TCREUR_Public/060928.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

          Thursday, September 28, 2006, Vol. 7, No. 193

                            Headlines


A U S T R I A

APPSOLUT SOFTWARE: Creditors' Meeting Slated for October 9
BG: Claims Registration Period Ends October 3
DANY: Vienna Court Orders Business Shutdown
EAT AND BEAT: Property Manager Declares Insufficient Assets
ENTSORGUNGSPROFI PARADEISER: Claims Filing Period Ends Oct. 2

LAUSCHA & CO: Claims Registration Period Ends October 9
MALLIN HEIM: Claims Registration Period Ends October 25


C Z E C H   R E P U B L I C

PANAVISION INC: S&P Affirms B First-Lien Rating After Add-On


D E N M A R K

AMERICAN SEAFOODS: Moody's Assigns Loss-Given-Default Ratings


F R A N C E

GETRONICS NV: APX Synstar Submits Binding Offer for French Stake
INTRAWEST CORP: Shareholders to Meet to Vote on Arrangement Plan


G E R M A N Y

7 GLUECKSSTRAEHNE: Claims Registration Ends October 6
AKADEMIE FUER OST-WEST: Claims Registration Ends September 29
BUCKEYE TECHNOLOGIES: Moody's Assigns Loss-Given-Default Ratings
FILAR ZOLLKONTOR: Claims Registration Ends October 6
GWG GRUNDSTUECKS: Claims Registration Ends October 9

HAMMONIA TERRAIN: Claims Registration Ends October 4
HINRICHS SPEDITION: Claims Registration Ends October 5
HVB PLANUNGS: Claims Registration Ends October 6
MUEHLENZ SCHUHE: Creditors' Meeting Slated for October 9
PALLIGNUM GMBH: Claims Registration Ends October 9

RC2 CORP: Moody's Assigns Loss-Given-Default Ratings
PLIANT CORP: Financial Woes Prompt S&P to Assign B- Rating
RITZ AUTOMOBIL: Creditors' Meeting Slated for October 6
ROETZER-ZIEGEL-ELEMENTHAUS: Creditors' Meeting Slated for Oct. 5
ROSANA MILCHHOF: Claims Registration Ends October 9

SOFTWAREPUBLISHING AG: Claims Registration Ends October 9
STADTHEIDESTRASSE 25: Creditors' Meeting Slated for Oct. 4
VISTEON CORP: Opens US$10 Million Technical Center in India


I R E L A N D

LEGG MASON: S&P Withdraws Fixed Income Fund Ratings
TOWER RECORDS: Section 341(a) Meeting Scheduled on Friday
WELLMAN INC: Consolidating U.S. Fiber Production in Darlington


I T A L Y

BERRY PLASTICS: Completes Tender Offer for 10.75% Sr. Sub. Notes
TISCALI SPA: Repays EUR209.5 Million Equity-Linked Bonds


K A Z A K H S T A N

AITAJOL: Creditors Must File Claims by Oct. 20
CORAL LTD: Creditors Must File Claims by Oct. 20
EAGLE LANDING: Proof of Claim Deadline Slated for Oct. 18
KAZOVOSHPRODUCT: Proof of Claim Deadline Slated for Oct. 20
NURBANK JSC: Moody's Rates Senior Unsecured Notes at Ba3

RAINBOW TRADING: Claims Registration Ends Oct. 20
REMBYTSERVICE: Claims Registration Ends Oct. 20
TALAPTY: South Kazakhstan Court Starts Bankruptcy Procedure
TAU-TEHNIKA: Creditors' Claims Due Oct. 20
VODOSNABJENIYE: Akmola Court Begins Bankruptcy Proceedings

VOSTOKTECHNOTRADE: Creditors' Claims Due Oct. 18


K Y R G Y Z S T A N

EKSO TERRA: Creditors Must File Claims by Nov. 8
INTERPROFI: Proof of Claim Deadline Slated for Nov. 8


L U X E M B O U R G

TISCALI FINANCE: Parent Repays EUR209.5 Million Bonds


N E T H E R L A N D S

GETRONICS NV: APX Synstar Submits Binding Offer for French Stake
WELLMAN INC: Consolidating U.S. Fiber Production in Darlington


P O L A N D

VERIFONE: Moody's Affirms B1 Rating on Favorable Demand Outlook


R U S S I A

AGRO-PROM-KHIMIYA: V. Vashkevich to Manage Insolvency Assets
ALAPAEVSKIY MACHINE-TOOL: Creditors Must File Claims by Oct. 19
ARBAZHSKOYE REPAIR: Bankruptcy Hearing Slated for Dec. 18
BALTIC BUILDING: Bankruptcy Hearing Slated for Dec. 4
BELOZERSKIY: Court Names V. Goryachkin as Insolvency Manager

BEZYMYANSKIY ELEVATOR: Court Starts Bankruptcy Supervision
CONCERN GRAIN: Court Starts Bankruptcy Supervision Procedure
FIDES: Stavropol Court Names E. Shebetko as Insolvency Manager
GALICHSKIY TANNERY: A. Butenko to Manage Assets
KIMOVSK-SEL-KHOZ-KHIMIYA: S. Suvorov to Manage Assets

KISLOVODSKIY WINNERY: O. Kiryanov to Manage Insolvency Assets
KOLYVANSKIY: Court Names Z. Orlova as Insolvency Manager
MINE LISTVYANSKAYA:  A. Senotrusov to Manage Assets
NADEZHDA: Court Names E. Shebetko as Insolvency Manager
NADYMSKIY FACTORY: Court Names V. Grigoryev to Manage Assets

NIZHNEVARTOVSKIY CITY-DIARY: Court Starts Bankruptcy Supervision
OCEAN: Court Names S. Oganezova as Insolvency Manager
OIL-PRODUCT-SERVICE: Y. Belyaev to Manage Insolvency Assets
OILER: Court Names S. Piskarev as Insolvency Manager
PLAZMA-MED: Tatarstan Court Starts Bankruptcy Supervision

PRIVOLNYJ: Court Starts Bankruptcy Supervision Procedure
REINFORCED-CONCRETE: Court Names S. Krotov as Insolvency Manager
SEL-KHOZ-KHIMIYA: Court Starts Bankruptcy Supervision Procedure
SEVER-LES-PROM: Court Names G. Pogosyan as Insolvency Manager
SIBERIAN SPRING: Bankruptcy Hearing Slated for Dec. 25

SOUTH GAS: Bankruptcy Hearing Slated for Nov. 27
STUPINSKIY FACTORY: Creditors Must File Claims by Oct. 19
TYUMENSKIY SHIPYARD: Court Names S. Chepik as Insolvency Manager
YUKOS OIL: Mulls Potential Deal with Mystery Foreign Bidder


S W E D E N

XERIUM TECHNOLOGIES: Moody's Assigns Loss-Given-Default Ratings


S W I T Z E R L A N D

TEMBEC INC: Moody's Assigns Loss-Given-Default Ratings


U K R A I N E

GORODOK SCIENTIFIC-EXPERIMENTAL: Bankruptcy Supervision Starts
INTERAGROTRANS: Poltava Court Starts Bankruptcy Supervision
KOSIV ALCOHOL: Court Commences Bankruptcy Supervision
MERCURY: Court Names Vasil Martinuk as Insolvency Manager
SINTEKS: Harkiv Court Names Vitalij Vojn as Insolvency Manager

SNIZHNE AUTO-TRANSPORT 11412: Bankruptcy Supervision Starts
UKRNERUDPROM: Lviv Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

AMARANTH ADVISORS: Outlines Future Plans, Mulls Sale
ARVINMERITOR INC: S&P Places Rating on Watch Negative
BAA PLC: BA Wants CAA to Cut Airport Operator's Asset Returns
BAA PLC: Appoints Jose Leo to Succeed Margaret Ewing as CFO
BLACKPOOL EXPERIENCE: Hires Liquidators from O'Hara & Co.

BRACELET ENTERTAINMENTS: Claims Filing Period Ends Oct. 26
BRITISH AIRWAYS: Wants Regulator to Cut BAA Asset Base Profits
BRITISH AIRWAYS: Names James A. Lawrence as New Board Member
C & J TECHNOLOGIES: Liquidator Sets Oct. 23 Claims Bar Date
CABLE & WIRELESS: Employee Trustees Shed 49,340 Shares

CCL NETWORK: Creditors Confirm Liquidator's Appointment
CHESTON WORKS: Appoints Stephen M. Katz as Liquidator
COLLINS & AIKMAN: Moody's Assigns Loss-Given-Default Ratings
COMMUNICATIONS CABLING: Taps A. Graham to Liquidate Assets
COMPOSITE PROJECTS: Claims Registration Ends Oct. 31

CONCEPT VEHICLE: A. J. Clark Leads Liquidation Procedure
CONEXANT SYSTEMS: Getting US$100MM From Acquicor-Jazz Merger
DIGITAL IMAGING: Names Liquidators from Vantis
DOLE FOOD: Moody's Assigns Loss-Given-Default Ratings
DRAWTREAT LTD: Trade Secretary Files Wind-Up Petition

DRONFIELD DOORS: Creditors Confirm Liquidator's Appointment
DUENNA CARE: Creditors Ratify Voluntary Liquidation
E T COMMERCIALS: Taps Baker Tilly to Administer Assets
EMI GROUP: Warner Music Boss Prepares for Fresh Merger Bid
EVANS AND RADFORD: Creditors Ratify Liquidators' Appointment

FIELD AND FORCES: Appoints T. C. E. Harrison as Liquidator
GENERAL MOTORS: To Fund Delphi Workers' Post-Retirement Benefits
GENERAL MOTORS: Asks for Billions in Nissan-Renault Tie Up Deal
H.M. INTERNATIONAL: Brings In Liquidator from Ashcrofts
HIGH SPEED: Brings In P&A Partnership as Administrators

HILLAM ACCOUNTANCY: Hires Darren Brookes as Liquidator
ICE EVENT: Claims Filing Period Ends Oct. 19
IMPERIAL GLASS: Names Liquidators from T H Associates
IVY HATCH: Joint Liquidators Take Over Operations
JOKO U.K.: Calls In Joint Liquidators from Ashcrofts

JONES & MCGOVERN: Trade Secretary Files Winding-Up Petition
KAY LOGISTICS: Appoints Joint Administrators from PKF
KIDZWORLD LIMITED: Hires Ian Bull to Liquidate Assets
MANI 2: Liquidators Set Nov. 6 Claims Bar Date
MARBLECARE LTD: Nominates Ninos Koumettou as Liquidator

MAXNETT COMMUNICATIONS: Taps Buchanans as Joint Administrators
MILLENNIUM AUDIO: Claims Registration Ends Oct. 27
NEIL GRINNALL: Dunbar Bank Appoints Moore Stephens as Receivers
PHOENIX SIGNS: Brings In Joint Liquidators from Haines Watts
PROFILE 7000: A. Turpin Leads Liquidation Procedure

PROUD GALLERIES: Nominates Lane Bednash as Liquidator
RANK GROUP: Cancels 1.25 Million Shares in Buyback Program
REFCO INC: Ch. 11 Trustee Wants Winchester Settlement Approved
REFCO INC: Inks Settlement Pact with BofA & Prepetition Lenders
REPAC LIMITED: Names Gerald Frederick Davis as Administrator

RHYTHMS BAR: Claims Registration Ends Oct. 6
RJN SERVICES: Claims Filing Period Ends Nov. 30
SOLENT BOATS: Appoints Joint Liquidators to Wind Up Business
SOLUM LIMITED: Names Joint Liquidators from CBA
SUSTAINABLE WALES: Claims Filing Period Ends Oct. 31

TASS FIRE: Liquidator Sets Oct. 31 Claims Bar Date
TERBOW TRANSPORT: Hires Griffin & King to Administer Assets
TRAVEL WORLD: Hires Joint Liquidators from Gerald Edelman
TRIO GRAPHIC: Lloyd Biscoe Leads Liquidation Procedure
TRIO ID: Taps Liquidator from Begbies Traynor

VECTOR PACKAGING: Appoints Joint Administrators from F A Simms
W H REALISATIONS: Taps DTE Leonard Curtis as Administrators
W. SOLUTIONS: Appoints Liquidator from Cooper Parry

* Moody's Releases Loss Given Default Guidelines
* Moody's Proposes Methodology for Mutualist Banking Groups
* Moody's Updates Rating Methodology for Insurance Sector

* Upcoming Meetings, Conferences and Seminars

                            *********

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


APPSOLUT SOFTWARE: Creditors' Meeting Slated for October 9
----------------------------------------------------------
Creditors owed money by LLC appsolut software (FN 228252s) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Oct. 9 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on Aug. 24 (Bankr. Case No. 26 S 89/06z).  Adalbert
Hausmann serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Mag. Adalbert Hausmann
         Esterhazyplatz 6a
         7000 Eisenstadt, Austria
         Tel: 02682/64044
         Fax: 02682/64044 30
         E-mail: ra.schreiner@aon.at


BG: Claims Registration Period Ends October 3
---------------------------------------------
Creditors owed money by LLC BG (FN 131259d) have until Oct. 3 to
file written proofs of claims to court-appointed property
manager Bernhard Huber at:

         Dr. Bernhard Huber
         Schillerstrasse 12
         4020 Linz, Austria
         Tel: 65 69 69
         Fax: 65 69 69-60
         E-mail: b.huber@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 17 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Leonding, Austria, the Debtor declared
bankruptcy on Aug. 16 (Bankr. Case No. 38 S 37/06d).


DANY: Vienna Court Orders Business Shutdown
-------------------------------------------
The Trade Court of Vienna entered an order Aug. 24 shutting down
the business of LLC Dany (FN 207529s).  Court-appointed property
manager Georg Getreuer determined that the continuing operation
of the business would reduce the value of the estate.

The property manager and his representative can be reached at:

         Dr. Georg Getreuer
         c/o Dr. Martin Getreuer
         Weyrgasse 6
         1030 Vienna, Austria
         Tel: 713 14 25-0
         Fax: 713 14 25 17
         E-mail: georg@getreuer.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 19 (Bankr. Case No. 5 S 102/06v).  Martin Getreuer
represents Dr. Getreuer in the bankruptcy proceedings.


EAT AND BEAT: Property Manager Declares Insufficient Assets
-----------------------------------------------------------
Peter Planer, the court-appointed property manager for LLC Eat
and Beat Gastro (FN 267063s), declared Aug. 24 that the Debtor's
property is insufficient to cover creditors' claim.

The Land Court of Innsbruck is yet to rule on the property
manager's claim.

Headquartered in Brixental, Austria, the Debtor declared
bankruptcy on July 31 (Bankr. Case No. 19 S 79/06z).  Peter
Planer serves as the court-appointed property manager of the
bankrupt estate.  Gerhard Thaler represents the Debtor in the
bankruptcy proceedings.

The property manager can be reached at:

         Dr. Peter Planer
         Klostergasse 1
         Villa Margit
         6370 Kitzbuehel, Austria
         Tel: 05356/66883
         Fax: 05356/668844
         E-mail: p.planer@aon.at

The Debtor's representative can be reached at:

         Dr. Gerhard Thaler
         Larch Way 14
         6322 Kirchbichl, Germany
         Tel: 05332/77625
         Fax: 05332/76185
         E-mail: thaler.gerhard@aon.at


ENTSORGUNGSPROFI PARADEISER: Claims Filing Period Ends Oct. 2
-------------------------------------------------------------
Creditors owed money by LLC Entsorgungsprofi Paradeiser (FN
172121w) have until Oct. 2 to file written proofs of claims to
court-appointed compensation manager Alois Autherith at:

         Dr. Alois Autherith
         Utzstrasse 13
         3500 Krems an der Donau, Austria
         Tel: 02732/83485
         Fax: 02732/83485-10
         E-mail: advoc.autham@netway.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 18 to consider the
adoption of the rule by compensation payment.

The meeting of creditors will be held at:

         The Land Court of Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Horn, Austria, the Debtor declared the
beginning of compensation process on Aug. 24 (Case No. 9
Sa 9/06f).


LAUSCHA & CO: Claims Registration Period Ends October 9
-------------------------------------------------------
Creditors owed money by KEG Lauscha & Co (FN251638g) have until
Oct. 9 to file written proofs of claims to court-appointed
property manager Andrea Prochaska at:

         Mag. Andrea Prochaska
         Wassergasse 33/12
         1030 Vienna, Austria
         Tel: 718 77 50
              718 77 52
         Fax: 718 77 50 15
         E-mail: anwalt@andrea-prochaska.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Oct. 23 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 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 24 (Bankr. Case No. 3 S 116/06p).


MALLIN HEIM: Claims Registration Period Ends October 25
-------------------------------------------------------
Creditors owed money by KEG MALLIN Heim & Gartenmarkt (FN
243189g) have until Oct. 25 to file written proofs of claims to
court-appointed property manager Edwin Demoser at:

         Dr. Edwin Demoser
         Mohrstr. 10
         5020 Salzburg, Austria
         Tel: 0662-823907
         Fax: 0662-823907-21
         E-mail: office@rademoser.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 6 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         1st Floor
         Salzburg, Austria

Headquartered in Anif, Austria, the Debtor declared bankruptcy
on Aug. 24 (Bankr. Case No. 23 S 54/06w).


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


PANAVISION INC: S&P Affirms B First-Lien Rating After Add-On
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on the senior secured first-lien bank facility
of Panavision Inc., following the announcement that the company
will increase the add-on portion of its first-lien term loan by
US$30 million.  Pro forma for the increased add-on, the facility
will consist of a US$224.5 million term loan and a US$35 million
revolving credit facility, both due in 2011.

The secured loan rating is 'B', one notch above the 'B-'
corporate credit rating, and the recovery rating is '1',
indicating the expectation for full recovery of principal in the
event of a payment default

A portion of the proceeds from the first-lien term loan add-on
will be used to acquire a camera-rental company and to repay
borrowings on the company's revolving credit facility.  At
closing, the US$115 million second-lien term loan will remain
rated 'CCC', two notches below the corporate credit rating.
This and the recovery rating of '5' indicate expectations of
negligible (0%-25%) recovery of principal in the event of a
payment default.

                       Ratings List

Ratings Affirmed:

Panavision Inc.

   Corporate Credit Rating                   B-/Stable/--
   US$259.5 Mil First-Lien Credit Facility   B
      Recovery Rating                        1
   US$115 Mil Second-Lien Term Loan          CCC
      Recovery Rating                        5


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


AMERICAN SEAFOODS: 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 confirmed
its B1 Corporate Family Rating for American Seafoods Group LLC.

Additionally, Moody's revised or 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
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Revolving Credit
Facility Due 2011         B1       Ba3     LGD3       39%

Gtd. Sr. Sec.
Term Loan A Due 2012      B1       Ba3     LGD3       39%

Gtd. Sr. Sec.
Term Loan B Due 2013      B1       Ba3     LGD3       39%

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%).

American Seafoods Group LLC -- http://www.americanseafoods.com/
-- harvests and processes a variety of fish species aboard its
catcher-processor vessels, its freezer-longliner vessels, and at
its land-based processing facilities.  The Company markets its
products to a diverse group of customers in North America, Asia,
and Europe.  In the U.S., American Seafoods is the largest
harvester and at-sea processor of pollock and hake and the
largest processor of catfish.  The Company also harvests and
processes cod, scallops, and yellowfin sole.  The Company
maintains an international marketing network through its U.S.,
Japan, and European sales offices.  In Europe, the company is
headquartered in Aalborg, Denmark.


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


GETRONICS NV: APX Synstar Submits Binding Offer for French Stake
----------------------------------------------------------------
Getronics N.V. has received a binding offer from the French ICT
Services and Solutions company APX Synstar to acquire a majority
stake in Getronics' operations in France.

As part of the proposed deal, APX Synstar would transfer its
business activities in Belgium to Getronics, strengthening the
current operations of Getronics in Belgium.  Getronics would
retain a 33% stake in the French subsidiaries.

Getronics has initiated a consultation on the proposed
transaction with the Works Councils of its French subsidiaries.
The transaction will be signed once the Works Councils have
rendered their final opinion and is expected to close in Q4
2006.

"This deal is strategically excellent for Getronics," Klaas
Wagenaar, CEO of Getronics, said.  "It strengthens our business,
while also enabling our clients to benefit from an expanded
footprint in the French market, and the combined capabilities
and know-how of Getronics and APX Synstar.'

"This strategic partnership will reinforce our leading position
in the IT Solutions and Services market in France," Noel Saille,
CEO of APX Synstar, said.  "It will extend our expertise on the
Application Services and the Managed Services side for APX
Synstar clients, while also bringing to Getronics clients a new
set of capacities around Integration Services on Critical
Secured Infrastructure.'

The proposed new French partnership would create a focused
national player and a strong partnership between APX Synstar and
Getronics. APX Synstar has extensive knowledge of the French
market, a prestigious client base and considerable ICT expertise
in IT integration and services, which would enable it to
maximise the value of Getronics' business activities in France.
APX Synstar would be able to leverage the first class global ICT
services delivery capabilities of the Getronics operation and
its skilled and dedicated workforce.

The total estimated 2006 revenue of Getronics' French business
amounts to approximately EUR65 million.  The net loss for 2006
until closing in respect of Getronics' French business is
expected to be EUR8 million. Also, as a result of this
transaction, Getronics expects to write-down goodwill of
approximately EUR15 million.  The estimated 2006 cash flow used
in operating activities is EUR8 million and the total 2006 cash
flow used in investing and financing activities is an estimated
EUR6 million.

                       About APX Synstar

Headquartered in Paris, France, APX Synstar, is a European ICT
Services and Solutions provider operating mainly in France and
the Benelux.  APX Synstar employs approximately 440 people and
has approximate revenues of EUR100 million, of which 40% of the
total revenue is coming from Services.

                        About Getronics

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

                       *     *     *

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

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

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


INTRAWEST CORP: Shareholders to Meet to Vote on Arrangement Plan
----------------------------------------------------------------
The Supreme Court of British Columbia has issued an interim
order dated Sept. 19, 2006, in connection with the proposed
statutory plan of arrangement involving Intrawest Corporation,
its shareholders and optionholders and two companies owned
directly or indirectly by funds managed by affiliates of
Fortress Investment Group LLC.

The Interim Order provides for the calling of a special meeting
of holders of Intrawest Common Shares and options to acquire
Common Shares to consider the Arrangement.

Subject to the approval of the Intrawest Securityholders at the
Special Meeting and all regulatory approvals being obtained or
concluded, the hearing in respect of the final order to approve
the Arrangement is currently scheduled to take place on Oct. 24,
2006, with closing of the transaction anticipated later in
October.

The Special Meeting will be held at 10 a.m. Oct. 17 at The
Fairmont Waterfront Hotel in Vancouver, British Columbia.

At the Special Meeting, Intrawest Securityholders will be asked
to approve the Arrangement.  Intrawest confirmed on Sept. 20,
2006, that it has mailed to its securityholders the notice of
the Special Meeting and a Management Information Circular.

The Arrangement is subject to approval by Intrawest
Securityholders, further approval by the Court and certain
regulatory approvals, including approval by the Minister of
Industry under the Investment Canada Act.  The Commissioner of
Competition under the Competition Act (Canada) has issued on
Sept. 20, 2006, an advance ruling certificate in connection with
the proposed transaction.  In addition, early termination of the
waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, was granted by the U.S.
Federal Trade Commission effective as of Sept. 14, 2006.

Headquartered in Vancouver, British Columbia, Intrawest
Corporation (IDR: NYSE; ITW: TSX) -- http://www.intrawest.com/-
- operates destination resorts and adventure travel.  The
company has interests in 10 resorts at North America's most
popular mountain destinations, including Whistler Blackcomb, a
host venue for the 2010 Winter Olympic and Paralympic Games.
Intrawest owns Canadian Mountain Holidays, the largest heli-
skiing operation in the world, and an interest in Abercrombie &
Kent, the world leader in luxury adventure travel.  The
Intrawest network also includes Sandestin Golf and Beach Resort
in Florida and Club Intrawest -- a private resort club with nine
locations throughout North America.  Intrawest develops real
estate at its resorts and at other locations across North
America and in Europe.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 15, 2006,
Standard & Poor's Ratings Services revised its CreditWatch
implications on resort operator Intrawest Corp., including the
'BB-' long-term corporate credit rating, to developing from
negative, where the ratings were placed March 1, 2006.  The
revision follows the company's announcement that it agreed to be
acquired, in an all-cash equity offer, by Fortress Investment
Group LLC.  Vancouver, British Columbia-based Intrawest has
about US$682 million in unsecured debentures outstanding.


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


7 GLUECKSSTRAEHNE: Claims Registration Ends October 6
-----------------------------------------------------
Creditors of 7. Gluecksstraehne GmbH have until Oct. 6 to
register their claims with court-appointed provisional
administrator Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hamburg opened bankruptcy proceedings
against 7. Gluecksstraehne GmbH on Aug. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         7. Gluecksstraehne GmbH
         Attn: Ralf Doecke, Manager
         Bramfelder Road 89
         22305 Hamburg, Germany

The administrator can be contacted at:

         Dr. Klaus Pannen
         Jungfernstieg 51
         20354 Hamburg, Germany
         Tel: 35005266
         Fax: 35005119


AKADEMIE FUER OST-WEST: Claims Registration Ends September 29
-------------------------------------------------------------
Creditors of Akademie fuer Ost-West Kooperation-Ost-Akademie
e.V. have until Sept. 29 to register their claims with court-
appointed provisional administrator Hinnerk-J. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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 Akademie fuer Ost-West Kooperation-Ost-Akademie e.V. on
Aug. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Akademie fuer Ost-West Kooperation-Ost-Akademie e.V.
         Attn: Dirk Hansen and Dr. Bernhard Schalhorn, Managers
         Herderstrasse 1
         21335 Lueneburg, Germany

The administrator can be contacted at:

         Hinnerk-J. Mueller
         Speersort 4-6
         20095 Hamburg, Germany
         Tel: 040/303010
         Fax: 040/30301111


BUCKEYE TECHNOLOGIES: 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 B2 Corporate Family Rating for
Buckeye Technologies, 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$70 million
   Revolving
   Credit Facility  B1      Ba2      LGD2    13%

   US$150 million
   Secured
   Term Loan        B1      Ba2      LGD2    13%

   US$200 million
   Unsecured Notes  B3      B2       LGD3    48%

   US$100 million
   9.25% Subordinated
   Notes            Caa1    Caa1     LGD5    85%

   US$150 million
   8% Subordinated
   Notes            Caa1    Caa1     LGD5    85%

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 Memphis, Tennessee, Buckeye Technologies Inc.
-- http://www.bkitech.com/-- is a producer of value-added
cellulose-based specialty products.  Buckeye utilizes wetlaid
and airlaid technologies.  The company has production facilities
in Tennessee, Florida, North Carolina, Canada, Germany, and
Brazil.


FILAR ZOLLKONTOR: Claims Registration Ends October 6
----------------------------------------------------
Creditors of FILAR Zollkontor GmbH have until Oct. 6 to register
their claims with court-appointed provisional administrator
Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

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

The Debtor can be contacted at:

         FILAR Zollkontor GmbH
         Attn: Christine Olech, Manager
         Heinrich-Mueller-Stieg 18
         22041 Hamburg, Germany

The administrator can be contacted at:

         Dr. Klaus Pannen
         Jungfernstieg 51
         20354 Hamburg, Germany
         Tel: 35005266
         Fax: 35005119


GWG GRUNDSTUECKS: Claims Registration Ends October 9
----------------------------------------------------
Creditors of GWG Grundstuecks- und Wohnungsgenossenschaft
Dinslaken eG have until Oct. 9 to register their claims with
court-appointed provisional administrator Rainer Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against GWG Grundstuecks- und Wohnungsgenossenschaft Dinslaken
eG on Aug. 15.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         GWG Grundstuecks- und Wohnungsgenossenschaft
         Dinslaken eG
         Goethestr. 53
         46535 Dinslaken, Germany

The administrator can be contacted at:

         Rainer Beck
         Rheinstrasse 75
         47623 Kevelaer, Germany


HAMMONIA TERRAIN: Claims Registration Ends October 4
----------------------------------------------------
Creditors of Hammonia Terrain GmbH have until Oct. 4 to register
their claims with court-appointed provisional administrator
Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hamburg opened bankruptcy proceedings
against Hammonia Terrain GmbH on Aug. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hammonia Terrain GmbH
         Hellbrookkamp 43
         22177 Hamburg, Germany

         Attn: Udo George, Manager
         Helaer Road 3
         34123 Kassel, Germany

The administrator can be contacted at:

         Hendrik Gittermann
         Sandtorkai 62
         20457 Hamburg, Germany
         Tel: 040/306969-10


HINRICHS SPEDITION: Claims Registration Ends October 5
------------------------------------------------------
Creditors of HINRICHS Spedition & Dienstleistungs 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 2:30 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 HINRICHS Spedition & Dienstleistungs GmbH on Aug. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HINRICHS Spedition & Dienstleistungs GmbH
         Attn: Doerthe Heesen, Manager
         Edammer Str. 21
         26188 Edewecht, Germany

The administrator can be contacted at:

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


HVB PLANUNGS: Claims Registration Ends October 6
------------------------------------------------
Creditors of HVB Planungs- und Entwicklungsgesellschaft mbH have
until Oct. 6 to register their claims with court-appointed
provisional administrator Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 26 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, Germany

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

The District Court of Hanau opened bankruptcy proceedings
against HVB Planungs- und Entwicklungsgesellschaft mbH on
Aug. 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         HVB Planungs- und Entwicklungsgesellschaft mbH
         Attn: Kazimierz Kasprzyk, Manager
         Bruchkoebeler Landstr. 27
         63452 Hanau, Germany

The administrator can be contacted at:

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


MUEHLENZ SCHUHE: Creditors' Meeting Slated for October 9
--------------------------------------------------------
The court-appointed provisional administrator for Muehlenz
Schuhe Handelsgesellschaft mbH, Arne Fu, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 2:00 p.m. on Oct. 9.

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

         The District Court of Pirmasens
         Area 235
         2nd Floor
         Pirmasens, Germany

The Court will also verify the claims set out in the
administrator's report at 2:00 p.m. on Nov. 13 at the same
venue.

Creditors have until Nov. 3 to register their claims with the
court-appointed provisional administrator.

The District Court of Pirmasens opened bankruptcy proceedings
against Muehlenz Schuhe Handelsgesellschaft mbH on Aug. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Muehlenz Schuhe Handelsgesellschaft mbH
         Attn: Marc Behrens, Manager
         Industrial Road 3
         76846 Hauenstein, Germany

The administrator can be reached at:

         Dr. Arne Fu
         Buchsweilerstrasse 18
         66953 Pirmasens, Germany
         Tel: 06331/24130
         Fax: 06331/241310


PALLIGNUM GMBH: Claims Registration Ends October 9
--------------------------------------------------
Creditors of Pallignum GmbH have until Oct. 9 to register their
claims with court-appointed provisional administrator Thomas
Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at noon 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 Duisburg
         Meeting Room C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Pallignum GmbH on Aug. 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Pallignum GmbH
         Haldenstr. 141
         47167 Duisburg, Germany

         Attn: Michael Mueller, Manager
         Muwhlenbach 12
         59929 Brilon, Germany

The administrator can be contacted at:

         Thomas Schmitz
         Flohbusch 1
         47802 Krefeld, Germany


RC2 CORP: 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
Ba2 Corporate Family Rating to Ba3 for RC2 Corporation.

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 2008                  Ba2      Ba2     LGD3       32%

Sr. Sec. Term Loan
Due 2008                  Ba2      Ba2     LGD3       32%

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%).

RC2 Corporation -- http://www.rc2corp.com/-- designs, produces
and markets innovative, high-quality toys, collectibles, hobby
and infant care products that are targeted to consumers of all
ages.  RC2's infant and preschool products are marketed under
its Learning Curve(R) family of brands which includes The First
Years(R) by Learning Curve and Lamaze brands as well as popular
and classic licensed properties such as Thomas & Friends, Bob
the Builder, Winnie the Pooh, John Deere, and Sesame Street.
RC2 markets its collectible and hobby products under a portfolio
of brands including Johnny Lightning(R), Racing Champions(R),
Ertl(R), Ertl Collectibles(R), AMT(R), Press Pass(R), JoyRide(R)
and JoyRide Studios(R).  RC2 reaches its target consumers
through multiple channels of distribution supporting more than
25,000 retail outlets throughout North America, Europe,
Australia, and Asia Pacific.


PLIANT CORP: Financial Woes Prompt S&P to Assign B- Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to Schaumburg, Ill.-based Pliant Corp.  The
outlook is stable.

At the same time, Standard & Poor's assigned its 'B-' rating and
a recovery rating of '3' to the company's $292 million senior
secured notes due 2009.

The '3' recovery rating indicates our expectation of meaningful
(50%-80%) recovery of principal (including accreted interest
until 2009) in the event of a payment default.

Standard & Poor's also assigned a 'CCC' rating and a recovery
rating of '5' to Pliant's US$250 million senior secured second-
lien notes due 2009, which are secured on a second-priority lien
basis by all assets of the company.  These ratings indicate an
expectation of negligible recovery of principal (0%-25%) in the
event of a payment default.

The second-lien notes are rated two notches below the corporate
credit rating in view of the shared collateral supporting the
company's substantial priority debt obligations, and the
relatively disadvantaged position of the noteholders vis-a-vis
the priority debt.

Following the company's emergence from bankruptcy in July 2006,
total debt outstanding was about US$725 million.

"The ratings reflect Pliant's highly leveraged financial profile
incorporating weak credit measures, limited liquidity, and
significant refinancing risk, which overshadow its vulnerable
business position in the plastic film and flexible-packaging
segments," said Standard & Poor's credit analyst Liley Mehta.

With annual revenues of about US$1.2 billion, Pliant is
primarily a North American producer of extruded film and
flexible-packaging products for food, personal care, medical,
industrial, and agricultural markets.  The films and flexible
packaging industry is highly fragmented and competition is
intense, stemming from direct competitors, customer in-sourcing,
and substitute products.


RITZ AUTOMOBIL: Creditors' Meeting Slated for October 6
-------------------------------------------------------
The court-appointed provisional administrator for Ritz Automobil
Zentrum Waldhessen GmbH, Olaf Boerner, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:30 a.m. on Oct. 6.

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

         The District Court of Bad Hersfeld
         Hall 8
         District Court Building
         Duden Route 10
         36251 Bad Hersfeld, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Dec. 12 at the same
venue.

Creditors have until Oct. 12 to register their claims with the
court-appointed provisional administrator.

The District Court of Bad Hersfeld opened bankruptcy proceedings
against Ritz Automobil Zentrum Waldhessen GmbH on Aug. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ritz Automobil Zentrum Waldhessen GmbH
         Blaue Liede 1
         36282 Hauneck, Germany

         Attn: Christian Schreiber, Manager
         Huenfelder Road 73
         36251 Bad Hersfeld, Germany

The administrator can be reached at:

         Olaf Boerner
         Brother Grimm Place 4
         34117 Kassel, Germany
         Tel: 0561/71200-0
         Fax: 0561/7120030


ROETZER-ZIEGEL-ELEMENTHAUS: Creditors' Meeting Slated for Oct. 5
----------------------------------------------------------------
The court-appointed provisional administrator for Roetzer-
Ziegel-Elementhaus Berlin GmbH i.L., Wolfgang Schoeder, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 11:00 a.m. on Oct. 5.

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 11:00 a.m. on Dec. 28 at the same
venue.

Creditors have until Nov. 1 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Roetzer-Ziegel-Elementhaus Berlin GmbH i.L.
on Aug. 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Roetzer-Ziegel-Elementhaus Berlin GmbH i.L.
         c/o May Unternehmsberatung Lehrter Str. 46
         10557 Berlin, Germany

The administrator can be reached at:

         Dr. Wolfgang Schoeder
         Genthiner Str. 48
         10785 Berlin, Germany


ROSANA MILCHHOF: Claims Registration Ends October 9
---------------------------------------------------
Creditors of Rosana Milchhof Klindworth KG have until Oct. 9 to
register their claims with court-appointed provisional
administrator Yvo Dengs.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Nov. 7 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 Tostedt
         Area CE.02
         Linden 23
         21255 Tostedt, 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 Tostedt opened bankruptcy proceedings
against Rosana Milchhof Klindworth KG on Aug. 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Rosana Milchhof Klindworth KG
         Attn: Gerda Klindworth, Manager
         Nuettel 1
         27419 Vierden, Germany

The administrator can be contacted at:

         Yvo Dengs
         Sandtorkai 62
         20457 Hamburg, Germany
         Tel: 040/30696940
         Fax: 040/30696950


SOFTWAREPUBLISHING AG: Claims Registration Ends October 9
---------------------------------------------------------
Creditors of Softwarepublishing AG have until Oct. 9 to register
their claims with court-appointed provisional administrator Rolf
G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Softwarepublishing AG on Aug. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Softwarepublishing AG
         Westendstr. 134
         80339 Munich, Germany

The administrator can be contacted at:

         Rolf G. Pohlmann
         Richard-Strauss-Str. 69
         81677 Munich, Germany
         Tel: 089/548033-0
         Fax: 089/548033-111


STADTHEIDESTRASSE 25: Creditors' Meeting Slated for Oct. 4
----------------------------------------------------------
The court-appointed provisional administrator for
Stadtheidestrasse 25 KG KIBUS Geschaftsfuehrungs-GmbH & Co.,
Rolf Rattunde, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:25 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 9:15 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 against Stadtheidestrasse 25 KG KIBUS
Geschaftsfuehrungs-GmbH & Co. on Aug. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Stadtheidestrasse 25 KG KIBUS
         Geschaftsfuehrungs-GmbH & Co.
         Brabanter Road 18-20
         10713 Berlin, Germany

The administrator can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin, Germany


VISTEON CORP: Opens US$10 Million Technical Center in India
-----------------------------------------------------------
Global automotive supplier Visteon Corp. opened a US$10 million
Visteon Technical and Services Center in Chennai, India.  The
110,000 square-foot facility is set to become Visteon's center
of excellence for automotive embedded software, providing
support to Visteon globally, including joint ventures and
aftermarket business.  The Indian arm of Visteon software
development accounts for more than 50% of the global software
development within Visteon.

The new center will build on the strong capability of the India
software team to develop and validate electronic modules for
audio products (radios, satellite digital radios, media
players), instrument clusters, body control modules, adaptive
lighting products, electronic climate controls, powertrain
electronics and engine control modules, center displays and
other products.

The center will also provide business process outsourcing
support in the areas of supplier management, finance operations
and environmental engineering.  Visteon Technical and Services
Center will be fully supported by two other existing Visteon
entities: Visteon Powertrain Control Systems India Private Ltd.,
and Visteon Automotive Systems India Private Ltd.

"The new technical and service center demonstrates our
continuous commitment to India," said Bob Pallash, senior vice
president of Visteon Corporation and president of Asia Pacific
Customer Group. "This development center will play a crucial
role in further driving our success worldwide.  With the Indian
automotive sector poised for unprecedented growth, our Indian
operations are a critical asset in further developing Visteon's
competitive edge."

Located at Olympia Tech Park, an information technology park in
the business district of Chennai, Visteon Technical and Services
Center occupies four floors of the "Fortius" building.  The new
facility is expected to accommodate more than 700 software
professionals and 250 business process professionals.  The
Chennai software operation has been growing steadily since its
inception in 1998 and currently has 450 full time employees,
including 400 software engineers and 50 business process
employees.

"This new center is another symbol of our expansion in the
country and emphasizes Visteon's strengths and world-class
capabilities to deliver services globally and meet the unique
requirements of customers in India," said A. Viswanathan,
managing director, Visteon India.  "The employees deliver
remarkable quality, innovation and performance standards.  With
its world-renowned IT skills and excellent automotive knowledge,
India is fast emerging as an excellent base for prototyping,
testing, validating and producing auto-components for the global
market."

With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   * Climate Systems India Limited,
   * Visteon Automotive Systems India Private Ltd.
   * Visteon Automotive Systems India Private Ltd.
   * Visteon Powertrain Control Systems India Private Ltd.
   * TATA Visteon Automotive Private Ltd.
   * TACO Visteon Engineering Private Ltd.

                    About Visteon Corporation

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries and
employs approximately 50,000 people.

                          *     *     *

As reported in the Troubled Company Reporter on Sept 13, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Van Buren Township, Michigan-based Visteon
Corp., and removed the rating from CreditWatch with negative
implications where it was placed on Aug. 21, 2006.  Visteon, a
global manufacturer of automotive components, has total debt of
about US$2.3 billion.  S&P said the rating outlook is negative.


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


LEGG MASON: S&P Withdraws Fixed Income Fund Ratings
---------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on
several funds at the request of the funds' manager, Legg Mason
Investments (Ireland) Ltd.

The ratings withdrawn were:

   -- 'B-f' fund credit quality rating and 'S6' fund
      volatility rating on the SBGH Emerging Markets Debt Fund;

   -- 'B-f' fund credit quality rating and 'S6' fund
      volatility rating on the SBGH Global High Yield Bond Fund;

   -- 'BB-f' fund credit quality rating 'S3' fund
       volatility rating on the SBGH Diversified
       Strategic Income Fund; and

   -- 'A-f' fund credit quality rating and 'S3' fund
       volatility rating on the SBGH Investment Grade
       Total Return Bond Fund.


TOWER RECORDS: Section 341(a) Meeting Scheduled on Friday
---------------------------------------------------------
The U.S. Trustee for Region 3 will convene a meeting of MTS
Incorporated, dba Tower Records, and its debtor-affiliates'
creditors at 10:00 a.m., on Sept. 29, at Room 2112, Second
Floor, J. Caleb Boggs Federal Building in Wilmington, Delaware.
This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The Company and seven of its affiliates filed
for chapter 11 protection on Aug. 20, 2006 (Bankr. D. Del. Case
Nos. 06-10886 through 06-10893).  Richards, Layton & Finger,
P.A. and O'Melveny & Myers LLP represent the Debtors.  The
Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP.  When the Debtors filed for protection from
their creditors, they estimated assets and debts of more than
$100 million.  The Debtors' exclusive period to file a chapter
11 plan expires on Dec. 18, 2006.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No.
04-10394).  The Court confirmed the plan on March 15, 2004.


WELLMAN INC: Consolidating U.S. Fiber Production in Darlington
--------------------------------------------------------------
Wellman, Inc., plans to restructure its U.S. fiber operations,
which are intended to improve its operating results, reduce
working capital and lower overall debt.

The Company will consolidate all of its U.S. fiber production to
its Palmetto plant, located in Darlington, South Carolina and
close the fiber capacity located at its Johnsonville, South
Carolina facility.  The Company expects to sell its Material
Recycling Division, which converts post-consumer PET bottles to
flake and certain equipment used to produce Wellstrand, a
specialty coarse denier fiber, both located at its Johnsonville
facility.  All of the actions are expected to result in a pre-
tax non-cash charge of $30 million to $35 million in the third
quarter of 2006.

Joseph C. Tucker, vice president of the Fiber and Recycled
Products Group, stated, "We will continue to meet our
Johnsonville customers' requirements for high quality fiberfill
from our Palmetto plant which has the capacity to produce 500
million pounds of polyester staple fiber annually."

Thomas M. Duff, chairman and chief executive officer, stated,
"Consolidating our U.S. fiber production is expected to increase
operating income and reduce working capital.  We will be able to
operate one fiber facility at close to full capacity rather than
operating two under-utilized facilities.  This will allow us to
lower our overall costs and remain more competitive in our
domestic fiber operations.  This decision is not a reflection on
the dedication or abilities of our Johnsonville employees."

The Company also disclosed that it is exploring strategic
alternatives for its European fiber and PET resin businesses.
Mr. Duff stated, "We are reviewing the performance of these
businesses and exploring strategic alternatives with the goal of
improving our overall corporate value."

Wellman, Inc. manufactures and markets high-quality polyester
products, including PermaClear(R) brand PET (polyethylene
terephthalate) packaging resin and Fortrel(R) brand polyester
fiber.  One of the world's largest PET plastic recyclers,
Wellman utilizes a significant amount of recycled raw materials
in its manufacturing operations.  It has facilities in the U.S.,
Ireland, the Netherlands and France.

                         *     *     *

Wellman carry Standard & Poor's Ratings Services' 'B+' corporate
credit rating.


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


BERRY PLASTICS: Completes Tender Offer for 10.75% Sr. Sub. Notes
----------------------------------------------------------------
Berry Plastics Corporation has completed its tender offer and
consent solicitation for any and all of its outstanding
$335,000,000 aggregate principal amount of 10.75% Senior
Subordinated Notes due 2012 (CUSIP No. 085790AJ2) pursuant to
the Offer to Purchase and Consent Solicitation Statement dated
July 25, 2006, as extended on Aug. 7, 2006 and on Sept. 6, 2006.

The offer expired at 12:00 midnight, EST, on Sept. 20, 2006,
with $335,000,000 in aggregate principal amount of Notes (100%
of outstanding Notes) tendered and accepted for purchase under
the terms of the Offer.

Deutsche Bank Securities Inc. is the exclusive dealer manager
and solicitation agent for the tender offer and consent
solicitation.

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 Italy, England and Hong Kong -- and more
than 6,800 employees.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
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.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Moody's Investors Service confirmed the B3 rating on Berry
Plastics Corp.'s $335 million 10.75% senior subordinated notes,
due July 15, 2012.


TISCALI SPA: Repays EUR209.5 Million Equity-Linked Bonds
--------------------------------------------------------
Tiscali S.p.A. has reimbursed the 4.25% Equity-Linked Bond
issued by its subsidiary in Luxembourg, Tiscali Finance S.A.,
for a nominal value of EUR209.5 plus interests of c.a. EUR8.9
million.

For the repayment of the Equity-Linked Bonds Tiscali has
utilized, as already announced, the soft mandatory clause.  As a
consequence, bondholders have received a combination of newly
issued shares and cash, deriving from the debt facility provided
by Silver Point Capital.

For the repayment of the bonds 27.7 million shares were issued
at the issue price of EUR2.26 per share for a total of EUR62.5
million.  The amount reimbursed in cash was therefore EUR147.0
million.

The Tiscali Group has completed today the reimbursement process
of all the bonds issued since 2000, for a total amount of EUR600
million.

During the second week of October, the Tiscali Group plans to
present to the market its new business plan.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.   Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


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


AITAJOL: Creditors Must File Claims by Oct. 20
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Agricultural Corporation Agroprodcorporatsya Aitajol
insolvent on July 13.  Subsequently bankruptcy proceedings were
introduced at the company.

Creditors have until Oct. 20 to submit written proofs of claim
to:

         LLP Agroprodcorporatsya Aitajol
         Micro District Mamyr-2, 4-24
         Almaty, Kazakhstan
         Tel: 8 (3272) 57-10-19
              8 (3335) 62-62-33


CORAL LTD: Creditors Must File Claims by Oct. 20
------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Coral Ltd. insolvent on July 28.

Creditors have until Oct. 20 to submit written proofs of claim
to:

         LLP Coral Ltd.
         Room 7
         Suleimenova Str. 11a
         Taraz
         Jambyl Region
         Kazakhstan
         Tel: 8 (3262) 43-25-52


EAGLE LANDING: Proof of Claim Deadline Slated for Oct. 18
---------------------------------------------------------
LLP Eagle Landing has declared insolvency.  Creditors have until
Oct. 18 to submit written proofs of claim to:

         LLP Eagle Landing
         Office 3
         Karasai batyr Str. 52
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-55-74
         Fax: 8 (3272) 72-33-56


KAZOVOSHPRODUCT: Proof of Claim Deadline Slated for Oct. 20
-----------------------------------------------------------
OJSC Kazovoshproduct (RNN 091300211086) has declared insolvency.
Creditors have until Oct. 20 to submit written proofs of claim
to:
         OJSC Kazovoshproduct
         Jeleznodorojnaya Str.25
         Kapshagai
         Almaty Region
         Kazakhstan


NURBANK JSC: Moody's Rates Senior Unsecured Notes at Ba3
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the senior
unsecured foreign currency notes issued by NurFinance B.V.
unconditionally and irrevocably guaranteed by JSC Nurbank.  The
proceeds from the issue will be deposited with Nurbank.  The
outlook for the rating is stable.

The holders of the notes will be relying for repayment solely
and exclusively on Nurbank's ability to make payments under the
deposit and guarantee agreements.  Moody's Ba3 rating is based
on Nurbank's fundamental credit quality.

Nurbank's obligations under the guarantee agreement will rank at
all times at least pari-passu with the claims of all other
unsecured and unsubordinated creditors of the bank, save for
those claims that are preferred by any relevant law.

The terms and conditions of the notes contain a negative pledge
clause and a cross-acceleration clause for both Nurbank and the
issuer as well as a covenant that Nurbank's total capital ratio
calculated in accordance with Basel requirements should not fall
below 10%.  In the event the capital adequacy ratio where to
approach 10%, the bank's ratings would become unstable and
significant downward pressures may ensue.

According to Moody's, the notes might be eligible for early
redemption by the noteholders in the event of a merger or a sale
of assets, if this results in Nurbank being downgraded by two
notches or in the withdrawal of its ratings.

Nurbank is headquartered in Almaty, Kazakhstan, and had total
IFRS-consolidated assets of KZT142 billion (US$1.2 billion) as
of June 30, 2006.


RAINBOW TRADING: Claims Registration Ends Oct. 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Rainbow Trading insolvent on July 31.

Creditors have until Oct. 20 to submit written proofs of claim
to:

         LLP Rainbow Trading
         P.O. Box 1
         JSC Kazpochta
         Post Office 57
         050057 Almaty, Kazakhstan


REMBYTSERVICE: Claims Registration Ends Oct. 20
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Repair Domestic Service Rembytservice insolvent on July 26.

Creditors have until Oct. 20 to submit written proofs of claim
to:

         LLP Rembytservice
         Office 74-75
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


TALAPTY: South Kazakhstan Court Starts Bankruptcy Procedure
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against JSC
Talapty.


TAU-TEHNIKA: Creditors' Claims Due Oct. 20
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Firm Tau-Tehnika insolvent on July 26.

Creditors have until Oct. 20 to submit written proofs of claim
to:

         LLP Firm Tau-Tehnika
         Office 74-75
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


VODOSNABJENIYE: Akmola Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Water Supply
Vodosnabjeniye on July 27.


VOSTOKTECHNOTRADE: Creditors' Claims Due Oct. 18
------------------------------------------------
LLP Vostoktechnotrade has declared insolvency.  Creditors have
until Oct. 18 to submit written proofs of claim to:

         LLP Vostoktechnotrade
         Zasadko Str. 54-502
         Semipalatinsk
         East Kazakhstan Region
         Kazakhstan


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


EKSO TERRA: Creditors Must File Claims by Nov. 8
------------------------------------------------
LLC Ekso Terra Consulting has declared insolvency.  Creditors
have until Nov. 8 to submit written proofs of claim to:

         LLC Ekso Terra Consulting
         Free Economic Zone Bishkek
         Ak-Chyi
         Bishkek, Kyrgyzstan


INTERPROFI: Proof of Claim Deadline Slated for Nov. 8
-----------------------------------------------------
LLC Interprofi has declared insolvency.  Creditors have until
Nov. 8 to submit written proofs of claim to:

         LLC Interprofi
         Micro District 5, 34-39
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 41-25-39


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


TISCALI FINANCE: Parent Repays EUR209.5 Million Bonds
-----------------------------------------------------
Tiscali S.p.A. has reimbursed the 4.25% Equity-Linked Bond
issued by its subsidiary in Luxembourg, Tiscali Finance S.A.,
for a nominal value of EUR209.5 plus interests of about EUR8.9
million.

For the repayment of the Equity-Linked Bonds Tiscali has
utilized, as already announced, the soft mandatory clause.  As a
consequence, bondholders have received a combination of newly
issued shares and cash, deriving from the debt facility provided
by Silver Point Capital.

For the repayment of the bonds 27.7 million shares were issued
at the issue price of EUR2.26 per share for a total of EUR62.5
million.  The amount reimbursed in cash was therefore EUR147.0
million.

The Tiscali Group has completed today the reimbursement process
of all the bonds issued since 2000, for a total amount of EUR600
million.

During the second week of October, the Tiscali Group plans to
present to the market its new business plan.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.   Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


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


GETRONICS NV: APX Synstar Submits Binding Offer for French Stake
----------------------------------------------------------------
Getronics N.V. has received a binding offer from the French ICT
Services and Solutions company APX Synstar to acquire a majority
stake in Getronics' operations in France.  As part of the
proposed deal, APX Synstar would transfer its business
activities in Belgium to Getronics, strengthening the current
operations of Getronics in Belgium.  Getronics would retain a
33% stake in the French subsidiaries.

Getronics has initiated a consultation on the proposed
transaction with the Works Councils of its French subsidiaries.
The transaction will be signed once the Works Councils have
rendered their final opinion and is expected to close in Q4
2006.

"This deal is strategically excellent for Getronics," Klaas
Wagenaar, CEO of Getronics, said.  "It strengthens our business,
while also enabling our clients to benefit from an expanded
footprint in the French market, and the combined capabilities
and know-how of Getronics and APX Synstar.'

"This strategic partnership will reinforce our leading position
in the IT Solutions and Services market in France," Noel Saille,
CEO of APX Synstar, said.  "It will extend our expertise on the
Application Services and the Managed Services side for APX
Synstar clients, while also bringing to Getronics clients a new
set of capacities around Integration Services on Critical
Secured Infrastructure.'

The proposed new French partnership would create a focused
national player and a strong partnership between APX Synstar and
Getronics. APX Synstar has extensive knowledge of the French
market, a prestigious client base and considerable ICT expertise
in IT integration and services, which would enable it to
maximise the value of Getronics' business activities in France.
APX Synstar would be able to leverage the first class global ICT
services delivery capabilities of the Getronics operation and
its skilled and dedicated workforce.

The total estimated 2006 revenue of Getronics' French business
amounts to approximately EUR65 million.  The net loss for 2006
until closing in respect of Getronics' French business is
expected to be EUR8 million. Also, as a result of this
transaction, Getronics expects to write-down goodwill of
approximately EUR15 million.  The estimated 2006 cash flow used
in operating activities is EUR8 million and the total 2006 cash
flow used in investing and financing activities is an estimated
EUR6 million.

                       About APX Synstar

Headquartered in Paris, France, APX Synstar, is a European ICT
Services and Solutions provider operating mainly in France and
the Benelux.  APX Synstar employs approximately 440 people and
has approximate revenues of EUR100 million, of which 40% of the
total revenue is coming from Services.

                        About Getronics

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

                       *     *     *

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

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

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


WELLMAN INC: Consolidating U.S. Fiber Production in Darlington
--------------------------------------------------------------
Wellman, Inc., plans to restructure its U.S. fiber operations,
which are intended to improve its operating results, reduce
working capital and lower overall debt.

The Company will consolidate all of its U.S. fiber production to
its Palmetto plant, located in Darlington, South Carolina and
close the fiber capacity located at its Johnsonville, South
Carolina facility.  The Company expects to sell its Material
Recycling Division, which converts post-consumer PET bottles to
flake and certain equipment used to produce Wellstrand, a
specialty coarse denier fiber, both located at its Johnsonville
facility.  All of the actions are expected to result in a pre-
tax non-cash charge of $30 million to $35 million in the third
quarter of 2006.

Joseph C. Tucker, vice president of the Fiber and Recycled
Products Group, stated, "We will continue to meet our
Johnsonville customers' requirements for high quality fiberfill
from our Palmetto plant which has the capacity to produce 500
million pounds of polyester staple fiber annually."

Thomas M. Duff, chairman and chief executive officer, stated,
"Consolidating our U.S. fiber production is expected to increase
operating income and reduce working capital.  We will be able to
operate one fiber facility at close to full capacity rather than
operating two under-utilized facilities.  This will allow us to
lower our overall costs and remain more competitive in our
domestic fiber operations.  This decision is not a reflection on
the dedication or abilities of our Johnsonville employees."

The Company also disclosed that it is exploring strategic
alternatives for its European fiber and PET resin businesses.
Mr. Duff stated, "We are reviewing the performance of these
businesses and exploring strategic alternatives with the goal of
improving our overall corporate value."

Wellman, Inc. manufactures and markets high-quality polyester
products, including PermaClear(R) brand PET (polyethylene
terephthalate) packaging resin and Fortrel(R) brand polyester
fiber.  One of the world's largest PET plastic recyclers,
Wellman utilizes a significant amount of recycled raw materials
in its manufacturing operations.  It has facilities in the U.S.,
Ireland, the Netherlands and France.

                         *     *     *

Wellman carry Standard & Poor's Ratings Services' 'B+' corporate
credit rating.


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


VERIFONE: Moody's Affirms B1 Rating on Favorable Demand Outlook
---------------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating
of B1 of VeriFone and revised the rating outlook to stable from
negative.  At the same time, Moody's assigned ratings to new
bank credit facilities that VeriFone will use to finance its
pending acquisition of Lipman Electronic Engineering Ltd.

The B1 corporate family rating reflects the favorable demand
outlook in the point-of-sale payment solutions sector,
VeriFone's strong market position post the Lipman acquisition in
an industry that is dominated by a few key players worldwide,
and VeriFone's track record in recent years in growing revenue,
profitability, and cash flow (though the most recent quarter's
inventory build up hampers free cash flow currently).

In addition, half of the transaction consideration is via
issuance of equities, and the resultant capital structure is
relatively conservative with Debt to EBITDA of 3.1x.  These
factors combined with the expectation that working capital will
normalize and free cash flow will return to previous levels led
Moody's to revise the outlook to stable from negative despite
concerns over possible integration issues.

The B1 ratings on VeriFone's new credit facilites are assgined
based on Moody's LGD methodology, and they reflect the credit
facilities' preponderance in the proforma capital structure.

Ratings affirmed:

   -- Corporate Family rating of B1;

Ratings assigned:

   -- US$40 million senior secured (first lien) revolving
      credit facility, due 2012: B1;

   -- US$500 million senior secured (first lien) term
      loan facility, due July 2013: B1;

Ratings withdrawn upon refinancing:

   -- Ba3 rating on US$30 million Senior Secured First
      Priority Revolving Credit Facility due 2009; and

  -- Ba3 rating on US$190 million Senior Secured First
     Priority Term Loan B due 2011.

Outlook revised to Stable from Negative.

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.

Lipman's corporate headquarters and R&D facilities are located
in Israel.  The company is a provider of a variety of handheld,
wireless and landline point-of-sale products, solutions and
services.


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


AGRO-PROM-KHIMIYA: V. Vashkevich to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. V. Vashkevich as Insolvency Manager for LLC
Galichskiy Tannery.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-23664/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Galichskiy Tannery
         Mekhanizatorov Str. 13
         Sosnovo
         Priozerskiy Region
         188730 Leningrad Region
         Russia


ALAPAEVSKIY MACHINE-TOOL: Creditors Must File Claims by Oct. 19
---------------------------------------------------------------
Creditors of OJSC Alapaevskiy Machine-Tool Plant have until
Oct. 19 to submit written proofs of claim to:

         S. Domas, Insolvency Manager
         Sverdlova Str. 38
         620000 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region for commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A60-10355/04-S2.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Alapaevskiy Machine-Tool Plant
         Tokarey Str. 1.
         Alapaevsk
         Sverdlovsk Region
         Russia


ARBAZHSKOYE REPAIR: Bankruptcy Hearing Slated for Dec. 18
---------------------------------------------------------
The Arbitration Court of Kirov Region will convene on Dec. 18 to
hear the bankruptcy supervision procedure on OJSC Arbazhskoye
Repair Technical Enterprise.  The case is docketed under Case
No. A28-227/06-196/6.

The Temporary Insolvency Manager is:

         N. Krotov
         Post User Box 19
         Orichi
         612080 Kirov Region
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Arbazhskoye Repair Technical Enterprise
         Oktyabrskaya Str. 1a
         Arbazh
         Kirov Region
         Russia


BALTIC BUILDING: Bankruptcy Hearing Slated for Dec. 4
-----------------------------------------------------
The Arbitration Court of St-Petersburg and Leningrad Region will
convene at 11:00 a.m. Dec. 4 to hear the bankruptcy supervision
procedure on CJSC Baltic Building Company 2 Saint-Petersburg.
The case is docketed under Case No. A56-12101/2006.

The Temporary Insolvency Manager is:

         M. Brylev
         Post User Box 119
         191123 St-Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg Region
         Russia

The Debtor can be reached at:

         CJSC Baltic Building Company 2 Saint-Petersburg
         Letter A
         Building 22-N
         16th Liniya V.O. 37
         100178 St-Petersburg Region
         Russia


BELOZERSKIY: Court Names V. Goryachkin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. V.
Goryachkin as Insolvency Manager for OJSC Belozerskiy Wine-
Making Factory.  He can be reached at:

         V. Goryachkin
         Apartment 207
         Predtecheskaya Str. 31
         160035 Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-366/06-25.

The Debtor can be reached at:

         OJSC Belozerskiy Wine-Making Factory
         Antushevo
         Belozerskiy Region
         Vologda Region
         Russia


BEZYMYANSKIY ELEVATOR: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Saratov Region commenced bankruptcy
supervision procedure on OJSC Bezymyanskiy Elevator.  The case
is docketed under Case No. A-57-4B/06-12.

The Temporary Insolvency Manager is:

         A. Kharitonov
         Barnaulskaya Str. 34
         410049 Saratov Region
         Russia

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Bezymyanskiy Elevator
         Bezymyannaya St.
         Engelsskiy Region
         Saratov Region
         Russia


CONCERN GRAIN: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Stavropol Region commenced bankruptcy
supervision procedure on OJSC Concern Grain Union of South
Russia.  The case was docketed under Case No. A63-4406/06-S5.

The Temporary Insolvency Manager is:

         D. Perekhoda
         Office 19
         45 Parallel Str. 26
         355042 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Concern Grain Union Of South Russia
         Kulakova Pr. 8 b
         355000 Stavropol Region
         Russia


FIDES: Stavropol Court Names E. Shebetko as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed E. Shebetko
as Insolvency Manager for CJSC Insurance Company Fides.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-3343/02.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Insurance Company Fides
         Lomonosova Str. 25.
         Stavropol Region
         Russia


GALICHSKIY TANNERY: A. Butenko to Manage Assets
-----------------------------------------------
The Arbitration Court of Kostroma Region appointed Mr. A.
Butenko as Insolvency Manager for LLC Galichskiy Tannery.  He
can be reached at:

         A. Butenko
         Office 412
         Lenina Pr. 21b
         150003 Yaroslavl
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-9688/2005-18.

The Debtor can be reached at:

         LLC Galichskiy Tannery
         Artemyevskoye
         Galichskiy Region
         157217 Kostroma Region
         Russia


KIMOVSK-SEL-KHOZ-KHIMIYA: S. Suvorov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. S. Suvorov as
Insolvency Manager for OJSC Kimovsk-Sel-Khoz-Khimiya.  He can be
reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-435/B-06.

The Debtor can be reached at:

         OJSC Kimovsk-Sel-Khoz-Khimiya
         Selkhoztekhnika
         Kimovsk
         Tula Region
         Russia


KISLOVODSKIY WINNERY: O. Kiryanov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. O.
Kiryanov as Insolvency Manager for OJSC Kislovodskiy Winnery.
He can be reached at:

         O. Kiryanov
         Prodolnaya Str. 141
         Stavropol Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-2377/05-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Kislovodskiy Winnery
         Prodolnaya Str. 141
         Stavropol Region
         Russia


KOLYVANSKIY: Court Names Z. Orlova as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Ms. Z.
Orlova as Insolvency Manager for OJSC Kolyvanskiy Butter And
Cheese Making Factory.  She can be reached at:

         Z. Orlova
         Post User Box 354
         Krasnoobsk
         630501 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-8959/06-4/133.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Kolyvanskiy Butter And Cheese Making Factory
         Revolyutsionnyj Pr. 32
         Kolyvan
         Novosibirsk Region
         Russia


MINE LISTVYANSKAYA:  A. Senotrusov to Manage Assets
---------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. A.
Senotrusov as Insolvency Manager for OJSC Mine Listvyanskaya.
He can be reached at:

         A. Senotrusov
         Office 10
         Lenina Str. 62A
         660049 Krasnoyarsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-7988/06-29/46.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Mine Listvyanskaya
         Litvyanskiy
         Novosibirsk Region
         Russia


NADEZHDA: Court Names E. Shebetko as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. E.
Shebetko as Insolvency Manager for CJSC Insurance Company
Nadezhda.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-3803/02-S5.

The Debtor can be reached at:

         CJSC Insurance Company Nadezhda
         Marshala Zhukova Str. 5.
         Stavropol Region
         Russia


NADYMSKIY FACTORY: Court Names V. Grigoryev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region
appointed Mr. V. Grigoryev as Insolvency Manager for OJSC
Nadymskiy Factory Of Large Panel House-Building.  He can be
reached at:

         V. Grigoryev
         Post User Box 8
         123007 Moscow Region
         Russia
         Tel./Fax: (095) 937-66-59

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A81-1555/2005.

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

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

The Debtor can be reached at:

         OJSC Nadymskiy Factory Of Large Panel House-Building
         Zavodskaya Str.
         Nadym
         629730 Yamalo-Nenetskiy Autonomous Region
         Russia


NIZHNEVARTOVSKIY CITY-DIARY: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Khanty-Manskiyskiy Autonomous Region
commenced bankruptcy supervision procedure on CJSC
Nizhnevartovskiy City-Diary.  The case is docketed under Case
No. A75-3802/2006.

The Temporary Insolvency Manager is:

         V. Maksimov
         Post User Box 247
         Chykova Str. 2
         420029 Kazan Region
         Russia

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 Nizhnevartovskiy City-Diary
         Zavodskaya Str. 25
         Nizhnevartovsk
         628600 Khanty-Manskiyskiy Autonomous Region
         Russia


OCEAN: Court Names S. Oganezova as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Ms. S.
Oganezova as Insolvency Manager for CJSC Ocean.  She can be
reached at:

         S. Oganezova
         Post User Box 48
         693007 Yuzhno-Sakhalinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-2548/06-S4.

The Debtor can be reached at:

         CJSC Ocean
         Poronaysk
         Sakhalin Region
         Russia


OIL-PRODUCT-SERVICE: Y. Belyaev to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. Y.
Belyaev as Insolvency Manager for LLC Oil-Product-Service.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-5347/06-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Oil-Product-Service
         Mikhaylovsk
         Stavropol Region
         Russia


OILER: Court Names S. Piskarev as Insolvency Manager
----------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. S.
Piskarev as Insolvency Manager for OJSC Oiler.  He can be
reached at:

         S. Piskarev
         Ardatovskaya Str. 29
         400120 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-6739/06-s55.

The Debtor can be reached at:

         OJSC Oiler
         Maslozavodskaya Str. 2
         Kumylzhenskaya St.
         Kumylzhenskiy Region
         Volgograd Region
         Russia


PLAZMA-MED: Tatarstan Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Tatarstan Republic commenced bankruptcy
supervision procedure on OJSC Plazma-Med.  The case is docketed
under Case No. A65-9743/2006-SG4-21.

The Temporary Insolvency Manager is:

         S. Sergeev
         Post User Box 96
         Sibirskiy Trakt 34
         Kazan Region
         Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Plazma-Med
         K. Tinchurina Str. 31
         Kazan Region
         420021 Tatarstan Republic
         Russia


PRIVOLNYJ: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Volgograd Region commenced bankruptcy
supervision procedure on OJSC Privolnyj (TIN 3444112551).  The
case is docketed under Case No. A12-11499/06-s58.

The Temporary Insolvency Manager is:

         V. Bondarev
         Post User Box 37
         400074 Volgograd Region
         Russia

The Debtor can be reached at:

         OJSC Privolnyj
         Sorokina Str. 2
         Privolnyj
         Svetloyarskiy Region
         404191 Volgograd Region
         Russia


REINFORCED-CONCRETE: Court Names S. Krotov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya Republic appointed
Mr. S. Krotov as Insolvency Manager for OJSC Factory of
Reinforced-Concrete Products.  He can be reached at:

         S. Krotov
         Pushkina Str. 60
         Nalchik
         360000 Kabardino Balkariya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A20-7683/2005.

The Debtor can be reached at:

         OJSC Factory Of Reinforced-Concrete Products
         Tyrnyauz
         Kabardino Balkariya Republic
         Russia


SEL-KHOZ-KHIMIYA: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Stavropol Region commenced bankruptcy
supervision procedure on CJSC Sel-Khoz-Khimiya.  The case was
docketed under Case No. A63-5875/06-S5.

The Temporary Insolvency Manager is:

         Y. Khistnyj
         Office 75
         Zootekhnicheskiy Per. 15
         355029 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Sel-Khoz-Khimiya
         Novoaleksandrovsk
         Stavropol Region
         Russia


SEVER-LES-PROM: Court Names G. Pogosyan as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. G.
Pogosyan as Insolvency Manager for LLC Woodworking Company
Sever-Les-Prom.  He can be reached at:

         G. Pogosyan
         Post User Box 152
         160000 Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-5651/2006-22.

The Debtor can be reached at:

         LLC Woodworking Company Sever-Les-Prom
         Cherepovets
         Vologda Region
         Russia


SIBERIAN SPRING: Bankruptcy Hearing Slated for Dec. 25
------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene on
Dec. 25 to hear the bankruptcy supervision procedure on CJSC
Siberian Spring.  The case is docketed under Case No.
A45-13194/4-48/292.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Siberian Spring
         Novosibirsk Region
         Russia


SOUTH GAS: Bankruptcy Hearing Slated for Nov. 27
------------------------------------------------
The Arbitration Court of Rostov Region will convene at 2:30 p.m.
Nov. 27 to hear the bankruptcy supervision procedure on LLC
South Gas Company (TIN 6164207982, KPP 616401001).  The case is
docketed under Case No. A53-7231/2006-S2-51.

The Temporary Insolvency Manager is:

         Kh. Khasanov
         Karla Marksa Square 26
         344019 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC South Gas Company
         Bolshaya Sadovaya Str. 150
         Rostov-na-Donu
         Russia


STUPINSKIY FACTORY: Creditors Must File Claims by Oct. 19
---------------------------------------------------------
Creditors of OJSC Stupinskiy Factory of Glass-Fiber Material
(TIN 5045003040) have until Oct. 19 to submit written proofs of
claim to:

         M. Paskhin, Insolvency Manager
         Avtozavodskaya Str. 14/23
         115280 Moscow Region
         Russia

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41-K2-990/06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Stupinskiy Factory of Glass-Fiber Material
         Zagordnaya Str.
         Stupino
         Moscow Region
         Russia


TYUMENSKIY SHIPYARD: Court Names S. Chepik as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. S. Chepik
as Insolvency Manager for OJSC Tyumenskiy Shipyard (TIN
7202024039, OGRN 1027200793564).  He can be reached at:

         S. Chepik
         Novgorodskaya Str. 10
         625048 Tyumen Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-70-4784/3-2006.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Tyumenskiy Shipyard
         Novgorodskaya Str. 10
         625048 Tyumen Region
         Russia


YUKOS OIL: Mulls Potential Deal with Mystery Foreign Bidder
-----------------------------------------------------------
OAO Yukos Oil Co. has revealed that an unidentified foreign
bidder is attempting to buy a controlling stake in what was once
Russia's largest oil producer in a bid to prevent the company's
liquidation, Nick Clark writes for Financial News Online.

According to the report, Victor Gerashchenko, Yukos' non-
executive chairman, told Russia's Profile magazine that the oil
group had been in talks with the potential investor, who would
take a stake in the company and repay its debts.

Mr. Gerashchenko told the magazine that after the offer was
made, "the sides took a 'time-out,' following which internal
discussions were held on whether or not to buy Yukos.  Nothing
is ruled out, in my opinion," he added.

A research note by Russian brokerage Deutsche UFG discloses that
the Russian government has not yet decided whether a foreigner
would be allowed to invest in Yukos or a Russian investor would
be more appropriate.

Mr. Gerashchenko has indicated his support to the sale of all of
Yukos' shares to Rosneft noting, however that "I am less
concerned about the buyer than I am about minority shareholders
losing money during the company's liquidation.  This totals
around US$9 billion, invested by three large American hedge
funds.  And this could create an unpleasant legal problem in
Russia, because they could go to court," Mr. Gerashschenko said.

As reported in TCR-Europe on Sept. 21, the Russian Trading
System 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 Moscow Interbank Currency Exchange, however,
suspended the trading of Yukos shares on Sept. 20.

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.


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


XERIUM TECHNOLOGIES: 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
Xerium Technologies Inc.  Additionally, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on these loan facilities:

                                             Projected
                    Old POD New POD  LGD     Loss-Given
   Debt Issue       Rating  Rating   Rating  Default
   ----------       ------  ------   ------  -------
   US$50 million
   Revolving
   Credit Facility  B1      B1       LGD3    46%

   US$650 million
   Term Loan        B1      B1       LGD3    46%

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 Westborough, Massachusetts, Xerium Technologies
Inc -- http://www.weavexx.com/-- is a global manufacturer and
supplier of two types of consumable products used in paper
production - machine clothing and roll covers for papermaking
machines.  The company has production facilities in Austria,
France, Italy, Germany, Scotland, Sweden, and Spain.


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


TEMBEC 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 this
week, the rating agency confirmed its Caa3 Corporate Family
Rating for Tembec Inc.  Additionally, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on these bond issues:

                                                Projected
                      Old POD  New POD  LGD     Loss-Given
   Debt Issue         Rating   Rating   Rating  Default
   ----------         ------   ------   ------  -------
   US$350 million
   8.625% Notes
   due 2009           Ca       Ca       LGD4    59%

   US$500 million
   8.50% Notes
   due 2011           Ca       Ca       LGD4    59%

   US$350 million
   7.75% Notes
   due 2012           Ca       Ca       LGD4    59%

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 Canada, Tembec Inc. -- http://www.tembec.com/
-- is an integrated forest products company, with extensive
operations in North America and France.  With sales of
approximately US$3.8 billion and some 10,000 employees, it
operates 50 market pulp, paper and wood product manufacturing
units, and produces silvichemicals from by-products of its
pulping process and specialty chemicals.  Tembec markets its
products worldwide and has sales offices in Canada, the United
States, the United Kingdom, Switzerland, China, Korea, Japan,
and Chile.  The Company also manages 40 million acres of forest
land in accordance with sustainable development principles and
has committed to obtaining Forest Stewardship Council (FSC)
certification for all forests under its care.


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


GORODOK SCIENTIFIC-EXPERIMENTAL: Bankruptcy Supervision Starts
--------------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on OJSC Gorodok Scientific-Experimental
Plant (code EDRPOU 00901677).  The case is docketed under Case
No. 3/187-B.

The Temporary Insolvency Manager is:

         Viktor Matushak
         Skovoroda Str. 14/151
         Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Gorodok Scientific-Experimental Plant
         Stantsijna Str. 1
         Gorodok
         32002 Hmelnitskij Region
         Ukraine


INTERAGROTRANS: Poltava Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on LLC Interagrotrans (code EDRPOU
31493773) on June 8.  The case is docketed under Case No.
18/259.

The Temporary Insolvency Manager is:

         Oleksandr Zayichenko
         Zhovtneva Str. 7/80
         Kremenchuk
         Poltava Region
         Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Interagrotrans
         Krasin Str. 61/52-62
         Kremenchuk
         Poltava Region
         Ukraine


KOSIV ALCOHOL: Court Commences Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on OJSC Kosiv Alcohol Plant
(code EDRPOU 00445765) on May 5.  The case is docketed under
Case No. B-7/103.

The Temporary Insolvency Manager is:

         Taras Savyuk
         Kvitkova Str. 20
         Kolomiya
         78200 Ivano-Frankivsk Region
         Ukraine

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Kosiv Alcohol Plant
         Nezalezhnosti Str. 204
         Kosiv
         78600 Ivano-Frankivsk Region
         Ukraine


MERCURY: Court Names Vasil Martinuk as Insolvency Manager
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Vasil
Martinuk as Liquidator/Insolvency Manager for OJSC Mercury (code
EDRPOU 00954372).

The Court commenced bankruptcy proceedings against the company
after finidng the company insolvent on July 24.  The case is
docketed under Case No. B-7/76.

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Mercury
         Bogdan Hmelnitskij Str. 25
         Dolina
         77503 Ivano-Frankivsk Region
         Ukraine


SINTEKS: Harkiv Court Names Vitalij Vojn as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Harkiv Region appointed Vitalij Vojn as
Insolvency Manager for Sinteks (code EDRPOU 32615354).

The Court commenced bankruptcy proceedings against the company
after finidng the company insolvent on Aug. 10.
The case is docketed under Case No. B-39/95-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         Sinteks
         Shevchenko Str. 24
         61013 Harkiv Region
         Ukraine


SNIZHNE AUTO-TRANSPORT 11412: Bankruptcy Supervision Starts
-----------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on OJSC Snizhne Auto-Transport Enterprise
11412 (code EDRPOU 03113696) on July 25.  The case is docketed
under Case No. 42/148/B.

The Temporary Insolvency Manager is:

         Ivan Popov
         Tayozhna Str. 1
         Makiyivka
         86123 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Snizhne Auto-Transport Enterprise 11412
         Shaumyan Str. 43
         Snizhne
         86500 Donetsk Region
         Ukraine


UKRNERUDPROM: Lviv Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on Corporation Ukrnerudprom (code EDRPOU
30163522).  The case is docketed under Case No. 6/48-4/65.

The Temporary Insolvency Manager is:

         Yaroslav Gula
         Polubotok Str. 11/71
         Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Corporation Ukrnerudprom
         Volodimir Velikij Str. 18
         79053 Lviv Region
         Ukraine


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


AMARANTH ADVISORS: Outlines Future Plans, Mulls Sale
----------------------------------------------------
Amaranth Advisors has told investors that it is exploring either
the liquidation of its remaining assets or the sale of its
business to a larger institution, Ben White at The Financial
Times reports.

Amaranth has also informed investors that Brian Hunter, the
energy trader who allegedly dragged the investment firm into
deep losses, has left the group, Mr. White revealed.

Last week, Amaranth admitted to losing more than 35% of the
value of its natural gas bets due to a dramatic move in prices.
Amaranth transferred its energy portfolio to Citadel Investment
Group and J.P. Morgan Chase & Co. last week, a process that was
allegedly initiated before news of the losses came out.

Amaranth faces multiple regulatory probes and possible lawsuits
in the wake of its losses, Mr. White reports.  Connecticut
Attorney General Richard Blumenthal had previously disclosed
that he is collecting evidence and reviewing facts concerning
the large losses at Amaranth.

Dow Jones Newswire reports that the Securities and Exchange
Commission has launched its own investigation on Amaranth.  SEC
Commissioner Annette Nazareth told Dow Jones that the SEC's
probe will focus on whether investors received misleading
information from the fund.

Amaranth Advisors, based in Greenwich, Connecticut with offices
in Toronto, Canada, London, England and Singapore, is an
investment management firm.  Amaranth specializes in a broad
spectrum of alternative investments and trading strategies,
through a multi-strategy investment fund and fund dedicated to
long-short equities.


ARVINMERITOR INC: S&P Places Rating on Watch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
automotive components supplier ArvinMeritor Inc. on CreditWatch
with negative implications reflecting concerns over ARM's
ability to return currently weak credit metrics to levels
acceptable for the rating in light of worsening industry
fundamentals, as partly evidenced by the recent production cuts
by Chrysler.

In addition, Standard & Poor's remain concerned about
prospective raw material challenges and the widely expected
weakening of the commercial truck segment in 2007.

The company's short-term rating of 'B-1' and recovery rating of
'1' were affirmed and are not on CreditWatch.  The company has
made very significant strides in improving its term debt
structure and liquidity so Standard & Poor's does not believe
that ARM's near-term liquidity prospects will be significantly
diminished from previous expectations during fiscal 2007.

Term debt maturities are minimal through 2011, availability
under ARM's US$980 million revolving credit facility is believed
to be substantial and ARM continues to actively seek to sell
selected remaining non-core assets with some additional proceeds
anticipated.

For the rating, funds from operations (FFO) to adjusted debt is
expected to be about 20%; actual for fiscal 2005 (September
year-end) was around 9%, taking into account US$724 million of
tax-adjusted debt-like unfunded postretirement obligations at
the end of the fiscal year.

In fiscal 2006, Standard & Poor's expects improvement in FFO
along with lower debt and post retirement obligations, so
measures should improve in 2006 over 2005, but into 2007 more
severe industry conditions, along with a weak commercial truck
market, may leave credit measures still below the levels
expected for the current rating.

Standard & Poor's plans to meet with ARM management to review
the outcome of fiscal 2006 and prospects for fiscal 2007 in
light of these increasing challenges.  ARM is expected to report
fiscal year end results in mid-November and the rating agency
currently plans to resolve the CreditWatch by early December at
the latest.


BAA PLC: BA Wants CAA to Cut Airport Operator's Asset Returns
-------------------------------------------------------------
British Airways calls for the Civil Aviation Authority to cut
the profits BAA plc receives from its asset base to ensure that
the airport operator builds cost-effective facilities that
generate additional airport capacity.

The CAA is currently consulting on the level of user charges at
Heathrow, Gatwick and Stansted airports for a five-year period
from April 2008, in its role as an economic regulator.

During the current charging period between April 2003 and March
2008, BAA receives a 7.75 percent return on it asset base.

In a speech Monday at the Airport Finance and Investment 2006
Conference, British Airways says that this should be set at
around 5.6 percent in the next charging period, a reduction of
almost one third.

Speaking at the conference, British Airways' economic regulation
manager, Andrew Cunningham, said: "The current level of return
is too high and does not encourage airports to invest
efficiently in new infrastructure or build the facilities that
airlines want.

"We are calling for an airport's capital investment plan to be
transparent to both the airlines, who pay for its delivery, and
the regulator who uses it to determine prices.  Also, we believe
that the CAA should carry out an annual review of actual
infrastructure expenditure to ensure that it matches the level
agreed during the charges review.

"It may be appropriate for airline representatives to have seats
on the project boards of some of the larger investment programs.
Being open to scrutiny and potential challenge is likely to
ensure that the airports provide cost effective investment as
required by airlines."

During the current charges period, airport charges at Heathrow
will rise by more than 50 percent.  British Airways believes
that monopoly airports must be exposed to the same discipline to
deliver value for money that airlines experience through
competition.

Andrew Cunningham said: "We operate in a highly competitive
environment and our customers want good value for money.  We
cannot make inefficient investments that drive up our ticket
prices to uncompetitive levels.  Monopoly airport operators are
not under similar pressure.

"Airlines and their passengers will face higher charges and poor
service levels unless we have effective regulation to ensure
that airport operators keep down costs and maintain high service
quality standards."

The airline is also urging the CAA to ensure that cross-subsidy
between the BAA London airports is not reintroduced.

Andrew Cunningham said: "We believe that airlines should only be
expected to pay for capital investment at the airport where the
new infrastructure is built.  This would ensure that there is a
credible business case for investment at each airport and that
new facilities that airlines need are built in a cost effective
way."

                      About British Airways

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                          About BAA

Headquartered in London, England, BAA plc -- http://www.baa.com/
-- owns and operates seven airports in the United Kingdom,
including Healthrow, the world's busiest international airport,
and Budapest Airport, serving 700 destination by around 300
airlines.  Itsairports handle over 117 million
international passenger during the 12 months up to October 2005.
International passengers make up 81% of its totalairport
traffic.  BAA had total assets of GBP15.2 billion and pre-tax
profits of GBP757 million for the year ended March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, Moody's Investors Service
downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well
as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BAA PLC: Appoints Jose Leo to Succeed Margaret Ewing as CFO
-----------------------------------------------------------
Jose Leo, Group Finance Director of Amey plc, the business
services group, is to join BAA plc as Chief Financial Officer.

"Jose brings very valuable experience in leading Amey´s
restructuring process in the UK, as well as a decade of success
within Ferrovial Group in various managerial posts," BAA CEO
Stephen Nelson, said.  "In a new era, he will help us focus upon
achieving higher performance."

Mr. Leo succeeds Margaret Ewing, who has decided to step down
from BAA.  He was appointed Group Finance Director of Amey plc
in May 2003.  Prior to that, he was Managing Director of
Ferrovial Telecomunicaciones.  Before joining Ferrovial, he was
Chief Financial Officer and Manager of Business Development at
Agroman, the Spanish construction company which was acquired by
Ferrovial.

Mr. Leo said, "I am delighted to join BAA, which has
responsibility for some of the UK's most vital assets."

BAA also said that Ian Hargreaves, Corporate & Regulatory
Affairs Director, has decided to leave the company.

Mr. Nelson said: "Margaret and Ian have done a first class job
for BAA.  They have helped me manage the transition to new
ownership, and both are now looking forward to new challenges.
I wish them every success in the future."

He added: "The new Executive Committee will be smaller and
sharply focused, reflecting my determination to achieve a rapid
and demonstrable increase in the efficiency and performance of
the business."

In line with this approach, the carrier also disclosed the
following appointments:

Duncan Garrood, currently Divisional Director responsible for
Gatwick and Stansted airports and for most of BAA's
international activities, takes on a new role as Commercial
Director.  His portfolio includes BAA's retail and marketing
activities, supply chain and relationships with airlines.  Mr.
Garrood joined BAA in 2004 after a career in Unilever.

Donal Dowds, also a Divisional Director, becomes Director of
Operations, taking responsibility for Gatwick and Stansted
airports, along with investment in information technology,
surface access, planning and aviation policy.  Mr. Dowds joined
BAA in 1979, overseeing the rapid growth of BAA's Scottish
businesses.

Stephen Baxter, Managing Director of BAA Scotland, joins the
Executive Committee, taking responsibility for all of BAA's
activities in Scotland, along with Southampton Airport and the
BAA shared business service centre, which is based in Glasgow.
Mr. Baxter joined BAA from Black & Decker in 2002.

Duncan Bonfield, Director of Corporate Affairs, takes over Ian
Hargreaves's role in charge of the company's communications.
Kyran Hanks, Director of Economics and Regulation, will lead
BAA's regulatory work.  Messrs. Duncan and Kyran will report
directly to Mr. Nelson.

                      About the Company

Headquartered in London, England, BAA plc -- http://www.baa.com/
-- owns and operates seven airports in the United Kingdom,
including Healthrow, the world's busiest international airport,
and Budapest Airport, serving 700 destination by around 300
airlines.  Itsairports handle over 117 million
international passenger during the 12 months up to October 2005.
International passengers make up 81% of its totalairport
traffic.  BAA had total assets of GBP15.2 billion and pre-tax
profits of GBP757 million for the year ended March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, Moody's Investors Service
downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well
as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BLACKPOOL EXPERIENCE: Hires Liquidators from O'Hara & Co.
---------------------------------------------------------
Peter O'Hara and Simon Weir of O'Hara & Co. were appointed Joint
Liquidators of The Blackpool Experience Limited on Sept. 5 for
the creditors' voluntary winding-up procedure.

Headquartered in Blackpool U.K., The Blackpool Experience
Limited is a ticket-booking agency.


BRACELET ENTERTAINMENTS: Claims Filing Period Ends Oct. 26
----------------------------------------------------------
Creditors of Bracelet Entertainments Ltd. (t/a Barons) have
until Oct. 26 to send in their names and addresses, with
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Stephen John Burkinshaw of H.R. Harris & Partners at:

         Stephen John Burkinshaw
         H.R. Harris & Partners
         44 St. Helens Road
         Swansea SA1 4BB
         United Kingdom

Headquartered in Swansea, U.K., Bracelet Entertainments Ltd.
operates nightclubs.


BRITISH AIRWAYS: Wants Regulator to Cut BAA Asset Base Profits
--------------------------------------------------------------
British Airways calls for the Civil Aviation Authority to cut
the profits BAA plc receives from its asset base to ensure that
the airport operator builds cost-effective facilities that
generate additional airport capacity.

The CAA is currently consulting on the level of user charges at
Heathrow, Gatwick and Stansted airports for a five-year period
from April 2008, in its role as an economic regulator.

During the current charging period between April 2003 and March
2008, BAA receives a 7.75 percent return on it asset base.

In a speech Monday at the Airport Finance and Investment 2006
Conference, British Airways says that this should be set at
around 5.6 percent in the next charging period, a reduction of
almost one third.

Speaking at the conference, British Airways' economic regulation
manager, Andrew Cunningham, said: "The current level of return
is too high and does not encourage airports to invest
efficiently in new infrastructure or build the facilities that
airlines want.

"We are calling for an airport's capital investment plan to be
transparent to both the airlines, who pay for its delivery, and
the regulator who uses it to determine prices.  Also, we believe
that the CAA should carry out an annual review of actual
infrastructure expenditure to ensure that it matches the level
agreed during the charges review.

"It may be appropriate for airline representatives to have seats
on the project boards of some of the larger investment programs.
Being open to scrutiny and potential challenge is likely to
ensure that the airports provide cost effective investment as
required by airlines."

During the current charges period, airport charges at Heathrow
will rise by more than 50 percent.  British Airways believes
that monopoly airports must be exposed to the same discipline to
deliver value for money that airlines experience through
competition.

Andrew Cunningham said: "We operate in a highly competitive
environment and our customers want good value for money.  We
cannot make inefficient investments that drive up our ticket
prices to uncompetitive levels.  Monopoly airport operators are
not under similar pressure.

"Airlines and their passengers will face higher charges and poor
service levels unless we have effective regulation to ensure
that airport operators keep down costs and maintain high service
quality standards."

The airline is also urging the CAA to ensure that cross-subsidy
between the BAA London airports is not reintroduced.

Andrew Cunningham said: "We believe that airlines should only be
expected to pay for capital investment at the airport where the
new infrastructure is built.  This would ensure that there is a
credible business case for investment at each airport and that
new facilities that airlines need are built in a cost effective
way."

                          About BAA

Headquartered in London, England, BAA plc -- http://www.baa.com/
-- owns and operates seven airports in the United Kingdom,
including Healthrow, the world's busiest international airport,
and Budapest Airport, serving 700 destination by around 300
airlines.  Itsairports handle over 117 million
international passenger during the 12 months up to October 2005.
International passengers make up 81% of its totalairport
traffic.  BAA had total assets of GBP15.2 billion and pre-tax
profits of GBP757 million for the year ended March 31, 2006.

                       About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: Names James A. Lawrence as New Board Member
------------------------------------------------------------
British Airways Plc disclosed that James A. Lawrence would join
the board as non-executive director effective Nov. 1.

Mr. Lawrence is currently vice chairman and chief financial
officer of General Mills Inc. one of the largest food companies
in North America.

"We are delighted that Jim will be joining the board.  His range
of experience covering strategic consultancy, leading U.S.
multi-nationals in consumer products and the U.S. airline
industry provides just the blend we are looking for," Marting
Broughton, chairman of British Airways disclosed.

                        About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


C & J TECHNOLOGIES: Liquidator Sets Oct. 23 Claims Bar Date
-----------------------------------------------------------
Creditors of C & J Technologies Limited have until Oct. 23 to
send their names and addresses with particulars of the debts or
claims, to David Moore of Begbies Traynor at:

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

Headquartered in Liverpool, U.K., C & J Technologies installs
cables.


CABLE & WIRELESS: Employee Trustees Shed 49,340 Shares
------------------------------------------------------
The Trustees of Cable and Wireless plc Employee Share Ownership
Trust have disposed:

   -- 5,361 Ordinary Shares at a price of GBP1.32 per share on
      Sept. 21; and

   -- 43,979 Ordinary Shares at a price of GBP1.2975 per share
      on Sept. 22.

Following the disposal, 41,803,046 Ordinary Shares are currently
held under the Trust.  George Battersby, Tony Rice, John
Pluthero, and Harris Jones (all being directors of Cable and
Wireless plc), in their capacity as members of the class
of beneficiaries under the Trust, and Towers Perrin Share Plan
Services (GSY) Limited, in their capacity as Trustees of the
Trust, are deemed to have a non-beneficial interest in these
Ordinary Shares.

No Directors are disposing of any beneficial interests in the
Company.

                     About Cable & Wireless

Headquartered in London, U.K., Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.

Fitch Ratings has affirmed Cable & Wireless' ratings at Long-
term 'BB+' with Stable Outlook and Short-term 'B'.

                        *     *     *

As reported in TCR-Europe on Aug. 14, Moody's Investors Service
changed the outlook of Cable & Wireless plc to negative from
stable following continued operating difficulties at the U.K.
business, which has resulted in a cash burn that has exceeded
Moody's original expectations.

Ratings affirmed:

Cable & Wireless Plc:

   -- Ba3 Corporate family rating

Ratings downgraded:

Cable & Wireless Plc:

   -- GBP200 million 8.75 % Eurobonds due 2012 downgraded to B1
      from Ba3; and

   -- GBP258 million 4.0% Convertible Eurobonds due 2010
      downgraded to B1 from Ba3.

Cable & Wireless International Finance B.V.:

   -- GBP200 million 8.625% gtd Eurobonds due 2019 downgraded to
      B1 from Ba3.

Moody's said the outlook for all ratings is negative.


CCL NETWORK: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of CCL Network Services Limited confirmed on Sept. 7
the appointment of A. Graham of Hamilton Insolvency
Practitioners Limited as Liquidator.

Headquartered in Sheffield, U.K., CCL Network Services Limited
-- http://www.cclns.co.uk/-- is a division of the CCL Group of
Companies.  The company installs voice and data cabling systems.


CHESTON WORKS: Appoints Stephen M. Katz as Liquidator
-----------------------------------------------------
Stephen M. Katz was appointed Liquidator of Cheston Works
Limited (formerly Dyer Fencing (Sales & Services) Limited on
Sept. 7 for the creditors' voluntary winding-up procedure.

Headquartered in Backwell, U.K., Cheston Works Limited  --
http://chestonworks.co.uk/-- designs, manufactures, and
installs garden buildings, gates, fencing and trex decking. The
company also designs and manufactures doors, furniture,
staircases, and other special products.


COLLINS & AIKMAN: 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 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 Collins & Aikman Floorcoverings,
Inc.

Additionally, Moody's revised 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
   ----------           -------  -------  ------   ----------
   $50 million
   Sr. Secured
   Revolver             B1       Ba2      LGD2     14%

   $31 million
   Sr. Secured
   Term Loan            B1       Ba2      LGD2     14%

   $165 million
   9.75% Sr. Sub.
   Notes due 2010       Caa1     B3       LGD4     69%

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 Dalton, Georgia, Collins & Aikman
Floorcoverings, Inc. -- http://cafloorcoverings.com/--
manufactures commercial carpeting for corporate, education,
government, healthcare and retailing entities worldwide.  It
makes modular tile and six-foot structured back carpeting for
the commercial market.  The Company also manufactures 100%
recycled-content secondary backing.  It also has proprietary
closed-loop carpet reclamation and recycling programs.  The
Company is a part of commercial floorcoverings manufacturer
Tandus Group, and works in tandem with sister brands Monterey
and Crossley.


COMMUNICATIONS CABLING: Taps A. Graham to Liquidate Assets
----------------------------------------------------------
Creditors of Communications Cabling Limited confirmed on Sept. 7
the appointment of A. Graham of Hamilton Insolvency
Practitioners Limited as Liquidator.

Headquartered in Sheffield, U.K., Communications Cabling Limited
installs voice and data cabling systems.


COMPOSITE PROJECTS: Claims Registration Ends Oct. 31
----------------------------------------------------
Creditors of Composite Projects 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
Geoffrey John Kirk at:

         Geoffrey John Kirk
         6 The Crescent
         Plymouth PL1 3AB
         United Kingdom

The company can be reached at:

         Composite Projects Limited
         Church Town
         The Stables Little Trethew Farm
         Horningtops
         Liskeard
         Cornwall PL143PZ
         United Kingdom


CONCEPT VEHICLE: A. J. Clark Leads Liquidation Procedure
--------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Concept
Vehicle Interiors Limited on Sept. 12 for the creditors'
voluntary winding-up procedure.

Headquartered in Wickford, U.K., Concept Vehicle Interiors
Limited manufactures car trimming and upholstery.


CONEXANT SYSTEMS: Getting US$100MM From Acquicor-Jazz Merger
------------------------------------------------------------
Conexant Systems Inc. expects to receive cash proceeds of
approximately US$100 million when Acquicor Technology, Inc., a
special purpose acquisition company, completes its merger with
Jazz Semiconductor, Inc., a privately held specialty wafer
manufacturing company.

Under the terms of the definitive agreement, Jazz will merge
with a wholly owned subsidiary of Acquicor in an all-cash
transaction valued at US$260 million, subject to certain
adjustments.  Completion of the merger is expected to occur in
the first quarter of calendar 2007.

Conexant owns approximately 42% of Jazz, a wafer foundry that
provides advanced specialty process technologies for the
manufacture of highly integrated analog and mixed-signal
semiconductor devices.  Jazz was formed in March 2002 as a joint
venture between Conexant and The Carlyle Group, a leading global
private equity firm.  Conexant contributed its specialty process
technologies and the manufacturing equipment in its Newport
Beach wafer fabrication facility to the joint venture in return
for its stake in the new company.  Prior to that, the Newport
Beach fabrication facility was wholly owned by Conexant.

Jazz's initial customers consisted of Conexant and Skyworks
Solutions, Inc., a publicly traded company created from the
spin-off of Conexant's wireless business and the merger with
Alpha Industries in June 2002.  Since then, Jazz has
successfully expanded and diversified its customer base. These
new customers include Freescale Semiconductor, Inc., Marvell
Technology Group Ltd., Texas Instruments, Inc., and RF Micro
Devices, Inc.

"Jazz has been an important supplier for Conexant since its
inception, and I expect our relationship to continue," said
Dwight W. Decker, Conexant chairman and chief executive officer.
"Over the past four years, the Jazz team has consistently made
outstanding progress on all fronts in a highly competitive
environment.  The company began manufacturing for just Conexant
and its spin-off companies and is now a supplier to almost 100
new customers from all over the industry.  I expect that the
merged company and senior management team will continue to build
on this record of success."

"From a Conexant perspective, our share of the proceeds from
this transaction will significantly strengthen our balance sheet
and provide us with improved liquidity," Mr. Decker added.

Conexant expects to record a modest gain when the Acquicor-Jazz
transaction closes.

Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -- http://www.conexant.com/-- is a fables
semiconductor company.  The company has approximately 2,400
employees worldwide.  In Europe, the company is headquartered in
Brisol, U.K.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 20, 2004,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Newport Beach, California-based Conexant Systems,
Inc., to 'B-' from 'B' on projections of sharply reduced sales
and profitability over the next few quarters.  S&P said the
outlook is negative.


DIGITAL IMAGING: Names Liquidators from Vantis
----------------------------------------------
G. Mummery and P. Atkinson of Vantis Redhead French Limited were
appointed Liquidators of Digital Imaging Centre Limited on
Sept. 5 for the creditors' voluntary winding-up procedure.

Headquartered in Chelmsford, U.K., Digital Imaging Centre
Limited provides imaging and commercial printing services.


DOLE FOOD: 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 confirmed
its Ba3 Corporate Family Rating for Dole Food Company, Inc.

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

   Issuer: Dole Food Company, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan B Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%

Gtd. Global Notes
Due 2010                  B3       B3      LGD5       77%

Global Notes Due 2009     B3       B3      LGD5       77%

Gtd. Global Bonds
Due 2011                  B3       B3      LGD5       77%

Debentures Due 2013       B3       B3      LGD5       77%

   Issuer: Solvest Ltd.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan C Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%

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%).

Solvest, Ltd., is a wholly owned subsidiary of Dole Food
Company, Inc.

Westlake Village, Calif.-based Dole Food Company, Inc. --
http://www.dole.com/-- is the world's largest producer and
marketer of high-quality fresh fruit, fresh vegetables, and
fresh-cut flowers based on revenues.  Dole markets a growing
line of packaged and frozen foods and is a produce industry
leader in nutrition education and research.


DRAWTREAT LTD: Trade Secretary Files Wind-Up Petition
-----------------------------------------------------
The Secretary of State for Trade and Industry has presented a
petition in the High Court to wind up Drawtreat Limited in the
public interest.

The petition to wind up the company was presented following
investigations carried out by Companies Investigation Branch
under Section 447 of the Companies Act 1985 (as amended).

The petitions were presented under s124A of the Insolvency Act
1986.  The Official Receiver was appointed as the company's
provisional liquidator on Sept. 15.  The role of the provisional
liquidator is to protect and preserve the assets and financial
records of the companies.

This case is now subject to High Court action and no further
information will be made available until the petition is heard
in the High Court on Oct. 30.

The Insolvency Service administers the insolvency regime
investigating all compulsory liquidations and individual
insolvencies (bankruptcies) through the Official Receiver, to
establish why they became insolvent.

The Insolvency Service also carries out confidential enquiries
on behalf of the Secretary of State for Trade and Industry,
through Companies Investigation Branch.  The Service also:

   -- authorizes and regulates the insolvency profession;

   -- deals with disqualification of directors in corporate
      failures;

   -- assesses and pays statutory entitlement to redundancy
      payments when an employer cannot or will not pay
      employees;

   -- provides banking and investment services for bankruptcy
      and liquidation estate funds; and

   -- advises ministers and other government departments on
      insolvency law and practice.

All public inquiries concerning the affairs of the company must
be made to the Official Receiver at:

         Official Receiver
         Public Interest Unit North
         P.O. Box 326
         1st Floor Boulton House
         17-21 Chorlton Street
         Manchester M60 3ZZ
         Tel: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

Headquartered in Warrington, U.K., Drawtreat Limited was a
professional fundraiser collecting money from small- and medium-
sized enterprises for charitable, benevolent and philanthropic
purposes.  It was incorporated in April 1991 and commenced
trading shortly thereafter.


DRONFIELD DOORS: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Dronfield Doors Limited confirmed Sept. 12 the
appointment of A. Graham of Hamilton Insolvency Practitioners
Limited as Liquidator.

The company can be reached at:

         Dronfield Doors Limited
         Unit 25 Lucas Works
         Sheffield Road
         Dronfield
         Derbyshire S18 2GG
         United Kingdom
         Tel: 01246 417 070


DUENNA CARE: Creditors Ratify Voluntary Liquidation
---------------------------------------------------
Creditors of Duenna Care Limited ratified on Sept. 6 the
resolutions for voluntary liquidation and confirmed the
appointment of Jonathan Lord of Bridgestones as Liquidator on
the same day.

The company can be reached at:

         Duenna Care Limited
         Station Road
         Marple
         Stockport
         Cheshire SK6 6AL
         United Kingdom
         Tel: 0161 427 9997


E T COMMERCIALS: Taps Baker Tilly to Administer Assets
------------------------------------------------------
Alec David Pillmoor and Adrian David Allen of Baker Tilly were
appointed joint administrators of E T Commercials Limited
(Company Number 02673429) and E T Commercials (Yorkshire)
Limited (Company Number 03036687) on Sept. 13.

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

Headquartered in Grimsby and London, United Kingdom, E T
Commercials Limited and E T Commercials (Yorkshire) Limited are
engaged in commercial vehicle sales and services.


EMI GROUP: Warner Music Boss Prepares for Fresh Merger Bid
----------------------------------------------------------
Warner Music Chief Executive Edgar Bronfman is targeting EMI
Group PLC's shareholders in a fresh bid to merge with the
British group, Dan Sabbagh of The Times says.

According to the report, Mr. Bronfman visited London to meet
with Fidelity, a 7% shareholder of EMI, Aberdeen Asset
Management, and some hedge funds that hold shares in EMI, and
emphasized the benefits of a future tie-up.

Investors told the paper that Mr. Bronfman was optimistic about
the prospects of achieving regulatory clearance from the
European Commission about the deal.

Warner Music hesitated to disclose details of Mr. Bronfman's
London visit, disputing that the meetings with EMI's
shareholders were part of wider program to meet "current and
potential future shareholders".

EMI has made two proposals to acquire Warner Music, while Warner
has made two alternative proposals to acquire EMI.  When the
Board of EMI put forward its proposals to acquire Warner Music,
it believed that there are good arguments for regulatory
approval of a combination.

As reported in TCR-Europe on June 29, the Board of EMI Group
unanimously rejected Warner Music's proposal for the acquisition
of 100% of EMI's outstanding shares for GBP2.5 billion.

On June 23, EMI made a revised proposal to Warner Music for EMI
to acquire all of the outstanding shares of Warner Music for
US$31 per share in cash that Warner Music rejected on June 27.

Headquartered in London, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.


EVANS AND RADFORD: Creditors Ratify Liquidators' Appointment
------------------------------------------------------------
Creditors of Evans and Radford Limited ratified Aug. 15 the
appointment of Nicholas John Miller and Ian Robert of Kingston
Smith & Partners LLP as Joint Liquidators.

Headquartered in London, U.K., Evans and Radford Limited imports
and wholesales fruits and vegetables.


FIELD AND FORCES: Appoints T. C. E. Harrison as Liquidator
----------------------------------------------------------
T. C. E. Harrison of Tom Harrison Insolvency Services was
appointed Liquidator of Field and Forces Countrywear Limited on
Sept. 7 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Field and Forces Countrywear Limited
         41 Galgate
         Barnard Castle
         County Durham DL128EJ
         United Kingdom
         Tel: 01833 631 115


GENERAL MOTORS: To Fund Delphi Workers' Post-Retirement Benefits
----------------------------------------------------------------
Delphi Corp. disclosed results of the Hourly Special Attrition
Plan reached on March 22, 2006 and the Hourly Special
Supplemental Attrition Plan reached on June 2, 2006 between the
UAW, General Motors and Delphi.  Approximately 12,400 Delphi
employees, representing roughly 85% of the retirement-eligible
UAW workforce, elected to retire by Jan. 1, 2007.  Approximately
1,400 employees elected the buyout option.

Nearly all of Delphi's U.S. hourly employees represented by the
UAW were eligible for the buyout program, with approximately
14,600 of those employees eligible to participate in the
retirement and pre-retirement program.  Certain eligible U.S.
hourly employees accepted a lump sum incentive of $35,000 to
retire while other eligible employees under the program elected
buyout packages ranging from $40,000 to $140,000.

Under the proposed program, GM has agreed to assume the
financial obligations related to the lump sum payments to be
made to eligible Delphi U.S. hourly employees accepting normal
or voluntary retirement incentives.  Additionally, GM will fund
certain post-retirement employee benefit obligations related to
Delphi employees who transition to GM under the plan for
purposes of retirement as well as half of employee buyout costs.

                          About Delphi Corp.

Based in Troy, Mich., Delphi Corporation --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.
As of Aug. 31, 2005, the Debtors' balance sheet showed
$17,098,734,530 in total assets and $22,166,280,476 in total
debts.

                     About General Motors

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

                           *     *     *

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

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

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


GENERAL MOTORS: Asks for Billions in Nissan-Renault Tie Up Deal
---------------------------------------------------------------
General Motors Corp. has demanded a "multibillion-dollar"
contribution from Nissan Motor Co. and Renault SA in
consideration for its possible agreement to a three-way tie up
with the French and Japanese auto companies, believing it would
be the loser in the deal should the merger go ahead, Adam Sage
of The Times reports.

Brian Akre, a GM spokesman, said in the report that the proposed
alliance would lead to "disproportionate synergies".

Contesting Mr. Akre's view, Renault-Nissan chairman Carlos Ghosn
told The Times that the deal would benefit all three companies
through overall savings of US$10 billion a year.

The source said Renault agreed to continue talks until the
middle of next month, the deadline set by both sides for a
decision.

Monica Langley and Joseph B. White at The Wall Street Journal
earlier reported that talks between the three automakers have
made little progress over the past three months because GM has
reportedly raised concerns over the benefits that it would be
realizing from the deal.  GM, Nissan and Renault had agreed to
conduct a 90-day study of the benefits of a possible alliance
after GM shareholder Kirk Kerkorian, who owns a 9.9% stake in
the company, broached the idea early this year.

Patrick Pelata, who heads the Renault-Nissan negotiation panel,
said in an interview with The New York Times that GM is
skeptical of the advantages touted by Renault and Nissan as a
result of a partnership because of its past experiences with
other auto companies.

                       About General Motors

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

                           *     *     *

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

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

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

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


H.M. INTERNATIONAL: Brings In Liquidator from Ashcrofts
-------------------------------------------------------
Harjinder Johal of Ashcrofts was appointed Liquidator of H.M.
International (Europe) Limited on Sept. 12 for the creditors'
voluntary winding-up procedure.

Headquartered in Rotherham, U.K., H.M. International (Europe)
Limited wholesales furniture.


HIGH SPEED: Brings In P&A Partnership as Administrators
-------------------------------------------------------
Christopher Michael White and Andrew Philip Wood of The P&A
Partnership were appointed joint administrators of High Speed &
Carbide Limited (Company Number 02489874) on Sept. 11.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders.

Headquartered in Sheffield, United Kingdom, High Speed & Carbide
Limited manufactures industrial blades and knives.


HILLAM ACCOUNTANCY: Hires Darren Brookes as Liquidator
------------------------------------------------------
Darren Brookes of Milner Boardman & Partners was appointed
Liquidator of Hillam Accountancy Tutorials Limited on Sept. 8
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Hillam Accountancy Tutorials Limited
         12 Bertram Drive North
         Wirral
         Merseyside CH470LW
         United Kingdom
         Tel: 0151 632 2600
         Fax: 0151 632 2600


ICE EVENT: Claims Filing Period Ends Oct. 19
--------------------------------------------
Creditors of Ice Event & Promotion Limited have until Oct. 19 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Lloyd Biscoe of Begbies Traynor:

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

Headquartered in Huntingdon, U.K., Ice Event & Promotion Limited
constructs temporary ice rinks.


IMPERIAL GLASS: Names Liquidators from T H Associates
-----------------------------------------------------
Thomas John Hargreaves of T H Associates was appointed
Liquidator of Imperial Glass Limited on Sept. 12 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Imperial Glass Limited
         Victory Works
         Gale Street
         Heywood
         Lancashire OL10 3HP
         United Kingdom
         Tel: 01706 625298


IVY HATCH: Joint Liquidators Take Over Operations
-------------------------------------------------
Stephen John Tancock and Vincent John Green of Smith &
Williamson Limited were appointed Joint Liquidators of Ivy Hatch
Nursery Limited on for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Ivy Hatch Nursery Limited
         Ismays Road
         Ivy Hatch
         Kent TN159AU
         United Kingdom
         Tel: 077 1359 7960


JOKO U.K.: Calls In Joint Liquidators from Ashcrofts
----------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
Joint Liquidators of Joko (U.K.) Limited on Sept. 14 for the
creditors' voluntary winding-up procedure.

Headquartered in London, U.K., Joko (U.K.) Limited operates a
coffee and sandwich bar.


JONES & MCGOVERN: Trade Secretary Files Winding-Up Petition
-----------------------------------------------------------
The Secretary of State for Trade and Industry has presented a
petition in the High Court to wind up Jones & McGovern Limited
in the public interest.

The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch
under section 447 of the Companies Act 1985 (as amended).

The petition was presented under s124A of the Insolvency Act
1986.  The Official Receiver was appointed as provisional
liquidator of the company on Sept. 22.  The role of the
provisional liquidator is to protect and preserve the assets and
financial records of the company.

The case is now subject to High Court action and no further
information will be available until the petition is heard on
Nov. 20, 2006.

The Insolvency Service administers the insolvency regime
investigating all compulsory liquidations and individual
insolvencies (bankruptcies) through the Official Receiver, to
establish why they became insolvent.

The Insolvency Service also carries out confidential enquiries
on behalf of the Secretary of State for Trade and Industry,
through Companies Investigation Branch.  The Service also:

   -- authorizes and regulates the insolvency profession;

   -- deals with disqualification of directors in corporate
      failures;

   -- assesses and pays statutory entitlement to redundancy
      payments when an employer cannot or will not pay
      employees;

   -- provides banking and investment services for bankruptcy
      and liquidation estate funds; and

   -- advises ministers and other government departments on
      insolvency law and practice.

All public enquiries concerning the affairs of the company must
be made to the Official Receiver at:

         Official Receiver
         Public Interest Unit North
         P.O. Box 326
         1st Floor Boulton House
         17-21 Chorlton Street
         Manchester M60 3ZZ
         Tel: 0161 934 4182
         E-mail: piu.north@insolvency.gsi.gov.uk

Headquartered in Altrincham, U.K., Jones & McGovern Limited sold
advertising space in wall-planners to businesses who were
contacted by way of cold-calling.  It was incorporated in
February 2005 and commenced trading in March 2005.


KAY LOGISTICS: Appoints Joint Administrators from PKF
-----------------------------------------------------
Kerry Bailey and Philip Long of PKF (U.K.) LLP were appointed
joint administrators of Kay Logistics Limited (Company Number
05632954) on Sept. 11.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the U.K.'s
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Headquartered in Slough, United Kingdom, Kay Logistics Limited
-- http://www.kaylogistics.co.uk/-- is engaged in logistical
and warehousing solutions.


KIDZWORLD LIMITED: Hires Ian Bull to Liquidate Assets
-----------------------------------------------------
Ian Bull of Ian Bull & Co. was appointed Liquidator of Kidzworld
Limited on Sept. 8 for the creditors' voluntary winding-up
proceeding.

Headquartered in Burton upon Trent, U.K., Kidzworld Limited
operates a children's play center.


MANI 2: Liquidators Set Nov. 6 Claims Bar Date
----------------------------------------------
Creditors of Mani 2 Limited have until Nov. 6 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 Joint Liquidators Stephen Leonard Conn and
Donald Bailey of Begbies Traynor at:

         Stephen Leonard Conn
         Donald Bailey
         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester M3 3BP
         United Kingdom

Headquartered in Manchester, U.K., Mani 2 Limited is a wholesale
distributor of handbags and luggage.


MARBLECARE LTD: Nominates Ninos Koumettou as Liquidator
-------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of Marblecare Ltd. on Sept. 8 for the creditors'
voluntary winding-up proceeding.

Headquartered in London, U.K., Marblecare Ltd. provides natural
stone cleaning and renovation services.


MAXNETT COMMUNICATIONS: Taps Buchanans as Joint Administrators
--------------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley of Buchanans PLC were
appointed joint administrators of Maxnett Communications Limited
(Company Number 03534743) on Sept. 11.

         Buchanans PLC
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         United Kingdom
         Tel: 023 8022 1222

Headquartered in Alton, United Kingdom, Maxnett Communications
Limited grows vegetables and nursery products.


MILLENNIUM AUDIO: Claims Registration Ends Oct. 27
--------------------------------------------------
Creditors of Millennium Audio Visual Limited have until Oct. 27
to send in their names, addresses and the particulars of their
debts and claims, to appointed Liquidator M. Arkin of Arkin &
Co. at:

         M. Arkin
         Arkin & Co.
         Maple House
         High Street
         Potters Bar
         Hertfordshire EN6 5BS
         United Kingdom

The company can be reached at:

         Millennium Audio Visual Limited
         652 Victoria Road
         Ruislip
         Middlesex HA4 0LN
         United Kingdom
         Tel: 0800 043 9352
         Fax: 01923 850 092


NEIL GRINNALL: Dunbar Bank Appoints Moore Stephens as Receivers
---------------------------------------------------------------
Dunbar Bank PLC appointed N. Price, M. E. T. Bowen and D. Rolph
of Moore Stephens LLP joint administrative receivers of Neil
Grinnall Classic Homes Limited (Company Number 03591318) on
Sept. 12.

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

Neil Grinnall Classic Homes Limited can be reached at:

         Grinnall Business Centre
         Sandy Lane Industrial Estate
         Stourport on Severn
         Worcestershire DY13 9QB
         United Kingdom


PHOENIX SIGNS: Brings In Joint Liquidators from Haines Watts
------------------------------------------------------------
Peter John Forsey and David Thorniley of Haines Watts were
nominated Joint Liquidators of Phoenix Signs (U.K.) Limited on
Sept. 6 for the creditors' voluntary winding-up proceeding.

Headquartered in Margate, U.K., Phoenix Signs (U.K.) Limited
manufactures fabricated metal products.


PROFILE 7000: A. Turpin Leads Liquidation Procedure
---------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed Liquidator of
Profile 7000 Limited on Sept. 7 for the creditors' voluntary
winding-up proceeding.

Headquartered in Coventry, U.K., Profile 7000 Limited is engaged
in metal finishing.


PROUD GALLERIES: Nominates Lane Bednash as Liquidator
-----------------------------------------------------
Lane Bednash of David Rubin & Partners was nominated Liquidator
of Proud Galleries Limited on Sept. 12 for the creditors'
voluntary winding-up proceeding.

Headquartered in London, U.K., Proud Galleries Limited operates
art galleries.


RANK GROUP: Cancels 1.25 Million Shares in Buyback Program
----------------------------------------------------------
The Rank Group Plc bought back 1,250,000 ordinary shares of 10
pence in the Company on Sept. 26 for cancellation at an average
price of 235.59452 pence per share.

                        About Rank Group

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

                        *     *     *

On March 6, 2006, Moody's Investors Service assigned a Ba2
corporate family rating to The Rank Group Plc and concurrently
downgraded the senior unsecured long-term debt ratings of Rank
Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

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

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


REFCO INC: Ch. 11 Trustee Wants Winchester Settlement Approved
--------------------------------------------------------------
Prior to filing for bankruptcy, Refco Capital Markets, Ltd.,
Winchester Preservation, LLC, and certain individual
beneficiaries entered into interrelated agreements, including:

   (i) loan agreements, notes, and pledge agreements between RCM
       and each of the Beneficiaries;

  (ii) a deposit agreement and a pledge agreement between RCM
       and Winchester; and

(iii) pledge agreements among RCM, each of the Beneficiaries,
       and Christiana Bank & Trust Company.

RCM loaned the Beneficiaries certain sums, and Winchester
deposited a sum equal to the principal amount of the loan into
an account held by RCM.

The Loan Documents provide that the deposit will be
automatically offset against the loan, upon the Beneficiaries'
demand to Winchester for redemption and Winchester's subsequent
demand to RCM for withdrawal of the deposit.  The offset is
subject to the Beneficiaries' payment to RCM of a sum equal to
the spread between interest accrued on the loan and interest
accrued on the deposit and a break fee.

When RCM filed for bankruptcy, the Beneficiaries demanded
redemption from Winchester, and Winchester subsequently demanded
withdrawal of the deposit from RCM.

Winchester and the Beneficiaries commenced an adversary
proceeding asserting, among other things, rights of set-off or
recoupment concerning the deposit account held by RCM.  Each of
the Claimants also filed a proof of claim against all of the
Debtors.

Marc Kirschner, the Chapter 11 trustee overseeing RCM's estate,
has determined that Winchester's and the Beneficiaries' right to
recoup the deposit against the Loan as provided for in the Loan
Documents is valid and likely would be upheld by the Court if
the issue were litigated.

After vigorous and arm's-length negotiations, the RCM Trustee,
Winchester, and the Beneficiaries entered into a settlement
agreement.

The RCM Trustee asks the U.S. Bankruptcy Court for the Southern
District of New York to approve the Settlement Agreement.

The terms of the Agreement are:

   (a) The Claimants' right to recoupment of the deposit against
       the loan will be honored;

   (b) The Claimants will pay RCM the interest spread and break
       fee due under the Loan Documents;

   (c) The parties will release one another from all claims and
       causes of action arising from the Loan Documents, except
       as expressly provided in the Agreement;

   (d) The Claimants will irrevocably withdraw all proofs of
       claim against RCM and the other Debtors;

   (e) All litigation between the parties will be discontinued
       with prejudice, including the Adversary Proceeding; and

   (f) The Claimants' objection to the RCM Trustee's settlement
       agreement with RCM securities customers and general
       unsecured creditors will be irrevocably withdrawn.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
New York, asserts the Agreement will benefit RCM's estate and,
in turn, its creditors, by efficiently collecting the net value
to RCM of the Loan Documents, rather than eroding that net value
by expending fees and costs in a litigation with little or no
chance of success.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Inks Settlement Pact with BofA & Prepetition Lenders
---------------------------------------------------------------
Refco Inc., and its debtor-affiliates and Marc Kirschner, the
Chapter 11 trustee for Refco Capital Markets, Ltd., ask the U.S.
Bankruptcy Court for the Southern District of New York to
approve a settlement agreement with Bank of America, N.A., and a
syndicate of lenders under an August 5, 2004, credit agreement.

The Settlement Agreement implements a key component of a global
plan being negotiated for the Refco estates, J. Gregory Milmoe,
Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York,
explains on the Debtors' behalf.

The Global Plan, Mr. Milmoe says, would call for pre-
confirmation payments to a group of the Debtors' secured
lenders.  The payments will help ensure the availability of
funds to pay other constituencies by:

   (1) cutting off the interest accruing on the secured lenders'
       claims in excess of $6,000,000 per month or $200,000 per
       day;

   (2) minimizing the incurrence of additional professional fees
       by the Debtors, the Debtors' secured lenders, the
       Committees and others, which have already been
       substantial; and

   (3) resolving disputes over the use of cash collateral.

The specific terms of the Global Plan are currently being
negotiated, and a formal agreement has not yet been reached
among the various constituencies, Edwin E. Smith, Esq., at
Bingham McCutchen LLP, in New York, tells the Court on the RCM
Trustee's behalf.  The Motion is being filed with the
expectation that a formal agreement for a Global Plan will be
reached, Mr. Smith says.

              Refco's Obligations to BofA & Lenders

Refco Finance Holding, LLC, entered into the Credit Agreement in
connection with an Equity Purchase and Merger Agreement among
Refco Group Ltd., LLC; Refco Group Holdings, Inc.; Thomas H. Lee
and its affiliates; and certain other parties.  The Equity
Purchase Agreement required Refco Group to obtain $1,400,000,000
in financing through a term loan and a note issuance.

The Equity Purchase Agreement contemplated a series of
transactions resulting in:

   (i) New Refco Group, Ltd., LLC, becoming the parent of Refco
       Group;

  (ii) THL and its co-investors acquiring a 56.7% interest in
       New Refco Group;

(iii) Phillip Bennett, CEO of the various Refco Entities,
       owning a 42.8% interest in New Refco Group; and

  (iv) Refco management owning the remaining 0.5% of New Refco
       Group.

RFH and Refco Group merged on August 5, 2004, with Refco Group
as the surviving entity.

The Credit Agreement provided for up to $800,000,000 in term
loans and a $75,000,000 revolving credit facility.  New Refco
Group and certain of Refco Group's affiliates guaranteed Refco
Group's obligations under the Credit Agreement.

Refco Group and the Guarantors granted BofA, as administrative
agent for the Lenders, a security interest in substantially all
of Refco Group's and the Guarantors' assets pursuant to a
Security Agreement and certain Collateral Documents.

RFH and Refco Finance, Inc., also issued $600,000,000 in 9%
Senior Subordinated Notes pursuant to a Senior Subordinated Note
Indenture dated August 5, 2004, with Wells Fargo Bank, N.A.  The
Notes were guarantied by Refco Group and certain of Refco
Group's affiliates, but the Notes and the guaranties are
unsecured and subordinate to the claims arising from the Loan
Documents.

As of the Petition Date, there was approximately $642,000,000 in
principal outstanding under the Credit Agreement exclusive of
interest, fees, and other obligations.  Interest on the
principal is accruing at a rate of more than $6,000,000 per
month.

BofA has filed proofs of claim against the Debtors based on
amounts due under the Loan Documents.  BofA also asserted claims
based on, among others things, fraud and misrepresentations of
the Debtors.  BofA said certain of the Debtors were potentially
employed in a joint scheme to defraud the Lenders in relation to
the Recapitalization.

On January 24, 2005, the Refco estates paid $150,000,000 to the
Lenders in partial satisfaction of amounts due under the Credit
Agreement.  BofA transferred the funds to certain of the
Lenders.

             Potential Claims Against BofA & Lenders

The Joint Subcommittee of the Official Committees of Unsecured
Creditors believes that the Debtors' estates hold potential
causes of action to (i) avoid their obligations to the Lenders,
and (ii) recover the Repayment as fraudulent conveyances.

The Joint Subcommittee, however, acknowledges that resolution of
the claims against BofA and the Lenders would be expensive and
time-consuming.  BofA and Lenders may assert significant
defenses like solvency, reasonably equivalent and fair value,
lack of grounds for collapsing transactions, lack of causation,
inability to avoid settlement payments and the like, Mr. Smith
tells Judge Drain.

                      Major Settlement Terms

The Debtors and the RCM Trustee filed with the Court a proposed
order, which sets out the settlement terms permitting the
payment of the Debtors' secured lenders.  The Proposed Order,
Mr. Smith relates, also provides the means by which the Debtors
can avoid contesting and, if unsuccessful, paying claims
asserted by BofA and the Lenders based on alleged fraud and
misrepresentations as well as contesting or paying claims for
indemnification, additional interest, and other amounts claimed
under contracts.

A full-text copy of the Proposed Order is available at no charge
at http://ResearchArchives.com/t/s?124c

The Proposed Order provides that BofA and the Lenders' claims
under the Loan Documents will be allowed in full as secured
claims in the cases of Refco Group and the debtor-Guarantors.
The claims will be secured by valid and perfected liens in
collateral, which will be worth more than the amount of the
secured claims.  The secured claims will not be subject to
avoidance.

On or before the later of October 16, 2006, or a later date that
is agreed upon, the Debtors will pay BofA:

   * $642,000,000, constituting the full outstanding principal
     amount due under the Loan Documents;

   * $1,693,276, constituting the full amount of interest
     accrued and unpaid under the Loan Documents on the Petition
     Date;

   * all interest accrued on principal and interest payable
     under the Loan Documents from the Petition Date through the
     Payment Date, payable at the Post-Petition Interest Rate
     and compounded daily from the Petition Date through the
     Payment Date;

   * the lesser of $13,500,000 and the fees and expenses that
     are reimbursable under the Loan Documents through Sept. 30,
     2006.  The amount is subject to increase upon the
     occurrence of certain events, such as if the hearing on the
     Motion is contested or if BofA incurs additional fees as a
     result of being sued prior to September 30; and

   * other fees and expenses payable under the Loan Documents
     incurred from October 1, 2006, through the Payment Date.

The Post-Petition Interest Rate is the Base Rate in effect from
time to time plus the Applicable Rate applicable to Base Rate
Loans, as each term is defined in the Credit Agreement, but
without the additional 2% per annum default interest provided in
the Credit Agreement.

BofA and the Lenders are deemed to consent to their Liens being
primed in part by security interests and liens that secure
credit obligations incurred by the Debtors for the purpose of
funding or refinancing the funding of payments made to BofA
pursuant to the Proposed Order if the principal amount of the
credit obligation does not exceed $200,000,000.

                         Qualifying Plan

The parties participating in the Settlement, including the
Debtors and the RCM Trustee, expect to execute a participating
party agreement by the September 27, 2006, hearing on the
Motion.  The parties will agree to:

   -- use their reasonable best efforts to ensure that a plan
      confirmed in the Chapter 11 Debtors' cases is a Qualifying
      Plan; and

   -- be bound by the terms and conditions of the Proposed
      Order, whether or not a plan is agreed upon or confirmed.

A list of the participating parties is available at no charge
at:

                http://ResearchArchives.com/t/s?124b

A Qualifying Plan, among others, implements the terms and
conditions of the Proposed Order, including the treatment of and
releases provided to BofA and the Lenders.  BofA's and the
Lenders' claims for indemnification and other amounts due under
the Credit Agreement will be estimated at $0 for purposes of
allowance in the Debtors' cases.  Their unsecured claims,
including claims for fraud and misrepresentation, will also be
estimated at $0.

                         Cash Collateral

Upon payment in full of amounts required to be paid on or before
the Payment Date, the Debtors will be authorized to use the
Lenders' cash collateral to pay allowed administrative expenses
and to make other payments under an effective Qualified Plan or
as permitted by the Court without any further consent of or
provision of adequate protection to BofA or the Lenders.

The Adequate Protection Motion currently before the Court will
be postponed to the date of the hearing on confirmation of a
plan.  BofA and the Lenders will not seek any additional
adequate protection.

                          BAWAG Proceeds

BofA has asserted, on the Lenders' behalf, a security interest
in, among other Refco assets, the cash proceeds of the Debtors'
settlement with BAWAG P.S.K. Bank fur Arbeit und Wirtschaft und
Osterreichische Postsparkasse Aktiengesellschaft.

Mr. Milmoe relates that to the extent that Refco Group or any of
the Guarantors ever come into possession of the BAWAG Proceeds,
on or prior to the Payment Date, the Debtors may use these
proceeds to make the payments required under the Proposed Order.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 42; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REPAC LIMITED: Names Gerald Frederick Davis as Administrator
------------------------------------------------------------
Gerald Frederick Davis of Heathcote & Coleman was named
administrator of Repac Limited (Company Number 4808532) on
Sept. 15.

The administrator can be reached at:

         Heathcote & Coleman
         Heathcote House
         136 Hagley Road
         Edgbaston
         Birmingham
         West Midlands B16 9PN
         United Kingdom
         Tel: 0121 454 4141
         Fax: 0121 454 4949
         E-mail: gfd@heathcote-coleman.co.uk

Headquartered in London, United Kingdom, Repac Limited
refurbishes electrical appliances.


RHYTHMS BAR: Claims Registration Ends Oct. 6
--------------------------------------------
Creditors of Rhythms Bar and Restaurant 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 Martin C. Armstrong of Turpin Baker Armstrong at:

         Martin C. Armstrong
         Turpin Baker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey
         United Kingdom

The company can be reached at:

         Rhythms Bar and Restaurant Limited
         84 Knights Hill
         Lambeth
         London SE270JD
         United Kingdom
         Tel: 020 8670 5557


RJN SERVICES: Claims Filing Period Ends Nov. 30
-----------------------------------------------
Creditors of RJN Services Limited have until Nov. 30 to send
their full names and addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
Rupert Graham Mullins of Benedict Mackenzie LLP at:

         Rupert Graham Mullins
         Benedict Mackenzie LLP
         CityPoint
         Temple Gate
         Bristol BS1 6PL
         United Kingdom

Headquartered in Bridgwater, U.K., RJN Services Limited desigs
and installs rainwater goods.


SOLENT BOATS: Appoints Joint Liquidators to Wind Up Business
------------------------------------------------------------
Michael Robert Fortune and Carl Derek Faulds of Portland
Business & Financial Solutions Ltd. were appointed Joint
Liquidators of Solent Boats Limited on July 26 for the
creditors' voluntary winding-up proceeding.

Headquartered in Poole, U.K., Solent Boats Limited is engaged in
boat sales and brokerage.


SOLUM LIMITED: Names Joint Liquidators from CBA
-----------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA were appointed
Joint Liquidators of Solum Limited (t/a Solum Floors) on Sept. 8
for the creditors' voluntary winding-up proceeding.

Headquartered in Leicester, U.K., Solum Limited is a floor
contractor.


SUSTAINABLE WALES: Claims Filing Period Ends Oct. 31
-----------------------------------------------------
Creditors of Sustainable Wales Projects Ltd. (t/a Gentle Touch)
have until Oct. 31 to send in writing their names and addresses
and the particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidators Richard I. B. Jones and Melanie Reevel Giles Limited
at:

         Richard I. B. Jones and Melanie Reevel Giles
         JonesGiles Limited
         8 Williams Court
         Trade Street
         Cardiff CF10 5DQ
         United Kingdom

Headquartered in Bridgen, U.K., Sustainable Wales Projects Ltd.
-- http://www.sustainablewales.org.uk/-- provides community
laundry services.


TASS FIRE: Liquidator Sets Oct. 31 Claims Bar Date
--------------------------------------------------
Creditors of Tass Fire & Security Limited have until Oct. 31 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 Paul Anthony Saxton of Elwell Watchorn &
Saxton LLP at:

         Paul Anthony Saxton
         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire LE12 7NN
         United Kingdom

The company can be reached at:

         Tass Fire & Security Limited
         Dennis House
         4 Hawley Road
         Hinckley
         Leicestershire LE100PR
         United Kingdom
         Tel: 01455 633 028
         Fax: 01455 617 303


TERBOW TRANSPORT: Hires Griffin & King to Administer Assets
-----------------------------------------------------------
T. F. Corfield of Griffin & King was appointed administrator of
Terbow Transport & Trading Company Limited (Company Number
1546507) on Sept. 14.

The administrator can be reached at:

         Griffin & King
         26-28 Goodall Street
         Walsall
         West Midlands WS1 1QL
         United Kingdom
         Tel: 01922 722205
         Fax: 01922 639480

Terbow Transport & Trading Company Limited can be reached at:

         Stourbridge Road
         Bridgnorth
         Shropshire WV15 6AN
         United Kingdom
         Tel: 01746 768 180
         Fax: 01746 765 152


TRAVEL WORLD: Hires Joint Liquidators from Gerald Edelman
---------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of Travel
World International Limited on Sept. 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Travel World International Limited
         1 3
         Beal Road
         Ilford
         Essex IG1 4QF
         United Kingdom
         Tel: 0870 116 2233
         Fax: 020 8518 4992


TRIO GRAPHIC: Lloyd Biscoe Leads Liquidation Procedure
------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of Trio
Graphic Display Limited on Sept. 11 for the creditors' voluntary
winding-up proceeding.

Headquartered in Basildon, U.K., Trio Graphic Display Limited is
engaged in the design and production of signage.


TRIO ID: Taps Liquidator from Begbies Traynor
---------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of Trio
ID Limited on Sept. 11 for the creditors' voluntary winding-up
proceeding.

Headquartered in Basildon, U.K. Trio ID Limited manufactures
signs and advertising displays.


VECTOR PACKAGING: Appoints Joint Administrators from F A Simms
--------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners PLC were appointed joint administrators of Vector
Packaging Limited (Company Number 04228349) on Sept. 12.

The administrators can be reached at:

         F A Simms & Partners PLC
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Vector Packaging Limited can be reached at:

         46A
         Syon Lane
         Isleworth
         Middlesex TW7 5NQ
         United Kingdom
         Tel: 01933 317 956


W H REALISATIONS: Taps DTE Leonard Curtis as Administrators
-----------------------------------------------------------
A. Poxon and P. Reeves of DTE Leonard Curtis were appointed
joint administrators of W H Realisations Limited (formerly
Weatherseal Holdings Limited) (Company Number 2578045) on
Sept. 11.

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

W H Realisations Limited can be reached at:

         10 Village Way
         Pinner
         Middlesex HA5 5AF
         United Kingdom
         Tel: 020 8868 5877
         Fax: 020 8866 5908


W. SOLUTIONS: Appoints Liquidator from Cooper Parry
---------------------------------------------------
Tyrone Shaun Courtman of Cooper Parry LLP was appointed
Liquidator of W. Solutions Limited on Sept. 5 for the creditors'
voluntary winding-up procedure.

Headquartered in Bridgnorth, U.K., W. Solutions Limited provides
Internet services and retails computer components.


* Moody's Releases Loss Given Default Guidelines
------------------------------------------------
Moody's Investors Service, which recently announced the
implementation of loss given default assessments (LGDs) for
speculative grade corporate debt issuers and the availability of
its LGD model, has released an in-depth user's guide on the LGD
model.

The new Moody's model computes LGD assessments for rated
instruments by estimating the likely distribution of recovery
values for a "waterfall" of liabilities, and taking into account
the priority of claims in default.

Users of the model can reference the companion guide to better
understand Moody's approach to assessing specific liabilities
and to sizing/prioritizing potential claims when constructing
the waterfall.  Also available are samples of the model reports
and a step-by-step guide to entering data.

The user's guide also outlines Moody's approach to determining
the enterprise-wide LGD rate and provides guidance on how
Moody's assesses bank loan facilities and other debt instruments
as well as key non-debt liabilities.

"Our objective is to ascertain the extent of claims that would
be allowable in a US bankruptcy court in the event of default
that might have a bearing on the relative ultimate recovery
value available to creditors of the company," says Moody's
Senior Vice President Russell Solomon.  "We review not only how
claims are sized, but also the likelihood that each claim will
still apply in a default scenario," he adds.

"By making the model available to market participants, we hope
to further enhance the transparency of our rating process and
enable market participants to better estimate ratings for a
particular company with a fairly high degree of accuracy," adds
Moody's Group Managing Director Michael Rowan.

Moody's current long-term credit ratings, which are opinions
about expected credit loss, incorporate both the likelihood of
default and expected loss in the event of default.  The LGD
assessments disaggregate the level of loss in the event of
default from other key components of the rating -- most
importantly the probability of default.  Moody's is assigning
LGD assessments to individually rated instruments -- loans,
bonds, and preferred stock.

The LGD methodology went into effect September 6, for first-time
issuers in the U.S. and Canada. Moody's has been rolling out the
refined rating approach to existing corporate speculative grade
companies in the U.S. and Canada since Sept. 18 on an industry-
by-industry basis, and has been issuing press releases
announcing aggregate rating changes for a particular industry.

The rollout in Western Europe will begin in early 2007, after
which the new LGD assessments (and probability of default
ratings) will be applied selectively to other market segments
over time, following requests for comment and appropriate
modifications to reflect relevant market practices and
bankruptcy laws.

The model, the user's guide, as well as the related methodology
and frequently asked questions reports, are available on the Web
at http://www.moodys.com/LGD


* Moody's Proposes Methodology for Mutualist Banking Groups
-----------------------------------------------------------
Moody's Investors Service issued a request for comment on a
proposal for determining support levels for members of mutualist
or cooperative banking groups or other banking groups with
similar mutual characteristics.

The proposed methodology is intended to enhance the transparency
of Moody's rating process for banks that are members of such
groups, in particular with regard to any benefit such banks'
ratings may enjoy owing to the likelihood of support from the
group.

Moody's welcomes comments or suggestions on this proposal from
market participants.  Comments should be sent to cpc@moodys.com
by Oct. 25.

"The term 'cooperative' has diverse meanings in different
countries," explains Michaela Seimen, Associate Analyst and
author of the report.

"The proposed methodology is not limited to those financial
institutions that are legally considered 'cooperative' but is
intended to cover the analysis of those financial institutions
which are comprised of groups of banks or savings banks involved
in close cooperation, that typically own or control one or more
central bodies in which certain functions are centralized, and
which incorporate some form of mutual ownership and/or
responsibilities, regardless of the group's formal legal
structure."

As previously disclosed, Moody's intends to incorporate joint-
default analysis (JDA) into its assessment of external support
for banks later this year.  The outcomes of the proposed
methodology -- an assessment of the overall financial strength
of a cooperative or mutualist banking group, and the probability
that the group will support an individual member bank -- will be
utilized within the JDA framework to derive the deposit and debt
ratings for individual member banks.

Moody's report, entitled "Cooperative and Mutualist Banking
Groups: Proposal for Determining Group Support Levels for
Members," describes how the rating agency proposes to assess
first the ability of a group to provide support to its member
entities, by assigning a group-level bank financial strength
rating (BFSR) using Moody's methodology for BFSRs, and then the
group's willingness to provide such support, based on the
assumption that there is a relationship between the cohesiveness
of a group and the likelihood of support.

Moody's Chief Credit Officer for Financial Institutions, David
Fanger, explains that "in addition to raising transparency, the
proposed methodology will ensure that Moody's analysts apply
globally consistent criteria in identifying the appropriate
level of cohesiveness between interlinked institutions and the
likelihood of support for group members resulting from these
structures."

The report describes in detail how the rating agency proposes to
measure a group's cohesiveness based on an evaluation of a
number of qualitative criteria with a view to determining the
probability of support.  It also presents a "Cohesion Assessment
Matrix" developed by Moody's as a guideline to assist analysts
in assigning a probability of support based on certain group
characteristics.


* Moody's Updates Rating Methodology for Insurance Sector
---------------------------------------------------------
Moody's Investors Service has released an updated rating
methodology for the Financial Guaranty Insurance sector.

The report identifies the key metrics Moody's uses to rate
financial guaranty insurers and, significantly, explains in
detail how these metrics map to Moody's final ratings.

Ratings of individual guarantors are not expected to change as a
result of the publication of the rating methodology, which is
meant to explain, rather than change, the approach traditionally
used by the agency, Moody's said.

The methodology focuses on Moody's approach to assigning
insurance financial strength ratings to operating guarantors
before consideration of parental support.

Moody's ratings of the various obligations of financial guaranty
entities are rooted in an assessment of the financial strength
of the main operating units within that organization.

"Our revised methodology is designed to shed additional light on
Moody's overall approach to evaluating financial guaranty
operating companies and to provide greater clarity around the
primary drivers of our ratings," said Managing Director Jack
Dorer.

"In rating financial guarantors," Mr. Dorer explains, "we focus
on both qualitative and quantitative characteristics in the
following areas: franchise value and strategy, insurance
portfolio characteristics, capital adequacy, profitability, and
financial flexibility."

In addition Moody's also analyzes other factors such as
accounting policies and disclosure, the regulatory environment,
non-financial guaranty activities and liquidity risks, parental
support, and special considerations for start-up entities when
determining a guarantor's overall rating.

"The new methodology is not intended to be an exhaustive
discussion of all factors that Moody's considers in every
financial guarantor's rating," says Arlene Isaacs-Lowe, Senior
Vice President and lead author of the report, "although it
should help readers understand the key considerations and
metrics that correspond to particular rating categories."

"However," Mr. Dorer added, "we caution that our rating process
involves a degree of judgment that from time to time will cause
a rating outcome to fall outside the expected range of outcomes
based on a strict application of the factors presented in the
methodology."  In such situations, Moody's said that it will
outline the differences and rationale in its credit opinions and
company-specific analyses.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 28, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      West Coast Plan of Reorganization Conference
         The Olympic Collection Banquet, Los Angeles, CA
            Contact: http://www.airacira.org/

September 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Quarterly Networking Luncheon
         East Bank Club, Chicago, IL
            Contact: 815-469-2935 or http://www.turnaround.org/

October 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Organization of Women Networking Event/
      Fundraiser
         TBD, Philadelphia, PA
            Contact: 215-657-5551 or http://www.turnaround.org/

October 3, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Golf Outing
         Fox Chapel Golf Club, Pittsburgh, PA
            Contact: 412-644-8794 or http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Commercial Lenders Breakfast
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Panel & Breakfast Meeting: Financial Fraud
         Center Club, Baltimore, MD
            Contact: http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Negotiations Workshop
         Standard Club, Chicago, IL
            Contact: http://www.turnaround.org/

October 6, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2006: Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 10, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Center Club, Baltimore, Maryland
            Contact: 703-912-3309 or http://www.turnaround.org/

October 11, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development Meeting
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 11-14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      2006 Annual Conference
         Milleridge Cottage, Long Island, New York
            Contact: 312-578-6900; http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

October 16, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      A Year After BAPCPA
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 18-19, 2006
   EUROMONEY
      2nd Annual Latin America Syndicated Loans Conference
         JW Marriott Hotel, Miami, FL
            Contact: http://www.euromoneyplc.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA of Nevada's 1st Breakfast Meeting
         The A,B,C's of Valuing and Selling a Business
            Palace Station, Las Vegas, NV
               Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
         Waller Lansden Dortch & Davis
            Nashville, TN
               Contact: http://www.turnaround.org/

October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
         Best Practices in e-Discovery and Records Management
         for Bankruptcy Practitioners and Litigators
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Dessert Reception
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com/

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than $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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