasebrink GbR
         Grabenstr. 32
         45964 Gladbeck, Germany

         Attn: Hubertus C. Hasebrink, Manager
         Muehlenbach 20
         45964 Gladbeck, Germany

         Klaus Th. Hasebrink, Manager
         Lessingstr. 12
         45964 Gladbeck, Germany

The administrator can be contacted at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen, Germany
         Tel: 0201/437760
         Fax: 0201/4377620


GRINGEL MASCHINENBAU: Creditors' Meeting Slated for October 4
-------------------------------------------------------------
The court-appointed provisional administrator for Gringel
Maschinenbau Verwaltungs GmbH, Achim Thomas Thiele, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:55 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 1:05 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
Gringel Maschinenbau Verwaltungs GmbH on Aug. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Gringel Maschinenbau Verwaltungs GmbH
         Attn: Uwe Sass, Manager
         Schachtstr. 21
         59379 Selm, Germany

The administrator can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund, Germany


INCENIA - FINANCIAL: Claims Registration Ends October 4
-------------------------------------------------------
Creditors of incenia - Financial Consultants GmbH have until
Oct. 4 to register their claims with court-appointed provisional
administrator Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 18 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 incenia - Financial Consultants GmbH on Aug. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         incenia - Financial Consultants GmbH
         Blankenfeld 6-8
         46238 Bottrop, Germany

         Attn: Alfons Bromkamp, Manager
         Bottroper Str. 4
         46244 Bottrop, Germany

         Ulrich von Buttlar, Manager
         Schultenhardstr. 1
         58093 Hagen, Germany

The administrator can be contacted at:

         Dr. Guenter Trutnau
         III. Hagen 30
         45127 Essen, Germany
         Tel: (0201) 1095-3


LEAR CORP: Production Cuts to Lower 2006 Net Sales by US$300 Mln
----------------------------------------------------------------
Lear Corporation discloses the impact of production cuts in
North America by major customers on its 2006 financial outlook.

The production cuts disclosed since the Company issued financial
guidance on July 28, 2006 are expected to negatively impact 2006
net sales by about US$300 million and income before interest,
other expense, income taxes, restructuring costs and other
special items by about 15% compared with prior guidance levels
of about US$18 billion in net sales and a range of US$400 to
US$440 million in core operating earnings.  The Company's
revised outlook for full-year free cash flow is slightly
positive.  The Company is continuing to aggressively implement
cost reduction and restructuring actions to mitigate the impact
of the production cuts and to align the Company's cost structure
to the current production outlook.

"We know our customers and our shareholders expect us to operate
as efficiently as we can, and we are proactively looking at
every aspect of our business for further improvement," Bob
Rossiter, chairman and chief executive officer, commented.
"While we remain positive about the longer-term outlook, we are
taking additional steps now to ensure that we remain financially
strong and even more competitive in the long run."

The Company further disclosed that while the production cuts
will adversely impact both the third and fourth quarters and
each of the Company's business segments, about two thirds of the
decline is in the fourth quarter and a disproportionate amount
is in the Interior segment.

The Company will discuss and update its outlook for the
remainder of 2006 and for 2007 when it releases third quarter
financial results on Oct. 26, 2006.

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

                          *     *     *

Standard & Poor's affirmed the 'B+' rating on the US$1 billion
first-lien term loan.  Standard & Poor's corporate credit rating
on Lear Corp. is B+/Negative/B-2.  The speculative-grade rating
reflects the company's depressed operating performance caused by
severe industry pressures.  The ratings were assigned since
March 29, 2006.


LIKURA LICHTKUPPEL: Claims Registration Ends October 2
------------------------------------------------------
Creditors of LikuRa Lichtkuppel+Montagegesellschaft mbH have
until Oct. 2 to register their claims with court-appointed
provisional administrator Bernd Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 27 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 Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller), 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 Verden opened bankruptcy proceedings
against LikuRa Lichtkuppel+Montagegesellschaft mbH on Aug. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         LikuRa Lichtkuppel+Montagegesellschaft mbH
         Bruchstrasse 11A
         27339 Riede, Germany

         Attn: Guenther Gericke, Manager
         Uphuser Dorfstrasse 56
         28832 Achim, Germany

The administrator can be contacted at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen, Germany
         Tel: 0421/244009-0
         Fax: 0421/244009-29


LUENPHARMA GMBH: Claims Registration Ends October 4
---------------------------------------------------
Creditors of LUENpharma GmbH have until Oct. 4 to register their
claims with court-appointed provisional administrator Sebastian
Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 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 during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against LUENpharma GmbH on Aug. 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         LUENpharma GmbH
         Alsenstr. 3
         44532 Luenen, Germany

         Attn: Guenter Hellmann, Liquidator
         Karl-Marx-Str. 22
         44141 Dortmund, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund, Germany


NYCO HOLDINGS: Altana Acquisition Prompts S&P to Assign B Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Denmark-based pharmaceuticals group
Nyco Holdings 2 ApS (Nycomed) on CreditWatch with positive
implications, following its announced acquisition of Altana
Pharma AG, the pharmaceuticals business of Germany-based
pharmaceuticals and specialty chemicals group Altana AG for
EUR4.2 billion.

The transaction, which is expected to be closed by year-end
2006, is subject to approval by European and U.S. regulatory
authorities and the Altana shareholders.

"The positive CreditWatch placement reflects the possible
improvement in credit quality of the combined group if the
transaction goes ahead," said Standard & Poor's credit analyst
Michael Seewald.

"We consider that the transaction will initially have a somewhat
positive effect on Nycomed's business risk profile, as Altana
Pharma will add critical size, business diversity, and a better
R&D platform, despite being overdependent on one product with a
major patent expiry pending."

Altana Pharma reported 8% organic sales growth and an EBITDA
margin of 30% for the six months to June 30, 2006.  The company
is present in Europe, the Americas, Asia, South Africa, and
Australia, and achieved sales of EUR2.4 billion in 2005.

Furthermore, Standard & Poor's expects the acquisition to have a
positive initial effect on Nycomed's financial risk profile,
even under the assumption that the transaction would be fully
debt financed.

Owing to Altana's currently strong cash generation capacity,
Nycomed's post-acquisition leverage would decrease from the
current level of 6.5x total adjusted debt to EBITDA, which is
considered adequate for the current ratings.

"Nevertheless, our reassessment of the rating will also take
into account the integration risk related to the acquisition of
a company that is more than three times the size of Nycomed, the
aggressive track record of Nycomed's financial policy, resulting
in a high leverage of its current financing structure, and
management's need to find a response to the patent expiry of
Altana Pharma's key product Pantoprazole, which accounts for 60%
of group sales, from 2009 onward," said Mr. Seewald.

Standard & Poor's will continue to monitor developments and seek
to resolve the CreditWatch placement after the terms of the
transaction are known and after discussion with management on
future strategy and financial policy.


OBJEKTAUSSTATTUNG STEINBAUER: Claims Registration Ends October 4
----------------------------------------------------------------
Creditors of Objektausstattung Steinbauer und Zindel GmbH & Co.
KG have until Oct. 4 to register their claims with court-
appointed provisional administrator Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 24 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 Wiesbaden
         E 36 A
         3rd Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings
against Objektausstattung Steinbauer und Zindel GmbH & Co. KG on
July 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Objektausstattung Steinbauer und Zindel GmbH & Co. KG
         Attn: Sigismund Steinbauer, Manager
         Wiesbadener Road 77
         65197 Wiesbaden, Germany

The administrator can be contacted at:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden, Germany
         Tel: 0611/15040
         Fax: 0611/301774


PROSIEBENSAT.1 MEDIA: German Media Partners Deny Sale Talks
-----------------------------------------------------------
German Media Partners LP, owner of ProSiebenSat.1 Media AG,
denied holding sale talks with Apax Partners Worldwide LLP and
Goldman Sachs Group Inc., Simon Thiel writes for Bloomberg News.

"We are very pleased with ProSiebenSat.1's strong financial
performance and remain confident in its operations under the
leadership of the current management team," German Media
Partners, which is composed of financial investors including
U.S. billionaire Haim Saban, said.  The group owns a 50.5% stake
and an 88% voting rights in ProSiebenSat.1

The denial was in reaction to a report by Focus magazine, which
said Apax Partner, Goldman Sachs and Societe Television
Francaise 1 are trying to acquire ProSiebenSat.1, citing sources
privy to the matter.  Myriam Simmoneaux, a spokeswoman for
Societe Television Francaise, denied any talks with
ProSiebenSat.1.

In February, publishing group Axel Springer Verlag terminated a
EUR4.2 billion takeover deal with German Media Partners
acquisition of ProSiebenSat.1 Media after failing to get
regulatory approval from the Carter Office and The Commission to
Determine Concentration in Media (KEK).  KEK expressed concern
on the resulting power of the combined companies.  Springer had
mulled to seek ministerial approval for the merger, but did not
push through due to time constraint.  A ministerial approval
takes about four months to be granted.

Analysts had been apprehensive that an Axel Springer Verlag-
ProSiebenSat.1 Media merger would have created duopoly in the
local media market, along with Bertelsmann AG.  A merger would
have doubled Springer's size in terms of sales.

                      About ProSiebenSat.1

Headquartered in Munich, Germany, ProSiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
television programs through four German language television
channels as well as a range of ancillary activities.  It was
formed in 2000 with the merger of Germany's leading broadcasters
ProSieben Media AG and Sat.1.  It is the largest and most
successful television corporation in Germany with four stations
-- Sat.1, ProSieben, kabel eins and N24.

                          *     *     *

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


SAN-HEI-TEC: Creditors' Meeting Slated for October 4
----------------------------------------------------
The court-appointed provisional administrator for San-Hei-Tec
HSB GmbH, Hartwig Albers, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:15
a.m. on Oct. 4.

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

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on Jan. 17, 2007 at the same
venue.

Creditors have until Nov. 17 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings San-Hei-Tec HSB GmbH on Aug. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         San-Hei-Tec HSB GmbH
         Wildenbruchstr. 5 a
         12623 Berlin, Germany

The administrator can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin, Germany


TEGATEX TEPPICH: Claims Registration Ends October 4
---------------------------------------------------
Creditors of Tegatex Teppich-Gardinen-Textil-Handelsgesellschaft
mbH have until Oct. 4 to register their claims with court-
appointed provisional administrator Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg, 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 Lueneburg opened bankruptcy proceedings
against Tegatex Teppich-Gardinen-Textil-Handelsgesellschaft mbH
on Aug. 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Tegatex Teppich-Gardinen-Textil-Handelsgesellschaft mbH
         Attn: Norbert Hodick, Manager
         Sportplatz 4
         21220 Seevetal, Germany

The administrator can be contacted at:

         Peter-Alexander Borchardt
         Deichstr. 1
         20459 Hamburg, Germany
         Tel: 040/3760100
         Fax: 040/37601199
         E-mail: hamburg@htg-wp.de


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


AES CORP: Indian Unit Won't Bid For Mundra Power Project
--------------------------------------------------------
AES India Pvt. Ltd., an arm of U.S.-based AES Corp., won't bid
for a proposed 4,000-megawatt coal-fired power project to be
built on India's western coast, a senior company official told
Dow Jones Newswires.

The official said AES has decided to drop out from the bidding
contest for the Mundra project, as it will be unable to secure
uninterrupted supply of coal to the power plant.  The project
will need 12 million metric tons of imported coal annually.

Dow Jones explains that the Mundra power project, proposed to be
built in the western state of Gujarat, is part of a government
initiative to double India's power generation capacity to more
than 200,000 MW by 2012.

However, AES India is still considering bidding for another
4,000 MW coal-fired project to be set up in central India.
Bids for both of these projects will close in November.

Besides AES, nearly 27 domestic and foreign power companies have
expressed interest in the projects.

                      About the Company

AES Corporation -- http://www.aes.com/-- is a global power
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Today, AES has
two distribution companies in Ukraine, which serve 1.2 million
customers and generation plants in the Czech Republic and
Hungary.  AES is also the leading company in biomass conversion
in Hungary, generating 37% of the nation's total renewable
generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter on May 25, Fitch
affirmed The AES Corporation's Issuer Default Rating at 'B+'.
Fitch also affirmed and withdrew the ratings for the company's
junior convertible debt.  Fitch said the rating outlook for all
remaining instruments is stable.

In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified energy company The AES
Corp. to 'BB-' from 'B+'.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, Moody's
affirmed the ratings of The AES Corporation, including its Ba3
Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


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


BERRY PLASTICS: Apollo and Graham Complete BPC Holding Purchase
---------------------------------------------------------------
Berry Plastics Group, Inc., an affiliate of the private equity
firms Apollo Management, L.P. and Graham Partners completed
their previously announced acquisition of BPC Holding
Corporation, parent of Berry Plastics Corporation, from Goldman
Sachs Capital Partners and JPMorgan Partners.

Ira Boots will remain President and Chief Executive Officer and
the existing senior management team will continue to lead Berry
Plastics.

"We are very excited about being acquired by Apollo Management
and Graham Partners.  Servicing our customers while meeting the
needs of our employees, owners and investors will remain our
focus.  The management skills and packaging sector knowledge
provided by Apollo Management and Graham Partners, coupled with
the strength of Berry Plastics, will set the trend in leveraged
buyouts," said Mr. Boots.  "We are grateful for the past
successes achieved by Berry Plastics under the leadership of Joe
Gleberman, Goldman Sachs Capital Partners, and Mat Lori, CCMP
Capital Advisors, LLC."

                      About Apollo Management

Apollo Management, L.P., founded in 1990, is among the most
active and successful private investments firms in the United
States in terms of both number of investment transactions
completed and aggregate dollars invested.  Since its inception,
Apollo has managed the investment of an aggregate of
approximately US$13 billion in equity capital in a wide variety
of industries, both domestically and internationally.

                      About Graham Partners

Graham Partners is a middle market industrial private equity
firm based in suburban Philadelphia with over US$850 million
under management.  Graham Partners is sponsored by the privately
held Graham Group of York, Pennsylvania, an industrial and
investment concern with global interests in plastics, packaging,
machinery, building products and outsource manufacturing.
Graham Partners seeks to acquire industrial companies that
participate in growing manufacturing niches where Graham can
leverage its unique combination of operating resources and
financial expertise.

                      About Berry Plastics

Based in Evansville, Indiana, Berry Plastics Corporation --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has 25 manufacturing facilities
worldwide, including in Italy, England and Hong Kong and more
than 6,800 employees.

                        *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on Berry Plastics to 'B' from 'B+' following successful
completion of the acquisition of the company by private equity
firms, Apollo Management L.P. and Graham Partners.  Standard &
Poor's removed the ratings from CreditWatch, where they were
placed with negative implications on Aug. 3, 2006.  The outlook
is stable.

Moody's Investors Service confirmed the B3 rating on Berry
Plastics Corp.'s US$335 million 10.75% senior subordinated
notes, due July 15, 2012.


BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702 Mln
---------------------------------------------------------------
Bombardier Aerospace Corp., a subsidiary of Bombardier Inc.,
disclosed that My Way Airlines of Vicenza, Italy, has placed a
firm order for 19 CRJ900 aircraft.

Should Bombardier launch its CRJ900X program, 15 of these firm
orders will be converted into CRJ900X aircraft.  In the event
program launch does not proceed, the firm order remains for 19
CRJ900 jets.

The value of the contract based on the CRJ900 aircraft list
price is approximately US$702 million.

My Way Airlines serves scheduled destinations in Europe and the
Middle East with a fleet of five Airbus A320 jets, and its
wholly owned subsidiary, LTE, offers charter flights with its
own fleet. The Bombardier CRJ900 aircraft will be operated on
domestic and regional routes.

"We were attracted to the Bombardier CRJ900 aircraft because of
its low operating costs, quick turnaround times and outstanding
passenger comfort," said Professor Carlo Bernini, President, My
Way Airlines.  "The CRJ900 jet is the ideal aircraft for our
low-cost operations."

"I also want to emphasize the environmentally friendly nature of
the CRJ900," Professor Bernini added.  "Emissions and noise are
well below those permitted by international agreement, and fuel
consumption has been reduced considerably."

"My Way Airlines is the sixth European airline to recognize the
significant benefits provided by this state-of-the art regional
jet," said Steven Ridolfi, President, Bombardier Regional
Aircraft.  "The Bombardier CRJ900 has the lowest operating costs
in its class, and independent surveys reveal strong praise from
passengers for its cabin comfort and amenities."

                       About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Bombardier
Recreational Products' CDNUS$250 million senior secured revolver
and a B1 rating to BRP's CDNUS$880 million senior secured term
loan.  At the same time, Moody's affirmed BRP's B1 corporate
family rating and revised the ratings outlook to negative from
stable.


VALEANT PHARMA: 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. pharmaceutical sector last week, the
rating agency confirmed its B1 Corporate Family Rating for
Valeant Pharmaceuticals International, and its Ba3 rating on the
company's US$300 million issue of 7% senior unsecured notes due
2011.  Additionally, Moody's assigned an LGD3 rating to those
bonds, suggesting noteholders will experience a 39% loss in the
event of a default.

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%).

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com/-- is a global
specialty pharmaceutical company with US$823 million of 2005
revenues.  It has offices in Argentina, Italy, Singapore and
Taiwan.


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


AIS KYZYLORDA: Creditors Must File claims by Oct. 17
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Ais Kyzylorda insolvent on Dec. 23.

Creditors have until Oct. 17 to submit written proofs of claim
to:

         LLP Ais Kyzylorda
         Jahaev Str. 7
         Kyzylorda
         Kyzylorda Region
         Kazakhstan
         Tel: 8 (3242) 27-23-65


AKTUBE DEPARTMENT: Creditors Must File Claims by Oct. 17
--------------------------------------------------------
State Enterprise Aktube Department of West-Kazakhstan Rail Road
has declared insolvency.

Creditors have until Oct. 17 to submit written proofs of claim
to:

         State Enterprise Aktube Department
         of West-Kazakhstan Rail Road
         Moldagulova Ave. 49
         Aktobe
         Aktube Region
         Kazakhstan


ARKO TRADE: Proof of Claim Deadline Slated for Oct. 17
------------------------------------------------------
LLP Arko Trade has declared insolvency.  Creditors have until
Oct. 17 to submit written proofs of claim to:

         LLP Arko Trade
         Abai Ave.115
         Almaty, Kazakhstan


ARTEM GRAND: Proof of Claim Deadline Slated for Oct. 17
-------------------------------------------------------
LLP Artem Grand has declared insolvency.  Creditors have until
Oct. 17 to submit written proofs of claim to:

         LLP Artem Grand
         Tolstoy Str. 52
         Kostanai
         Kostanai Region
         Kazakhstan


BAGANALY: Claims Registration Ends Oct. 17
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared State Utility Enterprise Baganaly insolvent.

Creditors have until Oct. 17 to submit written proofs of claim
to:

         State Utility Enterprise Baganaly
         Baitursynova Str. 70
         Kostanai
         Kostanai Region
         Kazakhstan


FARMEKS: Claims Registration Ends Oct. 17
-----------------------------------------
LLP Farmeks has declared insolvency.  Creditors have until
Oct. 17 to submit written proofs of claim to:

         LLP Farmeks
         Rozybakiev Str. 136-141
         Auezov District
         Almaty, Kazakhstan
         Tel: 8 (3272) 73-23-78


KOLOS: North Kazakhstan Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceedings against OJSC
Kolos.


KRUPTORG: Creditors' Claims Due Oct. 17
---------------------------------------
LLP Kruptorg has declared insolvency.  Creditors have until
Oct. 17 to submit written proofs of claim to:

         LLP Kruptorg
         Skladskaya Str. 2
         Kostanai
         Kostanai Region
         Kazakhstan
         Tel: 8 (3272) 37-10-18


SK ALIN: Karaganda Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Construction
Company SK Alin Story (RNN 301200215455).

The company is located at:

         SK Alin Story
         Abdirov Str. 4/1
         Temirtau
         Karaganda Region
         Kazakhstan


STARTELEKOM: Karaganda Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Startelekom
(RNN 302000224845).

The company is located at:

         LLP Startelekom
         Micro District Stepnoy-1, 12-72
         Karaganda
         Karaganda Region
         Kazakhstan


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


AIT-EMIR: Public Auction Scheduled for Oct. 12
----------------------------------------------
The Subdivision Service of the Court Officers of Talas will
auction LLC Ait-Emir's starch shop equipment to the public at
10:00 a.m. on Oct. 12 at:

            LLC Ait-Emir
            Otorbaev Str. 2
            Talas, Kyrgyzstan

The starch shop equipment for sale include:

   -- Lot 1: aggregate APCH 25 (automatic frequency control).
      Starting price is KGS963,630.

   -- Lot 2: hot-water generator (two units).  Starting price
      is KGS118,233.

   -- Lot 3: washing machine A9-KL.  Starting price is
      KGS240,921.

Participants have until Oct. 11 to submit their bids and deposit
an amount equivalent to 10% of the starting price to the cashier
of LLC Ait-Emir at:

         LLC Ait-Emir
         Otorbaev Str. 2
         Talas Region
         Talas, Kyrgyzstan


OSH SOODA: Proof of Claim Deadline Slated for Nov. 8
----------------------------------------------------
LLP Osh-Sooda-Uyu has declared insolvency.  Creditors have until
Nov. 8 to submit written proofs of claim to:

         LLP Osh-Sooda-Uyu
         Kurmanjan Datka Str. 131
         Osh
         Osh Region
         Kyrgyzstan


SIMTEC: Creditors Must File Claims by Nov. 8
--------------------------------------------
LLC Simtec has declared insolvency.  Creditors have until Nov. 8
to submit written proofs of claim to:

         LLC Simtec
         Shopokov Str. 34-22
         Bishkek, Kyrgyzstan
         Tel: (0-543) 91-67-85


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


TMK CAPITAL: Parent Prices Latest Eurobond Issue at US$300 Mln
--------------------------------------------------------------
OAO TMK has priced US$300 million of 8.5% Loan Participation
Notes due Sept. 29, 2009.  Citigroup, Credit Suisse and Dresdner
Kleinwort acted as joint bookrunners and joint lead managers of
the issue.

The notes are to be issued by TMK Capital S.A., a special
purpose entity incorporated in Luxembourg.  TMK's obligations
under the loan are initially unconditionally and irrevocably
guaranteed by ZAO TMK Trade House and OAO Volzhsky Pipe Plant
and are to be additionally unconditionally and irrevocably
guaranteed by OAO Seversky Pipe Plant, OAO Sinarsky Pipe Plant
and OAO Taganrog Metallurgical Works subject to corporate and
shareholder approvals.

                           About TMK

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

                        *     *     *

As reported in TCR-Europe on Sept. 11, Moody's Investors Service
assigned a B1 corporate family rating to TMK and a (P)B2 senior
unsecured rating to the loan participation notes issued by TMK
Capital S.A., guaranteed by the operating subsidiaries of TMK.
Moody's said the outlook on both ratings is positive.

On Sept. 9, the TCR-Europe reported that Standard & Poor's
Ratings Services assigned a 'B+' long-term corporate credit
rating to OAO TMK.  Standard & Poor's also assigned its 'B+'
preliminary senior unsecured debt rating to TMK's proposed
Eurobond, which will be issued by special-purpose vehicle TMK
Capital S.A.


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


BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba2 Corporate
Family Rating for Bristow Group Inc.

Moody's also confirmed its Ba2 rating on the company's 6.125%
Senior Unsecured Guaranteed Global Notes Due 2013, and assigned
the debentures an LGD4 rating suggesting noteholders will
experience a 59% loss in the event of a default.

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%).

Headquartered in Houston, Texas, Bristow Group Inc. --
http://www.bristowgroup.com/-- provides helicopter
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in Australia, China, India, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.


FORNAX B.V.: Fitch Assigns Final BB Rating on EUR8 Mln Notes
------------------------------------------------------------
Fitch Ratings assigned final ratings to FORNAX (ECLIPSE 2006-2)
B.V.'s floating-rate notes due 2019:

   -- EUR104,480,000 Class A: AAA;
   -- EUR263,190,000 Class B: AAA;
   -- EUR57,860,000 Class C: AAA;
   -- EUR36,050,000 Class D: AA;
   -- EUR44,950,000 Class E: A;
   -- EUR30,500,000 Class F: BBB; and
   -- EUR8,000,000 Class G: BB.

This transaction is a securitization of 18 commercial mortgage-
backed loans and one VAT loan originated by Barclays Bank PLC
and Barclays Bank SA for the Spanish loan.  The loans are
secured on properties located in Austria, Belgium, France,
Germany, Italy and Spain.

The loan pool is highly diversified, with the biggest loan
making up 21.8% of the total outstanding balance, and the five
largest representing a cumulative 55.1%.

The final ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral, and
the integrity of the legal and financial structures.  The final
ratings address the timely payment of interest on the notes and
the ultimate repayment of principal by final legal maturity in
February 2019.

Initial credit enhancement for the Class A notes is provided by
subordination of the Class B, C, D, E, F and G notes.  Likewise,
initial credit enhancement for the Class B, Class C, Class D,
Class E, and Class F notes is provided by the subordination of
those notes junior to them.  There is no initial credit
enhancement provided to the Class G notes.

Interest and principal for the notes will be paid quarterly in
arrears on each payment date, commencing in November 2006.  The
Class G notes are subject to an available funds cap, which
limits the interest receivable by the noteholders to the
interest received under the loans.

Repayment and prepayments of principal on the loans will be
distributed according to a "bucket" structure that is based on
the credit characteristics of each loan.  The structure features
a liquidity facility with the lower of EUR45 million or 11% of
the notes balance, which is available to cover shortfalls in
interest payments and senior expenses.

Barclays is entitled to receive the excess of interest payable
of the loans over interest payable on the notes, in the form of
detachable coupons ranking senior to the Class D, E, F and G
notes.


JUBILEE CDO I: Fitch Affirms BB Rating on Class E Senior Notes
--------------------------------------------------------------
Fitch Ratings affirmed Jubilee CDO I B.V.'s notes due July 2014,
following a satisfactory performance review:

   -- Class A senior floating-rate notes ISIN XS0140076950 at
      AAA;

   -- Class B senior floating-rate notes ISIN XS0140078816 at
      AA+;

   -- Class C-1 senior floating-rate notes ISIN XS0140079897 at
      A-;

   -- Class C-2 zero coupon notes ISIN XS0140080390 at A-;

   -- Class C-3 senior fixed-rate notes ISIN XS0140081018 at A-;

   -- Class C-4 senior floating-rate notes ISIN XS0140081950 at
      A-;

   -- Class D-1 senior floating-rate notes ISIN XS0140082255 at
      BBB;

   -- Class D-2 zero coupon notes ISIN XS0140082925 at BBB;

   -- Class E senior floating-rate notes ISIN XS0140083493 at
      BB;

   -- Class P combination notes ISIN XS0140088534 at A-;

   -- Class R combination notes ISIN XS0140090431 at BB+; and

   -- Class S combination notes ISIN XS0140091249 at BBB.

The rating on Class Q combination notes ISIN XS0140090191
previously at A- is withdrawn following the break-up of these
notes into their constituent parts.

The affirmations reflect the portfolio's stable performance.  As
of the last reporting date in August 2006 the transaction has
passed all portfolio profile and coverage tests with the
exception of the senior loan concentration test.  There have
been no defaults to date.

The portfolio currently contains one asset rated CCC or below, a
junior secured loan that represents 0.89% of the total exposure.
The credit quality of the collateral remains similar to that at
the review in May 2005 with the Weighted Average Fitch Factor
remaining at 52, corresponding to a B rating.

The deal is still within the reinvestment period until Dec. 10.
The subordination in the capital structure and excess spread
generated by the portfolio create sufficient credit enhancement
to withstand the current rating stresses.

The ratings of Class A and Class B notes address the timely
payment of interest and ultimate payment of principal by the
maturity date.  The ratings of Class C-1, Class C-2, Class C-3,
Class C-4, Class D-1, Class D-2 and Class E notes address the
ultimate payment of full and compensating interest and ultimate
principal by the maturity date.  The ratings of Class P, Class R
and Class S combination notes address the ultimate payment of
principal by the maturity date.

In December 2001, Jubilee CDO I B.V., a special purpose vehicle
incorporated with limited liability under the laws of the
Netherlands, issued EUR540.77 million of various Classes of
notes and invested the proceeds in a portfolio of European
leveraged loans and high-yield debt securities.  The portfolio
is managed by Alcentra.


JUBILEE CDO II: Fitch Keeps BB Rating on Class D Notes
------------------------------------------------------
Fitch Ratings affirmed Jubilee CDO II B.V.'s notes due July
2015, following a satisfactory performance review:

   -- Class A-1 senior floating-rate notes ISIN XS0150182169 at
      AAA;

   -- Class A-2 zero coupon notes ISIN XS0150190774 at AAA;

   -- Class AX senior floating-rate notes ISIN XS0150203692 at
      AAA;

   -- Class B-1 floating-rate notes ISIN XS0150205713 at A;

   -- Class B-2 fixed-rate notes ISIN XS0150212099 at A;

   -- Class C-1 fixed-rate notes ISIN XS0150214467 at BBB;

   -- Class C-2 fixed-rate notes ISIN XS0150216322 at BBB;

   -- Class C-3 fixed-rate notes ISIN XS0150226040 at BBB;

   -- Class D floating-rate notes ISIN XS0150228764 at BB;

   -- Class P combination notes ISIN XS0150236866 at AAA;

   -- Class Q combination notes ISIN XS0150238052 at BBB;

   -- Class R combination notes ISIN XS0150238482 at A; and

   -- Class S combination notes ISIN XS0150238995 at BBB.

Jubilee CDO II B.V. is a special purpose vehicle incorporated
with limited liability under the laws of the Netherlands.  At
closing in July 2002, the proceeds from the EUR471.15 million
notes issued were invested in a portfolio of European leveraged
loans.  Alcentra managed the portfolio.

The affirmations reflect the portfolio's stable performance.  As
of the last reporting date in August 2006 the transaction has
passed all portfolio profile and coverage tests.  There have
been no defaults to date.  The portfolio currently contains two
assets rated CCC+ and below which are senior secured loans and
make up 2.96% of the total exposure.

The credit quality of the collateral has slightly deteriorated
since March 2005 as captured by the Weighted Average Fitch
Factor of 53 versus 52 as of the review in March 2005, both
corresponding to a B rating.  The deal is still within the
reinvestment period until July 15, 2007.  The subordination in
the capital structure and excess spread generated by the
portfolio create sufficient credit enhancement to withstand the
current rating stresses.

The ratings of Class A-1 and Class AX notes address the timely
payment of interest and ultimate payment of principal by the
maturity date.

The ratings of Class B-1, Class B-2, Class C-1, Class C-2, Class
C-3 and Class D notes as well as Class R, Class Q and Class S
combination notes address the ultimate payment of full and
compensating interest and ultimate principal by the maturity
date.

The ratings of Class A-2 notes and Class P combination notes
address the ultimate payment of principal by the maturity date.


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


SUNNY DELIGHT: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency revised its
Caa1 Corporate Family Rating to Caa3 for Sunny Delight Beverages
Company.

Additionally, Moody's confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these loans
facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

Sr. Sec. Revolving
Credit Facility
Due 2010                 Caa1     Caa1     LGD2        24%

Sr. Sec. Term Loan
Due 2010                 Caa1     Caa1     LGD2        24%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Sunny Delight Beverages Company -- http://www.sunnyd.com/-- is
a global manufacturer and distributor of juice drinks and sports
beverages under the Sunny Delight brand name.  The Company's
U.S. headquarter is located at Cincinnati, Ohio, and its
European headquarter is located at Barcelona, Spain.  The
company produces and markets SunnyD(R) Original, SunnyD Intense
Sport(TM) and SunnyD Baja(TM).


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


BOBROVSKIY REFINERY: S. Bogay to Manage Insolvency Assets
---------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S. Bogay
as Insolvency Manager for OJSC Bobrovskiy Refinery (FD-Sugar).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-5353-2006/127/7b.

The Debtor can be reached at:

         OJSC Bobrovskiy Refinery (FD-Sugar)
         Khrenovoye
         Bobrovskiy Region
         Voronezh Region
         Russia


BOROVICHSKIY FEED: Novgorod Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Novgorod Region commenced bankruptcy
supervision procedure on OJSC Borovichskiy Feed Mill.  The case
is docketed under Case No. A44-840/2006-4k.

The Temporary Insolvency Manager is:

         S. Egorin
         Lenina Str. 21b
         150003 Yaroslavl Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Borovichskiy Feed Mill
         Pavlova Str. 15a
         Borovichi
         174400 Novgorod Region
         Russia


BRILLIANTS OF YAKUTIYA:  A. Maltabar to Manage Assets
-----------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Maltabar as
Insolvency Manager for LLC Brilliants Of Yakutiya.  He can be
reached at:

         A. Maltabar
         Post User Box 619
         170006 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-28583/06-78-577B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Brilliants Of Yakutiya
         Building 1
         Kozhukhovskaya Str. 15
         Moscow Region
         Russia


CHERMISINOVSKIY BUTTER: Creditors Must File Claims by Oct. 19
-------------------------------------------------------------
Creditors have until Oct. 19 to submit written proofs of claim
to:

         V. Golovchenko, Insolvency Manager
         Post User Box 14
         Kosmonavtov Str.
         394038 Voronezh Region
         Russia

The Arbitration Court of Kursk Region appointed for LLC
Chermisinovskiy Butter Factory (TIN 4627002438).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-35-4417/06.

The Debtor can be reached at:

         LLC Chermisinovskiy Butter Factory
         Cheremisinovo
         Cheremisinovskiy Region
         305440 Kursk Region
         Russia


CRYSTAL FACTORY: Vladimir Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Vladimir Region commenced bankruptcy
supervision procedure on LLC Crystal Factory.  The case is
docketed under Case No. A11-3530/2006-K1-111B.

The Temporary Insolvency Manager is:

         I. Borzov
         Kalinina Str. 28
         Gus-Khrustalnyj
         Vladimir region
         Russia

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         LLC Crystal Factory
         Gus-Khrustalnyj
         Vladimir Region
         Russia


DOLZHANSK-AGRO-PROM-KHIMIYA: S. Galakhov to Manage Assets
---------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. S. Galakhov
as Insolvency Manager for Agricultural Chemical Company Ojsc
Dolzhansk-Agro-Prom-Khimiya.  He can be reached at:

         S. Galakhov
         Pugacheva Str. 93
         302004 Orel Region
         Russia
         Tel.: (4862) 75-02-81

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-2635/06-16B.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         Agricultural Chemical Company OJSC Dolzhansk-Agro-Prom-
         Khimiya
         Gagarina
         Dolgoe
         303760 Orel Region
         Russia


FISHER: Court Names A. Pakhomov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Orenburg appointed Mr. A. Pakhomov as
Insolvency Manager for CJSC Fisher.  He can be reached at:

         A. Pakhomov
         Turkestanskaya Str. 10A
         460024 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-15059/2005-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         CJSC Fisher
         Borodinsk
         Tashlinskiy Region
         Orenburg Region
         Russia


FURNITURE-SALE: Novosibirsk Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Novosibirsk Region commenced bankruptcy
supervision procedure on OJSC Furniture-Sale.  The case is
docketed under Case No. A45-13066/06-48/284.

The Temporary Insolvency Manager is:

         O. Klemeshev
         Post User Box 174
         630077 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Furniture-Sale
         Gipsovaya Str. 3.
         630001 Novosibirsk Region
         Russia


IRKUT CORP: Pays RUR141.6 Mln Interest on Second Coupon Bonds
-------------------------------------------------------------
Irkut Corp. made an interest payment on the second coupon of its
ruble-nominated A03 series bonds.

The coupon interest payment totaled RUR141.6 million.  The
payments were made through the issue's paying agent, the
National Depository Center.  Irkut Corporation has paid RUR43.58
of coupon interest per bond with par value of RUR1,000.  The
fifth coupon rate is 8.74 % per annum.

Headquartered in Moscow, Russia, Irkut Corporation --
http://www.irkut.com/en/-- manufactures military aircraft.  The
company is one of the largest company in the Russian aerospace &
defense industry, with defense- related revenues in 2005 of over
US$602 million and total company revenue of US$712 million.  The
order book in 2006 is estimated at US$5.1 billion.  Irkut
Corporation is the only public company in the Russian defense
industry where the Government currently controls 12% through
Sukhoi Holding.

As reported in TCR-Europe on Sept. 18, Moody's Investors Service
assigned a B1 corporate family rating to Irkut Corporation and
placed the rating under review for possible upgrade.

As one of Russia's leading military aircraft producers, the B1
rating also incorporates a moderate degree of implicit support
from the Russian government.


KLINTSY-SEL-KHOZ-KHIMIYA:  I. Goldova to Manage Assets
-----------------------------------------------------
The Arbitration Court of Bryansk Region appointed Ms. I. Goldova
as Insolvency Manager for OJSC Klintsy-Sel-Khoz-Khimiya.  She
can be reached at:

         I. Goldova
         Romashina Str. 29 50
         Bryansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-5328/06-28.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Klintsy-Sel-Khoz-Khimiya
         Zaymishenskaya Str. 177
         Zaymishe
         Klintsy
         Bryansk Region
         Russia


KOVALEVSKIY: Omsk Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Omsk Region commenced bankruptcy
supervision procedure on LLC Diary Kovalevskiy.  The case is
docketed under Case No. A46-10090/2006.

The Temporary Insolvency Manager is:

         V. Atroshenko
         Truda Str. 149
         Voronezh Region
         Russia

The Debtor can be reached at:

         LLC Diary Kovalevskiy
         Kalachinskiy Region
         Omsk Region
         Russia


KURCHATOVSKIY FACTORY: E. Popov to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. E. Popov as
Insolvency Manager for OJSC Kurchatovskiy Factory of Large Panel
House Building.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-35-2856/06 g.

The Debtor can be reached at:

         OJSC Kurchatovskiy Factory of
         Large Panel House Building
         Promzona Kurskoy AES
         Kurchatov
         307380 Kursk Region
         Russia


KURSKIY FACTORY: Court Names Y. Akulshin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. Y. Akulshin
as Insolvency Manager for CJSC Kurskiy Factory of Silicate
Brick.  He can be reached at:

         Y. Akulshin
         2nd Institutskaya Str. 32 e
         305021 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-11777/05 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         Y. Akulshin
         2nd Institutskaya Str. 32 e
         305021 Kursk Region
         Russia


KUZNETSK-SHOES: Penza Court Starts Reorganization Process
---------------------------------------------------------
The Arbitration Court of Penza Region commenced external
management bankruptcy procedure on OJSC Kuznetsk-Shoes.

The case is docketed under Case No. A49-7337/2005-126b/2b.

The External Insolvency Manager is:

         A. Felinskiy
         Sverdlova Str. 134
         Kuznetsk
         442500 Penza Region
         Russia

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Kuznetsk-Shoes
         Sverdlova Str. 134
         Kuznetsk
         442500 Penza Region
         Russia


MALOSERDOBINSKAYA WATER: Bankruptcy Hearing Slated for Dec. 7
-------------------------------------------------------------
The Arbitration Court of Penza Region will convene at 2:00 p.m.
on Dec. 7 to hear the bankruptcy supervision procedure on OJSC
Maloserdobinskaya Water-Melioration.  The case is docketed under
Case No. A49-3459/2006-339b/26.

The Temporary Insolvency Manager is:

         Y. Pimenova
         Lunacharskogo Str. 53
         440061 Penza Region
         Russia

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Maloserdobinskaya Water-Melioration
         Patsaeva Str. 31
         Malaya Serdoba
         Maloserdobinskiy Region
         442844 Penza Region
         Russia


METAL-PROM-TORG: Court Names S. Kuznetsov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Kuznetsov as
Insolvency Manager for CJSC Metal-Prom-Torg (TIN 7721094008).
He can be reached at:

         S. Kuznetsov
         To be called for Mr. S. Kuznetsov
         125009 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-24930/06-71-337B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Metal-Prom-Torg
         Ryazanskiy Pr. 83
         101000 Moscow Region
         Russia


NORTH-WEST TELECOM: Earns RUR1.03 Billion for First Half 2006
-------------------------------------------------------------
North-West Telecom summed up its business results for the first
half of 2006 according to International Financial Reporting
Standards.

On an IFRS basis, core activity revenues were RUR9.830 billion.
in the first half of 2006, while the costs were RUR8.014
billion.

The highest growth was recorded for receipts from services to
telecommunications operators.  They rose more than fourfold to
RUR2.266 billion.

The increased earnings from this service is primarily related to
liberalization of the telecommunications market and changes in
relations between operators.

Additionally, noticeable growth was observed for new services
and data transmission services: compared to the similar period
of last year, they increased 44.3% to RUR881.1 million. The
increase in the revenues from new services is attributable to
the company's successful actions on the new services market such
as launching of Internet broadband service under the avangard
trade name, and by strengthened efforts in the B2B market.

Net income for the first half of 2006 was RUR1.031 billion
according to IFRS, compared with RUR1.026 billion for the same
period a year ago.

EBITDA for H1 2006 was RUR3.493 billion -- a 20% increase
against the first half of the previous year, while the EBITDA
margin grew by 6.1, reaching 35.5%.

"The improved business efficiency of North-West Telecom is an
effect of the company restructuring in 2005, of revised
marketing and investment priorities of the company, and of its
enhanced customer facing," Vladimir Akulich, Chief Executive
Officer, said.

                  About North-West Telecom

OAO North-West Telecom (OTC: NWTEY; RTS: SPTL) is one of
Russia's major telecommunication companies, and the leading
operator in the North-West Federal District, providing
traditional telephone services, as well as Internet and advanced
data services.  NWT originated from the merger of 10 regional
fixed line operators and is ranked among the Financial Times'
Top 100 major Eastern European companies.  NWT ranks eighth in
Standard & Poor's Transparency Index of the 50 largest MICEX-
listed companies and fifth in the S & P Corporate governance
rating.  NWT international debt is rated by S&P B+ with stable
outlook and domestic debt ruA+.

                        *     *     *

As reported in TCR-Europe on Aug. 14, Fitch affirmed Russia-
based OAO North-West Telecoms' Issuer Default rating at B+ with
a Stable Outlook and Short-term rating at B.

The reflect NWT's dominant market position as a regional
incumbent telecoms operator.  The company controls about 76% of
the local services market and is well positioned to retain its
dominance in this segment.  Although its market share is strong,
it is smaller in the corporate segment where it controls about
55% of fixed lines.

Standard & Poor's has assigned B+ ratings to North-West
Telecom's long-term foreign issuer and local issuer credit
ratings.


NOVATEK OAO: Buys 60% Equity Stake of Northern Energy Company
-------------------------------------------------------------
OAO Novatek has acquired 60% of the share capital of Northern
Energy Company.

Northern Energy Company is a joint venture established by
Novatek and Wholesale Generating Company 5 for the purpose of
evaluating potential investment opportunities in the power
generation sector.

                        About Novatek

Headquartered in Moscow, OAO Novatek (RTS: NVTK; LSE: NVTK;
NASDAQ: NVATY) is Russia's second largest gas company after
state-controlled Gazprom, and the largest of the country's
independent gas producers.

For the first half of 2006, Novatek posted RUR7.2 billion in
net profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.   As of June 30, 2006, OAO Novatek had
RU80.5 billion in total assets, RUR17.2 billion in total
liabilities and RUR63.3 billion in total equity.

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


OIL-KHIM-INVEST: Court Names L. Serdyuk as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. L. Serdyuk as
Insolvency Manager for CJSC Oil-Khim-Invest (TIN 7702144486).
He can be reached at:

         L. Serdyuk
         Apartment 6
         Building 3
         Moldagulovoy Str. 16
         111395 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-83632/05-88-192 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Oil-Khim-Invest
         Gilyarovskogo Str. 31
         129110 Moscow Region
         Russia


PRIOBSKOYE OIL: Court Names A. Zubairov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
appointed Mr. A. Zubairov as Insolvency Manager for CJSC
Priobskoye Oil Gas Exploratory Enterprise.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-75-1101/2006.

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         CJSC Priobskoye Oil Gas Exploratory Enterprise
         Lazareva Str. 18
         Nyagan
         628183 Khanty-Mansiyskiy Autonomous Region
         Russia


REINFORCED-CONCRETE 25: Creditors Must File Claims by Oct. 19
-------------------------------------------------------------
Creditors of CJSC Factory of Reinforced-Concrete Goods-25 have
until Oct. 19 to submit written proofs of claim to:

         D. Mishenko, Insolvency Manager
         Post User Box 16
         Barnaul
         656015 Altay Region
         Russia

The Arbitration Court of Altay Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. AO3-23538/05-B.

The Debtor can be reached at:

         CJSC Factory of Reinforced-Concrete Goods-25
         Energetikov Str. 41
         Barnaul
         656922 Altay Region
         Russia


SHUYSKIY ENGINEERING: I. Borzov to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. I. Borzov
as Insolvency Manager for CJSC Shuyskiy Engineering Factory.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1402/06-1-B.

The Debtor can be reached at:

         CJSC Shuyskiy Engineering Factory
         1st Nagornaya Str. 16.
         Shuya
         155900 Ivanovo Region
         Russia


SOUTHERN TELECOMMUNICATIONS: Reveals 2006-2007 Investment Plan
--------------------------------------------------------------
Southern Telecommunications Company (UTK) discloses of its basic
guidelines for drafting the Company's 2006 investment plan and
2007 investment priorities.

Among the chief cornerstones of UTK's 2006 investment plan are:

   -- minimization of investments in loss-making and low-yield
      projects, including rural telephony, provided the law "On
      Communications" requirements are met;

   -- investments in traditional telephony within the scope
      needed to finalize the projects launched in 2003-2004;

   -- boosting of investments in advanced technologies; and

   -- raising of investment efficiency through the reduction of
      payback period.

To solidify the Company's financial position, its 2006
investment plan provides for cutting capital expenditures by 46%
year-on-year to RUR1.7 billion.  The operator intends to make
investments within amounts required to retain the leadership
status on the market for fixed-line services and reinforce
positions on the VAS market.

The bulk of investments in the Company's investment mix fall to
traditional telephony -- 29.6%, followed by investments in the
development of data transmission networks and infrastructure.
On the whole, the projects on the rollout of advanced
technologies and value-added services dominate the Company's
2006 investment plan.

The share of investments in projects with financial and
qualitative return does not meet the targets set by the Board of
Directors.  The domination of projects with qualitative return
results from inability to slash investments in this area.
Considerable number of projects in UTK's investment plan stems
from the low investment volume at the Company on the whole.

The upswing of the plan's profitability index (including
investments with financial return) against the 2005 figure was
driven by the optimization of the investment program and
redistribution of investments in high-yield and promising
projects.

The 2006 investment plan is 100% financed from the Company's own
funds.

Implementation of the Company's investment plan will bring the
operator's installed capacity to 4,347.5 lines as of Jan. 1,
2007, while the number of main telephone sets will surge by
43,500, digitalization rate will amount to 65.12%.

Implementation of UTK's investment plan will enable it to
solidify the Company's positions on the fixed-line market and
ensure by 2006 at least an 82% share in the telecom market
revenues, as well as to raise the carrier's presence on the VAS
market to at least 50%.

Basic criteria for 2007 investment activity:

   -- utmost economy of capital assets;

   -- completion of earlier launched investment projects given
      their viability and effectiveness;

   -- making new investments in high-yield projects and projects
      with short payback period alone;

   -- investing in projects with qualitative return,
      facilitating the Company's business activity and promoting
      implementation of the new requirements under the Federal
      Law "On Telecommunications."

Key priorities of 2007 investment program:

In terms of technical policy:

   -- to expand the operator's subscriber base;

   -- to raise digitalization rate of local and intra-zonal
      network;

   -- to rollout of high-speed data networks;

   -- to speed up development of value-added services and
      technologies.

In terms of traditional telecom services:

   -- to roll out local voice services and make a whole range of
      services affordable to average- and high-yield consumer
      categories;

   -- to phase in universal payment cards for telecom services,
      cooperating with other entities on outsourcing principle;

   -- to seek ways to cut losses from non-profitable (but
      socially important) services;

In terms of value-added services:

   -- to focus on the rollout and expansion of broadband xDSL
      access;

   -- to phase in advanced technologies and scale up the scope
      of high-yield services;

   -- to raise VAS competitiveness;

   -- to develop multi-service networks in the Southern federal
      district;

   -- to implement inter-regional service roaming;

   -- to offer packet services;

   -- to introduce and develop universal payment cards for
      communications services, allowing to pay for various
      services by one card.

Financial sources for Company's 2007 investment plan

To improve liquidity of balance and other 2007 financial metrics
of the Company, "UTK" PJSC intends to finance its investment
program by means of in-house funds alone (depreciation charges
and profit). Rejection from supplementary borrowings exerts
positive impact on the balance of own and borrowed funds, which
shows on the gradual growth of equity ratio -- in the period
from 01.01.05 to 01.01.07 this indicator is expected to go up
from 28% to 30%.

                      About the Company

Headquartered in Krasnador, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.  Standard & Poor's also assigned junk ratings to the
Company's issuer credit in 2005.


TMK OAO: Prices Latest Eurobond Issue at US$300 Million
-------------------------------------------------------
OAO TMK priced US$300 million of 8.5% Loan Participation Notes
due Sept. 29, 2009.  Citigroup, Credit Suisse and Dresdner
Kleinwort acted as joint bookrunners and joint lead managers of
the issue.

The notes are to be issued by TMK Capital S.A., a special
purpose entity incorporated in Luxembourg.  TMK's obligations
under the loan are initially unconditionally and irrevocably
guaranteed by ZAO TMK Trade House and OAO Volzhsky Pipe Plant
and are to be additionally unconditionally and irrevocably
guaranteed by OAO Seversky Pipe Plant, OAO Sinarsky Pipe Plant
and OAO Taganrog Metallurgical Works subject to corporate and
shareholder approvals.

                           About TMK

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

                        *     *     *

As reported in TCR-Europe on Sept. 11, Moody's Investors Service
assigned a B1 corporate family rating to TMK and a (P)B2 senior
unsecured rating to the loan participation notes issued by TMK
Capital S.A., guaranteed by the operating subsidiaries of TMK.
Moody's said the outlook on both ratings is positive.

On Sept. 9, the TCR-Europe reported that Standard & Poor's
Ratings Services assigned a 'B+' long-term corporate credit
rating to OAO TMK.  Standard & Poor's also assigned its 'B+'
preliminary senior unsecured debt rating to TMK's proposed
Eurobond, which will be issued by special-purpose vehicle TMK
Capital S.A.


TYUMEN-GAS-STROY-MASH: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Tyumen Region commenced bankruptcy
supervision procedure on OJSC Factory Tyumen-Gas-Stroy-Mash.
The case is docketed under Case No. A-70-5415/3-06.

The Temporary Insolvency Manager is:

         N. Baranova
         Respubliki Str. 204-222
         625035 Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Factory Tyumen-Gas-Stroy-Mash
         Chekistov Str. 2a
         625014 Tyumen Region
         Russia


USOLSKIY: Court Names E. Meshenkova as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Ms. E.
Meshenkova as Insolvency Manager for LLC Usolskiy Woodworking
Combine (TIN 3819011900).  She can be reached at:

         E. Meshenkova
         Dzerzhinskogo Str. 35
         664007 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-16318/06-34.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         LLC Usolskiy Woodworking Combine
         Lenina Str. 18
         Irkutsk Region
         Russia


USPENSKAYA RAW: Krasnodar Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on LLC Uspenskaya Raw Material Company.
The case is docketed under Case No. A-32-11005/2006-46/371-B.

The Temporary Insolvency Manager is:

         E. Leyliyan
         Krasnaya Str. 180
         350020 Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Uspenskaya Raw Material Company
         Uspenskiy Region, Konokovo, Promzona
         Krasnodar Region
         Russia


VITA MILK: Krasnodar Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on CJSC Vita Milk.  The case is docketed
under Case No. A-32-12428/2006-1/560-B.

The Temporary Insolvency Manager is:

         O. Ryabich
         Post User Box 1884
         350080 Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Vita Milk
         Dinskaya St.
         353200 Krasnodar Region
         Russia


VNESHTORGBANK JSC: Shareholders Okay Share Split
------------------------------------------------
The Extraordinary General Meeting of Vneshtorgbank's
Shareholders approved of splitting VTB ordinary registered
shares.

As a result, each Vneshtorgbank's ordinary registered share with
a nominal value of RUR1,000 held by a shareholder will be
replaced in VTB Shareholders' Register with 100,000 ordinary
registered shares with a nominal value of RUR0.01 each.
Participation of each shareholder in VTB authorized capital will
remain the same.  Alongside this decision, the shareholders
approved amendments to be made to Vneshtorgbank Charter to
reflect a change in the nominal value and number of shares both
placed and announced.

                       Board Meeting

At a meeting by the company's supervisory board held on the same
day, members of the Board decided to convene an Extraordinary
General Meeting of the Bank's Shareholders on Oct. 19 and
approved its agenda.  Major issues to be discussed at the
meeting will be approving of the Bank's auditing company, which
is expected to be Ernst & Young Vneshaudit as recommended by the
Supervisory Board, and launching of the Group's corporate brand
-- VTB.

The Supervisory Board made a decision to open a new branch in
Yuzhno-Sakhalinsk and to close an existing branch in Sochi since
a new sub-office of Krasnodarsky branch will be opened on its
basis.

                       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.


VYSELKOVSKIY BAKERY: O. Sapronov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. O.
Sapronov as Insolvency Manager for LLC Vyselkovskiy Bakery.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-63749/2005-27/634-B.

The Debtor can be reached at:

         LLC Vyselkovskiy Bakery
         Proletarskaya Str. 3
         Vyselki
         Krasnodar Region
         Russia


WHEAT: Court Names I. Maslov as Insolvency Manager
--------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. I. Maslov as
Insolvency Manager for OJSC Wheat.  He can be reached at:

         I. Maslov
         Severnaya Str. 9
         302009 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-7812/05-20B.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Wheat
         Severnaya Str. 9
         302009 Orel Region
         Russia


WHEAT KHOMUTOVSKAYA: Orel Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Orel Region commenced bankruptcy
supervision procedure on OJSC Wheat Khomutovskaya.  The case is
docketed under Case No. A 48-2318/06-17b.

The Temporary Insolvency Manager is:

         S. Bykov
         K. Marksa Str. 106
         Livny
         303850 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Wheat Khomutovskaya
         Komsomolskaya Str. 13
         Khomutovo
         Novoderevenkovskiy Region
         303620 Orel Region
         Russia


YASHKINSKIY BUTTER: A. Kolmagorov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. A.
Kolmagorov as Insolvency Manager for OJSC Yashkinskiy Butter
Making Factory.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-11111/2006-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Yashkinskiy Butter Making Factory
         Tsvetochnaya Str. 9
         Yashkino
         Kemerovo Region
         Russia


YUKOS OIL: RTS to Keep Shares Trading Until Liquidation
-------------------------------------------------------
The Russian Trading System's board of directors decided not to
remove Yukos Oil Co.'s ordinary shares from trading until the
company's liquidation, RTS President Oleg Safonov told the media
Friday.

"Theoretically, the board of directors may opt for another
decision, but according to the latest one there exists the
opportunity for the company's securities to be traded further on
till liquidation.  Moreover, such precedents occurred in the
past," Mr. Safonov said.

Itar Tass reports that Mr. Safonov pointed to the market's
liquidity for Yukos securities that investors want to buy and
sell the oil company's shares.

"This indicates the market wants YUKOS shares to be traded on,"
Mr. Safonov said.

The Moscow Interbank Currency Exchange suspended the trading of
Yukos shares on Sept. 20.

As reported in TCR-Europe on Sept. 21, the RTS suspended the
trading of Yukos shares on its classic and exchange-traded
markets on Sept. 19.  The trading agency, however, lifted the
ban a day after, pending a decision by its board.

The suspensions came after the Federal Arbitration Court upheld
Sept. 19 the Moscow Arbitration Court's Aug. 1 bankruptcy ruling
against Yukos.  It also rejected an appeal filed by Yukos'
lawyers.

                           About Yukos

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

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

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

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

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

On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court
upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.  The
expected court ruling paves the way for the company's
liquidation and auction.


ZAP-SIB-KUZBASS-COAL: F. Voytsik to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. F.
Voytsik as Insolvency Manager for CJSC Zap-Sib-Kuzbass-Coal.  He
can be reached at:

         F. Voytsik, Insolvency Manager
         Nakhimova Str. 13/1
         634059 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-9834/06-10/160.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Zap-Sib-Kuzbass-Coal
         Nakhimova Str. 13/1
         634059 Tomsk Region
         Russia


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


SUNNY DELIGHT: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency revised its
Caa1 Corporate Family Rating to Caa3 for Sunny Delight Beverages
Company.

Additionally, Moody's confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these loans
facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility
   Due 2010              Caa1     Caa1     LGD2        24%

   Sr. Sec. Term Loan
   Due 2010              Caa1     Caa1     LGD2        24%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Sunny Delight Beverages Company -- http://www.sunnyd.com/-- is
a global manufacturer and distributor of juice drinks and sports
beverages under the Sunny Delight brand name.  The Company's
U.S. headquarter is located at Cincinnati, Ohio, and its
European headquarter is located at Barcelona, Spain.  The
company produces and markets SunnyD(R) Original, SunnyD Intense
Sport(TM) and SunnyD Baja(TM).


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


FALCON AIR: Carrier Declares Bankruptcy in Malmo
------------------------------------------------
SR International Radio Sweden reports that Falcon Air has
declared bankruptcy a few months after the Swedish Post Office
sold the company to private investors last winter.

According to the report, the new owners have blamed the Post
Office for the company's troubles.  The pilots' union, however,
was already critical of the sale, warning that the new owners
had previously been involved in bankruptcies in the travel
industry, SR International relates.

Headquartered in Malmo, Sweden, Falcon Air --
http://flyscand.myvnc.com/-- operates mail transport services
at night and day flight on contract for FlyMe.  Its main base is
at Malmo Sturup Airport.


WATSONS PHARMACEUTICALS: Moody's Puts 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. pharmaceutical sector, the rating
agency confirmed its Ba1 Corporate Family Rating for
Watsons Pharmaceuticals, Inc.  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
   ----------          ------  ------   ------  -------
   US$300 million
   revolving
   credit facility     Ba1     Baa2     LGD2    13%

   US$500 million
   revolving credit
   facility            Ba1     Baa3     LGD3    36%

   US$650 million
   term loan           Ba1     Baa3     LGD3    36%

   US$575 million
   convertible
   debentures
   (CODES)             Ba2     Ba2      LGD5     87%

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%).

Headquartered in Corona, California, Watson Pharmaceuticals,
Inc. -- http://www.watsonpharm.com/-- is a specialty
pharmaceutical company with operations in the U.S., India,
China, Sweden, and Northern Ireland.


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


ASYA KATILIM: Fitch Affirms Foreign & Local Default Rating at B
---------------------------------------------------------------
Fitch Ratings affirmed Turkey-based Asya Katilim Bankasi A.S.'s
ratings at foreign and local currency Issuer Default B, Short-
term B, Individual D, National Long-term BBB, and Support 5.
The Outlooks on the Issuer Default and Long-term ratings are
Stable.

The ratings reflect Bank Asya's deteriorating asset quality,
weakening liquidity and small size within the Turkish financial
system.  These are balanced by its good profitability, improved
capitalization and stable funding structure.

Profitability improved markedly in 2005 through higher financing
income and contribution from fees and commissions.  Non-
performing loans increased 64% in absolute terms to 5.2% of
funds granted at end-2005 with 71% reserve coverage.  The bank
has a stable, customer-sourced funding structure.  Following the
public offering of 23% of its shares, the bank's total capital
ratio reached 17.7% at end-June 2006; this is anticipated to
decline somewhat due to growth.

Bank Asya is Turkey's second-largest participation bank, which
as a group had 2.5% share in total Turkish banking assets at
end-H106.  The bank focuses on commercial loans to small and
medium-sized companies, in addition to leasing and trade
facilities.

As a participation bank, Bank Asya does not pay or accept
interest and has two types of funding sources other than equity:
current accounts and profit and loss sharing accounts. Under the
latter, investors agree to a predetermined profit or loss with
Bank Asya receiving 20%.


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


BAGET: Donetsk Court Names S. Lunkova as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Donetsk Region appointed Ms. S. Lunkova as
Liquidator/Insolvency Manager for LLC Trade House Baget (code
EDRPOU 32388715).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 10.  The case is docketed
under Case No. 42/149 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Baget
         Livoberezhna Str. 20
         83014 Donetsk Region
         Ukraine


DNIPROMETBUD: Court Names Oleksandr Romantsov as Liquidator
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Oleksandr
Romantsov as Liquidator/Insolvency Manager for LLC Dniprometbud
(code EDRPOU 32175938).  He can be reached at:

         Oleksandr Romantsov
         Batumska Str. 4/45
         49026 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 25.  The case is docketed
under Case No. B 26/69/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Dniprometbud
         B. Hmelnitskij Str. 14-a
         49000 Dnipropetrovsk Region
         Ukraine


HIMREMMONTAZH: Court Names Kirilo Liseyev as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Odessa Region appointed Kirilo Liseyev as
Liquidator/Insolvency Manager for LLC Himremmontazh (code EDRPOU
22499784).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 15.  The case is docketed
under Case No. 21/245-06-7784.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Himremmontazh
         Yevrejska Str. 21/20
         Odessa Region
         Ukraine


INTERA: Chernivtsi Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Chernivtsi Region commenced bankruptcy
supervision procedure on LLC Intera (code EDRPOU 31822804) on
June 27.  The case is docketed under Case No. 8/164/b.

The Temporary Insolvency Manager is:

         Tetyana Viknyanska
         Aleksandri Str. 151 D
         Chernivtsi Region
         Ukraine

The Economic Court of Chernivtsi Region is located at:

         O. Kobilyanska Str. 14
         58000 Chernivtsi Region
         Ukraine

The Debtor can be reached at:

         LLC Intera
         Golovna Str. 249
         58000 Chernivtsi Region
         Ukraine


MIRTA: Odessa Court Names Kirilo Liseyev as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Kirilo Liseyev as
Liquidator/Insolvency Manager for LLC Mirta (code EDRPOU
32575102)

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 15.  The case is docketed
under Case No. 21/242-06-7781.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Mirta
         Yevrejskij Str. 50/24
         Odessa Region
         Ukraine


MISTSPETSPROEKT: Court Names Kirilo Liseyev as Liquidator
---------------------------------------------------------
The Economic Court of Odessa Region appointed Kirilo Liseyev as
Liquidator/Insolvency Manager for LLC Mistspetsproekt (code
EDRPOU 32428857).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 15.  The case is docketed
under Case No. 21/245-06-7784.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Mistspetsproekt
         Mala Arnautska Str. 12/11
         Odessa Region
         Ukraine


QUINTILES TRANSNATIONAL: Moody's Puts Loss-Given-Default Rating
---------------------------------------------------------------
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. pharmaceutical sector this week, the
rating agency confirmed its B1 Corporate Family Rating for
Quintiles Transnational Corp.  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
   ----------          ------  ------   ------  -------
   US$1 Billion
   First Lien Term
   Loan                B1      B1       LGD3    44%

   US$225 Million
   First Lien
   Revolving Credit
   Facility            B1      B1       LGD3    44%

   US$220 Million
   Second Lien Term
   Loan                B3      B2       LGD5    72%

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%).

Headquartered near Research Triangle Park, North Carolina,
Quintiles Transnational Corp. -- http://www.quintiles.com/--
helps improve healthcare worldwide by providing a broad range of
professional services, information and partnering solutions to
the pharmaceutical, biotechnology and healthcare industries.
The company has operations in the United Kingdom, Belgium,
Ukraine, Netherlands, Switzerland, Austria, Germany, and other
parts of Europe.


TUDES: Court Names Oleg Chervinskij as Insolvency Manager
---------------------------------------------------------
The Economic Court of Odessa Region appointed Oleg Chervinskij
as Liquidator/Insolvency Manager for LLC Tudes (code EDRPOU
33311381).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 15.  The case is docketed
under Case No. 21/240-06-7779.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Tudes
         10 Kvitnya Str. 1
         Odessa Region
         Ukraine


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


ACXIOM CORP: Gets US$277.8 Mil. in "Dutch Auction" Tender Offer
---------------------------------------------------------------
Acxiom(R) Corp. disclosed the final results of its modified
"Dutch Auction" tender offer to purchase up to 11,111,111 shares
of the company's common stock, which expired at 5:00 p.m., New
York City time, on Tuesday, Sept. 12, 2006.

Acxiom has accepted for payment an aggregate of 11,111,111
shares of its common stock at a purchase price of US$25.00 per
share and an aggregate purchase price of approximately US$277.8
million.  These shares represent approximately 12.6% of the
shares outstanding immediately prior to completion of the tender
offer.  Computershare Trust Company, N.A., the depositary for
the tender offer, have informed Acxiom that the final proration
factor for the tender offer is 73.868515%.

Based on the final count by the depositary (and excluding
conditional tenders that were not accepted because the specified
condition was not satisfied), 15,053,367 shares were properly
tendered and not withdrawn at a price of US$25.00 per share.
Any shares that were not properly tendered will be returned
promptly to the tendering stockholders.

Payment for the shares accepted for purchase, and return of all
shares tendered and delivered and not accepted for purchase,
will be carried out promptly by the depositary.  As a result of
the completion of the tender offer, Acxiom has approximately
77.4 million shares of common stock outstanding.

Inquiries with regard to the tender offer may be directed to:

       Innisfree M&A Incorporated
       Information Agent
       Tel: (877) 750-9497,

           -- or --

       J.P. Morgan Securities Inc.
       Dealer Manager
       Tel: (877) 371-5947

           -- or --

       Stephens Inc.
       Dealer Manager
       Tel: (800) 643-9691

                     About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  In Europe, Acxiom has operations in France, Germany, the
Netherlands, Portugal, Spain, and the United Kingdom.

                        *     *     *

As reported in TCR-Europe on Sept. 18, Standard & Poor's Ratings
Services assigned its loan and recovery ratings to Little Rock,
Arkansas-based Acxiom Corp.'s proposed US$800 million secured
first-lien financing.  The first-lien facilities consist of a
US$200 million revolving credit facility and a US$600 million
term loan.  They are rated 'BB' (at the same level as the
corporate credit rating on Acxiom) with a recovery rating of
'2', indicating the expectation for substantial (80%-100%)
recovery of principal in the event of a payment default.


ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings
----------------------------------------------------------------
Acxiom(R) Corp. quantified the expected cumulative financial
impact of the successful completion of the proxy contest with
ValueAct Capital, the anticipated completion of the Dutch
Auction Self Tender, an US$800 million credit facility, and
other items reported on the first-quarter earnings conference
call held July 26, 2006.  The net impact of these items will
reduce the midpoint of the original fiscal year 2007 Financial
Road Map earnings target by six to seven cents per fully diluted
share.

The six- to seven-cent reduction reflects the anticipated impact
for fiscal 2007 of these five items:

The fiscal 2007 Road Map targets, communicated during the fiscal
2006 year-end conference call on May 17, 2006, were based on
90 million weighted average shares outstanding.  Subsequently,
the company reported a net 2 million share increase related to
greater-than-expected exercises of 2.5 million stock options,
partially offset by share repurchases of 0.5 million shares.
The net increase of approximately 2 million shares will increase
the fiscal 2007 weighted average share count to 91 million, a
weighted average increase of 1 million shares that is expected
to result in a reduction of one cent in fiscal 2007 EPS.

The company incurred proxy contest expenses related to financial
and non-financial advisory fees of approximately US$1.2 million
in addition to expenses previously reported.  These fees were
not anticipated in the earlier fiscal 2007 Road Map targets and
are expected to reduce fiscal 2007 EPS by approximately one
cent.

The company expects to repurchase up to US$300 million of its
shares through the Dutch Auction Self Tender scheduled to close
on Sept. 12, 2006.  The impact on the weighted average fully
diluted shares outstanding for fiscal 2007 is expected to be a
reduction of approximately 6.0 to 6.5 million shares or an
increase to fiscal 2007 EPS of approximately seven to eight
cents.

The company expects to incur incremental interest expense of
approximately US$14.3 million related to the incremental
borrowings under the new credit facilities scheduled to close on
Sept. 15, 2006.  These borrowings are to fund the DAST,
restructure existing debt and be available for general corporate
purposes.  These costs are anticipated to result in an
approximate 10-cent reduction in fiscal 2007 EPS.

During the first-quarter earnings conference call, the company
reported that its effective tax rate for fiscal year 2007 was
expected to be 39%.  Previously reported targets anticipated an
effective tax rate of 38%.  The one percentage point increase is
expected to result in an approximate two-cent reduction in
fiscal 2007 EPS.

"Since the fiscal 2006 year-end conference call, we have
publicly provided a significant amount of information to
investors, and management is clarifying that information so that
shareholders have a more complete view of Acxiom's full-year
earnings expectation for fiscal year 2007.  While the amounts
for the DAST and the credit facilities continue to be estimates,
we do not expect the final amounts to differ materially from our
current expectations," said Frank Cotroneo, Acxiom's Chief
Financial Officer.

                     About Acxiom Corp.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  In Europe, Acxiom has operations in France, Germany, the
Netherlands, Portugal, Spain, and the United Kingdom.

                        *     *     *

As reported in TCR-Europe on Sept. 18, Standard & Poor's Ratings
Services assigned its loan and recovery ratings to Little Rock,
Arkansas-based Acxiom Corp.'s proposed US$800 million secured
first-lien financing.  The first-lien facilities consist of a
US$200 million revolving credit facility and a US$600 million
term loan.  They are rated 'BB' (at the same level as the
corporate credit rating on Acxiom) with a recovery rating of
'2', indicating the expectation for substantial (80%-100%)
recovery of principal in the event of a payment default.


ANDREWS SERVICES: Names Richard Ian Williamson Liquidator
---------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed Liquidator of Andrews Services Limited on Aug. 31 for
the creditors' voluntary winding-up procedure.

Headquartered in Wigan, U.K, Andrews Services Limited is an
insulation specialist.


APPLETON PAPERS: 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 North American Forest Products sector, the
rating agency confirmed its B1 Corporate Family Rating for
Appleton Papers Inc.  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
   ----------         ------   ------   ------  -------
   US$125 million
   Revolving
   Credit Facility      Ba3      Ba2      LGD2     20%

   US$250 million
   First Lien
   Term Loan            Ba3      Ba2      LGD2     20%

   US$185 million
   8.125% Unsecured
   Notes                B2       B2       LGD4     62%

   US$200 million
   Subordinated
   Notes                B3       B3       LGD5     89%

   US$150 million
   Subordinated Notes   B3       B3       LGD5     89%

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 our notching
practices across industries and will improve the transparency
and accuracy of our ratings as our 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%).

Headquartered in Appleton, Wiconsin, Appleton Papers Inc.
-- http://www.appletonideas.com/-- produces carbonless,
thermal, security and performance packaging products.  The
company has manufacturing operations in Wisconsin, Ohio,
Pennsylvania, Massachusetts and the United Kingdom, employs
approximately 3,300 people, and is 100 percent employee owned.


AQUARIUS BEAUTY: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------------
Creditors of Aquarius Beauty & Aromatherapy Clinic Limited
confirmed Sept. 1 the resolutions for voluntary liquidation and
the appointment of John Russell and Allan Cooper of The P&A
Partnership as Liquidators.

The company can be reached at:

         Aquarius Beauty & Aromatherapy Clinic Limited
         167 168
         Spon Street
         Coventry
         West Midlands CV1 3BB
         United Kingdom
         Tel: 024 7655 9678


AVIALL INC: Boeing's Purchase Cues Moody's to Withdraw Ratings
--------------------------------------------------------------
Moody's Investors Service withdrew all ratings assigned to
Aviall, Inc.

The acquisition of Aviall by The Boeing Company was completed on
Sept. 21, and as part of that transaction the substantial
majority of Aviall's outstanding rated notes were repaid under
the terms of a tender offer.

Moreover, as a wholly owned subsidiary of Boeing, Aviall will no
longer provide independent financial information.  The rating
has been withdrawn because Moody's believes it lacks adequate
information to maintain a rating on any ramaining untendered
notes.

Aviall, Inc.

Outlook Actions:

   -- Outlook, Changed To Rating Withdrawn From Rating
      Under Review

Withdrawals:

   -- Ba2 Corporate Family Rating; and
   -- Ba3 rating on Senior Unsecured Regular Bond/Debenture.

Aviall Inc., headquartered in Dallas, TX, is a global provider
of new aviation parts to the aerospace market as well as supply
chain management to customers in the government/military,
general aviation/corporate and commercial aviation sectors.


B.I. TRAINING: Taps Liquidators from Jacksons Joliffe Cork
----------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons Joliffe
Cork were appointed Joint Liquidators of B.I. Training Limited
on Aug. 29 for the creditors' voluntary winding-up procedure.

Headquartered in Hull, U.K., Andrews Services Limited provides
job training and related services.


BARR LABORATORIES: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
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. pharmaceutical sector this week, the
rating agency confirmed its Ba1 Corporate Family Rating for Barr
Laboratories, Inc.  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
   ----------           -------  -------  ------   ----------
   US$300 Million
   Revolving Credit
   Facility due 2011     Ba1       Ba1     LGD4     50%

   US$2 Billion
   Term Loan due 2011    Ba1       Ba1     LGD4     50%

   US$500 Million
   Bank Credit
   Facility due 2007     Ba1       Ba1     LGD4     50%

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%).

Based in Woodcliff Lake, NJ, Barr Pharmaceuticals, Inc. is one
of the five largest companies specializing in the U.S. generic
pharmaceutical market.  The company reported US$1.3 billion of
net
revenues for the fiscal year ended June 30, 2006.  Barr
Laboratories, Inc. is a wholly-owned subsidiary of the Company.


BASEMENT NET: Brings In Administrators from Herron Fisher
---------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint administrators of Basement Net Ltd. (Company
Number 5535103) on Sept. 13.

The administrators can be reached at:

         Herron Fisher
         Capital Business Centre
         22 Carlton Road
         Croydon
         Surrey CR2 0BS
         Tel: 07956 640156

Headquartered in Croydon, United Kingdom, Basement Net Ltd. is
engaged in construction.


BOISE CASCADE: 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 North American Forest Products sector, the
rating agency confirmed its Ba3 Corporate Family Rating for
Boise Cascade LLC.  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
   ----------         ------   ------   ------  -------
   US$475 million
   Revolving
   Credit Facility     Ba3      Ba2      LGD3    33%

   US$840 million
   Secured Term Loan   Ba3      Ba2      LGD3    33%

   US$250 million
   Unsecured Notes     B1       B1       LGD5    70%

   US$400 million
   Subordinated Notes  B2       B2       LGD6    91%

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 our notching
practices across industries and will improve the transparency
and accuracy of our ratings as our 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%).

Headquartered in Boise, Idaho, Boise Cascade, LLC --
http://www.bc.com/-- manufactures engineered wood products,
plywood, lumber, and particleboard and distributes a broad line
of building materials, including wood products manufactured by
the company.  Boise also manufactures a wide range of specialty
and premium paper products, including imaging papers for the
office and home and papers for pressure-sensitive applications,
as well as printing and converting papers, containerboard and
corrugated boxes, newsprint, and market pulp.  The operates in
the U.S., Canada, Brazil and in the United Kingdom.


BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702 Mln
---------------------------------------------------------------
Bombardier Aerospace Corp., a subsidiary of Bombardier Inc.,
disclosed that My Way Airlines of Vicenza, Italy, has placed a
firm order for 19 CRJ900 aircraft.

Should Bombardier launch its CRJ900X program, 15 of these firm
orders will be converted into CRJ900X aircraft.  In the event
program launch does not proceed, the firm order remains for 19
CRJ900 jets.

The value of the contract based on the CRJ900 aircraft list
price is approximately US$702 million.

My Way Airlines serves scheduled destinations in Europe and the
Middle East with a fleet of five Airbus A320 jets, and its
wholly owned subsidiary, LTE, offers charter flights with its
own fleet. The Bombardier CRJ900 aircraft will be operated on
domestic and regional routes.

"We were attracted to the Bombardier CRJ900 aircraft because of
its low operating costs, quick turnaround times and outstanding
passenger comfort," said Professor Carlo Bernini, President, My
Way Airlines.  "The CRJ900 jet is the ideal aircraft for our
low-cost operations."

"I also want to emphasize the environmentally friendly nature of
the CRJ900," Professor Bernini added.  "Emissions and noise are
well below those permitted by international agreement, and fuel
consumption has been reduced considerably."

"My Way Airlines is the sixth European airline to recognize the
significant benefits provided by this state-of-the art regional
jet," said Steven Ridolfi, President, Bombardier Regional
Aircraft.  "The Bombardier CRJ900 has the lowest operating costs
in its class, and independent surveys reveal strong praise from
passengers for its cabin comfort and amenities."

                       About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Bombardier
Recreational Products' CDNUS$250 million senior secured revolver
and a B1 rating to BRP's CDNUS$880 million senior secured term
loan.  At the same time, Moody's affirmed BRP's B1 corporate
family rating and revised the ratings outlook to negative from
stable.


BRAKE BROS: PIK Notes Issuance Spurs Moody's to Cut Rating to B2
----------------------------------------------------------------
Moody's Investors Service lowered to B2 Brake Bros Finance Plc's
Corporate Family Rating.  This follows the proposed GBP 275
million pay-in-kind notes issuance at Brake Bros Holding III
Limited, a legal entity that owns 100% of Brake Bros Finance
Plc.

Proceeds from the proposed notes, which are not rated, will be
mainly used to fund a cash distribution to Brakes' shareholders
(GBP249 million), with the remainder to partly pay down the
company's pension deficit (GBP16 million) and to cover
transaction fees and other costs (GBP10 million).  The Outlook
is stable.

Ratings affected:

Brake Bros Finance Plc

   -- Corporate family rating lowered to B2;
   -- GBP105 million senior notes due 2011 affirmed at B3; and
   -- EUR105 million senior notes due 2011 affirmed at B3.

The downgrade of Brakes' corporate family rating reflects mainly
the weakening in credit metrics following the PIK notes
issuance, with Adj. debt/EBITDA rising to approximately 6.3x
(versus 4.2x at 30 June 2006) and the RCF/Net debt ratio falling
to below 10% on a pro forma basis.  The proposed transaction
further signals a more aggressiveness financial strategy of
Brakes' shareholders.

The PIK notes will be senior unsecured obligations of Brake Bros
Holding III Limited, but are issued outside the restricted group
of the current creditors and are therefore not restricted by the
debt incurrence limitations for the current bond and bank debt.

Moody's also notes that while Brakes' shareholders can elect to
pay cash interest on the notes, such payments from Brake Bros
Finance Plc and its subsidiaries will nevertheless be restricted
by existing covenants under the bank and bond indentures.
Moody's understands that a default on the PIK notes would not
trigger an acceleration or cross-default of Brakes' other debt
obligations.

The affirmation of the B3 rating for the existing Senior Notes
reflects the limited effects that the proposed PIK notes are
expected to have for the bonds under the existing indenture and
the fact that the claim of the new notes on Brakes is solely by
virtue of Brake Bros Holding III equity holding.  Moody's notes
that debt ranking ahead of the bonds will fall from
approximately 52% to 30% if the PIK notes are consolidated as
debt in the new capital structure.

The stable outlook reflects the company's stronger operating
performance year-on-year in the first half of 2006, albeit
versus a weak comparable period. This was the result of cost
reduction measures implemented in the second half of 2005,
notably headcount reductions and cost cutting in warehousing and
distribution.  Moody's expects that the company's recent
restructuring will continue to benefit margins, although top-
line growth has remained stagnant so far this year.

Brakes' liquidity position remains satisfactory, namely GBP59.1
million of cash on the balance sheet at the end of the second
quarter of 2006 and the availability of GBP75.0 million under
the company's revolver.

The affirmed ratings assume there will be no material variations
to the draft legal documentation reviewed by Moody's and assume
that these agreements are legally valid, binding and
enforceable.

Headquartered in the U.K., Brake Bros is the leading wholesale
food distributor in the U.K., with sizeable operations in the
French market.  For the twelve months ending June 30, 2006,
Brake Bros reported revenues and EBITDA before exceptional items
of GBP1,631.2 million and GBP 104.7 million, respectively.


BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba2 Corporate
Family Rating for Bristow Group Inc.

Moody's also confirmed its Ba2 rating on the company's 6.125%
Senior Unsecured Guaranteed Global Notes Due 2013, and assigned
the debentures an LGD4 rating suggesting noteholders will
experience a 59% loss in the event of a default.

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%).

Headquartered in Houston, Texas, Bristow Group Inc. --
http://www.bristowgroup.com/-- provides helicopter
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in Australia, China, India, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.


C M T GAMES: J. N. Bleazard Leads Liquidation Procedure
-------------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd. was appointed
Liquidator of C M T Games Limited (t/a Clubit) on Aug. 31 for
the creditors' voluntary winding-up procedure.

Headquartered in Leeds, U.K., C M T Games Limited is a computer
games wholesaler.


C P CONTRACTS: Appoints Administrators from Wilson Field
--------------------------------------------------------
Claire Louise Foster and David James Elliot of Wilson Field Ltd.
were appointed joint administrators of C P Contracts Limited
(Company Number 1815804) on Sept. 8.

The administrators can be reached at:

         Wilson Field Ltd.
         The Annexe
         The Manor House
         260 Ecclesall Road South
         Sheffield
         South Yorkshire S11 9UZ
         United Kingdom
         Tel: 0114 235 6780
         Fax: 0114 262 0661

Headquartered in Bedford, United Kingdom, C P Contracts Limited
-- http://www.cpcontracts.co.uk/-- is engaged in general
construction, design & build, and refurbishment.


CADOGAN BRISTOL: Creditors' Meeting Slated for September 29
-----------------------------------------------------------
Creditors of Cadogan Bristol Limited (Company Number 4380220)
will meet at 10:30 a.m. on Sept. 29 at:

         Fanshawe Lofts
         41 Castle Way
         Southampton SO14 2BW
         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 Sept. 28 at:

         A. R. Fanshawe
         Joint Administrator
         Fanshawe Lofts
         41 Castle Way
         Southampton
         Hampshire SO14 2BW
         United Kingdom
         Tel: 023 8023 3522
         Fax: 023 8023 3504
         E-mail: arf@fanshawe-lofts.co.uk


CAPAS CONCEPT: Creditors' Meeting Slated for September 28
---------------------------------------------------------
Creditors of Capas Concept Limited (Company Number 04692719)
will meet at noon on Sept. 28 at:

         Harris Lipman LLP
         2 Mountview Court
         310 Friern Barnet Lane
         Whetstone
         London N20 0YZ
         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 Sept. 27 at:

         Freddy Khalastchi and Michaela Joy Hall
         Joint Administrators
         Harris Lipman LLP
         2 Mountview Court
         310 Friern Barnet Lane
         Whetstone
         London N20 0YZ
         United Kingdom
         Tel: (020) 8446 9000
         Fax: (020) 8446 9537
         Web: http://www.harris-lipman.co.uk


CELSIUS MECHANICAL: Brings In Joint Liquidators from Inson House
----------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Celsius Mechanical Services
Limited on Aug. 30 for the creditors' voluntary winding-up
procedure.

Headquartered in Derby, U.K., Celsius Mechanical Services
Limited is a ventilation contractor.


CHASSERAL LIMITED: Joint Liquidators Take Over Operations
---------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Chasseral Limited on Aug. 30
for the creditors' voluntary winding-up procedure.

Headquartered in Oxford, U.K., Chasseral Limited provides
computer programming and software services.


CONSTRUCTION AND JOINERY: Appoints Ninos Koumettou as Liquidator
----------------------------------------------------------------
Ninos Koumettou was appointed Liquidator of Construction and
Joinery Ltd. on Sept. 1 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Construction and Joinery Ltd.
         Unit 6-7 Sapcote Trading Centre
         374 High Road
         London NW102DH
         United Kingdom
         Tel: 020 8451 1611
         Fax: 020 8451 1868


COTT CORPORATION: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
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. beverage company sector last week, the
rating agency affirmed its Ba3 Corporate Family Rating for Cott
Corporation and its B1 rating on Cott Beverages Inc.'s -- the
company's subsidiary -- 8% Senior Subordinate Notes Due 2011.
Moody's assigned an LGD5 rating to those bonds, suggesting
noteholders will experience a 74% loss in the event of a
default.

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%).

Headquartered in Ontario, Canada, Cott Corporation produces
store-brand soft drinks in Canada, the UK, and the US.  In
addition to soda, Cott makes and distributes bottled water,
juices, iced teas, and sports drinks.  It produces private-label
brands for retailers, including Sainsbury Classic for U.K.
grocer J Sainsbury, Sam's American Choice (U.S.) and Great Value
(Canada) for Wal-Mart, and Safeway Select for Safeway.  Wal-Mart
accounts for 40% of Cott's sales.


CRYSTALEYES LIMITED: Creditors' Meeting Slated for October 2
------------------------------------------------------------
Creditors of Crystaleyes Limited (Company Number 04222973) will
meet at 11:30 a.m. on Oct. 2 at:

         Begbies Traynor (South) LLP
         Chiltern House
         24-30 King Street
         Watford WD18 0BP
         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 Sept. 29 at:

         Paul Michael Davis and Nicholas Roy Hood
         Joint Administrators
         Begbies Traynor (South) LLP
         Chiltern House
         24-30 King Street
         Watford WD18 0BP
         United Kingdom
         Tel: 01923 812900
         Fax: 01923 812999

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


DIGITAL TABLES: Taps Peter Maurice to Liquidate Assets
------------------------------------------------------
Peter Maurice Levy of Levy & Partners was appointed Liquidator
of Digital Tables Limited on Aug. 30 for the creditors'
voluntary winding-up procedure.

Headquartered in London, U.K., Digital Tables Limited
manufactures amusement machines.


DIRECT VENTURES: Hires James Paul Shaw to Liquidate Assets
----------------------------------------------------------
James Paul Shaw was appointed Liquidator of Direct Ventures
Limited (formerly Markets South West (Holdings) Limited) on
Sept. 5 for the creditors' voluntary winding-up procedure.

         Direct Ventures Limited
         Stadium Retail Park
         Great Mills Industrial Park
         Par Moor Road
         St. Austell
         Cornwall PL253RP
         United Kingdom
         Tel: 01726 812 544


DRAIN EXPRESS: Creditors Confirm Voluntary Liquidation
------------------------------------------------------
Creditors of Drain Express Limited confirmed on Aug. 30 the
resolution for voluntary liquidation and the appointment of
Robert Stone of R Duncan Stone & Co. as Liquidator.

Headquartered in Guildford, U.K., Drain Express Limited is
engaged in drain maintenance.


DYKEM 2003: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Creditors of Dykem (2003) Limited confirmed Sept. 1 the
appointment of Situl Devji Raithatha, of Springfields Business
Recovery & Insolvency Ltd. as Liquidator.

Headquartered in Leicester, U.K., Dykem (2003) Limited supplies
dying chemicals.


EASTMANK KODAK: 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. Technology Hardware sector, the rating
agency confirmed its B1 Corporate Family Rating for
Eastman Kodak Company.  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
   ----------               ------  ------   ------  -------
   US$500 million
   Senior Notes due 2013,
   Unsecured                    B2    B2     LGD5      73%

   US$3.1 million
   Senior Term Note
   Debenture due 2018,
   Unsecured                    B2    B2     LGD5      73%

   US$575 million
   Convertible Senior
   Notes due 2033,
   Unsecured, B2                B2    B2     LGD5      73%

   US$250 million
   Senior Medium Term
   Notes due 2008,
   Unsecured, B2                B2    B2     LGD5      73%

   US$10.28 million
   Senior Notes due 2021,
   Unsecured B2                 B2    B2     LGD5      73%

   US$1.2 billion
   Senior Secured
   Term Loan B due 2012        Ba3    Ba3    LGD2      29%

   US$500 million
   Senior Secured Delayed
   Draw Term Loan due 2012     Ba3    Ba3    LGD2      29%

   US$1000 million 5 Yr.
   Revolving Credit Facility
   Secured                     Ba3    Ba3    LGD2      29%

    * Ratings may be under review.

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 our notching
practices across industries and will improve the transparency
and accuracy of our ratings as our 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%).

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.


ELEVATIONS LIMITED: Hires Joint Liquidators from KPMG LLP
---------------------------------------------------------
Allan Watson Graham and Mark Jeremy Orton of KPMG LLP were
appointed Joint Liquidators of Elevations Limited on Aug. 31 for
the creditors' voluntary winding-up procedure.

Headquartered in Warwick, U.K., Elevations Limited --
http://www.elevations2000.com/-- is a specialist contractor in
the installation, repair and maintenance of cladding and curtain
walling systems, including rain screen in metal, granite,
terracotta and other modern materials, curtain walling and
composite panel systems.


EURAMAX INTERNATIONAL: S&P Lowers Corporate Credit Rating to B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Norcross, Georgia-based Euramax International Inc., including
its corporate credit rating to 'B' from 'B+'.

At the same time, Standard & Poor's affirmed its recovery rating
of '2' for the first-lien facilities which include the proposed
US$27 million add-on to be issued by the company in conjunction
with the acquisition of Jenisys Engineered Products.  The
company's second-lien term loan recovery rating was lowered to
'5' from '4'. The outlook is stable.

"The downgrade reflects a weakening of the company's credit
metrics during the past few quarters and the expectation that
aggressive financial policies will limit the improvement in
leverage expected at the previous rating," said Standard &
Poor's credit analyst Dan Picciotto.

The credit metrics have been stretched due to some slowdown in
the home center and U.K. RV markets, which was most pronounced
in the second half of 2005.  The acquisition of Jenisys, a
manufacturer of metal construction products, will delay debt
reduction.


EXP SOLUTIONS: Calls In Liquidator from Carter Clark
----------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of EXP
Solutions Limited (formerly Startx I T Limited) on Aug. 31 for
the creditors' voluntary winding-up procedure.

Headquartered in London, U.K., EXP Solutions Limited provides IT
training and technical support.


FUTRONIX INC: Sibex Buys Bankrupt Assets for US$1.38 Million
------------------------------------------------------------
Sibex Inc. purchased bankrupt Futronix Inc. and all its assets
last week for US$1.38 million, Eddy Ramirez writes for the St.
Petersburg Times.

The deal came less than three years after Futronix disclosed
major expansion plans that included building a world-class
electronics manufacturing facility, Mr. Ramirez relates.

According to Sibex president Michael McCarthy Thursday, he will
continue to employ Futronix's 30 workers as part of the deal.
Although it will keep its headquarters in Safety Harbor, Sibex
says it will not assume Futronix's liabilities but would
continue doing business with Futronix clients.

"We have a lot of business that we will move to the (Homosassa)
plant," Mr. McCarthy told the paper.  "We're trying to continue
with any customers that were there."

Sibex approached Futronix in February regarding the sale as part
of its growth strategy.  The Times explains that the company has
been scouting additional manufacturing plants since outgrowing
its 3,300-square-foot-building in Safety Harbor.

Headquartered in Safety Harbor, Florida, Sibex Inc. manufactures
electronic machinery prototypes and computer boards.

Headquartered in Homosassa, Florida, Futronix Inc. --
http://www.futronixinc.com/-- manufactures consigned & turnkey
production, helps with circuit design, assembly, fabrication and
produces Printed Circuit Boards.  The Co. and its affiliate,
Futronix Group Inc., filed chapter 11 petitions on April 5,
2005, at the U.S. Bankruptcy Court for the Middle District of
Florida (Bankr. M.D. Fla. Case No. 05-06329).   Alberto F.
Gomez, Jr., Esq., at Morse & Gomez, PA, represented the Debtors
in their bankruptcy proceedings.  When they filed for protection
from their creditors, the Debtors estimated between US$1 million
and US$10 million in total assets and debts.


GEDDES GROUP: Claims Filing Period Ends Oct. 25
-----------------------------------------------
Creditors of Geddes Group (U.K.) Limited have until Oct. 25 to
send in their full names and addresses, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any) to appointed Liquidator Frederick Charles
Satow of Fred Satow & Co. at:

         Frederick Charles Satow
         Fred Satow & Co.
         4 The Avenue
         Kew
         Richmond
         Surrey TW9 2AJ
         United Kingdom

Headquartered in London, U.K., Geddes Group (U.K.) Limited is a
publishing company.


GH JOINERY: Appoints A. J. Clark to Liquidate Assets
----------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of GH
Joinery (U.K.) Limited on Aug. 29 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         GH Joinery (U.K.) Limited
         Unit 4
         Beddington Cross
         136-138 Beddington Farm Road
         Croydon
         Surrey CR0 4XH
         United Kingdom
         Tel: 020 8664 1425


GLOSS CLOTHING: Appoints Administrators from Smith & Williamson
---------------------------------------------------------------
Anthony Cliff Spicer and Stephen John Tancock of Smith &
Williamson Limited were appointed joint administrators of Gloss
Clothing Limited (Company Number 04111428) on Sept. 13.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Headquartered in London, United Kingdom, Gloss Clothing Limited
is engaged in paper, printing and publishing.


GRAND UNION: Names Keith Barry Stout to Liquidate Assets
--------------------------------------------------------
Keith Barry Stout of KSA was appointed Liquidator of The Grand
Union Film Processing Company Limited on Aug. 30 for the
creditors' voluntary winding-up proceeding.

         The Grand Union Film Processing Company Limited
         3 Thurley Farm Business Units
         46 Eagle Wharf Road
         Hackney
         London N1 7ED
         United Kingdom
         Tel: 020 7253 0251
         Fax: 020 7336 7796


GROW WITH US: Claims Registration Ends Oct. 17
----------------------------------------------
Creditors of Growth With Us Limited have until Oct. 17 to send
in their names and addresses, with particulars of their debts or
claims, to appointed Joint Liquidator Matthew Wild of Baker
Tilly at:

         Matthew Wild
         Baker Tilly
         The Clock House
         140 London Road
         Guildford
         Surrey GU1 1UW
         United Kingdom

Headquartered in Woking, U.K., Grow With Us Limited provides
recreational services.


HERBALIFE INT'L: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
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. natural product processors sector last
week, the rating agency raised its Corporate Family Rating for
Herbalife International Inc. to Ba2 from Ba1, and confirmed its
Ba1 ratings on the company's US$100 million Guaranteed Senior
Secured Revolving Credit Facility Due 2012 and US$200 million
Guaranteed Senior Secured Term Loan B Due 2013.  Additionally,
Moody's assigned an LGD2 rating to those bonds, suggesting
lenders will experience a 27% loss in the event of a default.

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%).

Headquartered in Inglewood, California, Herbalife International
Inc. sells more than 100 products containing herbal and other
natural ingredients.  The company's products include weight-
control mixes and tablets, nutritional supplements specifically
designed for men and women, food, shampoos, lotions, sunscreens,
and body oils.  The multi-level marketer sells its products
through a network of independent distributors in nearly 60
countries; salespeople earn money from their own efforts, as
well as from the sales of those whom they have recruited into
the organization.


HEVECO MUSHROOMS: Hires Tenon Recovery as Joint Administrators
--------------------------------------------------------------
Carl Jackson and Ian Malcolm Donald Graham Cadlock of Tenon
Recovery were appointed joint administrators of Heveco Mushrooms
Limited (Company Number 04031166) on Sept. 13.

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

Headquartered in Pulborough, United Kingdom, Heveco Mushrooms
Limited grows vegetables and nursery products.


HOMESHIELD WINDOWS: Liquidator Sets Oct. 6 Claims Bar Date
----------------------------------------------------------
Creditors of Homeshield Windows & Conservatories Limited have
until Oct. 6 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 David Graham Platt of David Platt Associates at:

         David Graham Platt
         David Platt Associates
         Northwood
         76 Currier Lane
         Ashton under Lyne OL6 6TB
         United Kingdom

Headquartered in Leigh, U.K., Homeshield Windows and
Conservatories Limited supplies and installs windows and
conservatories.


HOME-TEX DERBY: Brings In Joint Liquidators from Begbies Traynor
----------------------------------------------------------------
Paul Finnity and Peter A Blair of Begbies Traynor were appointed
Joint Liquidators of Home-Tex Derby Limited on Aug. 30 for the
creditors' voluntary winding-up proceeding.

Headquartered in Derby, U.K., Home-Tex Derby Limited wholesales
home textiles.


IMPACT SECURITY: Hires David N. Hughes to Liquidate Assets
----------------------------------------------------------
David N. Hughes of Janes was appointed Liquidator of Impact
Security Ltd. on Aug. 18 for the creditors' voluntary winding-up
proceeding.

Headquartered in Tewkesbury, U.K., Impact Security Ltd. provides
security services and equipment.


INTELSAT LTD: Reports Anomaly on IS-802 Satellite
-------------------------------------------------
Intelsat, Ltd. reported that its IS-802 satellite, located at 33
degrees E, experienced a sudden and unexpected anomaly on
Sept. 21, 2006, at approximately 8:27 p.m. E.T.

The Intelsat satellite control center is communicating with the
satellite and the satellite is under control and accepting
commands.  Intelsat is in the process of making alternative
capacity available to its IS-802 customers, in accordance with
existing contingency plans.

The satellite, launched in 1997, furnishes telecommunications
services to customers on the African continent and the Indian
Ocean Region. Intelsat and Lockheed Martin Corporation, the
manufacturer of the satellite, are working together to identify
the cause of the problem. Intelsat currently does not know if
there is a connection between this event and the Intelsat 804
satellite failure that occurred in Jan. 2005 and was also
manufactured by Lockheed Martin.

Intelsat, which operates the world's largest fleet of commercial
satellites, operates a number of satellites in the region that
are being utilized to restore service to affected customers.
The majority of IS-802 users are being issued replacement
capacity that will be available for their use today.

"Our first priority is the continuation of service for our
customers," said Dave McGlade, CEO of Intelsat, Ltd.  "The
Intelsat system has a number of satellites serving the region.
Within hours of the event, we are issuing replacement capacity
within the Intelsat system. This is a testament to the
resilience and redundancy of our network."

The IS-802 is not insured, in accordance with Intelsat's
practice of self-insuring satellites that are beyond the initial
year of operations.  The IS-802 satellite generates annual
revenue of less than US$30 million, although the company's
initial view is that it will be able to restore a substantial
portion of the customer traffic, given the resilience and
redundancy of the Intelsat system.  The company will issue a
statement regarding the degree to which it is able to retain
revenue on the Intelsat system following the completion of the
restoration process.

                        About Intelsat

Intelsat, Ltd. - http://www.intelsat.com/-- offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

                        *     *     *

As reported in the Troubled Company Reporter - Europe on
Sept. 11, Moody's Investors Service assigned a B2 rating to
Intelsat  Corporation' (formerly PanAmSat Corp.) proposed senior
unsecured term loan, the proceeds of which will be used to fund
the repurchase of the existing 9% senior notes at Intelsat
Corporation, that are subject to a mandatory change of control
offer triggered by the acquisition of PanAmSat by Intelsat.

If the change of control offer is fully accepted, Moody's will
withdraw the ratings on the existing 9% senior notes, due 2014.
Moody's views the new term loan as a dollar for dollar
replacement of the existing notes, with minimal impact on
leverage or cash flow.  In addition, Moody's has affirmed all
existing ratings.  The outlook remains stable.

Ratings actions:

* Intelsat Corporation

   -- Proposed Sr. Unsecured Term Loan, due 2014, assigned B2;

   -- 9% senior notes, due 2014, affirmed B2 to be withdrawn
      if the change of control offer is fully accepted;

   -- Guaranteed Sr. Secured Revolver, due 2012, affirmed B1;

   -- Guaranteed Sr. Secured Loan A, affirmed B1;

   -- Guaranteed Sr. Secured Loan B, affirmed B1;

   -- 6.375% senior secured notes, due 2008, affirmed B1;

   -- 6.875% senior secured debentures, due 2028, affirmed B1;
      and

   -- 9% senior notes, due 2016, affirmed B2.

* Intelsat Ltd.

   -- Corporate family rating, affirmed B2;
   -- SGL Rating, affirmed SGL-2;
   -- 5.25% Global notes, due 2008, affirmed Caa2;
   -- 7.625% Sr. Notes, due 2012, affirmed Caa2; and
   -- 6.5% Global Notes, due 2013, affirmed Caa2.

* Intelsat (Bermuda) Ltd.

   -- 9.25% Guaranteed Sr. Notes, affirmed B2;
   -- Floating Rate Sr. Notes, affirmed Caa1; and
   -- 11.25% Sr. Notes, affirmed Caa1.

* Intelsat Intermediate Holding Company Ltd.

   -- Sr. Discount Notes, due 2015, affirmed Caa1

* Intelsat Subsidiary Holding Company Ltd.

   -- Guaranteed Sr. Secured Revolver, due 2012, affirmed B1;
   -- Guaranteed Sr. Secured T/L B, due 2013, affirmed B1;
   -- Sr. Floating Rate Notes, due 2012, affirmed B2;
   -- 8.25% Sr. Notes, due 2013, affirmed B2; and
   -- 8.625% Sr. Notes, due 2015, affirmed B2.

Moody's said the outlook is stable.

At the same time, Standard & Poor's Rating Services assigned a
'B' rating to Intelsat Corp.'s US$667 million senior unsecured
credit facility.


JAUNOIR LIMITED: Taps RSM Robson to Administer Assets
-----------------------------------------------------
Kevin John Hellard and Amanda Wade of RSM Robson Rhodes LLP were
appointed joint administrators of Jaunoir Limited (Company
Number 05592112) on Sept. 12.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a
U.K. partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors.

Headquartered in London, Jaunoir Limited is an internet retailer
of luxury goods.


JOHN DENTON: Appoints Liquidator to Wind Up Business
----------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of John
Denton Services Limited on Sept. 1 for the creditors' voluntary
winding-up proceeding.

Headquartered in Peterborough, U.K., John Denton Services
Limited is a magazine distributor and fulfillment house.


KEENETS LIMITED: Creditors' Meeting Slated for October 2
--------------------------------------------------------
Creditors of Keenets Limited (Company Number 01182142) and
Keenets (U.K.) Limited (Company Number 01225293) will meet at
10:00 a.m. on Oct. 2 at:

         KPMG LLP
         100 Temple Street
         Bristol BS1 6AG
         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 Sept. 29 at:

         D. J. Crawshaw
         Joint Administrative Receiver
         KPMG LLP
         100 Temple Street
         Bristol BS1 6AG
         United Kingdom
         Tel: (0117) 905 4000
         Fax: (0117) 905 4001

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.


KRISPY KREME: Names Andrew J. Schindler to Board of Directors
-------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., appointed Andrew J. Schindler to
its Board of Directors.

Mr. Schindler was formerly Chairman and Chief Executive Officer
of R.J. Reynolds Tobacco Holdings and Chairman of Reynolds
American Inc., a company formed in 2004 by the merging of R.J.
Reynolds Tobacco Holdings and the U.S. operations of Brown &
Williamson Tobacco Corporation.  In over thirty years with
Reynolds, Mr. Schindler held various senior management
positions, including Director of Manufacturing for Nabisco
Foods, Vice President of Personnel, Executive Vice President of
Operations and Chief Operating Officer.  In addition to Krispy
Kreme's board, Mr. Schindler currently serves on the board of
directors of ArvinMeritor Inc., Pike Electric Company, and
Hanesbrands Inc.

"We are pleased that Andy is joining our board as a new
independent director," said James H. Morgan, Chairman of the
Board of Krispy Kreme.

"Andy's broad perspective as a chief executive officer and his
skills in marketing, operations, strategic change and personnel
development will serve Krispy Kreme's shareholders well. He is
highly regarded for his leadership skills and we look forward to
his contributions as we continue our progress in the Company's
turnaround."

Mr. Schindler's appointment is the result of a Board resolution
creating an additional directorship, effective as of
Sept. 19, 2006.

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


KRISPY KREME: Hires Charles A. Blixt as Interim General Counsel
---------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., appointed Charles A. Blixt, an
attorney with more than 25 years of experience in corporate law,
as general counsel on an interim basis.

Mr. Blixt, was most recently Executive Vice President and
General Counsel of Reynolds American Inc., a company formed in
2004 by the merger of R.J. Reynolds Tobacco Holdings and Brown &
Williamson Tobacco Corporation's U.S. operations.  He negotiated
and implemented the merger and then served as Chief Legal
Officer of Reynolds American for the past two years.

Before the merger, Mr. Blixt worked for more than 20 years in
various legal positions for R.J. Reynolds. From 1995 to 2004, he
was Executive Vice President and General Counsel, serving as the
company's Chief Legal Officer and managing all aspects of its
legal affairs.  Before joining R.J. Reynolds, Mr. Blixt held
corporate legal positions at Caterpillar Tractor Company and
Fiat-Allis Construction Machinery, and worked as an attorney in
private practice in Illinois and Michigan.

"We are pleased that Chuck Blixt is joining Krispy Kreme," said
Daryl Brewster, President and Chief Executive Officer of Krispy
Kreme.  "As we continue to make progress in turning around the
company, we are confident that Chuck's corporate and legal
expertise will contribute to our ongoing efforts to strengthen
our business."

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


MASONS JOINERY: M. S. E. Solomons Leads Liquidation Proceeding
--------------------------------------------------------------
M. S. E. Solomons was appointed Liquidator of Masons Joinery &
Shopfitting Limited on Aug. 29 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Masons Joinery & Shopfitting Limited
         Unit 1
         Old Reservoir Road
         Portsmouth
         Hampshire PO6 1SU
         United Kingdom
         Tel: 023 9237 4106


MASON REVIS: Claims Filing Period Ends Oct. 16
----------------------------------------------
Creditors of Mason Revis (Midlands) Limited have until Oct. 16
to send their names and addresses and particulars of their debts
or claims and the names and addresses of their Solicitors (if
any) to appointed Liquidator R. J. Elwell of Elwell Watchorn &
Saxton LLP at:

         R. J. Elwell
         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire LE12 7NN
         United Kingdom

Headquartered in Leicester, U.K., Mason Revis (Midlands) Limited
is a chartered quantity surveyor.


MASONS PAINTERS: Taps M. S. E. Solomons to Liquidate Assets
-----------------------------------------------------------
M. S. E. Solomons was appointed Liquidator of Masons Painters &
Decorators Limited on Aug. 29 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Masons Painters & Decorators Limited
         1 Old Reservoir Road
         Portsmouth
         Hampshire PO6 1SU
         United Kingdom
         Tel: 023 9266 3456


NBTY INC: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------
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. natural product processors sector last
week, the rating agency upgraded its probability-of-default
ratings and assigned loss-given-default ratings on NBTY Inc.'s
loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$125mm Gtd. Sr.
   Sec. Revolver (2008)   Ba2     Baa3    LGD2        13%

   US$120mm Gtd. Sr.
   Sec. Term
   Loan A (2010)          Ba2     Baa3    LGD2        13%

   US$200mm 7.125% Gtd.
   Sr. Sub. Notes (2015)  B1      Ba3     LGD4        66%

In addition, Moody's confirmed the company's Ba2 Corporate
Family Rating at Ba2.

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%).

Based in Bohemia, New York, NBTY Inc. -- http://www.nbty.com/--
together with its subsidiaries, engages in the manufacture,
marketing, and retail of nutritional supplements in the United
States and worldwide.  The company offers approximately 22,000
products, including vitamins, minerals, herbs, sports nutrition
products, diet aids, and other nutritional supplements under
various company's and third-party brands.  NBTY was founded in
1971 under the name Nature's Bounty Inc. and changed its name to
NBTY Inc. in 1995.


OFFICE + LIMITED: Liquidator Sets Oct. 31 Claims Bar Date
---------------------------------------------------------
Creditors of Office + Limited (formerly Turners Office Plus U.K.
Limited and GSB Office + Limited) have until Oct. 31 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
Charles Howard Ranby-Gorwood, of Alexandra Dock Business Centre
at:

         Charles Howard Ranby-Gorwood
         Alexandra Dock Business Centre
         Fisherman's Wharf
         Grimsby DN31 1UL
         United Kingdom

Headquartered in Cleethorpes, U.K., Office + Limited retails
office equipment.


OUTFIT DESIGN: Brings In Liquidator from O'Hara & Co.
-----------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of The
Outfit (Design & Marketing) Limited on Aug. 31 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         The Outfit (Design & Marketing) Limited
         Boston House
         214 High Street
         West Yorkshire LS236AB
         United Kingdom
         Tel: 01274 864 640


PRO DRIVE: Hires Elizabeth Arakapiotis as Liquidator
----------------------------------------------------
Elizabeth Arakapiotis was appointed Liquidator of Pro Drive
(U.K.) Limited on Sept. 1 for the creditors' voluntary winding-
up proceeding.

Headquartered in Enfield, U.K., Pro Drive (U.K.) Limited deals
new and used cars.


RSIS TRAINING: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------
Creditors of RSIS Training Limited confirmed on Aug. 31 the
appointment of Tyrone Shaun Courtman and Jeremy Philip William
Meadows of Cooper Parry LLP as Joint Liquidators.

Headquartered in Pinner, U.K., RSIS Training Limited provides
railway staff training.


ROBERT LLOYD: Appoints Joint Liquidators from Harrisons
-------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Robert Lloyd Furniture Limited on Sept. 1
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Robert Lloyd Furniture Limited
         Pump Lane
         Grazeley
         Reading
         Berkshire RG7 1LL
         United Kingdom
         Tel: 0118 988 8477
         Fax: 01491 681 573


SLC DRIVER: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Creditors of SLC Driver Recruitment Limited confirmed Aug. 31
the appointment of Peter George Byatt as Liquidator.

The company can be reached at:

         SLC Driver Recruitment Limited
         2 Grasmere Gardens
         Kirby Cross
         Frinton-On-Sea
         Essex CO130SX
         Tel: 01255 676 655


SPORT ROOM: Claims Filing Period Ends Nov. 24
---------------------------------------------
Creditors of The Sport Room Limited have until Nov. 24 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 Jeremy Paul Oddie of Mitchell Charlesworth at:

         Jeremy Paul Oddie
         Mitchell Charlesworth
         6th Floor
         Brazennose House West
         Brazennose Street
         Manchester M2 5FE
         United Kingdom

Headquartered in Bolton, U.K., The Sport Room Limited is a
membership sports club.


SUNLIGHT LOFT: Taps Asher Miller to Liquidate Assets
----------------------------------------------------
Asher Miller of David Rubin & Partners was appointed Liquidator
of Sunlight Loft Conversions Limited (formerly Grosvenorcraft
Limited) on Sept. 1 for the creditors' voluntary winding-up
procedure.

         Sunlight Loft Conversions Limited
         Rowlandson House 289 293
         Ballards Lane
         Barnet
         London N12 8NP
         United Kingdom
         Tel: 020 8441 8581
         Fax: 020 8441 0598


TRW AUTOMOTIVE: Fitch Keeps Issuer Default Rating at BB
-------------------------------------------------------
Fitch Ratings affirmed the ratings of TRW Automotive Holdings
Inc.:

   -- Issuer Default Rating BB;
   -- Senior secured bank lines BB+;
   -- Senior unsecured notes BB-; and
   -- Senior subordinated unsecured Notes B+.

Fitch's ratings reflect TRW's strong diversity of OEM customers
and geographies, and the company's technology-driven products
that have allowed the company to weather an onerous industry
environment.  Despite significant production cutbacks by North
American manufacturers and industry cost challenges, TRW's
operating efficiency, a substantial book of business outside of
North America and continued healthy demand for TRW's products
has sustained margins through the industry turmoil.

The company's margins remain at the high end of the supplier
industry, providing a buffer in the event of further
deterioration in industry fundamentals.  Even in an adverse
economic and industry scenario through 2007, Fitch expects TRW
to remain safely cashflow positive, although debt reduction
could be limited in such a scenario.  The Rating Outlook is
stable.

TRW's operating performance, balance sheet and credit metrics
have remained stable in an industry environment that has
precipitated several supplier bankruptcies due to price erosion,
increased commodity costs, volatile OEM production cadences and
lower OEM unit volume on market share losses.

The company has been able to avoid the perils faced by many
suppliers due to its lower relative dependence on the North
American operations of Ford and General Motors, geographic
diversity by which nearly two-thirds of total revenue is
generated outside of North America, and product line-up of
safety components and fuel-saving technologies which continue to
see strong demand.

At the end of 2Q06, the company had US$1.6 billion in secured
bank debt, US$1.0 billion in senior unsecured notes, US$0.3
billion in senior subordinated unsecured notes and US$0.1
billion in short term debt and capital leases, totaling US$3.0
billion of debt.  Less US$520 million of cash and marketable
securities, net debt was US$2.5 billion, representing a decrease
of US$45 million compared to year-end 2005.

The change in net debt includes a premium paid of US$57 million
related to the tender for GBP94.6 million in 10-7/8% bonds from
its Lucas Industries Limited subsidiary.  On a total adjusted
debt basis, the 2Q06 debt level was US$3.7 billion down US$0.2
billion compared to US$3.9 billion at year-end 2005.  TRW was
well within its covenant agreements on capital expenditures,
Interest Coverage and Leverage.

At the end of 2Q06, TRW had approximately US$833 million of
availability under its revolver after US$67 million in
outstanding LOCs.  Under the US securitization facility,
approximately US$233 million of receivables were eligible for
borrowings and only about US$121 million would have been
available for funding.

In addition, approximately EUR119 million and GBP25 million were
available under the European facilities.  As of June 30, TRW had
nothing outstanding on any of its A/R programs.  Including the
cash and marketable securities balance of US$520 million, total
availability at the end of 2Q06 was approximately US$1.7
billion.

While TRW's customer base and manufacturing footprint are one of
the more diverse in the Fitch supplier universe, the company is
not completely immune to changes in its larger customers'
production schedules.  However, sales to customers other than
Ford and General Motors accounted for more than 70% of 2005
revenues.

Clearly demonstrating limited exposure to the domestic OEs,
despite 4Q06 production cuts of 21%, 12% and 10% for Ford, GM
and Chrysler Group, respectively, TRW reduced its Street
guidance to a full year revenue range of US$13.0 to US$13.2
billion, down from a range of US$13.0 to US$13.3.  The less than
1% reduction in the top end of revenue guidance resulted in a 5%
to 6% reduction in the range of forecasted net income or roughly
US$10 to US$16 million.

Government continues to pressure the industry for increased
vehicular safety.  TRW manufactures the type of safety
components and systems, which have been the focus of recent
legislation.  For example, the Alliance of Automobile
Manufacturers and the Insurance Institute for Highway Safety
announced 'voluntary performance criteria' in front-to-side
collisions.

The criteria includes the use of a wide range of occupant
protection technologies and designs which affect front
structural components, side air bags, air bag curtains and side-
impact structures.  By September 1, 2007, 50% of all vehicles
sold by a manufacturer in the U.S. are supposed to meet the
front-to-side performance criteria, and by September 2009,
manufacturers are to be 100% compliant.

In another example, NHTSA has mandated direct tire pressure
monitoring systems, capable of detecting under-inflation.  The
phase-in period begins with 20% compliance of all vehicles sold
from October 5, 2005 to August 31, 2006, then 70% from September
1, 2006 to August 21, 2007; and then all vehicles thereafter.

Finally, in September NHTSA proposed a rule at the direction of
congress that outlines a federal mandate that all new vehicles
be equipped with electronic stability control by the 2012 model
year.  NHTSA studies have indicated a dramatic reduction in
crashes for vehicles equipped with ESC.


U.K. TRAN-STOR: Names Liquidator from BN Jackson Norton
-------------------------------------------------------
Simon James Bonney of BN Jackson Norton was appointed Liquidator
of U.K. Trans-Stor Ltd. on Aug. 30 for the creditors' voluntary
winding-up procedure.

Headquartered in Telford, U.K., U.K. Trans-Stor Ltd. --
http://uktranstor.co.uk/-- provides freight transport services.


ULTRA SCAFFOLDING: Calls In Liquidator from Turpin Baker
--------------------------------------------------------
Martin Charles Armstrong of Turpin, Barker Armstrong was
appointed Liquidator of Ultra Scaffolding Services Limited on
Sept. 1 for the creditors' voluntary winding-up procedure.

         Ultra Scaffolding Services Limited
         Unit 2a
         Rainbow Industrial Estate
         Grand Drive
         Raynes Park
         London SW20 0JY
         United Kingdom
         Tel: 020 8946 0343


ZENITH PRODUCTIONS: Taps Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Karen Lesley Dukes and David John Blenkam of
PricewaterhouseCoopers were appointed Liquidators of Zenith
Productions Limited on Aug. 23 for the creditors' voluntary
winding-up procedure proceeding.

Headquartered in London, U.K., Zenith Productions Limited is a
television and film production company.


                           *********

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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