TCREUR_Public/060929.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

           Friday, September 29, 2006, Vol. 7, No. 194            

                            Headlines

A U S T R I A

ANTON KRIVANEK: Claims Registration Period Ends October 9
BAWAG PSK: Austrian Prosecutors Include KMPG Auditor in Probe
CLEVER BAU: Creditors' Meeting Slated for October 4
EMGO: Creditors' Meeting Slated for October 4
NELLY'S LIVE: Claims Registration Ends October 3

R + R: Creditors' Meeting Slated for October 12
REINBERGER: Group 3 Creditors to Recover 59% of Claims
THELEN & THELEN: Creditors to Recover 2.7% of Claims
VIKTORIN: Claims Registration Period Ends October 9
WOHNBAU SUED: Creditors to Recover 2.6% of Claims


B E L G I U M

POPE & TALBOT: Moody's Assigns Loss-Given-Default Rating


D E N M A R K

AGCO CORP: Moody's Assigns Loss-Given-Default Ratings
RUNESTONE GAME: To Shut Down "Seed" Game After Bankruptcy Filing


F R A N C E

AUTOCAM CORPORATION: Moody's Assigns Loss-Given-Default Ratings
BRAKE BROS: Fitch Keeps Issuer Default ratings at B+
CASCADES INC: Moody's Assigns Loss-Given-Default Ratings
CASINO GUICHARD: Fitch Upgrades EUR600 Mln Securities to BB+
PH GLATFELTER: Moody's Assigns Loss-Given-Default Ratings

PSA PEUGEOT: Unveils Recovery Plan; Eyes 10,000 Job Cuts
SEAGATE TECH: Prices Subsidiary's US$1.5 Billion Notes Offer


G E R M A N Y

AGRAR-TECHNIK: Claims Registration Ends October 9
AMERICAN AXLE: Moody's Assigns Loss-Given-Default Ratings
ASJ KRAFTFAHRZEUGE: Claims Registration Ends October 9
BENQ CORP: Mulls Insolvency Filing for German Mobile Subsidiary
BORGWARNER INC: Moodys Affirms (P)Ba1 Preffered Shelf Rating

BRENNTAG HOLDING: Buyout Prompts S&P to Cut Credit Rating to B
EWACO HANDELS: Claims Registration Ends October 9
GEWERBEPARK ODERTAL: Claims Registration Ends October 11
GUSTIBUS IMPORT: Creditors' Meeting Slated for October 12
MARTIN SCHULZE: Claims Registration Ends October 10

OMDA DATENVERARBEITUNG: Claims Registration Ends October 10
PROCREDIT HOLDING: Fitch Affirms Individual C/D Rating
SPS VERTRIEBS: Claims Registration Ends October 9
START VERWALTUNGS: Claims Registration Ends October 9
WB INDUSTRIEMONTAGE: Claims Registration Ends October 10

WITT GMBH: Claims Registration Ends October 10


I R E L A N D

DEKANIA EUROPE: Fitch Gives Final BB Rating to EUR12-Mln Notes
SCOTTISH RE: Ends & Cuts Syndicated Credit Facilities


I T A L Y

AVIO HOLDING: S&P Withdraws B Corporate Credit Ratings


K A Z A K H S T A N

DIAS T: Karaganda Court Opens Bankruptcy Proceedings
JELDORVODOTEPLOSNABJENIYE: Creditors' Claims Due Oct. 20
KUAT-COMPANY: South Kazakhstan Court Starts Bankruptcy Procedure
PRIOZERNOYE: Proof of Claim Deadline Slated for Oct. 20
SHYBERLIK: Creditors Must File Claims by Oct. 20

SIRIUS-2004: Claims Registration Ends Oct. 20
STROYPROJECT: Creditors' Claims Due Oct. 20
SUNFLOWER: Proof of Claim Deadline Slated for Oct. 20
TECHNO COMPANY: Claims Registration Ends Oct. 20
UMIT-SU: South Kazakhstan Court Begins Bankruptcy Proceedings


K Y R G Y Z S T A N

ADANA-KONTI: Proof of Claim Deadline Slated for Nov. 8
TITAN SECURITY: Creditors Must File Claims by Nov. 8


L I T H U A N I A

BANKAS SNORAS: Moody's Assigns D- Financial Strength Rating


N E T H E R L A N D S

SEAGATE TECH: Prices Subsidiary's US$1.5 Billion Notes Offer
VNU GROUP: New Owners Mull Auction of European Portfolio


N O R W A Y

AKER KVAERNER: Fitch Lifts Default Rating to BBB- from BB+


P O L A N D

AMERICAN AXLE: Moody's Assigns Loss-Given-Default Ratings
AUTOCAM CORPORATION: Moody's Assigns Loss-Given-Default Ratings
VERIFONE INC: S&P Affirms BB- Rating on US$540-Mln Bank Loan


R U S S I A

AGRO-TEKH-PROM: Court Names A. Lyasman as Insolvency Manager
ASBESTOVSKIY FACTORY: L. Korovnikova to Manage Assets
BALT-COAL: Court Names P. Tarasov as Insolvency Manager
BARNAULSKIY: Court Names V. Yakovlev as Insolvency Manager
BIKINSKIY BAKERY: Court Starts Bankruptcy Supervision Procedure

BUILDER-29: Krasnodar Court Starts Bankruptcy Supervision
CHEBAKOVO: Yaroslavl Court Starts Bankruptcy Supervision
DAL-TRADING-SERVICE: Court Starts Bankruptcy Supervision
FOREST GLADE: Bankruptcy Hearing Slated for Nov. 14
GEFEST: Tula Court Starts Bankruptcy Supervision

INTER-CONSTRUCTION: Court Names A. Kubasov as Insolvency Manager
INVEST-MANAGER: Court Names G. Chmutina as Insolvency Manager
ISKRA: Court Names A. Ivanov as Insolvency Manager
KIRISHSKIY FACTORY: Court Names P. Tarasov as Insolvency Manager
KURGANSKOYE PASSENGER 2: O. Pugin to Manage Insolvency Assets

LIMESTONE: Orel Court Names P. Klimenko as Insolvency Manager
MOSKALENSK-AGRO-PROM-TRANS: A. Lyasman to Manage Assets
NORD-STROY-2: Court Names P. Tarasov as Insolvency Manager
NORTH-WEST TELECOM: Improved Performance Cues S&P to Lift Rating
OIL-GAS-SVYAZ-STROY: N. Lapchuk to Manage Assets

OZERSKOYE: Court Names A. Morozov as Insolvency Manager
PIONEER: Court Names V. Kiryaev as Insolvency Manager
REINFORCED-CONCRETE GOODS: M. Bogatova to Manage Assets
SIBERIAN VENTILATION: Court Starts Bankruptcy Supervision
SIG EURO-STROY: Moscow Court Starts Bankruptcy Supervision

SOROCHINSKIY DIARY: Court Starts Bankruptcy Supervision
TAGANKA CAR: Moody's Rates US54.8-Mln Class C Notes at (P)Ba2
TENLIN: Bankruptcy Hearing Slated for Feb. 6
UNIVERSAL HARDWARE: S. Sorokin to Manage Insolvency Assets
URALSVYAZINFORM OJSC: Standard & Poor's Raises Rating to BB-

VOLGATELECOM: Improved Business Spurs S&P to Raise Rating to BB-
YUKOS OIL: Surgutneftegaz Eyes Petrochemical Unit
ZYRYANSKIY BUTTER-FACTORY: V. Chayka to Manage Assets

* S&P Lifts Krasnodar Krai's Rating to BB- on Economic Growth


S P A I N

CHESAPEAKE CORP: Moody's Assigns Loss-Given-Default Ratings
GAT FTGENCAT: Moody's Junks EUR9.5-Million Series E Notes
PSA PEUGEOT: Unveils Recovery Plan; Eyes 10,000 Job Cuts
SOL MELIA: Fitch Assigns BB Rating on EUR100 Million Shares


S W E D E N

GRAPHIC PACKAGING: Moody's Assigns Loss-Given-Default Rating


S W I T Z E R L A N D

NOBLE GROUP: Strong Finances Spur Moody's to Affirm Ba1 Rating


T U R K E Y

EDISON MISSION: Fitch Lifts Issuer Default Rating to BB-


U K R A I N E

AGES: Court Names Volodimir Ilkovskij as Insolvency Manager
ARCHITECTURAL ENGINEERING: Court Names Tax Agency as Liquidator
ESST LTD: Zaporizhya Court Names S. Persuk as Insolvency Manager
KOM-TREK: Kyiv Court Names District Tax Agency as Liquidator
KONTUR PLUS: Court Names Lubomir Cherevatij as Liquidator

NAFTOGAZ UKRAINY: Prime Minister Yanukovych Foresees Bankruptcy
NIOL: Kyiv Region Court Names V. Zaharchuk as Insolvency Manager
PREMIER-ORBI: Court Names I. Yasnogor as Insolvency Manager
REMPROMBUTSERVICE: Court Names District Tax Agency as Liquidator
SAMBOR: Kyiv Region Court Starts Bankruptcy Supervision

SELSA: Kyiv Court Names District Tax Agency as Liquidator
SUMIFARM: Sumi Court Starts Bankruptcy Supervision Procedure
TEHNOGEM: Court Names Yevgenij Grib as Insolvency Manager
ZUGRESENERGOBUD: Court Names S. Atamanenko as Liquidator


U N I T E D   K I N G D O M

ADVANCED FLUID: Faces GBP12.16-Mln Fine Over Copper Cartel
AGCO CORP: Moody's Assigns Loss-Given-Default Ratings
ALBION SPRING: Bank of Scotland Brings In PwC as Receivers
ALLIED HOME: Appoints Joint Liquidators from CBA
ALLSCREWS LIMITED: Claims Filing Period Ends Oct. 11

AMERICAN AXLE: Moody's Assigns Loss-Given-Default Ratings
ANDREWS BUILDERS: Hires Liquidator from Maidment Judd
ARMSTRONG SECURITY: Joint Liquidators Take Over Operations
ARVINMERITOR INC: Moody's Assigns Loss-Given-Default Rating
ASAP FREIGHT: I. P. Sykes Leads Liquidation Procedure

BALMORAL UPHOLSTERY: Names Gagen Dulari Sharma Liquidator
BRAKE BROS: Fitch Keeps Issuer Default Ratings at B+
BUDDIES MAIDSTONE: Taps Adelle Firestone to Liquidate Assets
BUSINESS BASE: Hires F A Simms as Joint Administrators
CADMAN CONTRACTS: Appoints BDO Stoy as Joint Administrators

CARDIFF TILE: Nominates Gary Stones to Liquidate Assets
CHAMBERS OF ROCHESTER: Names Simon Paterson Liquidator
COLOUR POWDER: Appoints Joint Administrators from DTE
COMP U: Liquidator Sets Oct. 4 Claims Bar Date
CPU CITY: Appoints Liquidator from Bottomley & Co.

DAVE SHELDON: Taps Geoffrey Martin as Administrators
EMF CHEMICALS: Claims Registration Ends Oct. 30
EZ TECH: Appoints Terry Christopher Evans as Liquidator
FORD MOTOR: Executive Says Jaguar Brand Not For Sale Now
FOSTER ELECTRICAL: Names Joint Liquidators to Wind Up Business

GARAGE DOOR: Calls In Joint Liquidators from O' Hara & Co.
GUILDHOUSE INSURANCE: Names Colin Andrew Presscott Liquidator
INNOVATION RECRUITMENT: Brings In Joint Liquidators from Mazars
JOHN DALTON: Creditors Confirm Liquidator's Appointment
JRF ROOFING: Taps John Paul Bell to Liquidate Assets

LAVIS MEDICAL: Claims Filing Period Ends Dec. 31
MAY MAC: Appoints Joint Liquidators from Recovery hjs
MERIDEN HOLDINGS: Names Andrew Fender as Administrator
MWM ACCIDENT: Hires Joint Liquidators from Deloitte & Touche
OBS TIMBER: Brings In Baker Tilly to Administer Assets

OMBRIGHT LIMITED: Liquidator Sets Oct. 20 Claims Bar Date
PSA PEUGEOT: Unveils Recovery Plan; Eyes 10,000 Job Cuts
R & P SHOPFITTINGS: Names Joint Liquidators from CBA
RANSOME MARLOW: Creditors Confirm Liquidators' Appointment
SCOTTISH RE: Ends & Cuts Syndicated Credit Facilities
SEAGATE TECH: Prices Subsidiary's US$1.5 Billion Notes Offer

SEVENOAKS PLAYHOUSE: Names Liquidators to Wind Up Business
SHELL SCHEME: Taps Liquidator from David Horner & Co.
SNS LINGERIE: Creditors Confirm Liquidator's Appointment
SOFTBANK CORP: Strong Brand Cues Moody's to Assign Ba2 Rating
SOFTBANK CORP: S&P Assigns BB- Rating on EUR500-Mln Notes

STARPOINT CARD: Names Keith Aleric Stevens Liquidator
STORM DISPLAY: Creditors' Meeting Slated for October 2
TAURUS CUSTOM: Claims Filing Period Ends Oct. 24
TEMPERAL ENGINEERING: Claims Registration Ends Oct. 5
TRANSURE U.K.: Hires Joint Liquidators from Lines Henry

TWINMILLS LIMITED: Calls in Joint Liquidators from Vellacott DFK
W.R. RICHARDS: Claims Filing Period Ends Oct. 20
WILLIAMSON MOTORS: Barclays Bank Taps Grant Thornton Receivers
WINDOWCRAFT LIMITED: Appoints J. M. Titley to Liquidate Assets

* BOOK REVIEW: Crafting Solutions for Troubled Businesses

                            *********

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


ANTON KRIVANEK: Claims Registration Period Ends October 9
---------------------------------------------------------
Creditors owed money by LLC Anton Krivanek (FN 229115) have
until Oct. 9 to file written proofs of claims to court-appointed
property manager Georg Freimueller at:

         Dr. Georg Freimueller
         c/o Dr. Erwin Senoner
         Alser Road 21
         1080 Vienna, Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 23 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 28 (Bankr. Case No. 3 S 120/06a).  Erwin Senoner
represents Dr. Freimueller in the bankruptcy proceedings.


BAWAG PSK: Austrian Prosecutors Include KMPG Auditor in Probe
-------------------------------------------------------------
Austrian prosecutors are investigating an employee of KPMG
Austria GmbH over the US$2-billion scandal at Bawag P.S.K.
Group, says the Wall Street Journal citing sources privy to the
matter.

According to the report, the probe was spurred by witnesses'
revelations that Robert Reiter, a former partner and head of
KPMG Alpen-Treuhand GmbH, a unit of KPMG Austria, advised Bawag
on booking hundreds of millions of dollars in losses in a way
closed to public scrutiny.

Mr. Reiter served as lead auditor for Bawag's 2000 accounts,
which KMPG certified as "properly booked and evaluated,
particularly in the field of derivatives."

The prosecutors found out from recent probes that in 2000, Mr.
Reiter attended an emergency management board meeting of Bawag,
which was called after local businessman Wolfgang Flottl, son of
the bank's ex-chief, revealed he lost EUR433 million at current
exchange rates, from bad bets on the pricing of the yen, WSJ
reports.

After the meeting, a KPMG representative agreed not to mention
the loss in the auditor's statement in the Bawag's annual report
if Osterreichischer Gewerkschaftsbund (OeGB), the bank's
majority shareholder, guaranteed the loss, WSJ cites an Austrian
National Bank audit.

A spokeswoman for KPMG Austria stressed that the auditing firm
is not included in the probe, because there is no Austrian law
that allows criminal investigation of companies.  She added KMPG
has full confidence in Mr. Reiter's integrity.

"KPMG is convinced it was proper to give our unrestricted
confirmation of Bawag's annual reports," the spokeswoman was
quoted by WSJ as saying.

As previously reported, BAWAG disclosed that, under the helm of
former chief executive Helmut Elsner, it lost EUR1 billion in
five years when it invested into high-risk businesses in
Antigua.  The bank, however, assured that it had absorbed the
losses since them, and any remaining deficit is "very small and
could not harm the bank".

BAWAG chief executive Guenter Weninger admitted knowing the
losses, but said he was only informed in late 2000.  He added
the bank did not disclose the losses to avoid insolvency and to
keep clients, jobs and assets.  The admission stirred Austrian
authorities to probe into the matter.

Prosecutors have recently focused on how Bawag reported assets
and losses.  Authorities particularly centered on KPMG audits of
the bank's accounts between 1994 and 2005 that failed to reveal
misreporting of bank assets and losses.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;
   -- BAWAG P.S.K.: long-term debt and deposit.


CLEVER BAU: Creditors' Meeting Slated for October 4
---------------------------------------------------
Creditors owed money by LLC Clever Bau-, Planungs- und Handel
(FN 233166t) are encouraged to attend the creditors' meeting at
10:15 a.m. on Oct. 4 to consider the adoption of the rule by
revision.

The creditors' meeting will be held at:

         Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 4, 2005 (Bankr. Case No. 2 S 141/05f).  Stefan Jahns
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Mag. Stefan Jahns
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50
         E-mail: officewien@aaa-law.at


EMGO: Creditors' Meeting Slated for October 4
---------------------------------------------
Creditors owed money by LLC EMGO (FN 214568t) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Oct. 4 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 11, 2005 (Bankr. Case No. 2 S 147/05p).  Guenther Hoedl
serves as the court-appointed property manager of the bankrupt
estate.  Andrea Simma represents Dr. Hoedl in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         E-mail: Hoedl@anwaltsteam.at


NELLY'S LIVE: Claims Registration Ends October 3
------------------------------------------------
Creditors owed money by LLC Nelly's Live (FN 237976s) have until
Oct. 3 to file written proofs of claims to court-appointed
property manager Herbert Hoffmann at:

         Mag. Herbert Hoffmann
         Viennese Road 18
         3430 Tulln, Austria
         Tel: 02272/81929
         Fax: 02272/81929-20
         E-mail: mag.hoffmann@i-one.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. Oct. 24 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Langenrohr, Austria, the Debtor declared
bankruptcy on Aug. 28 (Bankr. Case No. 14 S 134/06f).


R + R: Creditors' Meeting Slated for October 12
-----------------------------------------------
Creditors owed money by LLC R + R (FN 47146h) are encouraged to
attend the creditors' meeting at 3:00 p.m. Oct. 12 to consider
the adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Hall L (Room 230)
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Aug. 11 (Bankr. Case No. 25 S 69/06v).  Elisabeth Simma
serves as the court-appointed property manager of the bankrupt
estate.  Klein, Wuntschek & Partner Rechtsanwaelte represents
the Debtor in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Elisabeth Simma
         Kaiserfeldgasse 15
         2nd Floor
         8010 Graz, Austria
         Tel: 0316/827720
         Fax: 0316/82772028
         E-mail: office@simma-stoff.at

The Debtor's representative can be reached at:

         Klein, Wuntschek & Partner Rechtsanwaelte
         Kaiser-Franz-Josef-Kai 70
         A-8013 Graz, Austria
         Tel: 0316/81 38 62


REINBERGER: Group 3 Creditors to Recover 59% of Claims
------------------------------------------------------
The Land Court of Graz approved the final decision on allocation
of Peter Handler, the court-appointed property manager of KEG
Reinberger (FN 251922z), on Aug. 25.

Under the property manager's project by final allocation, only
the property creditors of group 3 will recover 59% of their
claims while other creditors will not receive any quota.

Headquartered in St. Florian, Austria, the Debtor declared
bankruptcy on Feb. 7 (Bankr. Case No. 25 S 7/06a).

The property manager can be reached at:

         Mag. Peter Handler
         Main Place 33
         8530 Deutschlandsberg, Austria
         Tel: 03462/4141
         Fax: 03462/414141
         E-mail: office@handler.at


THELEN & THELEN: Creditors to Recover 2.7% of Claims
----------------------------------------------------
The Land Court of Graz approved the final decision on allocation
of Franz Krainer, the court-appointed property manager of LLC
Thelen & Thelen Entertainment (FN 212165h), on Aug. 25.

Under the property manager's project by final allocation,
creditors will recover 2.7% on account of their claim.

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on May 11, 2005 (Bankr. Case No. 25 S 49/05a).

The property manager can be reached at:

         Dr. Franz Krainer
         Herrengasse 19
         2nd Floor
         8010 Graz, Austria
         Tel: 0316/822082
         Fax: 0316/822082-75
         E-mail: office@dr-krainer.at


VIKTORIN: Claims Registration Period Ends October 9
---------------------------------------------------
Creditors owed money by LLC Viktorin (FN 225300z) have until
Oct. 9 to file written proofs of claims to court-appointed
property manager Erwin Senoner at:

         Dr. Erwin Senoner
         c/o Dr. Georg Freimueller
         Alser Road 21
         1080 Vienna, Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No. 45 S 53/06g).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.


WOHNBAU SUED: Creditors to Recover 2.6% of Claims
-------------------------------------------------
The Land Court of Graz approved the final decision on allocation
of Peter Handler, the court-appointed property manager of LLC
Wohnbau Sued-West (FN 188595 x), on Aug. 25.

Under the property manager's project by final allocation,
creditors will recover 2.6% of their claim.

Headquartered in Lieboch, Austria, the Debtor declared
bankruptcy on March 14, 2003 (Bankr. Case No. 25 S 147/03k).
Mag. Georg Dieter represents the Debtor in the bankruptcy
proceedings.

The property manager can be reached at:

         Mag. Peter Handler
         Holleneggerstrasse 6a
         8530 Deutschlandsberg, Austria
         Tel: 03462/4141
         Fax: 03462/414141
         E-mail: office@handler.at  


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


POPE & TALBOT: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector, the
rating agency confirmed its B3 Corporate Family Rating for
Pope & Talbot Inc.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given- default
ratings on these two bond issues:

                                                Projected
                       Old POD New POD  LGD     Loss-Given
   Debt Issue          Rating  Rating   Rating  Default
   ----------          ------  ------   ------  -------
   US$75 million
   8.375% Debentures
   due 2013            Caa2    Caa2     LGD5    86%

   US$60 million
   8.375% Debentures  
   due 2013            Caa2    Caa2     LGD5    86%

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 Portland, Oregon, Pope & Talbot Inc. --
http://www.poptal.com/-- produces lumber and manufactures  
bleached kraft pulp for newsprint, writing paper, and tissue
manufacturers.  The company has over 2,500 employees with
significant operations in British Columbia, and South Dakota.  
The company has a sales office in Brussels, Belgium.


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


AGCO 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 Automotive and Equipment sector this week,
the rating agency confirmed its Ba2 Corporate Family Rating for
AGCO Corp.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv. Sr.
   Sub. Notes due 2033  B1       B1       LGD5     89%

   6.875% Sr. Sub.
   Notes due 2014       B1       B1       LGD5     89%

   Sr. Unsec. Shelf     Ba3      Ba3      LGD5     81%

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%).

AGCO Corp. is a global manufacturer and distributor of
agricultural equipment and related replacement parts.  The Co.
offers a full line of products under multiple brands through one
of the largest global distribution networks in the industry,
including more than 3,900 independent dealers and distributors
in more than 140 countries including Denmark, Finland, Germany,
Italy, France, Spain and the United Kingdom.


RUNESTONE GAME: To Shut Down "Seed" Game After Bankruptcy Filing
----------------------------------------------------------------
Runestone Game Development has filed for bankruptcy protection,
which will bring to a close the multiplayer title called Seed,
GameZone reports.

"For the past two months, I and a few others have attempted to
sell a partnership deal to a long list of publishers and MMO
companies, trying to raise the capital we needed to finish the
game properly, and re-launch it in a form it, and especially you
the community, deserve.  While we have received a great deal of
interest, we have not been able to close a deal.  The harsh
reality is that we have now officially run out of money, and out
of options, and therefore, we cannot pay salaries, rent or
hosting fees," Runestone CEO Lars Kroll Kristensen said.

Mr. Kristensen informed the gaming community that Seed will be
available for a very limited time.

"For us, it means that the dream of Seed and Runestone is over.  
It has been a wild, weird ride, full of frustration, triumph,
joy, stress and fun, but never boredom.  We have all learned
incredibly much about game development, the gaming business and
MMOs," he added.

The Seed features a rich, lush cel-shaded graphic style, which
was set in a distant feature in a colony tower on a planet far
from Earth.

                     About the Company

Headquartered in Aarhus, Denmark, Runestone Game Development --
http://www.runestone.dk/-- develops and runs innovative,  
storybased massively multiplayer online games.  


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


AUTOCAM CORPORATION: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. automotive sector, the rating agency
confirmed its Caa1 Corporate Family Rating for Autocam
Corporation.  Additionally, Moody's revised its probability-of-
default ratings and assigned loss-given-default ratings on two
loans and a bond issue:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   multi-currency
   secured revolving
   credit facility      B3       B1       LGD2     13%

   US dollar secured
   term loan            B3       B1       LGD2     13%

   10.875% senior
   subordinated notes   Ca       Caa2     LGD5     79%
   
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 Kenwood, Michigan, Autocam Corp. --
http://www.autocam.com/-- designs and manufactures precision  
machined, close tolerance, specialty metal alloy components used
in the transportation and medical implement industries.  The
company had revenues of approximately US$350 million in 2004.  
The company employs 2,500 workers and has manufacturing
facilities in North and South America, Europe and China.  In
Europe, Autocam maintains operations in France and Poland.


BRAKE BROS: Fitch Keeps Issuer Default ratings at B+
----------------------------------------------------
Fitch Ratings affirmed U.K.-based Brake Bros Acquisition PLC's
and Brake Bros Finance PLC's Issuer Default ratings at B+ with
Stable Outlook and Short-term ratings at B.  This follows the
announcement of the proposed issuance of Brake Bros Holding III
Limited of GBP275 million pay-in-kind notes to refinance
existing shareholder loans.  The PIK notes will not be rated.  

At the same time, Fitch has taken these rating actions:
  
   -- Brake Bros Acquisition Plc senior secured facilities:
      affirmed at BB+/RR1; and

   -- Brake Bros Finance Plc senior notes due 2011: affirmed at
      B+/RR4.

"According to Fitch's PIK rating methodology, the issuance of
PIK notes at a holding company level does not have a detrimental
effect on ratings provided that the notes do not benefit from
any guarantee from the operating subsidiaries and do not pay
cash interest, which is unlikely given the restrictions on
permitted payments in the borrowing group lower down the capital
structure," Pablo Mazzini, Director in Fitch's Leveraged Finance
team disclosed.

"In this case, the proposed terms of the PIK notes indicate that
they will effectively have only an equity claim on the operating
companies, and therefore Fitch has affirmed its ratings for the
entities below the PIK borrower," Mr. Mazzini added.

As already seen in other recent recycled LBO transactions, the
use of PIK notes proceeds to make approximately GBP250 million
payments to shareholders represents a return of a substantial
part of their initial equity investment.  

In this instance, Fitch does not consider this a significant
additional risk factor, as Brake Bros has exhibited a solid
performance in recent quarters, extending the improving trend
seen since the LBO in September 2002.  

In addition, senior debt repayment has been accelerated and is
expected to continue, which reflects the commitment from
management and the financial sponsors towards de-leveraging,
thereby providing comfort for bondholders.

Given the thin operating margins of Brake Bros, albeit in line
with industry standards, and the historical volatility in free
cash flow generation, Fitch is maintaining its Stable Outlook
for the company.  Nevertheless, Fitch views positively that some
of the PIK proceeds would be used to reduce around 50% of the
GBP34 million pension deficit, which would result in lower
future funding requirements.

Brake Bros is the U.K.'s leading foodservice company, whose
operations are primarily focused on distributing fresh, frozen
and chilled foods to the catering industry.  Brake Bros is also
present in France, where further scope for improvement is
possible as profitability remains below industry average and the
company focuses on distribution optimization.

Brake Bros reported H106 revenues of GBP796 million and EBITDA
of GBP46 million, which compares well against GBP793 million of
sales in H105 and EBITDA of GBP31 million before exceptional
items, or GBP23.8 million after exceptional costs.  

Cash-pay net leverage in the last 12-month to June 2006 was
estimated at 2.9x reported EBITDA.  The issuance of the PIK
notes will result in pro-forma LTM June 2006 net leverage of
5.5x, which is in line with the credit ratios at LBO closing.


CASCADES INC: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector, the
rating agency confirmed its Ba2 Corporate Family Rating for
Cascades 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$450 mm
   Revolving Facility
   due 2010            Ba1       Baa3    LGD2    15%

   US$100 mm
   Term Loan Facility
   due 2012             Ba1       Baa3    LGD2    15%

   US$675 mm
   Sr. Unsecured Notes
   due 2013           Ba3       Ba3     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 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, Cascades Inc. --
http://www.cascades.com/--  produces, transforms and markets  
packaging products, tissue papers and fine papers, composed
mainly of recycled fibres.  Cascades employs some 15,600 men and
women who work in 140 modern and flexib1e production units
located in North America, in Europe and in Asia.  In Europe, the
company maintains operations in France.


CASINO GUICHARD: Fitch Upgrades EUR600 Mln Securities to BB+
------------------------------------------------------------
Fitch Ratings upgraded Casino Guichard Perrachon's EUR600
million perpetual preferred constant maturity swap securities to
BB+ from BB and classified it as a Class C security with 50%
equity credit.  Simultaneously, Fitch has affirmed Casino's
Issuer Default rating at BBB- and its Short-term rating at F3.  
The IDR Outlook remains Stable.  The senior unsecured rating has
been affirmed at BBB-.

The BB+ rating of the perpetual preferred securities is based on
Fitch's established notching and Recovery Rating methodology.
The equity credit follows the implementation of Fitch's revised
hybrid methodology following a six-week market consultation
period.

The hybrid security is subordinated and ranks senior only to the
shares of Casino, while coupon payments can be deferred under
certain circumstances.  The security meets Fitch's two 'guiding
principles' under its revised methodology and qualifies for
equity credit.

The hybrid's optional deferrals are non-cumulative but are
constrained by a look-back feature of 12 months relating to
dividend payments, share repurchases or similar transactions.
Hence the security has been classified as a Class C security,
with 50% equity credit.


PH GLATFELTER: 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 Ba1 Corporate Family Rating for
PH Glatfelter Company, and its Ba1 rating on the company's US200
million issue of 7.125% Notes due 2016.  Additionally, Moody's
assigned an LGD4 rating to those bonds, suggesting noteholders
will experience a 53% loss in the event of a default.

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

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

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

Headquartered in York, Pennsylvania, PH Glatfelter Company --
http://www.glatfelter.com/-- is a diversified global  
manufacturer of specialty papers and engineered products.  The
company's subsidiary Schoeller & Hoesch Gmbh & Co. operates
paper facilities in Gernsbach, Germany, and Scaer, France.


PSA PEUGEOT: Unveils Recovery Plan; Eyes 10,000 Job Cuts
--------------------------------------------------------
PSA Peugeot Citroen has implemented an action plan to increase
its efficiency.  The plan comprises a series of measures to be
applied immediately with the goal of controlling costs, R&D
efficiency, redefining product plan priorities and identifying
new markets.  

The measures have been taken following a detailed assessment of
the Group's situation.  Several positive developments have been
noted, including the growth in business outside Europe, the
increase in cooperation agreements, the performance of the
manufacturing base, the sharp improvement in vehicle quality and
the successful launch of the Peugeot 207.  

However, the Group's declining market share in Europe-due to the
high average age of its model lineups, the slow start-up for
such innovative models as the Peugeot 1007, and the increase in
competition- is a genuine source of concern.  

Against this mixed backdrop, Jean-Martin Folz, Chairman of PSA
Peugeot Citroen, has unveiled a series of measures covering
these main points:

   -- Taking Immediate Steps to Control Overheads

      intended to generate savings of EUR125 million in second-
      half 2006, these initiatives include a hiring freeze and
      measures to contain payroll costs and other overheads

   -- Adjusting the Production Cost Base

      PSA Peugeot Citroen is continuing to adjust its
      manufacturing teams in France and Spain by reducing the
      number of temporary employees and fixed-term contracts and
      by not replacing departing employees.  In addition, the
      plant in Ryton (U.K.) is gradually being closed.  As a
      result, the workforce in the Group's European plants will
      have been reduced by 10,000 in one year.  

      The decision not to build a second production unit at the
      Trnava plant will lead to a EUR200 million reduction in
      the previously announced  EUR350-million capital spending
      program.   

      Lastly, the development of synergies between neighboring
      plants producing vehicles on the same  platform is already
      underway between Mulhouse and Sochaux and will be extended
      to Poissy and Aulnay.  

      The goal is to boost capacity utilization in the European
      plants (as measured by the Harbour index) back above 100%
      in 2007 and to around 110% in three years.   

   -- Scaling Back the Capital Expenditure Plan

      PSA Peugeot Citroen's annual capital expenditure budget of
      roughly EUR3 billion will be reduced considerably to
      around  EUR2.5 billion for the coming period, without
      however impacting the product plan.   

   -- Enhancing R&D Efficiency

      A plan to make the automobile development process more
      efficient has been launched, with the goal of reducing R&D
      costs by 15% for vehicles just entering the development
      process.  Because the total R&D budget will stay the same
      over the next three years, in euros, PSA Peugeot Citroen
      will be able to develop more new models more quickly.  

   -- Redefining Product Plan Priorities

      The Group will renew core-range models in Europe more
      frequently to keep the average age low and extend its
      vehicle lineup to new market segments.  In addition to
      renewing existing product ranges, by 2009 PSA Peugeot
      Citroen will introduce six new body styles in segments in
      which it currently has no models.  

      Outside Europe, an assertive product strategy based on a
      wide range of models tailored to local customer
      expectations has been launched.  Between 2006 and 2009,
      eleven rollouts are planned for China and six for the
      Mercosur countries.  

   -- Pursuing New Opportunities Outside Europe

      With the signature of a memorandum of understanding to
      study a possible cooperation with Proton in Malaysia and
      the search for local production capacity in Russia, the
      Group is seeking to establish a presence in new growth
      markets while limiting its investments.  

Headquartered in Paris, France, PSA Peugeot Citroen S.A. --
http://www.psa-peugeot-citroen.com/-- manufactures passenger  
cars and light commercial vehicles.  The Company produces
vehicles under the Peugeot and Citroen brands.  In addition to
car manufacturing, PSA Peugeot Citroen S.A. runs several
divisions, including Banque PSA Finance, which federates the
Company's finance companies; Faurecia, which manufactures
automotive equipment, including car seats, exhaust systems and
other components; Gefco, which furnishes transportation and
logistics services; Peugeot Motocycles, which manufactures
scooters and motorcycles; Peugeot Citroen Moteurs (PCM), which
sells engines and gearboxes to customers outside the Company,
and Process Conception Ingenierie (PCI), which designs and
builds industrial equipment for the Company and other global
carmakers.  In 2005, PSA Peugeot Citroen S.A. sold 3.39 million
vehicles in 150 countries worldwide.  


SEAGATE TECH: Prices Subsidiary's US$1.5 Billion Notes Offer
------------------------------------------------------------
Seagate Technology disclosed the pricing of its offering of
US$300 million of Floating Rate Senior Notes due 2009, US$600
million of 6.375% Senior Notes due 2011 and US$600 million of
6.8% Senior Notes due 2016.

The notes are expected to be issued by Seagate Technology HDD
Holdings, a direct wholly-owned subsidiary of the Company, and
fully and unconditionally guaranteed by the Company.

The 2009 Notes will bear interest at a floating rate equal to
three-month LIBOR plus 0.84% per year, the 2011 Notes will bear
interest at the rate of 6.375% per year, and the 2016 Notes will
bear interest at the rate of 6.800% per year.  Interest will be
payable quarterly on Jan. 1, April 1, July 1 and Oct. 1 for the
2009 Notes and semi-annually on April 1 and Oct. 1 for the
2011 Notes and 2016 Notes.

The Company may redeem the 2011 Notes and the 2016 Notes at any
time prior to their maturity for a specified make-whole premium
redemption price.  The 2009 Notes will not be redeemable prior
to their maturity date.

The net proceeds from the offering is intended to be used to
redeem the US$400 million principal amount of the Company's
8% Senior Notes due 2009, to fund a portion of its US$2.5
billion stock repurchase program and for general corporate
purposes.

In connection with the offering, the Company and Seagate
Technology HDD Holdings entered into an Underwriting Agreement
with the underwriters of the offering.

As reported in the Troubled Company Reporter on Sept. 15, 2006
Morgan Stanley, JPMorgan and Goldman, Sachs & Co. are acting as
joint book-running managers of the offering.

Headquartered in Scotts Valley, California, Seagate Technology
(NYSE: STX) -- http://www.seagate.com/-- designs, manufactures  
and markets hard disc drives, providing products for a wide-
range of Enterprise, Desktop, Mobile Computing, and Consumer
Electronics applications.  Seagate's business model leverages
technology leadership and world-class manufacturing to deliver
industry-leading innovation and quality to its global customers,
and to be the low cost producer in all markets in which it
participates.  The company is committed to providing award-
winning products, customer support and reliability to meet the
world's growing demand for information storage.  In Europe, the
company maintains operations in France, Germany, the Netherlands
and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 13, 2006,
Moody's Investors Service affirmed the Ba1 Corporate Family
Rating of Seagate Technology HDD Holdings.

At the same time, Moody's assigned new ratings to a proposed new
debt issuance of US$1.25 billion to finance Seagate's recently
announced US$2.5 billion stock buyback program, as well as
refinance Seagate's existing US$400 million 2009 notes.  Ratings
assigned include a Ba1 rating on Floating rate notes due 2009,
Ba1 rating on Senior notes due 2011 and 2016.


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


AGRAR-TECHNIK: Claims Registration Ends October 9
-------------------------------------------------
Creditors of Agrar-Technik Klindworth GmbH 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 11:30 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 Agrar-Technik Klindworth GmbH on Aug. 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Agrar-Technik Klindworth GmbH
         Attn: Wilfried 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


AMERICAN AXLE: 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. automotive sector, the rating agency
confirmed its Ba3 Corporate Family Rating for American Axle &
Manufacturing, Inc., and its American Axle & Manufacturing
Holdings Inc. subsidiary.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

Issuer: American Axle & Manufacturing, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   unsecured term loan  Ba3      Ba3      LGD4     57%
   
   senior unsecured
   notes                Ba3      Ba3      LGD4     57%

Issuer: American Axle & Manufacturing Holdings, Inc.    
(Subsidiary)

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   senior convertible
   notes                Ba3      Ba3      LGD4     57%

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%).

                    About American Axle  

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


ASJ KRAFTFAHRZEUGE: Claims Registration Ends October 9
------------------------------------------------------
Creditors of ASJ Kraftfahrzeuge GmbH Doberschuetz have until
Oct. 9 to register their claims with court-appointed provisional
administrator Heiko Kratz.

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

The meeting of creditors will be held at:

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

The District Court of Leipzig opened bankruptcy proceedings
against ASJ Kraftfahrzeuge GmbH Doberschuetz on Aug. 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ASJ Kraftfahrzeuge GmbH Doberschuetz
         Attn: Horst Jahnichen, Manager
         Breite Str. 16
         04838 Doberschuetz, Germany

The administrator can be contacted at:

         Heiko Kratz
         Fregestrasse 29
         04105 Leipzig, Germany


BENQ CORP: Mulls Insolvency Filing for German Mobile Subsidiary
---------------------------------------------------------------
BenQ Corp. considers filing an insolvency petition for BenQ
Mobile GmbH & Co OHG, its German mobile phone unit, less than a
year after taking over an unprofitable Siemens AG division,
Theresa Tang writes for Bloomberg News.

The company's board of directors also decided to discontinue
capital injection into BenQ Mobile in order to stem
unsustainable losses in the latter's operations.

BenQ Mobile's operations in Germany, including Munich, Bocholt
and Kamp-Lintfort may be affected.  Other subsidiaries in Brazil
and other locations are reviewing their financial position.  
BenQ will continue its branded mobile business in selected
markets leveraging its existing R&D and manufacturing operations
in Asia.

"Since October 2005, we have committed and invested an
inordinate amount of capital and resources into our German
mobile phone subsidiary.  We have worked alongside our German
colleagues from the beginning and were able to achieve quite a
number of milestones," expressed K.Y. Lee, BenQ Corporation
Chairman.  "Despite the progress achieved in reducing cost and
expenses, widening losses have made this very painful decision
unavoidable," continued Mr. Lee.

BenQ emphasized that adjustments to its mobile operations do not
change the company's unwavering commitment to its branded
business and focus on providing integrated manufacturing
services.

Ms. Tang reports that the Taipei-based company is cutting jobs
and focusing on higher margin models that can compete with Nokia
Oyj and Motorola Inc.  The delay in new models resulted in
slower-than-expected sales and prompted BenQ to push back its
target of turning the handset business profitable to the third
quarter of next year at the earliest, Ms. Tang relates.

For the first half of 2006, the company's core business recorded
sales of NT$112.7 billion, and a net loss of NT$7.5 billion.

On Aug. 24, BenQ's board approved a plan to spin-off its
Integrated Manufacturing Services business, comprising the
company's manufacturing operations.  Additionally, it approved a
US$400 million investment in its wholly owned subsidiary, BenQ
Mobile Holding B.V., and further monetization of Darfon shares
ahead of Darfon's public listing.

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in   
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.


BORGWARNER INC: Moodys Affirms (P)Ba1 Preffered Shelf Rating
------------------------------------------------------------
Moody's Investors Service affirmed the debt ratings of
BorgWarner Inc., senior unsecured at Baa2, but changed the
rating outlook to stable from positive.  The actions follow
BWA's announcement in which it reduced guidance for 2006
earnings and cash flow from a combination of significantly
lowered North American customer production schedules,
restructuring programs within BWA, and the impact of higher
metal costs on its margins.

While BWA benefits from significant customer and geographic
diversification and well positioned product offerings, the
magnitude of the downdraft from structural changes in North
America limits short-term expectations and will constrain the
timing and pace at which further improvements in the company's
financial standing can be expected.  Many of these challenges
will continue into 2007.  Despite the weaker environment, BWA's
financial metrics are expected to remain supportive of the Baa2
rating, and the outlook is stable.

Ratings affirmed:

BorgWarner Inc.

   -- Senior Unsecured, Baa2;

   -- Subordinated shelf, (P)Baa3; and

   -- Preferred shelf, (P)Ba1.

BorgWarner Capital Trusts I, II, and III

   -- Shelf ratings for trust preferred, (P)Baa3.

The last rating action was on Dec. 8, 2004 at which time BWA's
long-term ratings were confirmed and a positive outlook was
established.

BWA reduced its guidance for full year 2006 earnings by
approximately US$23-US$27 million (after-tax) prior to the
impact of a restructuring charge of roughly US$9 million (after
tax) to reduce its North American workforce by 13%.  

While this restructuring represents an appropriate action that
will be supportive of future performance, margins over the
balance of the year will be adversely affected by declines in
production volumes announced by General Motors, Ford Motor
Company and DaimlerChrysler, as well as the rising cost of
nickel used primarily in its turbocharger products.

Collectively, the global operations of the Big 3 OEMs accounted
for 37% of 2005 revenues (roughly 22% from their North American
base), but a significantly higher percentage of BWA's North
American revenues.  While the majority of the company's revenues
and earnings are generated offshore, improvements in those
segments will not offset poorer performance in North America in
the second half of 2006.  Over time, demand for the company's
products, diversification from its customer and geographic base,
savings from the restructuring program, and book of business
awards should be conducive for resumption of revenue and
earnings growth.

However, in the near term, structural shifts in North American
vehicle preferences and OEM market share will impact
consolidated operating results, resultant coverage ratios, and
limit progress in reducing indebtedness incurred for acquiring a
69.4% stake in Beru AG.  Quantitative metrics are strong for the
rating category, and qualitative factors in the Supplier
Methodology remain fully supportive of the Baa2 rating.

BorgWarner, headquartered in Auburn Hills, MI, produces highly
engineered components and systems for vehicle powertrain
applications.  The company operates manufacturing and technical
facilities in 62 locations in 17 countries.  Revenues in 2005
were approximately US$4.3 billion.


BRENNTAG HOLDING: Buyout Prompts S&P to Cut Credit Rating to B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based full line chemicals
distributor Brenntag Holding GmbH & Co. KG to 'B' from 'B+',
following the completion of the buyout of the company.  The
rating was removed from CreditWatch, where it was placed on
July 25.  The outlook is stable.
     
At the same time, the senior secured debt rating on Brenntag's
increased EUR1.8 billion bank loan was lowered to 'B' from 'B+',
and the subordinated debt rating on its increased EUR387 million
second-lien loan was lowered to 'CCC+' from 'B-.  All ratings
were removed from CreditWatch, where they were placed on
July 25, 2006.  The '2' recovery rating on the bank loan was
affirmed.

"The rating actions reflect Brenntag's weaker financial profile,
due to the incremental debt incurred in connection with the
buyout by funds advised by private equity firm BC Partners,
future funding requirements, and risks of executing the
company's growth strategy that is likely to absorb most of the
free cash flow and keep leverage high," said Standard & Poor's
credit analyst Eve Greb.  These credit metrics are not
materially different from our expectation at the time of our
CreditWatch update on Aug. 3, 2006.
     
The company's track record of growth by acquisition, of
increasing operating efficiency in recent years, and managing
profitably through the chemical industry price cycle somewhat
mitigates the credit risk.
     
The new capital structure results in pro forma total lease- and
pension-adjusted debt to EBITDA of 6.9x (6.4x unadjusted) as of
June 30, 2006.  Future deleveraging potential is considered low
as a result of the growth strategy.  The purchase price was
financed by a rollover of existing debt, the addition of about
EUR355 million of incremental debt, and a significant amount of
equity injected by BC Partners Funds.
     
The ratings on Brenntag reflect its high indebtedness and
leverage.  The group's highly leveraged financial profile is
partly offset by its leading positions in the chemical
distribution industry and management's better-than-expected
success at improving the efficiency of operations. The ratings
also benefit from Brenntag's relatively variable cost structure.
     
"The stable outlook reflects our expectation that the group's
credit protection will improve gradually over the medium term,
with expected total debt to EBITDA of about 6.0x and EBITDA cash
fixed-charge cover exceeding 2x," said Ms. Greb.  "This is based
on the expectation of a further improvement in the group's
profitability, cash flow generation, and financial profile, as a
result of Brenntag's solid market position, business stability,
and proven track record in improving EBITDA generation."


EWACO HANDELS: Claims Registration Ends October 9
-------------------------------------------------
Creditors of EWACO Handels- und Dienstleistungs-GmbH have until
Oct. 9 to register their claims with court-appointed provisional
administrator Carlos Mack.

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

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth, 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 Fuerth opened bankruptcy proceedings
against EWACO Handels- und Dienstleistungs-GmbH on Aug. 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         EWACO Handels- und Dienstleistungs-GmbH
         Dambacher Str. 7
         90763 Fuerth, Germany

The administrator can be contacted at:

         Dr. Carlos Mack
         Gibitzenhofstr. 86
         90443 Nuernberg, Germany
         Tel: 0911/2369398
         Fax: 0911/2369566


GEWERBEPARK ODERTAL: Claims Registration Ends October 11
--------------------------------------------------------
Creditors of Gewerbepark Odertal GmbH have until Oct. 11 to
register their claims with court-appointed provisional
administrator Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 15 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Frankfurt opened bankruptcy proceedings
against Gewerbepark Odertal GmbH on Aug. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gewerbepark Odertal GmbH
         Attn: Simone Hein, Manager
         Gutshof 1
         16278 Pinnow, Germany

The administrator can be contacted at:

         Falk Eppert
         Vietmannsdorfer Road 23
         17268 Templin, Germany


GUSTIBUS IMPORT: Creditors' Meeting Slated for October 12
---------------------------------------------------------
The court-appointed provisional administrator for Gustibus
Import von und Handel mit Lebensmitteln GmbH, Udo Feser, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:50 a.m. on Oct. 12.

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 9:55 a.m. on Jan. 11, 2007, at the
same venue.

Creditors have until Oct. 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings Gustibus Import von und Handel mit Lebensmitteln
GmbH on Aug. 23.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Gustibus Import von und Handel mit Lebensmitteln GmbH
         Ringbahnstrasse 22-30
         12099 Berlin, Germany

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin, Germany


MARTIN SCHULZE: Claims Registration Ends October 10
---------------------------------------------------
Creditors of Martin Schulze GmbH have until Oct. 10 to register
their claims with court-appointed provisional administrator
Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against Martin Schulze GmbH on Aug. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Martin Schulze GmbH
         Rockendorfer Weg 106a
         06128 Halle, Germany

         Attn: Martin Varnhold, Manager
         Muehlberg 17
         06184 Kabelsketal, Germany

The administrator can be contacted at:

         Herbert Feigl
         Hansering 1
         D-06108 Halle, Germany
         Tel: 0345/212220
         Fax: 0345/2122222


OMDA DATENVERARBEITUNG: Claims Registration Ends October 10
-----------------------------------------------------------
Creditors of OMDA Datenverarbeitung und Organisation GmbH have
until Oct. 10 to register their claims with court-appointed
provisional administrator Stephan Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 22 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 OMDA Datenverarbeitung und Organisation GmbH on Aug. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         OMDA Datenverarbeitung und Organisation GmbH
         Passauer Str. 45
         81369 Munich, Germany

The administrator can be contacted at:

         Stephan Jaeger
         Leopoldstr. 139
         80804 Munich, Germany
         Tel: 361930-750
         Fax: 361930-999


PROCREDIT HOLDING: Fitch Affirms Individual C/D Rating
------------------------------------------------------
Fitch Ratings affirmed ProCredit Holding AG's ratings at Issuer
Default BBB-, Short-term F3, Support 2, and Individual C/D.  The
Outlook on the Issuer Default rating is Stable.

The IDR, Short-term and Support ratings reflect Fitch's view
that there is a high probability that support would be made
available to PCH from its owners, in case of need, in light of
the group's important developmental role in providing financing
to micro- and small- and medium-enterprise customers in emerging
markets.  The Stable Outlook reflects Fitch's view that the
propensity and ability of PCH's owners to provide support is
unlikely to change.

The Individual rating reflects the niche PCH has established in
micro-finance and SME lending, the group's good risk management
controls, reasonable profitability and strong asset quality to
date.  However, it also considers the group's small equity base
and modest capitalization given its rapid growth and the
difficult operating environment in local markets.

"While we do not envisage any change in the Individual rating in
the foreseeable future, it could weaken if the group is unable
to manage the credit and operational risks resulting from its
entry into new markets and rapid growth, and/or if
capitalization declines sharply," disclosed Lindsey Liddell,
Director in Fitch's Financial Institutions Group.  "Greater
scale and reduced dependence on shareholder funding could
contribute to an upgrade," he added.

PCH's shareholders include:

   -- Kreditanstalt fuer Wiederaufbau, which is state-guaranteed
      and one of Germany's largest banks, as well as one of the
      largest development banks in Europe;

   -- the DOEN Foundation; International Finance Corporation;

   -- BIO, a Belgian development institution;

   -- the Netherlands Development Finance Company;

   -- Internationale Projekt Consult GmbH and its sister company
      IPC Invest; and

   -- a number of smaller development-orientated funds and
      institutions.  

Most of these shareholders also currently have stakes in some of
the individual ProCredit banks.

The ProCredit network consists of 19 banks in Central and
Eastern Europe, Latin America and Africa, which provide
financing to micro- and SME customers.  At end-May 2006 group
total assets amounted to EUR2.5 billion.  

PCH is responsible for group administration, strategy, risk
management controls and supervision.  It is not regulated as a
banking group, but ProCredit banks are regulated in their home
countries.


SPS VERTRIEBS: Claims Registration Ends October 9
-------------------------------------------------
Creditors of SPS Vertriebs GmbH have until Oct. 9 to register
their claims with court-appointed provisional administrator
Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Nov. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 SPS Vertriebs GmbH on Aug. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         SPS Vertriebs GmbH
         Attn: Harald Jess, Manager
         Muehlenstrasse 13
         22869 Schenefeld, Germany

The administrator can be contacted at:

         Hendrik Rogge
         Albert-Einstein-Ring 15
         22761 Hamburg, Germany
         Tel: 897186-0
         Fax: 897186-11


START VERWALTUNGS: Claims Registration Ends October 9
-----------------------------------------------------
Creditors of "Start" Verwaltungs GmbH have until Oct. 9 to
register their claims with court-appointed provisional
administrator Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 21 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against "Start" Verwaltungs GmbH on Aug. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         "Start" Verwaltungs GmbH
         Attn: Kai-Michael Schwarz, Manager
         Abrahamschacht 9
         09496 Marienberg, Germany

The administrator can be contacted at:

         Carsten Morgenstern
         Michaelstr. 71
         09116 Chemnitz, Germany
         E-mail: chemnitz@hww-kanzlei.de


WB INDUSTRIEMONTAGE: Claims Registration Ends October 10
--------------------------------------------------------
Creditors of WB Industriemontage GmbH have until Oct. 10 to
register their claims with court-appointed provisional
administrator Ralf Sinz.

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 Cologne
         Meeting Room 1240
         12th Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against WB Industriemontage GmbH on Aug. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         WB Industriemontage GmbH
         Attn: Winfried Dieter Butkaitis Wesseling, Manager
         Muehlenweg 108
         50389 Wesseling, Germany

The administrator can be contacted at:

         Dr. Ralf Sinz
         Zeughausstr. 28 - 38
         50667 Cologne, Germany


WITT GMBH: Claims Registration Ends October 10
----------------------------------------------
Creditors of Witt GmbH Elektrotechnik have until Oct. 10 to
register their claims with court-appointed provisional
administrator Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 8:25 a.m. on Oct. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 5
         1st Floor
         Station Route 17
         25421 Pinneberg, 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 Pinneberg opened bankruptcy proceedings
against Witt GmbH Elektrotechnik on Aug. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Witt GmbH Elektrotechnik
         Attn: Karl-Heinz Witt, Manager
         Dorfstr. 2a
         25499 Tangstedt, Germany

The administrator can be contacted at:

         Axel Raap
         Herrengraben 5
         20459 Hamburg, Germany


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


DEKANIA EUROPE: Fitch Gives Final BB Rating to EUR12-Mln Notes
--------------------------------------------------------------
Fitch Ratings assigned Dekania Europe CDO II PLC's upcoming
issue of EUR275.5 million credit-linked notes due 2037 final
ratings.

The transaction is a cash flow securitization of predominantly
subordinated debt instruments issued by European insurance
companies, banks and real estate companies.  The collateral
manager is Dekania Capital Management LLC, an affiliate of Cohen
Bros. & Company LLC.

   -- EUR165,000,000 Class A1 floating rate ISIN XS0265843531
      AAA;

   -- EUR25,000,000 Class A2-A floating rate ISIN XS0265847441
      AAA;
    
   -- EUR5,000,000 Class A2-B fixed rate ISIN XS0266475507 AAA;

   -- EUR26,000,000 Class B floating rate ISIN XS0265867985 AA;

   -- EUR28,000,000 Class C floating rate ISIN XS0265871409 A;

   -- EUR12,500,000 Class D1 floating rate ISIN XS0265875145
      BBB;

   -- EUR2,000,000 Class D2 fixed rate ISIN XS0266479913 BBB;
      and

   -- EUR12,000,000 Class E floating rate ISIN XS0265883164 BB.

The final ratings on the Class A notes address the timely
payment of interest and the ultimate repayment of principal
according to the terms and conditions of the notes.  For Classes
B, C, D1, D2 and E, the final ratings address the ultimate
repayment of cumulative interest and principal in accordance
with the terms and conditions of the notes.

The final ratings are based on the credit quality of the
collateral, available credit enhancement achieved through
overcollateralization, performance tests, the application of
excess spread, the collateral manager's administrative
capabilities and the sound financial and legal structure of the
transaction.

To estimate the cumulative gross default rate of the collateral,
Fitch's insurance and financial institutions group conducted a
credit assessment of all the obligors for which no public credit
rating is available.

The issuer is a company with limited liability, incorporated
under the laws of Ireland.  The proceeds from the note issuance
have been used to purchase a portfolio of trust preferred
securities issued by primarily banks and insurance companies.


SCOTTISH RE: Ends & Cuts Syndicated Credit Facilities
-----------------------------------------------------
Scottish Re Group Limited (NYSE: SCT) has permanently reduced
the aggregate commitments under the Amended and Restated Credit
Agreement dated July 14, 2005, among Scottish Annuity & Life
Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited,
Scottish Re (U.S.), Inc. and Scottish Re Limited and a syndicate
of banks to US$42.8 million.

The Company also announced that Scottish Annuity & Life
Insurance Company (Cayman) Ltd., has terminated the Letter of
Credit Agreement dated Aug. 18, 2005, among Scottish Re (Dublin)
Limited, Scottish Annuity & Life Insurance Company (Cayman)
Ltd., various financial institutions, and Bank of America, N.A.,
as administrative agent, effective September 22, 2006. All
letters of credit outstanding under that agreement, in an
aggregate amount of US$10 million, have been cancelled.

"As previously stated, the availability of further borrowings
under these credit facilities has been uncertain," Dean Miller,
Chief Financial Officer, remarked.  "Rather than continue
negotiations with the banking syndicate, we elected to
permanently reduce the US$200 million credit facility to US$42.8
million, which is the face amount of outstanding letters of
credit under the agreement.  Using existing available liquidity,
we are currently working with our clients to provide them with
alternate letters of credit or assets in trust to replace these
outstanding letters of credit."

"Once these alternate letters of credit or assets in trust are
in place, we can terminate the US$200 million credit facility
which will eliminate the current restriction on the Company's
ability to transfer funds to Scottish Re Group Limited in order
to pay the US$115 million 4.5% Convertible Notes which can be
put to the Company on Dec. 6, 2006.  In addition, we terminated
the US$30 million letter of credit facility available to our
Dublin subsidiary."

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--
offers reinsurance of life insurance, annuities and annuity-type
products through its operating companies in Bermuda, Charlotte,
North Carolina, Grand Cayman Dublin, Ireland, and Windsor,
United Kingdom.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.

                        *     *     *

As reported in TCR-Europe on Sept. 7, Moody's Investors Service
changed the direction of review for Scottish Re Group Limited's
ratings to uncertain from possible downgrade.   The change in
the direction of the ratings review  impacts the company's Ba3
senior unsecured debt rating and the Baa3 insurance financial
strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. (SALIC) and Scottish Re (U.S.), Inc.

Moody's Rates Scottish Re Group Limited as:

   -- Senior Unsecured, to Ba2 from Baa2;
   -- Senior Unsecured Shelf, to (P)Ba2 from (P)Baa2;
   -- Subordinate Shelf, to (P)Ba3 from (P)Baa3;
   -- Junior subordinate Shelf, to (P)B1 from (P)Ba1;
   -- Preferred Stock, to B1 from Ba1;
   -- Preferred Shelf, to (P)B1 from (P)Ba1

In August, Fitch Ratings also initiated these rating actions:

   -- IDR downgraded to 'BBB-' from 'BBB';

   -- 4.5% US$115 million senior convertible notes downgraded
      to 'BB+' from 'BBB-';

   -- 5.875% US$142 million hybrid capital units downgraded to
      'BB' from 'BB+';

   -- 7.25% US$125 million non-cumulative perpetual preferred
      stock downgraded to 'BB' from 'BB+'.

Fitch said all ratings remain on Rating Watch Negative.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.


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


AVIO HOLDING: S&P Withdraws B Corporate Credit Ratings
------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' corporate
credit ratings on Italian-based aerospace group Avio Holding SpA
and its ultimate parent Aero Invest 1 S.A. at the company's
request.  

In August 2006, the company was purchased by the private equity
sponsor Cinven from the Carlyle group through a secondary buyout
for an enterprise value of about EUR2.6 billion.


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


DIAS T: Karaganda Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Dias T
(RNN 302600211896).

The company is located at:

         Shataluk Str. 42-12
         Satpaev
         Karaganda Region
         Kazakhstan


JELDORVODOTEPLOSNABJENIYE: Creditors' Claims Due Oct. 20
--------------------------------------------------------
The Branch of OJSC Road Water and Heat Supply
Jeldorvodoteplosnabjeniye has declared insolvency.

Creditors have until Oct. 20 to submit written proofs of claim
to:
         
         OJSC Jeldorvodoteplosnabjeniye
         Baimuhanov Str. 70
         Atyrau
         Atyrau Region
         Kazakhstan


KUAT-COMPANY: South Kazakhstan Court Starts Bankruptcy Procedure
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against LLP
Kuat-Company.


PRIOZERNOYE: Proof of Claim Deadline Slated for Oct. 20
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared State Utility Enterprise Priozernoye insolvent on
July 18.

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

         Priozernoye
         Gogol Str. 177a
         Kostanai
         Kostanai Region
         Kazakhstan


SHYBERLIK: Creditors Must File Claims by Oct. 20
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Shyberlik insolvent on July 31.

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

         LLP Shyberlik
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


SIRIUS-2004: Claims Registration Ends Oct. 20
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Sirius-2004 insolvent on July 31.

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

         LLP Sirius-2004
         Gogol Str. 177a
         Kostanai
         Kostanai Region
         Kazakhstan


STROYPROJECT: Creditors' Claims Due Oct. 20
-------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Construction Company
Stroyproject into compulsory liquidation.

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

         LLP Stroyproject
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


SUNFLOWER: Proof of Claim Deadline Slated for Oct. 20
-----------------------------------------------------
LLP Sunflower has declared insolvency.  Creditors have until
Oct. 20 to submit written proofs of claim to:

         LLP Sunflower
         Jarokov Str. 207-14
         Bostandyk District
         050060 Almaty, Kazakhstan
         Tel: 8 (3272) 75-14-14


TECHNO COMPANY: Claims Registration Ends Oct. 20
------------------------------------------------
LLP Techno Company has declared insolvency.  Creditors have
until Oct. 20 to submit written proofs of claim to:

         LLP Techno Company
         Corps 3, 4-145
         Berkimbaev Str. 101/34
         Ekibastuz
         Pavlodar Region
         Kazakhstan


UMIT-SU: South Kazakhstan Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against LLP
Umit-Su.


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


ADANA-KONTI: Proof of Claim Deadline Slated for Nov. 8
------------------------------------------------------
LLC Adana-Konti has declared insolvency.  Creditors have until
Nov. 8 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 64-80-31.


TITAN SECURITY: Creditors Must File Claims by Nov. 8
----------------------------------------------------
LLC Security Agency Titan Security has declared insolvency.  
Creditors have until Nov. 8 to submit written proofs of claim
to:

         LLC Titan Security
         Bektenov Str. 10
         Bishkek, Kyrgyzstan


=================
L I T H U A N I A
=================


BANKAS SNORAS: Moody's Assigns D- Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service assigned local currency and foreign
currency deposit ratings of Ba3/Non-Prime and a financial
strength rating of D- to Bankas Snoras AB.  The ratings carry a
stable outlook.

Bankas Snoras is predominantly owned by Russia's Conversbank and
provides banking services to retail and corporate clients.  
Services include lending, deposit-taking, leasing, real estate
management, project financing, credit cards, payment collection
and foreign currency services.

According to Moody's, the Ba3/NP/D- ratings reflect Bankas
Snoras' significant market share in Lithuania (currently
amounting to ca. 8.5% by total assets) as well as the strategic
potential arising as a result of the bank's recent acquisition
of Latvijas Krajbanka.

Bankas Snoras also benefits from a stable revenue mix although
interest income could in time become more susceptible to margin
pressure.  Bankas Snoras should be in a position to take
advantage of developments within the Lithuanian and Latvian
economies as well as growing demand for banking products
particularly in light of EU accession.  Nevertheless, the bank
faces competitive challenges owing to the presence of larger
foreign-owned players in Lithuania and Latvia, which are in a
position to benefit from the commercial scale and expertise of
their respective backers.

Snoras Bankas' supervisory board exclusively comprises
Conversgroup employees and is therefore not independent of
Conversgroup, its largest single shareholder.  In evaluating
board effectiveness, Moody's assesses whether directors can
independently influence key policies in terms of strategy, risk
management, management succession and compensation, amongst
others.  Consequently, Moody's will closely follow Snoras
Bankas' progress in this area.

Bankas Snoras' loan portfolio is primarily oriented towards the
Lithuanian and Latvian markets.  Non-performing loan indicators
remain high relative to peers and there are a number of large
individual credit exposures relative to the size of the equity
base.   Furthermore, loan growth was very substantial in 2005.  
Ongoing loan growth of such magnitude would inevitably lead to
reduced seasoning of the loan book.  

Similar to other banks operating in the Baltic region, the
institution's credit standing remains constrained by the less
mature operating environment. Concerns are mitigated by the fact
that that the loan book evidences a fair degree of sectoral
diversification whilst a substantial proportion of the loan book
is secured by real estate and other forms of collateral.

Moody's added that capitalization levels are low, particularly
in view of the loan concentration risks.  While the recent
acquisition of Latvijas Krajbanka has strengthened Snoras
Bankas' market reach, capitalization levels have been stretched
nonetheless.

Bankas Snoras' deposit base, which accounts for 92% of funding
requirements, is characterized by a preponderance of retail
resident deposits.  Consequently, the institution is less
vulnerable to the threat of external shocks than banks that have
a more corporate (and less granular) or non-resident deposit
base.  

ALM currency mismatch is low and conservatively managed. Bankas
Snoras additionally maintains good liquidity levels, reflected
by its liquidity ratio of 51% as at Dec. 31, 2005, which is well
above the minimum regulatory requirement of 30%. Interest rate
risk management is not particularly developed but is mitigated
by the relatively short-term profile of the institution's bond
and loan portfolios.  Market risk is contained, reflected in
part by the investment-grade nature of the bank's securities
portfolio and the fact that trading activities are mainly
client-driven.

Headquartered in Vilnius, Lithuania, Bankas Snoras had total
assets in the amount of LTL4.566 billion (EUR1.322 billion) as
at June 30, 2006.


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


SEAGATE TECH: Prices Subsidiary's US$1.5 Billion Notes Offer
------------------------------------------------------------
Seagate Technology disclosed the pricing of its offering of
US$300 million of Floating Rate Senior Notes due 2009, US$600
million of 6.375% Senior Notes due 2011 and US$600 million of
6.8% Senior Notes due 2016.

The notes are expected to be issued by Seagate Technology HDD
Holdings, a direct wholly-owned subsidiary of the Company, and
fully and unconditionally guaranteed by the Company.

The 2009 Notes will bear interest at a floating rate equal to
three-month LIBOR plus 0.84% per year, the 2011 Notes will bear
interest at the rate of 6.375% per year, and the 2016 Notes will
bear interest at the rate of 6.800% per year.  Interest will be
payable quarterly on Jan. 1, April 1, July 1 and Oct. 1 for the
2009 Notes and semi-annually on April 1 and Oct. 1 for the
2011 Notes and 2016 Notes.

The Company may redeem the 2011 Notes and the 2016 Notes at any
time prior to their maturity for a specified make-whole premium
redemption price.  The 2009 Notes will not be redeemable prior
to their maturity date.

The net proceeds from the offering is intended to be used to
redeem the US$400 million principal amount of the Company's
8% Senior Notes due 2009, to fund a portion of its US$2.5
billion stock repurchase program and for general corporate
purposes.

In connection with the offering, the Company and Seagate
Technology HDD Holdings entered into an Underwriting Agreement
with the underwriters of the offering.

As reported in the Troubled Company Reporter on Sept. 15, 2006
Morgan Stanley, JPMorgan and Goldman, Sachs & Co. are acting as
joint book-running managers of the offering.

Headquartered in Scotts Valley, California, Seagate Technology
(NYSE: STX) -- http://www.seagate.com/-- designs, manufactures  
and markets hard disc drives, providing products for a wide-
range of Enterprise, Desktop, Mobile Computing, and Consumer
Electronics applications.  Seagate's business model leverages
technology leadership and world-class manufacturing to deliver
industry-leading innovation and quality to its global customers,
and to be the low cost producer in all markets in which it
participates.  The company is committed to providing award-
winning products, customer support and reliability to meet the
world's growing demand for information storage.  In Europe, the
company maintains operations in France, Germany, the Netherlands
and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 13, 2006,
Moody's Investors Service affirmed the Ba1 Corporate Family
Rating of Seagate Technology HDD Holdings.

At the same time, Moody's assigned new ratings to a proposed new
debt issuance of US$1.25 billion to finance Seagate's recently
announced US$2.5 billion stock buyback program, as well as
refinance Seagate's existing US$400 million 2009 notes.  Ratings
assigned include a Ba1 rating on Floating rate notes due 2009,
Ba1 rating on Senior notes due 2011 and 2016.


VNU GROUP: New Owners Mull Auction of European Portfolio
--------------------------------------------------------
The new private equity owners of VNU Group B.V. plan to put the
company's European business magazine and trade shows on the
market, Andrew Edgecliffe-Johnson writes for The Financial
Times.  

The auction is Valcon Acquisition BV's first large-scale
disposals since winning a EUR7.6 billion bid to take control of
the Dutch publisher in June, and a month after VNU hired David
Calhoun, the former vice chairman of General Electric, as chief
executive.

According to the report, the group has appointed Goldman Sachs
and The van Tulleken Company to find buyers for 70 magazines and
70 exhibitions, which have combined revenues of about EUR235
million.

VNU's European portfolio to be put on sale include, among
others:

   -- the Intermediair career development title,
   -- Management Team magazine,
   -- U.K.'s Computing and Accounting Age magazines,
   -- VNUnet online,
   -- Linux-World, and
   -- Holland Art Fair.

People briefed on the portfolio told FT that VNU's Dutch assets,
which include Intermediair and Management Team magazine, have
revenues of about EUR115 million, and could comfortably be worth
EUR350 million alone.  They said that Intermediair could likely
be the most attractive asset to potential buyers, given its
market leading position and established online presence.  

FT discloses that the company's UK business has about EUR75
million in revenues while its French, Germany, Spain and Italian
assets have combined revenues of about EUR45 million and are
understood to be unprofitable.

Although the company's US business media titles, such as
Billboard, Adweek and The Hollywood Reporter, are not part in
the European auction, some analysts have speculated they could
also be candidates for disposal, the paper relates.

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers    
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in TCR-Europe on July 20, Moody's Investors Service
downgraded the Corporate Family Rating of VNU NV to B2 from B1
and its senior unsecured debt ratings to Caa1 from B1.  This
concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


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


AKER KVAERNER: Fitch Lifts Default Rating to BBB- from BB+
----------------------------------------------------------
Fitch Ratings upgraded Norway-based Aker Kvaerner Oil & Gas
Group AS's Issuer Default rating to BBB- from BB+.  Following
the upgrade, the Outlook is now Stable.  The EUR260 million
second-lien bond issue guaranteed by AK O&G is also upgraded to
BBB- from BB+.

The upgrade reflects the progress made by AK O&G in its
operating performance towards the 6.5%-7.0% EBITDA-margin target
for 2007.  It also takes into account the company's strong
financial profile with ample liquidity and a robust sector
outlook.  The sector strength is evidenced by the company's
record NOK43 billion order backlog at Q206 and the prospective
oil & gas industry investments in liquefied natural gas and
deepwater until 2010.

Strong demand has returned pricing power to the oil field
services sector.  AK O&G's reported EBITDA margin excluding
exceptional items was 6.2% at H106 compared with 5.6% at YE05.  
Fitch expects the YE06 EBITDA margin to be close to the 2007
target.  At H106 revenue and EBITDA contributions from every
division were ahead of the company's expectations.

"The main drivers of AK O&G's financial performance have been
its proven ability to price projects, cut costs and control
risk.  The company's financial profile is further underpinned by
its low leverage and available cash position," disclosed Rebeca
Ehrnrooth, Director in Fitch's Energy & Utility team.

AK O&G has a solid foundation in what Fitch considers to be a
relatively volatile sector dominated by large and bulky orders.
However, the agency is of the view that the company's revenues
are constrained by the oil majors' capital expenditure budgets,
which are very substantial in an environment of high commodity
prices and amid pressure to replace reserves.  

The Stable Outlook is based on Fitch's expectation that AK O&G
will continue to strengthen its credit ratios while maintaining
its leading market positions.

AK O&G has maintained its net cash position since YE05,
demonstrating a commitment to strong liquidity. Leverage,
measured as total lease-adjusted debt/ extrapolated H106
operating EBITDAR, was 1.4x compared with 2.2x at YE05.  Debt
excluding operating leases was NOK2.1 billion at H106.  This
comprised the EUR260 million seven-year second lien note issued
in 2004.

This bond is callable in June 2007 at 108.375%.  Fitch expects
AK O&G's refinancing approach to be opportunistic; a refinancing
exercise might be conducted before June 2007.  The EUR150
million revolving senior secured credit facility remains unused.

While substantial bonding facilities rank senior to the bond and
senior credit facility, Fitch notes that none of AK O&G's
performance bonds has been called for more than 10 years,
underlining the company's solid track record.

AK O&G is a global provider of products and services for the
offshore upstream oil and gas industry.  It has operations in
more than 20 countries, with principal operations in Norway, the
U.K. and the U.S.

FY05 revenues and EBITDA were NOK28.2 billion and NOK1.7 billion
respectively.  The group comprises three divisions: maintenance,
modifications and operations; field development; and subsea,
products & technologies.


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


AMERICAN AXLE: 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. automotive sector, the rating agency
confirmed its Ba3 Corporate Family Rating for American Axle &
Manufacturing, Inc., and its American Axle & Manufacturing
Holdings Inc. subsidiary.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

Issuer: American Axle & Manufacturing, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   unsecured term loan  Ba3      Ba3      LGD4     57%
   
   senior unsecured
   notes                Ba3      Ba3      LGD4     57%

Issuer: American Axle & Manufacturing Holdings, Inc.    
(Subsidiary)

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   senior convertible
   notes                Ba3      Ba3      LGD4     57%

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%).

                    About American Axle  

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


AUTOCAM CORPORATION: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. automotive sector, the rating agency
confirmed its Caa1 Corporate Family Rating for Autocam
Corporation.  Additionally, Moody's revised its probability-of-
default ratings and assigned loss-given-default ratings on two
loans and a bond issue:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   multi-currency
   secured revolving
   credit facility      B3       B1       LGD2     13%

   US dollar secured
   term loan            B3       B1       LGD2     13%

   10.875% senior
   subordinated notes   Ca       Caa2     LGD5     79%
   
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 Kenwood, Michigan, Autocam Corp. --
http://www.autocam.com/-- designs and manufactures precision  
machined, close tolerance, specialty metal alloy components used
in the transportation and medical implement industries.  The
company had revenues of approximately US$350 million in 2004.  
The company employs 2,500 workers and has manufacturing
facilities in North and South America, Europe and China.  In
Europe, Autocam maintains operations in France and Poland.


VERIFONE INC: S&P Affirms BB- Rating on US$540-Mln Bank Loan
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on San Jose, Calif.-based VeriFone Inc. and
assigned its 'BB-' debt rating, with a recovery rating of '3',
to the proposed US$540 million first-lien bank facility.

The bank facility consists of a US$40 million revolving credit
facility and a US$500 million term loan. Proceeds from the
facility, along with approximately US$475 million of cash and
equity, will be used to fund the acquisition of Lipman
Electronic Engineering Ltd.  The outlook is negative.
      
"The ratings on VeriFone reflect the company's increased debt
leverage, acquisitive growth strategy, and relatively short
financial history as an independent entity," said Stndard &
Poor's credit analyst Martha Toll-Reed.

These factors are partially offset by VeriFone's leading
position in the niche market for electronic payment solutions, a
diversified customer base and, pro forma for the proposed
acquisition, expanded market and product base.
     
VeriFone designs, markets and services system solutions that
enable secure electronic payments.  Organic revenue growth has
accelerated over the past two years, benefiting from:

   -- management's focus on increasing penetration of
      electronic payments in international markets,

   -- replacement of existing solutions to accommodate
      newer payment applications, and

   -- an overall market shift from paper-based transactions
      to electronic transactions at the point of sale.  

The company reported revenues of US$148 million in the quarter
ended July 31, 2006, up 17% over the prior year period.  EBITDA
margins have benefited from increased operating leverage and are
currently in the low-20% range.  However, the Lipman acquisition
will be VeriFone's largest to date, and could pose integration
and operational challenges.


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


AGRO-TEKH-PROM: Court Names A. Lyasman as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. A. Lyasman as
Insolvency Manager for OJSC Agro-Tekh-Prom.  She can be reached
at:

         A. Lyasman
         Kuybysheva Str. 81-103
         644010 Omsk-10
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-10605/2006.

The Debtor can be reached at:

         OJSC Agro-Tekh-Prom
         Marksa Pr. 4
         644024 Omsk Region
         Russia


ASBESTOVSKIY FACTORY: L. Korovnikova to Manage Assets
-----------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Ms. L.
Korovnikova as Insolvency Manager for OJSC Asbestovskiy Factory
of Reinforced Concrete Goods.  She can be reached at:

         L. Korovnikova
         Post User Box 177
         620062 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-15174/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Asbestovskiy Factory of Reinforced Concrete Goods
         Promyshlennaya Str. 2
         Asbest
         Sverdlovsk Region
         Russia


BALT-COAL: Court Names P. Tarasov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. P. Tarasov as Insolvency Manager for CJSC Balt-
Coal.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-23089/2006.

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:

         CJSC Balt-Coal
         20th Liniya V.O. 7
         St. Petersburg Region
         Russia


BARNAULSKIY: Court Names V. Yakovlev as Insolvency Manager  
----------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. V. Yakovlev
as Insolvency Manager for OJSC Barnaulskiy Liqueur-Vodka
Distillery (TIN 2224014814).  He can be reached at:

         V. Yakovlev
         Post User Box 102
         Barnaul-56
         656056 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
AO3-1116/06-B.

The Debtor can be reached at:

         OJSC Barnaulskiy Liqueur-Vodka Distillery
         Komsomolskiy Pr. 122
         Barnaul
         Altay Region
         Russia


BIKINSKIY BAKERY: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced bankruptcy
supervision procedure on OJSC Bikinskiy Bakery.  The case is
docketed under Case No. A73-7242/2006-36.

The Temporary Insolvency Manager is:

         L. Stepanova
         Office 216
         Serysheva Str. 22
         680028 Khabarovsk Region
         Russia

The Debtor can be reached at:

         OJSC Bikinskiy Bakery
         Dzerkzhinskogo Str. 77
         Bikin
         Khabarovsk Region
         Russia   


BUILDER-29: Krasnodar Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on LLC Builder-29 (TIN 2320002233, KPP
232001001).

The case is docketed under Case No. A-32-67678/2005-1/700-B.

The Temporary Insolvency Manager is:

         S. Savchenko
         Post User Box 29
         Labinsk
         352500 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Builder-29
         Novoselov Str. 5a
         Sochi
         Krasnodar Region
         Russia


CHEBAKOVO: Yaroslavl Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Yaroslavl Region commenced bankruptcy
supervision procedure on OJSC Breeding Factory Chebakovo.  The
case is docketed under Case No. A82-2796/06-30-B/38.

The Temporary Insolvency Manager is:

         D. Ryndenko
         Post User Box 13
         Rybinsk
         152930 Yaroslavl Region
         Russia

The Debtor can be reached at:

         OJSC Breeding Factory Chebakovo
         Nikulskoye
         Tutaevskiy Region
         152336 Yaroslavl Region
         Russia


DAL-TRADING-SERVICE: Court Starts Bankruptcy Supervision  
--------------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced bankruptcy
supervision procedure on CJSC Dal-Trading-Service.  The case is
docketed under Case No. A73-7798/2006-36.

The Temporary Insolvency Manager is:

         T. Semenova
         Post User Box 4227
         GOS-13
         680013 Khabarovsk Region
         Russia
         Tel./Fax: (4212) 381-996

The Debtor can be reached at:

         CJSC Dal-Trading-Service
         Sovkhoznaya Str. 8
         Ilyinka
         682304 Khabarovsk Region
         Russia


FOREST GLADE: Bankruptcy Hearing Slated for Nov. 14
---------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene at 9:00
a.m. on Nov. 14 to hear the bankruptcy supervision procedure on
LLC Forest Glade.  The case is docketed under Case No.
A33-11074/2006.

The Temporary Insolvency Manager is:

         A. Zyatkov
         Apartment 2
         Moskovskaya Str. 5
         Bolshaya Urya
         Kanskiy Region
         663624 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Forest Glade
         Verkhnyaya Urya
         Irbeyskiy Region
         Krasnoyarsk Region
         Russia


GEFEST: Tula Court Starts Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Tula Region commenced bankruptcy
supervision procedure on LLC Bolokhovskiy Engineering Factory
Gefest.  The case is docketed under Case No. A68-1725/06-113/B.

The Temporary Insolvency Manager is:

         Y. Laptev
         Post User Box 9383
         Post Office 24
         644024 Omsk Region
         Russia

The Debtor can be reached at:

         LLC Bolokhovskiy Engineering Factory Gefest
         Mira Str. 32
         Bolokhovo
         Kireevskiy Region
         301280 Tula Region
         Russia


INTER-CONSTRUCTION: Court Names A. Kubasov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Kubasov as
Insolvency Manager for CJSC Building Company Inter-Construction
(TIN 7710179115).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-34771/06-74-538 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Building Company Inter-Construction
         Chayanova Str. 8/26
         125047 Moscow Region
         Russia


INVEST-MANAGER: Court Names G. Chmutina as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Magadan Region appointed Ms. G.
Chmutina as Insolvency Manager for OJSC Invest-Manager.  She can
be reached at:

         G. Chmutina
         Office 105
         Sv. Innokentiya Per. 13
         675000 Blagoveshensk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-1360/06-8B.

The Debtor can be reached at:

         OJSC Invest-Manager
         Proletarskaya Str. 12 84
         685000 Magadan Region
         Russia


ISKRA: Court Names A. Ivanov as Insolvency Manager
--------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Mr. A.
Ivanov as Insolvency Manager for OJSC Factory Iskra.  He can be
reached at:

         A. Ivanov
         Post User Box 1712
         432063 Ulyanovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-9544/04-21/37-b.

The Debtor can be reached at:

         OJSC Factory Iskra
         Narimanova Pr. 75
         432030 Ulyanovsk Region
         Russia


KIRISHSKIY FACTORY: Court Names P. Tarasov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. P. Tarasov as Insolvency Manager for LLC
Kirishskiy Factory of Metal Constructions.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-22039/2006.

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 Kirishskiy Factory of Metal Constructions
         Fsue KBKhZ.
         Glazhevskaya Region
         Kirishskiy Region
         St. Petersburg and Leningrad Region
         Russia


KURGANSKOYE PASSENGER 2: O. Pugin to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. O. Pugin as
Insolvency Manager for OJSC Kurganskoye Passenger Transport
Enterprise 2.  He can be reached at:

         O. Pugin
         3rd location 14-124
         640023 Kurgan Region
         Russia
         Tel: 8-3522-56-38-87

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-3182/2006.

The Debtor can be reached at:

         OJSC Kurganskoye Passenger Transport Enterprise 2
         Khimmashevskay Str. 6a
         Kurgan Region
         Russia


LIMESTONE: Orel Court Names P. Klimenko as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. P. Klimenko
as Insolvency Manager for OJSC Limestone.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-2686/06-17B.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Limestone
         Livenskaya Str. 10a
         Russkiy Brod
         Verkhovskiy Region
         Orel Region
         Russia


MOSKALENSK-AGRO-PROM-TRANS: A. Lyasman to Manage Assets
-------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. A. Lyasman as
Insolvency Manager for OJSC Moskalensk-Agro-Prom-Trans.  

She can be reached at:

         A. Lyasman
         Kuybysheva Str. 81-103
         644010 Omsk-10
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-10483/2006.

The Debtor can be reached at:

         OJSC Moskalensk-Agro-Prom-Trans
         Marksa Pr. 18, 10
         644042 Omsk Region
         Russia


NORD-STROY-2: Court Names P. Tarasov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. P. Tarasov as Insolvency Manager for CJSC Factory
Building Enterprise Nord-Stroy-2

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-22239/2006.

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:

         CJSC Factory Building Enterprise Nord-Stroy-2
         Zheleznovodskaya Str. 17/5.
         St. Petersburg Region
         Russia


NORTH-WEST TELECOM: Improved Performance Cues S&P to Lift Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on North-West Telecom (JSC), the
incumbent fixed-line telecommunications operator in the
northwest region of Russia, to 'BB-' from 'B+'.  This reflects
the company's improving business profile and continued moderate
financial risk exposure.  The outlook is stable.
     
At the same time, Standard & Poor's raised its long-term Russia
national scale rating on NWT to 'ruAA-' from 'ruA+', and
assigned its 'ruAA-' national scale rating to the company's
proposed Russian ruble (RUR) 2 billion bond issue.
     
"The upgrade reflects NWT's improving business position, which
benefits from the company's leading market share in traditional
telephony, and progress in upgrading its network," said Standard
& Poor's credit analyst Lorenzo Sliusarev.  "The company is also
benefiting from strengthening operating profitability, and
steadily improving regulatory and industry dynamics."
     
NWT's fairly prudent financial policy, moderate exposure to
financial risk, and improving liquidity further support the
ratings.
     
The ratings on NWT remain constrained, however, by its limited
revenue diversification and the need for further network
improvements and active development of additional services.  NWT
is also subject to fairly intense competition in key franchise
areas, as well as uncertainty over continuing telecoms industry
restructuring in Russia.
     
NWT's market position in the key telephony segments is
improving, however, and the ongoing expansion and upgrading of
NWT's network is enabling it to increase the availability of new
services and target an expanded range of clients.  Furthermore,
a strategic focus on cost control and growth in value-added
services is enhancing the company's operating profitability,
with the EBITDA margin likely to average at about 35% over the
short to medium term.
     
Standard & Poor's expects NWT's credit profile to remain
supported by:

   -- the company's gradually improving operations;

   -- its commitment to a moderate financial policy; and

   -- prudent debt and liquidity management.
     
"Ratings upside potential would require a material strengthening
of the company's business position, and the continuation of
positive trends in the Russian telecoms sector and capital
markets," said Mr. Sliusarev.  "Any increase in regulatory and
market risks, or a substantial weakening of NWT's financial
profile, could put pressure on the ratings."


OIL-GAS-SVYAZ-STROY: N. Lapchuk to Manage Assets
------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. N.
Lapchuk as Insolvency Manager for OJSC Oil-Gas-Svyaz-Story.  He
can be reached at:

         N. Lapchuk
         Galushaka Str. 3-1
         Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-8185/06-10/139.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         N. Lapchuk
         Galushaka Str. 3-1
         Novosibirsk Region
         Russia


OZERSKOYE: Court Names A. Morozov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. A.
Morozov as Insolvency Manager for OJSC Ozerskoye.  He can be
reached at:

         A. Morozov
         Post User Box 22549
         650070 Kemerovo Region
         Russia
         Tel: (3842) 25-58-33

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The court will convene at 9:30 a.m.
on Aug. 1, 2007, to hear the bankruptcy supervision procedure.
The case is docketed under Case No. A27-5515/2006-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Ozerskoye
         Tsentralnaya Str. 6
         Ozerki
         Promyshlenovskiy Region
         652380 Kemerovo Region
         Russia


PIONEER: Court Names V. Kiryaev as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. V.
Kiryaev as Insolvency Manager for OJSC Breeding Factory Pioneer.  
He can be reached at:

         V. Kiryaev
         Vikulova 35/1-136
         Vikulova
         620131 Ekaterinburg Region
         Russia
         Tel: 8-912-26-22-917

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-650/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Breeding Factory Pioneer
         Pionerskiy
         Talitskiy Region
         Sverdlovsk Region
         Russia  


REINFORCED-CONCRETE GOODS: M. Bogatova to Manage Assets
-------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Ms. M.
Bogatova as Insolvency Manager for OJSC Factory of Reinforced-
Concrete Goods.  She can be reached at:

         M. Bogatova
         Post User Box 3084
         650024 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The Court will convene on Oct. 24
to hear the bankruptcy supervision procedure.  The case is
docketed under Case No. A27-11409/2006-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Factory Of Reinforced-Concrete Goods
         Kuznetskiy Pr. 230
         Kemerovo Region
         Russia


SIBERIAN VENTILATION: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Tyumen Region commenced bankruptcy
supervision procedure on CJSC Siberian Ventilation Systems.
The case is docketed under Case No. A70-5061/3-2006.

The Temporary Insolvency Manager is:

         V. Bolba
         Post User Box 64
         625001 Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia


SIG EURO-STROY: Moscow Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on CJSC Sig Euro-Stroy (TIN 7706262025).  The case is
docketed under Case No. A40-47022/06-103-983B.

The Temporary Insolvency Manager is:

         M. Dyakonov
         Post User Box 481
         111141 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Sig Euro-Stroy
         Staromonetnyj Per. 9
         Moscow Region
         Russia


SOROCHINSKIY DIARY: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Orenburg Region commenced bankruptcy
supervision procedure on OJSC Agro Complex Sorochinskiy Diary.
The case is docketed under Case No. A47-15563/05-14GK.

The Temporary Insolvency Manager is:

         V. Fedorov
         Post User Box 41
         Syzran
         446001 Samara Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Agro Complex Sorochinskiy Diary
         Baklanovka
         Sorochinskiy Region
         Orenburg Region
         Russia


TAGANKA CAR: Moody's Rates US54.8-Mln Class C Notes at (P)Ba2
-------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to the
following three classes of asset-backed notes issued by Taganka
Car Loan Finance PLC:

   --(P)Baa1 to the US$270.9 million Class A Senior Asset
      Backed Floating Rate Notes due 2013;

   --(P)Baa2 to the USD77.4 million Class B Mezzanine
      Asset Backed Floating Rate Notes due 2013; and

   --(P)Ba2 to the US$54.8 million Class C Junior Asset
      Backed Floating Rate Notes due 2013.

This is the second securitization of auto loans originated in
Russia and the first securitization transaction for MDM Bank.
The securitized assets are US dollar and Rouble-denominated
fixed rate auto loans to customers domiciled in Russia
originated by MDM Bank since 2002.

This is a static amortizing transaction and collections on the
portfolio will be swept daily from the Collection Rouble Account
or the Collection Dollar Account to an Issuer Rouble Account or
Issuer Dollar Account.  The main sources of credit enhancement
are the subordination of the Class B and Class C Notes,
overcollateralization provided by the subordinated loan, reserve
fund and excess spread.

During its analysis, Moody's noted that the structure benefits
from a notification trigger that is set to occur upon the
withdrawal or the downgrade of the long-term rating of MDM Bank
below Ba3.

In addition, Russian Standard Bank is appointed as Back-up
Servicer at closing and will replace MDM Bank as servicer in the
event of a Servicer Termination Event.  

There is furthermore a contingency reserve of USD750,000 which
will be funded upon a loss of Ba2 by MDM Bank which will
facilitate the transfer of servicing duties and protect the
assets of the Issuer in case a Servicer Termination Event.

Finally, credit loss arising from commingling has been mitigated
in this transaction by way of a commingling loss liquidity
facility provided by a suitable entity with a long-term rating
of Aaa and the notification and payment redirection trigger set
at loss of Ba3 by MDM Bank.

There remains, however, uncertainties in respect of the legal
environment in Russia given that the transaction relies on key
legal concepts which may not have been tested in judicial
proceedings or in practice.  Given the uncertainties, the
ratings of the Notes are likely to be affected in case the
creditworthiness of MDM Bank should deteriorate.

In addition, while this is the first securitization of domestic
assets in Russia that benefits from a balance guaranteed swap,
the swap will terminate on the Scheduled Maturity Date in 2011,
thereby exposing cashflows arising thereafter to significant
foreign exchange volatility.

The swap will also terminate upon the occurrence of any event,
which has the effect of preventing the transfer of foreign
currencies from Russia to a jurisdiction outside of Russia or
the conversion of Roubles into certain foreign currencies.

Furthermore, as approximately 33% of the loans are denominated
in US Dollars and many borrowers' income are at least in part
denominated in Roubles, the cashflows arising from the US
dollar-denominated auto loan contracts are exposed to the risk
that the Russian government may redenominated foreign currency
assets into Roubles in case of a financial crisis.  Finally,
Moody's notes that the aggressive growth of MDM Bank's auto loan
portfolio has resulted in an increasing trend in losses.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions only.  Upon a conclusive review of
the transaction and associated documentation, Moody's will
endeavour to assign definitive ratings to the Notes.  A
definitive rating may differ from a prospective rating.  A
rating is not a recommendation to purchase, sell or invest in
any securities.

The ratings address the expected loss posed to investors by the
legal final maturity.  As there is no liquidity cover in the
transaction in respect of the Class C Notes, in Moody's opinion
the structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date in respect of the Class A Notes and Class B Notes
and allows for the ultimate payment of interest and principal at
par on or before the rated final legal maturity date in respect
of the Class C Notes.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.


TENLIN: Bankruptcy Hearing Slated for Feb. 6  
--------------------------------------------
The Arbitration Court of Moscow will convene at 11:00 a.m. on
Feb. 6 to hear the bankruptcy supervision procedure on OJSC
Tenlin.  The case is docketed under Case No.
A40-37967/06-74-700B.

The Temporary Insolvency Manager is:

         R. Lapidus
         Room 5
         Gogolya Str. 12
         236008 Kaliningrad Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Tenlin
         Building 3
         Dolgorukovskaya Str. 40
         127030 Moscow Region
         Russia


UNIVERSAL HARDWARE: S. Sorokin to Manage Insolvency Assets
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Sorokin as
Insolvency Manager for CJSC Universal Hardware Plant (TIN
7718119541).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-24849/06-103-362B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Universal Hardware Plant
         1st Zborovskiy Per. 11
         107076 Moscow Region
         Russia


URALSVYAZINFORM OJSC: Standard & Poor's Raises Rating to BB-
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Uralsvyazinform (OJSC), the incumbent
fixed-line operator in the Urals region of Russia, to 'BB-' from
'B+', reflecting the company's improving business risk profile.  
The outlook is stable.
     
"The upgrade reflects the company's improving business position
as the result of strong and rising market share in key segments;
leading network quality; and expanding business
diversification," said Standard & Poor's credit analyst Lorenzo
Sliusarev.  "This is in addition to the continuing positive
dynamics in Russia's telecoms industry, helped by sound
economic, income, and business growth."
     
Importantly, the company has benefited from the steadily
improving regulatory framework and capital market environment in
Russia.  Furthermore, USI's franchise area is among the most
economically robust in Russia.
     
The ratings remain constrained, however, by the company's
aggressive exposure to financial risk, which has been increasing
following extensive capital investments and debt accumulation.
The ratings are also constrained by USI's limited liquidity,
with notable short-term refinancing needs, and need to continue
reducing costs and enhance operating profitability.  This is in
addition to possible risks associated with continuing industry
and regulatory reform.
     
Standard & Poor's expects USI's improved business position,
together with continuing growth in revenue and cash flow
generation, will allow the company to stabilize and gradually
improve its heightened financial risk exposure.  Accordingly,
Standard & Poor's expects the company to begin to reduce its
capital spending and focus on profitability and cash flow
enhancements, while reducing debt to more moderate levels.
     
Any potential inability of the company to reverse its currently
high financial risk and improve liquidity, caused by, or
parallel to, deterioration in profitability and key market
positions would place pressure on the rating.  Given the current
aggressive financial profile, the rating agency does not see
near-term upside potential for the rating.  A rapid improvement
in financial measures, however, could in turn release this
critical rating constraint.


VOLGATELECOM: Improved Business Spurs S&P to Raise Rating to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on VolgaTelecom (OJSC), the incumbent
fixed-line telecommunications operator in the Volga region of
Russia, to 'BB-' from 'B+'.  The outlook is stable.
     
At the same time, Standard & Poor's raised its long-term Russia
national scale rating on VolgaTelecom to 'ruAA-' from 'ruA+'.
     
"The upgrade reflects VolgaTelecom's improving business
profile," said Standard & Poor's credit analyst Lorenzo
Sliusarev.  "This is marked by its dominant market share in key
segments; enhanced network quality; steadily improving
regulatory and industry dynamics; and gradually increasing
revenue diversification."
     
Strengthening liquidity in a context of positive capital markets
and lending terms in Russia further benefits VolgaTelecom's
credit profile.  Although the company's financial profile is
expected to moderately weaken in the near term due to increased
investments, it should remain manageable and is expected to
stabilize and begin to improve in the medium term.
     
The ratings remain constrained, however, by:

   -- uncertainties regarding further industry restructuring;

   -- VolgaTelecom's reduced financial flexibility due
      to increased capital investments and negative free
      cash flows; and

   -- the relatively slow growth of the company's new
      services, limited by the moderate economic and
      demand characteristics of its franchise area.
     
"Standard & Poor's expects that VolgaTelecom will continue to
hold a dominant market position in its key business segments
while focusing on improving efficiency and growing revenues and
cash flows," Mr. Sliusarev added.
     
The company's plans for increased capital spending are expected
to be managed in a prudent manner without causing a material
increase in financial risk.  In the medium term, Standard &
Poor's expects VolgaTelecom to gradually improve its financial
profile.

Should the company's business performance strengthen, along with
improving liquidity and continuing positive industry dynamics,
the ratings could be raised again.  Conversely, a weakening of
VolgaTelecom's market position, a reduction in profitability, or
a substantial increase in financial leverage would put pressure
on its credit profile.


YUKOS OIL: Surgutneftegaz Eyes Petrochemical Unit
-------------------------------------------------
Surgutneftegaz may buy a Siberian petrochemical asset from
bankrupt OAO Yukos Oil Co., as well as build a new plant in
Russia, RIA Novosti reports.

"We do not rule out buying ANKhK, or building a new plant in
Russia," Sergei Fyodorov, Surgutneftegaz's deputy chief
executive, said.

Mr. Fyodorov also revealed that the company was in talks over
the construction of an oil refinery at the terminus of the
Eastern Siberia-Pacific Ocean pipeline, the Russian news and
information service relates.

According to RIA Novosti, Mr. Fyodorov also said that
Surgutneftegaz intends to:

   -- increase its investments by 40% to RUR88 billion, with a
      RUR63 billion investment planned for 2006; and

   -- bring oil production levels to 67.1 million metric tons in
      2007, 5 percent above its 2006 target.

From January to August 2006, Surgutneftegaz reported a 3.4%
year-on-year increase in crude output to 43.59 million metric
tons (1.33 mln bbl/d), and a 1.6% increase in the production of
gas, to 9.69 billion cubic meters.

                     About Surgutneftegaz

Headquartered in Surgut, Russia, Surgutneftegaz OAO --
http://www.surgutneftegas.ru/-- is an oil and gas company,  
which is involved in gas and oil field construction and
development, gas and oil production and marketing, as well as
oil and petrochemical product manufacture and marketing.  The
Company builds up to 90 horizontal wells per year and has an
annual production of over 10 billion cubic meters of gas.  

                         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.


ZYRYANSKIY BUTTER-FACTORY: V. Chayka to Manage Assets
-----------------------------------------------------
The Arbitration Court of Tomsk Region appointed V. Chayka as
Insolvency Manager for OJSC Zyryanskiy Butter-Factory.  He can
be reached at:

         V. Chayka
         Lenina Str. 124
         Zyryanskoye
         Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-17022/05.

The Debtor can be reached at:

         OJSC Zyryanskiy Butter-Factory
         Lenina Str. 124
         Zyryanskoye
         Tomsk Region
         Russia


* S&P Lifts Krasnodar Krai's Rating to BB- on Economic Growth
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit ratings on the southern Russian region of Krasnodar Krai
to 'BB-' from 'B+'.  At the same time, the Russian national
scale rating on the region was raised to 'ruAA-' from 'ruA+'.
The outlook is stable.
     
"The rating actions reflect economic and revenue growth in
Krasnodar and an expected federal infrastructure-financing
program," said Standard & Poor's credit analyst Irina Pilman.
     
The ratings are constrained by:

   -- Krasnodar's low financial flexibility,

   -- high infrastructure needs, and

   -- relatively low wealth.

Ratings are supported, however, by:

   -- the region's well-diversified economy and tax base,
   -- good financial performance, and
   -- low debt.
     
Krasnodar is Russia's third most populous region, located in the
southern part of the Russian Federation.  The krai's economic
specializations are agriculture and the food industry.  In
addition, Krasnodar contains Russia's only stretch of Black Sea
coastline.  As a result, Russia's most important Black Sea ports
and resort areas are located in the region.
     
"We expect that Krasnodar Krai's economy and revenues will
continue to grow, and the debt burden will remain moderate,"
said Ms. Pilman.
     
Increasing transparency of the economy and improvements in debt
management would be key for positive credit movement in the next
two to three years, barring which, the rating is likely to
remain stable in the medium term.


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


CHESAPEAKE 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 North American Forest Products sector, the
rating agency confirmed its B1 Corporate Family Rating for
Chesapeake Corporation.  Additionally, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on these three bond issues:

                                             Projected
                    Old POD New POD  LGD     Loss-Given
   Debt Issue       Rating  Rating   Rating  Default
   ----------       ------  ------   ------  -------
   US$50 million
   Industrial Revenue
   Bonds
   due 2019         B2      B1       LGD3     48%

   US$124 million
   10.375%  
   Subordinated Notes
   due 2011         B3      B3       LGD5     87%

   US$127.9 million
   7.0%
   Subordinated Notes
   due 2014         B3      B3       LGD5     87%

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

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

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

Headquartered in Richmond, Virginia, Chesapeake Corporation --
http://cskcorp.com/-- is an international supplier of specialty  
paperboard and plastic packaging.  The company has manufacturing
operations in Belgium, the United Kingdom, France, Germany,
Netherlands, Northern Ireland, Republic of Ireland, Scotland,
Spain, and the United States.  


GAT FTGENCAT: Moody's Junks EUR9.5-Million Series E Notes
---------------------------------------------------------
Moody's Investors Service assigned these ratings to the debt to
be issued by Spanish securitization fund GAT FTGENCAT 2006 FONDO
DE TITULIZACION DE ACTIVOS:

   -- EUR170.3 million Series A1 notes: Aaa;
   -- EUR239.1 million Series A2(G) notes: Aaa;
   -- EUR5.1 million Series B notes: Aa2;
   -- EUR12.3 million Series C notes: A1;
   -- EUR13.2 million Series D notes: Baa3; and
   -- EUR9.5 million Series E notes: Ca.

The ratings address the expected loss posed to investors by the
legal final maturity in June 2039.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A1, A2(G), B, C and D at par on
or before the rated final legal maturity date, and for ultimate
payment of interest and principal at par on or before the rated
final legal maturity date on Series E.

GAT FTGENCAT 2006, FTA is a securitization fund created with the
aim of purchasing a pool of loans granted by Caixa d'Estalvis de
Catalunya to Spanish corporates and self-employed individuals
based in Catalonia, in compliance with the conditions required
by the FTGENCAT program in order to qualify for the Generalitat
de Catalunya guarantee.

Strong features within this deal include among others:

   -- a swap agreement guaranteeing an excess spread of
      0.65% and covering the servicing fee;

   -- a 2.16% reserve fund to cover potential shortfalls
      in interest or principal;

   -- a 12-month artificial write-off mechanism;

   -- the guarantee of the regional government of
      Catalonia (Aa3) for the Series A2(G) notes; and

   -- the fact that the management company will elect the
      loans from the provisional pool that will result in
      the least concentrated securitized pool.

Weaker features include:

   -- limited historical default and recovery
      information received from the originator;

   -- pro-rata amortization of the notes;

   -- geographical concentration in the region of Catalonia; and

   -- the negative impact of the interest deferral trigger
      on the subordinated series.  These increased risks
      were reflected in the credit enhancement calculation.

The provisional pool of underlying assets comprised, as of 28
August 2006, a portfolio of 6,922 loans granted to 6,188
borrowers, which are Spanish enterprises or self-employed
individuals based in Catalonia.  The loans have been originated
between 1993 and June 2006, with a weighted average seasoning of
1.75 years and a weighted average remaining life of 8.1 years.
The weighted average interest rate is 4.08%, with the highest
portion of the pool linked to floating reference rates (93.37%).

Approximately 55% of the portfolio is composed of loans secured
by a mortgage guarantee over different type of properties,
although, given the particular conditions of the guarantees,
Moody's has granted benefit accordingly.  Around 30% of the
portfolio is concentrated in the buildings and real estate
sector according to Moody's industry classification.  At
closing, there will be no loans more than 30 days in arrears.

Moody's based the ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

   -- the swap agreement hedging the interest rate risk;

   -- the credit enhancement provided through the GIC
      account, the guaranteed excess spread, the reserve
      fund and the subordination of the notes; and

  -- the legal and structural integrity of the transaction.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


PSA PEUGEOT: Unveils Recovery Plan; Eyes 10,000 Job Cuts
--------------------------------------------------------
PSA Peugeot Citroen has implemented an action plan to increase
its efficiency.  The plan comprises a series of measures to be
applied immediately with the goal of controlling costs, R&D
efficiency, redefining product plan priorities and identifying
new markets.  

The measures have been taken following a detailed assessment of
the Group's situation.  Several positive developments have been
noted, including the growth in business outside Europe, the
increase in cooperation agreements, the performance of the
manufacturing base, the sharp improvement in vehicle quality and
the successful launch of the Peugeot 207.  

However, the Group's declining market share in Europe-due to the
high average age of its model lineups, the slow start-up for
such innovative models as the Peugeot 1007, and the increase in
competition- is a genuine source of concern.  

Against this mixed backdrop, Jean-Martin Folz, Chairman of PSA
Peugeot Citroen, has unveiled a series of measures covering
these main points:

   -- Taking Immediate Steps to Control Overheads

      intended to generate savings of EUR125 million in second-
      half 2006, these initiatives include a hiring freeze and
      measures to contain payroll costs and other overheads

   -- Adjusting the Production Cost Base

      PSA Peugeot Citroen is continuing to adjust its
      manufacturing teams in France and Spain by reducing the
      number of temporary employees and fixed-term contracts and
      by not replacing departing employees.  In addition, the
      plant in Ryton (U.K.) is gradually being closed.  As a
      result, the workforce in the Group's European plants will
      have been reduced by 10,000 in one year.  

      The decision not to build a second production unit at the
      Trnava plant will lead to a EUR200 million reduction in
      the previously announced  EUR350-million capital spending
      program.   

      Lastly, the development of synergies between neighboring
      plants producing vehicles on the same  platform is already
      underway between Mulhouse and Sochaux and will be extended
      to Poissy and Aulnay.  

      The goal is to boost capacity utilization in the European
      plants (as measured by the Harbour index) back above 100%
      in 2007 and to around 110% in three years.   

   -- Scaling Back the Capital Expenditure Plan

      PSA Peugeot Citroen's annual capital expenditure budget of
      roughly EUR3 billion will be reduced considerably to
      around  EUR2.5 billion for the coming period, without
      however impacting the product plan.   

   -- Enhancing R&D Efficiency

      A plan to make the automobile development process more
      efficient has been launched, with the goal of reducing R&D
      costs by 15% for vehicles just entering the development
      process.  Because the total R&D budget will stay the same
      over the next three years, in euros, PSA Peugeot Citroen
      will be able to develop more new models more quickly.  

   -- Redefining Product Plan Priorities

      The Group will renew core-range models in Europe more
      frequently to keep the average age low and extend its
      vehicle lineup to new market segments.  In addition to
      renewing existing product ranges, by 2009 PSA Peugeot
      Citroen will introduce six new body styles in segments in
      which it currently has no models.  

      Outside Europe, an assertive product strategy based on a
      wide range of models tailored to local customer
      expectations has been launched.  Between 2006 and 2009,
      eleven rollouts are planned for China and six for the
      Mercosur countries.  

   -- Pursuing New Opportunities Outside Europe

      With the signature of a memorandum of understanding to
      study a possible cooperation with Proton in Malaysia and
      the search for local production capacity in Russia, the
      Group is seeking to establish a presence in new growth
      markets while limiting its investments.  

Headquartered in Paris, France, PSA Peugeot Citroen S.A. --
http://www.psa-peugeot-citroen.com/-- manufactures passenger  
cars and light commercial vehicles.  The Company produces
vehicles under the Peugeot and Citroen brands.  In addition to
car manufacturing, PSA Peugeot Citroen S.A. runs several
divisions, including Banque PSA Finance, which federates the
Company's finance companies; Faurecia, which manufactures
automotive equipment, including car seats, exhaust systems and
other components; Gefco, which furnishes transportation and
logistics services; Peugeot Motocycles, which manufactures
scooters and motorcycles; Peugeot Citroen Moteurs (PCM), which
sells engines and gearboxes to customers outside the Company,
and Process Conception Ingenierie (PCI), which designs and
builds industrial equipment for the Company and other global
carmakers.  In 2005, PSA Peugeot Citroen S.A. sold 3.39 million
vehicles in 150 countries worldwide.  


SOL MELIA: Fitch Assigns BB Rating on EUR100 Million Shares
-----------------------------------------------------------
Fitch Ratings assigned Sol Melia Finance NV's EUR100 million
preference shares a BB rating and classified it as a Class A
security with no equity credit.  Simultaneously, Fitch has
affirmed Sol Melia's Issuer Default rating at BB+ and its Short-
term rating at B.  The IDR Outlook remains Stable.  The senior
unsecured rating has been affirmed at BB+.

The BB rating of the preference shares issued under an
irrevocable, subordinated guarantee from Sol Melia SA is based
on Fitch's established notching and Recovery Rating methodology.
The equity credit follows the implementation of Fitch's revised
hybrid methodology, following a six-week market consultation
period.

The hybrid security is subordinated and ranks senior only to
ordinary shares.  However, the mandatory deferral mechanism is
highly unlikely to come into effect, since distributable
reserves have to be below the preference share dividend and in
parallel the company is committed to maintain EUR150 million of
distributable reserves.  

In particular, deferral is conditional on the company not having
made distributable profits in the previous fiscal year.  As a
consequence the security does not meet both of Fitch's 'guiding
principles' under its revised methodology and does not qualify
for any equity credit.


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


GRAPHIC PACKAGING: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector, the
rating agency confirmed its B1 Corporate Family Rating for
Graphic Packaging International Inc.  Additionally, Moody's
revised or held its probability-of-default ratings and assigned
loss-given- default ratings on these loans and bond debt
obligations:

                                                Projected
                       Old POD New POD  LGD     Loss-Given
   Debt Issue          Rating  Rating   Rating  Default
   ----------          ------  ------   ------  -------
   US$325 million
   Revolving
   Credit Facility     B1      Ba2      LGD2    27%

   US$1,256 million
   Secured
   Term Loan           B1      Ba2      LGD2    27%

   US$425 million
   8.5% Unsecured
   Notes               B2      B2       LGD4    68%

   US$425 million
   9.5% Subordinated
   Notes               B3      B3       LGD6    93%

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 Marietta, Georgia, Graphic Packaging
International, Inc. -- http://www.graphicpkg.com/-- is a  
paperboard and integrated paperboard solutions provider to
beverage and consumer products multinationals.  Graphic
Packaging operates four paper mills, 24 converting facilities
and four machinery manufacturing facilities worldwide including
Sweden, Spain, and Denmark.  The company employs approximately
7,800 people and holds rights to more than 1,700 US and foreign
patents with more than 475 patent applications currently pending
for printing, packaging and converting processes.


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


NOBLE GROUP: Strong Finances Spur Moody's to Affirm Ba1 Rating
--------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family
rating and senior unsecured bond rating of Noble Group Ltd. with
a stable outlook.

Noble's Ba1 ratings reflect the company's financial strengths,
including its healthy liquid balance sheet, a strong management
team with extensive industry experience, business diversity and
leading market position - a position, which has benefited from
an increasing demand for commodities in Asia.

However, the rating also recognizes the management's
entrepreneurial culture and strong appetite for growth.  As a
result, the rating is constrained by the company's shorter track
record at its current scale and complexity.  It is also been
affected by concerns surrounding the company's ability to manage
such growth and deliver sustainable cash flows and profits.
Noble's strategy is to further integrate and add value along the
supply chain, including making selected investments to enhance
its competitive position.

While Noble commands strong positions in certain niche markets,
the company is smaller than its peers.  In a global commodity
market, larger players are expected to command stronger
competitive positions, better sourcing channels and customer
relationships.  These larger peers -- such as Cargill
Incorporated, Archer-Daniels-Midland Company and Bunge Ltd. -
have demonstrated over a longer period of time an ability both
to manage the challenges of running a commodity supply chain
business and at a larger scale.

As the company has experienced high-growth over the last few
years, Moody's had previously expressed concern about the
effectiveness of the company's management system and risk
control practices and its ability to keep pace with this growth.
In the last twelve months Moody's has noticed a strengthening of
Noble's overall risk management framework, systems and
processes, which is encouraging. Nevertheless, execution in this
area remains a key focus for the rating.

Noble's financial performance, including profitability and
gearing, in 1HFY06 showed a weakening trend.  In particular
annualized Retained Cash Flow (RCF)/Adjusted Debt (defined as
total balance sheet debt less 15% of total assets, which Moody's
assumes will be held as cash) fell to around 10% which is lower
than anticipated.  This is, however, mitigated by the company's
strong liquidity position and the discipline it has exercised in
its investment and financial practices.

Actual cash holdings accounted for about 24% of total assets as
of June 2006 (which would reflect a RCF/Net Debt ratio of
13.8%).  This discipline has enabled Noble to maintain its
target financial ratios of Debt/Cap of 50-60%, EBIT/Interest of
3-4x and minimum cash holdings of 15-20% of total assets.
Nevertheless, if improvement in financial performance is not
seen in 2HFY06, downward rating pressure could grow.

Moody's is likely to consider a rating downgrade if

   -- Noble fails to sustain its profitability and
      credit profile including RCF/Adjusted Debt
      consistently below 15%;

   -- it adopts an aggressive acquisition/investment plan
      for new businesses thereby increasing its overall
      risk profile;

   -- there is any weakening in its balance sheet
      liquidity, with its cash balance falling below 15%
      of total assets; and/or 4) any incurrence of large
      trading or credit losses.

The rating would experience upward pressure if Noble establishes
a track record and demonstrates its ability to:

   -- maintain its profitability and cash generating
      ability, especially through the pricing cycles of
      its various business lines;

   -- adhere to investment and financial discipline
      while pursuing its growth strategy, such that
      RCF/Adjusted  Debt exceeds 25% on a sustainable basis; and

   -- manage the risks inherent in its business at its
      current scale and as it continues to grow.  Maintenance
      of its current risk profile and balance sheet
      liquidity  would also be important factors.

Noble Group Ltd., headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries.


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


EDISON MISSION: Fitch Lifts Issuer Default Rating to BB-
--------------------------------------------------------
Fitch Ratings upgraded and removed from Rating Watch Positive
the ratings for Mission Energy Holding Company and Edison
Mission Energy:

MEHC

   -- Issuer Default Rating to BB- from B.

EME

   -- Issuer Default Rating to BB- from B.

Midwest Generation, LLC

   -- Issuer Default Rating to BB from B.

Fitch originally placed MEHC from Rating Watch Positive on
March 10.  The Rating Outlook is Stable.  Approximately US$6.7
billion of debt is affected by the rating action.

As a consequence of the upgrade of MEHC and its subsidiaries'
IDRs to the BB category from B, Fitch will no longer publish
recovery ratings for MEHC, EME and MWG.  Fitch notes that
recovery analysis is implicitly reflected in the issuer's
individual obligation ratings.

The IDR upgrades reflect the beneficial effect of lower
financing costs and improved liquidity and financial flexibility
as a result of MEHC's corporate restructuring and strong cash
flow from MEHC's low cost coal-fired generation fleet.

Management, under the restructuring, used proceeds from the sale
of EME's international assets in the fourth quarter of 2004 and
available cash to repay maturing Edison Mission Midwest Holding
debt and bridge loan to EME's international asset sale,
terminate the Collins leasehold and facilitate a significant
capital injection to MWG.

EME recently refinanced US$1 billion of notes at favorable
terms, extending maturities from 2008 (US$400 million) and 2011
(US$600 million) to 2013 (US$500 million) and 2016 (US$500
million), respectively.

Fitch expects that MEHC will utilize a portion of the US$1.6
billion of cash and cash equivalents and short-term investments
on its consolidated balance sheet as of June 30, 2006 to redeem
its US$800 million 13.5% notes due November 2008.

Additional liquidity is provided by a US$500 million secured
credit facility at EME, which was upsized from US$98 million.
MEHC subsidiary MWG also has a US$500 million working capital
facility in place to provide liquidity to support collateral
needs associated with power sales.  Nonetheless, MEHC's debt
burden remains high and its coverage ratios and debt measures
weak.

The increased MEHC, EME and MWG ratings also reflect more
favorable post-2004 wholesale power price trends from an
investor point-of-view and relatively low-cost, coal-fired
generating capacity at MEHC and its indirect operating
subsidiaries Midwest Generation LLC and HC.  

The ratings assume power prices will remain in the mid-US$40 per
megawatt level or higher on an annual basis in the near-to-
intermediate term, on average.  While lower sustained near-to-
intermediate term power prices cannot be ruled out, Fitch
believes that recent, higher power prices and resulting
improvement to MEHC cash flows are more likely to persist
allowing further debt reduction and improving credit metrics
over time.

The primary concern for MEHC and its subsidiaries is a sharp and
sustained decline in natural gas and wholesale energy prices,
which would likely end the companies' financial recovery and
lead to future downgrades.  In addition to ongoing exposure to
commodity price volatility, prospective federal and/or state
environmental standards could result in significantly higher
capital and operating costs, bringing incremental pressure to
bear on MEHC and its subsidiaries' cash flows and
creditworthiness.

MEHC participated in the recently completed reverse auction
conducted in Illinois for default power supply.  While MEHC has
been named among the successful bidders in the auction, details
regarding the auction to supply power for 17-, 29- and 41-month
periods have not been released as of this writing.  Fitch notes
that the Illinois reverse auction resulted in power prices in
excess of US$60 per megawatt hour.

Positively, MEHC recently announced that it entered into a 500
megawatt, three-year bilateral contract to supply on-peak power
that requires no collateral posting.  As of June 26, 2006, MEHC
subsidiaries MWG and HC have hedged approximately 62% and 56% of
total expected generation for the remainder of 2006 and calendar
year-2007, respectively.

The average hedged price for MWG was US$48 per megawatt hour for
MWG for both the remainder of 2006 and full-year 2007 and US$54
per megawatt hour for HC for the remainder of 2006 and US$64 for
calendar year 2007.  After the Illinois auction, the hedge ratio
and average price is likely to be higher for MWG.  In addition,
more than 95% of MWG and HC's coal requirements have been hedged
through the end of 2007.

MEHC is a wholly-owned intermediate holding company subsidiary
of Edison International.  Formed in July 2001, MEHC's sole asset
is EME common stock.  EME, through its operating subsidiaries,
leases, owns, develops, acquires, operates and sells the output
of independent power facilities located primarily in the U.S.
EME's also owns a 144 megawatt (80%) interest in a natural gas-
fired plant in Doga, Turkey.

Including certain wind projects currently under construction,
EME owns or is developing more than 9,400 megawatts of
generating capacity in total.  Of that amount 9,295 mWs are
currently in commercial operation, of which 7,497 mWs (81%) is
coal-fired generation located in Illinois and Pennsylvania.

MWG and HC are indirect operating subsidiaries of EME that own
and control through leaseholds 5,613 and 1,884 mWs of coal-fired
generation, respectively.

Fitch has upgraded and removed these ratings from Rating Watch
Positive:

MEHC

   -- Issuer Default Rating to BB- from B; and
   -- Senior secured notes to BB- from B-.

EME

   -- Issuer Default Rating to BB- from B; and
   -- Senior unsecured notes to BB- from B;

MWG

   -- Issuer Default Rating to BB from B;
   -- First priority term loan to BBB- from BB; and
   -- Second priority secured notes to BB+ from B+.


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


AGES: Court Names Volodimir Ilkovskij as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Volodimir
Ilkovskij as Liquidator/Insolvency Manager for LLC Ages (code
EDRPOU 31857664).  

The Court commenced bankruptcy proceedings against the company
after finding the company insolvent on Aug. 10.  The case is
docketed under Case No. 19/135/06.  

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Ages
         Chernyahivskij Str. 34
         Rozivka
         Yakimivka District
         72514 Zapopizhya Region
         Ukraine


ARCHITECTURAL ENGINEERING: Court Names Tax Agency as Liquidator
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Desnyanskij District of Kyiv Region as Liquidator
for LLC Architectural-Engineering Association (code EDRPOU
32528157).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 13.  The case is docketed
under Case No. 15/427-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Architectural-Engineering Association
         Str. 44-a/10
         02222 Kyiv Region
         Ukraine


ESST LTD: Zaporizhya Court Names S. Persuk as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mr. S. Persuk
as Liquidator/Insolvency Manager for LLC Esst Ltd.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 16.  The case is docketed
under Case No. 19/78-21/291.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Esst Ltd.
         Virobnicha Str. 15
         69014 Zaporizhya Region
         Ukraine


KOM-TREK: Kyiv Court Names District Tax Agency as Liquidator
------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Desnyanskij District of Kyiv Region for LLC Kom-
Trek (code EDRPOU 32106010).

The Court commenced bankruptcy proceedings against the company
after finding the company insolvent on July 13.  The case is
docketed under Case No. 15/429-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Kom-Trek
         Magnitogorska Str. 1/308
         02094 Kyiv Region
         Ukraine


KONTUR PLUS: Court Names Lubomir Cherevatij as Liquidator
---------------------------------------------------------
The Economic Court of Volinska Region appointed Lubomir
Cherevatij as Liquidator/Insolvency Manager for LLC Kontur Plus
(code EDRPOU 32501507).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 21.  The case is docketed
under Case No. 8/67-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Kontur Plus
         Karbishev Str. 3
         Lutsk Volinska Region
         Ukraine


NAFTOGAZ UKRAINY: Prime Minister Yanukovych Foresees Bankruptcy
---------------------------------------------------------------
Ukrainian Prime Minister Viktor Yanukovych warned that NJSC
Naftogaz Ukrainy is on the verge of bankruptcy due to bad
management, The Associated Press reports.

"As a result of extraordinary financial obligations and a year-
and-a-half of criminal management, this company appears to be on
the verge of bankruptcy," Mr. Yanukovych was quoted by the
Associated Press as saying.

Mr. Yanukovych also warned that the state-owned Naftogaz, which
supplies Ukraine's residential and industrial consumers with
gas, could lose as much as US$1.5 billion this year.

As reported in TCR-Europe on Sept. 22, Naftogaz posted UAH1.842
billion (US$368 million) in losses for 2005.  As of Dec. 31,
2005, Naftogaz had -UAH9.014 billion (-US$1.8 billion) in net
current assets.  The figure includes UAH5.168 billion (US$1
billion) in tax arrears.  

Naftogaz accumulated US$700 million in debts for natural gas
supplied by Gazprom unit RosUkrEnergo in February and March,
after Ukraine's Finance Ministry rejected a price hike proposal.  
The rejection forced Naftogaz to sell imported gas at prices
lower than the acquisition price, spurring US$500-US$600 million
in losses for the first quarter of 2006.

Gazprom is demanding that Ukraine's Naftogaz pay between US$135
and US$140 per 1,000 cubic meters of gas after the Russian gas
company sealed a deal buying 50 billion cubic meters of gas from
Turkmenistan at US$100 per 1,000 cubic meters, up from previous
price of US$65 per 1,000 cubic meters.  

Naftogaz has offered to repay US$322 million debt in three
installments:

   -- US$150 million on Sept. 17,
   -- US$150 million on Sept. 25, and
   -- US$22 million in early October

to keep the gas prices at US$95 in the fourth quarter of 2006.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NJSC Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at  
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.

                        *     *     *

As reported in TCR-Europe on May 26, Moody's Investor Service
upgraded Naftogaz's Corporate Family Rating (foreign currency)
to Ba3 from B1, with Stable Outlook.  Moody's also affirmed the
group's Ba2 Senior Unsecured Debt Rating.

As reported in TCR-Europe on April 26, Fitch Ratings lowered
OJSC Naztogaz of Ukraine's local and foreign currency Issuer
Default Ratings to B+ from BB- due to the company's
deteriorating financial condition.  The Outlooks for the IDRs
remain Negative.

The senior unsecured rating on the company's US$500 million
Eurobond maturing in 2007 is also downgraded to B+ from BB-.


NIOL: Kyiv Region Court Names V. Zaharchuk as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. V. Zaharchuk as
Liquidator/Insolvency Manager for LLC NIOL (code EDRPOU
23519006).

The Court commenced bankruptcy proceedings against the company
after finding the company insolvent on July 26.  The case is
docketed under Case No. 24/181-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Niol
         Vernadskij Str. 36
         Kyiv Region
         Ukraine


PREMIER-ORBI: Court Names I. Yasnogor as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. I.
Yasnogor as Liquidator/Insolvency Manager for LLC Premier-Orbi
(code EDRPOU 31251813).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 27.  The case is docketed
under Case No. B 29/5/04.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Premier-Orbi
         Bolyatko Str. 34
         49000 Dnipropetrovsk Region
         Ukraine


REMPROMBUTSERVICE: Court Names District Tax Agency as Liquidator
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Desnyanskij District of Kyiv Region for LLC
Remprombutservice (code EDRPOU 30977990).  

The Court commenced bankruptcy proceedings against the company
after finding the company insolvent on July 13.  The case is
docketed under Case No. 15/428-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Remprombutservice
         Milutenko Str. 23-a
         02166 Kyiv Region
         Ukraine


SAMBOR: Kyiv Region Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on Agricultural Enterprise Sambor (code
EDRPOU 30229834) on June 5.  The case is docketed under Case No.
170/14 b-06.

The Temporary Insolvency Manager is:

         U. Biluk
         Ahmatova Str. 13B/67
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural Enterprise Sambor
         Lisovichi
         Tarashanskij District
         09513 Kyiv Region
         Ukraine


SELSA: Kyiv Court Names District Tax Agency as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Desnyanskij District of Kyiv Region for LLC Selsa
(code EDRPOU 32105588).

The Court commenced bankruptcy proceedings against the company
after finding the company insolvent on July 13.  The case is
docketed under Case No. 15/433-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Selsa
         Magnitogorska Str. 1/308
         02094 Kyiv Region
         Ukraine


SUMIFARM: Sumi Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Scientific-Production Enterprise
Sumifarm (code EDRPOU 23995920) on Aug. 10.  The case is
docketed under Case No. 6/97-06.

The Temporary Insolvency Manager is:

         Yevgen Kornilov
         Nezalezhnosti Square 1
         40030 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific-Production Enterprise Sumifarm
         Bilopilskij shlyah Str. 17
         40000 Sumi Region
         Ukraine


TEHNOGEM: Court Names Yevgenij Grib as Insolvency Manager
---------------------------------------------------------
The Economic Court of Odessa Region appointed Yevgenij Grib as
Liquidator/Insolvency Manager for JSCCT Tehnogem (code EDRPOU
21003008).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 22.  The case is docketed
under Case No. 7/126-006-4784.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         JSCCT Tehnogem
         Mayakovskij Str. 63
         Bilgorod-Dnistrovskij
         67701 Odessa Region
         Ukraine


ZUGRESENERGOBUD: Court Names S. Atamanenko as Liquidator
--------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. S. Atamanenko
as Liquidator/Insolvency Manager for Zugresenergobud (code
EDRPOU 00119770).  

The Court commenced bankruptcy proceedings against the company
after finding the company insolvent.  The case is docketed under
Case No. 15/128.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Zugresenergobud
         Budmajdanchik
         Zugres
         86783 Donetsk Region
         Ukraine


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


ADVANCED FLUID: Faces GBP12.16-Mln Fine Over Copper Cartel
----------------------------------------------------------
The European Commission has imposed a EUR314.7 million penalty
against 30 companies for running a copper fittings cartel
between 1988 and 2004, BBC News reports.  

Included in the list is UK's Advanced Fluid Connections, which
received a GBP12.16 million fine for price-fixing.  According to
the report, the commission has increased the fines for AFC for
continuing to operate the cartel after its investigation had
begun.

"We will not only punish firms severely for cartel behavior, but
also increase the fines for flagrantly continuing after a
Commission dawn raid and for providing wrong or misleading
information," said Competition Commissioner Neelie Kroes.

The Commission accused the cartel for influencing prices for
copper fittings used with tubes for plumbing, heating and
sanitation.  

                      About the Company

Advanced Fluid Connections Plc (fka Oystertec PLC) is involved
in commercially exploiting a range of products into the
plumbing, heating, hydraulics, automotive and other global
engineering industries.  The Group also develops and markets
fluid connectors.  The Group's products include Oyster
converter, hydraulic push-fit and push-fit pipe systems.  The
company disclosed GBP105.9 million in 2004 sales.  Advanced
Fluid entered into administrative receivership on March 27.  
Subsequently, Burdale Financial Ltd appointed Mark Granville
Firmin and Myles Antony Halley of KPMG LLP as the company's
joint administrative receivers.


AGCO 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 Automotive and Equipment sector this week,
the rating agency confirmed its Ba2 Corporate Family Rating for
AGCO Corp.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv. Sr.
   Sub. Notes due 2033  B1       B1       LGD5     89%

   6.875% Sr. Sub.
   Notes due 2014       B1       B1       LGD5     89%

   Sr. Unsec. Shelf     Ba3      Ba3      LGD5     81%

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%).

AGCO Corp. is a global manufacturer and distributor of
agricultural equipment and related replacement parts.  The Co.
offers a full line of products under multiple brands through one
of the largest global distribution networks in the industry,
including more than 3,900 independent dealers and distributors
in more than 140 countries including Denmark, Finland, Germany,
Italy, France, Spain and the United Kingdom.


ALBION SPRING: Bank of Scotland Brings In PwC as Receivers
----------------------------------------------------------
The Governor and the Company of the Bank of Scotland appointed
Mark Hopkins and Robert Hunt of PricewaterhouseCoopers LLP joint
administrative receivers of Albion Spring Company Limited
(Company Number 02833780) on Sept. 12.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

Headquartered in West Bromwich, United Kingdom, Albion Spring
Company Limited manufactures springs, clips and pressings for
automotive, medical, white goods and pharmaceutical sectors.


ALLIED HOME: Appoints Joint Liquidators from CBA
------------------------------------------------
Mark Grahame Tailby and Neil Charles Money of CBA were appointed
Joint Liquidators of Allied Home Interiors (U.K.) Limited on
Sept. 5 for the creditors' voluntary winding-up procedure.

Headquartered in Leicester, U.K., Allied Home Interiors (U.K.)
Limited is a kitchen planner and furnisher.


ALLSCREWS LIMITED: Claims Filing Period Ends Oct. 11
----------------------------------------------------
Creditors of Allscrews Limited have until Oct. 11 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
Elliot Harry Green of Oury Clark at:

         Elliot Harry Green
         Oury Clark
         Herschel House
         58 Herschel Street
         Slough
         Berkshire SL1 1HD
         United Kingdom

Headquartered in Slough, U.K., Allscrews Limited wholesales
nuts, bolts, and specialist machine parts.


AMERICAN AXLE: 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. automotive sector, the rating agency
confirmed its Ba3 Corporate Family Rating for American Axle &
Manufacturing, Inc., and its American Axle & Manufacturing
Holdings Inc. subsidiary.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

Issuer: American Axle & Manufacturing, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   unsecured term loan  Ba3      Ba3      LGD4     57%
   
   senior unsecured
   notes                Ba3      Ba3      LGD4     57%

Issuer: American Axle & Manufacturing Holdings, Inc.    
(Subsidiary)

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   senior convertible
   notes                Ba3      Ba3      LGD4     57%

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%).

                    About American Axle  

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


ANDREWS BUILDERS: Hires Liquidator from Maidment Judd
-----------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Andrews Builders Limited on Sept. 13 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Andrews Builders Limited
         Clayton House
         7 Vaughan Road
         Harpenden
         Hertfordshire AL5 4EF
         United Kingdom
         Tel: 01582 765 777


ARMSTRONG SECURITY: Joint Liquidators Take Over Operations
----------------------------------------------------------
John W. Lewis and Terry C. Evans of J W Lewis Insolvency
Services Ltd. were appointed Joint Liquidators of Armstrong
Security (South West) Ltd. on Aug. 16 on for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Armstrong Security (South West) Ltd.
         Albert Road
         St. Philips
         Bristol
         Avon BS2 0XA
         Tel: 0117 972 4124


ARVINMERITOR INC: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for
ArvinMeritor, Inc.

Moody's also revised 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
   ----------           -------  -------  ------   ----------

   Sec. Revolving
   Credit Facility        Ba1     Baa3    LGD 2       18%

   Secured Term Loan      Ba1     Baa3    LGD 2       18%

   8-1/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   8-3/4% Sr. Notes       Ba3     Ba3     LGD 4       64%

   6-3/4% Sr. Notes       Ba3     Ba3     LGD 4       64%

   6.8% Senior Notes      Ba3     Ba3     LGD 4       64%

   6-5/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   7-1/8% Sr. Notes       Ba3     Ba3     LGD 4       64%

   Shelf Sr. Unsecured   (P)Ba3  (P)Ba3   LGD 4       64%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that 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 Troy, Michigan, ArvinMeritor, Inc. --
http://www.arvinmeritor.com/-- is a premier US$8.8 billion  
global supplier of a broad range of integrated systems, modules
and components to the motor vehicle industry.  The company
serves light vehicle, commercial truck, trailer and specialty
original equipment manufacturers and certain aftermarkets.
ArvinMeritor employs approximately 29,000 people at more than
120 manufacturing facilities in 25 countries.  In Europe, the
company has operations in Belgium, Czech Republic, France,
Germany, Hungary, Italy, Netherlands, Spain, Sweden,
Switzerland, Turkey and the United Kingdom.  ArvinMeritor common
stock is traded on the New York Stock Exchange under the ticker
symbol ARM.


ASAP FREIGHT: I. P. Sykes Leads Liquidation Procedure
-----------------------------------------------------
I. P. Sykes of Begbies Traynor was appointed Liquidator of ASAP
Freight Services Limited on Sept. 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         ASAP Freight Services Limited
         1 Wish Road
         Eastbourne
         East Sussex BN214NX
         United Kingdom
         Tel: 01323 727 233


BALMORAL UPHOLSTERY: Names Gagen Dulari Sharma Liquidator
---------------------------------------------------------
Gagen Dulari Sharma was appointed Liquidator of Balmoral
Upholstery (U.K.) Limited on Sept. 8 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Balmoral Upholstery (U.K.) Limited
         5 Webb Street
         Bilston
         West Midlands WV148XL
         United Kingdom
         Tel: 01902 409 999
         Fax: 01902 409 999


BRAKE BROS: Fitch Keeps Issuer Default Ratings at B+
----------------------------------------------------
Fitch Ratings affirmed U.K.-based Brake Bros Acquisition PLC's
and Brake Bros Finance PLC's Issuer Default ratings at B+ with
Stable Outlook and Short-term ratings at B.  This follows the
announcement of the proposed issuance of Brake Bros Holding III
Limited of GBP275 million pay-in-kind notes to refinance
existing shareholder loans.  The PIK notes will not be rated.  

At the same time, Fitch has taken these rating actions:
  
   -- Brake Bros Acquisition Plc senior secured facilities:
      affirmed at BB+/RR1; and

   -- Brake Bros Finance Plc senior notes due 2011: affirmed at
      B+/RR4.

"According to Fitch's PIK rating methodology, the issuance of
PIK notes at a holding company level does not have a detrimental
effect on ratings provided that the notes do not benefit from
any guarantee from the operating subsidiaries and do not pay
cash interest, which is unlikely given the restrictions on
permitted payments in the borrowing group lower down the capital
structure," Pablo Mazzini, Director in Fitch's Leveraged Finance
team disclosed.

"In this case, the proposed terms of the PIK notes indicate that
they will effectively have only an equity claim on the operating
companies, and therefore Fitch has affirmed its ratings for the
entities below the PIK borrower," Mr. Mazzini added.

As already seen in other recent recycled LBO transactions, the
use of PIK notes proceeds to make approximately GBP250 million
payments to shareholders represents a return of a substantial
part of their initial equity investment.  

In this instance, Fitch does not consider this a significant
additional risk factor, as Brake Bros has exhibited a solid
performance in recent quarters, extending the improving trend
seen since the LBO in September 2002.  

In addition, senior debt repayment has been accelerated and is
expected to continue, which reflects the commitment from
management and the financial sponsors towards de-leveraging,
thereby providing comfort for bondholders.

Given the thin operating margins of Brake Bros, albeit in line
with industry standards, and the historical volatility in free
cash flow generation, Fitch is maintaining its Stable Outlook
for the company.  Nevertheless, Fitch views positively that some
of the PIK proceeds would be used to reduce around 50% of the
GBP34 million pension deficit, which would result in lower
future funding requirements.

Brake Bros is the U.K.'s leading foodservice company, whose
operations are primarily focused on distributing fresh, frozen
and chilled foods to the catering industry.  Brake Bros is also
present in France, where further scope for improvement is
possible as profitability remains below industry average and the
company focuses on distribution optimization.

Brake Bros reported H106 revenues of GBP796 million and EBITDA
of GBP46 million, which compares well against GBP793 million of
sales in H105 and EBITDA of GBP31 million before exceptional
items, or GBP23.8 million after exceptional costs.  

Cash-pay net leverage in the last 12-month to June 2006 was
estimated at 2.9x reported EBITDA.  The issuance of the PIK
notes will result in pro-forma LTM June 2006 net leverage of
5.5x, which is in line with the credit ratios at LBO closing.


BUDDIES MAIDSTONE: Taps Adelle Firestone to Liquidate Assets
------------------------------------------------------------
Adelle Firestone of Firestones was appointed Liquidator of
Buddies (Maidstone) Limited on Aug. 18 for the creditors'
voluntary winding-up procedure.

Headquartered in Canterbury, U.K., Buddies (Maidstone) Limited
is a clothing retailer.


BUSINESS BASE: Hires F A Simms as Joint Administrators
------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners PLC were appointed joint administrators of Business
Base U.K. Limited (Company Number 04703103) on Sept. 13.

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

Business Base U.K. Limited can be reached at:

         16 Swan Street
         Leicester
         Leicestershire LE3 5AW
         United Kingdom


CADMAN CONTRACTS: Appoints BDO Stoy as Joint Administrators
-----------------------------------------------------------
Geoffrey Kinlan and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of Cadman Contracts Limited
(Company Number 04788537) on Sept. 8.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member  
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

Cadman Contracts Limited can be reached at:

         Moss Road
         Stanway
         Colchester
         Essex CO3 0LF
         United Kingdom
         Tel: 01206 543 232


CARDIFF TILE: Nominates Gary Stones to Liquidate Assets
-------------------------------------------------------
Gary Stones of Stones & Co. was nominated Liquidator of Cardiff
Tile Centre Limited on Sept. 8 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Cardiff Tile Centre Limited
         Hadfield Road
         Cardiff
         South Glamorgan CF118AQ
         United Kingdom
         Tel: 029 2039 5506
         Fax: 029 2034 4569


CHAMBERS OF ROCHESTER: Names Simon Paterson Liquidator
------------------------------------------------------
Simon Paterson of Moore Stephens LLP was appointed Liquidator of
Chambers of Rochester Limited on Aug. 22 for the creditors'
voluntary winding-up procedure.

Headquartered in Rochester, U.K., Chambers of Rochester Limited
-- http://www.chambersmotorcycles.co.uk/-- sells motorcycles  
and bicycles.


COLOUR POWDER: Appoints Joint Administrators from DTE
-----------------------------------------------------
A. Clifton and P. D. Masters of DTE Leonard Curtis were
appointed joint administrators of Colour Powder Coatings Limited
(Company Number 030807745) on Sept. 13.

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.

Colour Powder Coatings Limited can be reached at:

         10 Westwood Avenue
         Birmingham
         West Midlands B11 3RF
         United Kingdom
         Tel: 0121 772 3878


COMP U: Liquidator Sets Oct. 4 Claims Bar Date
----------------------------------------------
Creditors of Comp-u-doc Limited (formerly License to Build.Co.UK
Limited) have until Oct. 4 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

Headquartered in London, U.K., Comp-u-doc Limited --
http://www.comp-u.doc.co.uk/-- is a privately-owned company  
that provides tailor-made IT solutions for the SME marketplace.


CPU CITY: Appoints Liquidator from Bottomley & Co.
--------------------------------------------------
David Halstead Bottomley of Bottomley & Co. was appointed
Liquidator of CPU City Limited on Sept. 7 for the creditors'
voluntary winding-up procedure.

Headquartered in Cheddar, U.K., CPU City Limited sells computer
parts and tools on the Internet.


DAVE SHELDON: Taps Geoffrey Martin as Administrators
----------------------------------------------------
John Twizell and Geoffrey Martin of Geoffrey Martin & Co. were
appointed joint administrators of Dave Sheldon (Performance
Tyres) Limited (Company Number 03352553) on Sept. 13.

The administrators can be reached at:

         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds
         West Yorkshire LS1 2SP
         United Kingdom
         Tel: 0113 244 5141
         Fax: 0113 242 3851
         E-mail: geoffrey.martin@geoffreymartin.co.uk

Headquartered in Manchester, United Kingdom, Dave Sheldon
(Performance Tyres) Limited deals tyres.


EMF CHEMICALS: Claims Registration Ends Oct. 30
------------------------------------------------
Creditors of EMF Chemicals Limited (formerly E.M.F. Limited and
Postshape Limited) have until Oct. 30 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 Shay Lettice of
Peters Elworthy & Moore at:

         Shay Lettice
         Peters Elworthy & Moore
         Salisbury House
         Station Road
         Cambridge CB1 2LA
         United Kingdom

Headquartered in Cambridge, U.K., EMF Chemicals Limited
manufactures chemicals and equipment for the electronics and
research community.


EZ TECH: Appoints Terry Christopher Evans as Liquidator
-------------------------------------------------------
Terry Christopher Evans was appointed Liquidator of EZ Tech
Limited on Sept. 6 for the creditors' voluntary winding-up
procedure.

Headquartered in Bournemouth, U.K., EZ Tech Limited --
http://www.ezcomputers.co.uk/-- provides a large range of  
computer hardware and software products available online.


FORD MOTOR: Executive Says Jaguar Brand Not For Sale Now
--------------------------------------------------------
Lewis Booth, head of Ford of Europe and the Premier Automotive
Group, or PAG, the organization under which all of Ford's
European brands are grouped, told industry analysts that the
company has no plans to sell its Jaguar luxury car brand at the
moment, The Associated Press relates.

According to the report, Mr. Booth revealed that Jaguar's status
could change as the company reviews all its assets.

As reported in TCR-Europe on Aug. 30, Sir Anthony Bamford, JC
Bamford Excavators Ltd.'s chairman of the board, is looking at
the possibility of buying the Jaguar brand from Ford.

JC Bamford is a U.K.-based construction-machinery company.  Mr.
Bamford said that the brand has potential although Jaguar needs
to cut ties with Land Rover for him to consider his plans
further.

Jaguar is part of the Premier Automotive Group, which includes
other brands like Volvo, Land Rover and Aston Martin.  In Ford's
second quarter results, the segment incurred US$180 million net
loss.  The Company's management said the decline in earnings in
the PAG segment primarily reflected unfavorable currency
exchange related to the expiration of favorable hedges,
adjustments to warranty accruals for prior model-year vehicles,
mainly at Land Rover and Jaguar, and lower market share at Volvo
associated with new model changeovers, offset partially by
favorable product and market mix and lower overhead costs.  Mr.
Booth also serves as an executive vice president for PAG.

                     European Restructuring

Ford of Europe President and CEO John Fleming disclosed early
this month that Ford Motor's strategic overhaul will not lead to
a big revamp in its profitable European operations, Reuters
reports.

"We will continue to do what we always do -- we continue to
refine our weight and get efficiencies year over year -- but not
a major reorganization," Mr. Fleming said.

Reuters says the company has already reduced the number of
European assembly plants to seven from 11 and cut 9,300 jobs
since 2000 while increasing output.  Ford's plants now operate
at over 100 percent capacity, and employs around 66,000 staff
including joint ventures.

In August 2006, sales of Ford brand vehicles in 21 European
countries decreased 400 units to 95,300 vehicles and year-to-
date sales increased 17,000 units to nearly 1.14 million units.

In 2005, Ford of Europe earned US$129 million.  

As reported in TCR-Europe on Sept. 18, Ford Motor disclosed
plans to further reduce its capacity and work force, and ramp up
new product introductions as it accelerates its North America
"Way Forward" turnaround plan.

Ford will cut its North American salaried-related work force by
about a third and offer buyout packages to all Ford and
Automotive Components Holdings hourly employees in the U.S.  The
reductions will contribute significantly to reducing ongoing
annual operating costs by about US$5 billion.  In addition, Ford
will renew 70% of its North American product lineup by volume by
the end of 2008.

                         About Ford Motor

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

                         *     *     *

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

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

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

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


FOSTER ELECTRICAL: Names Joint Liquidators to Wind Up Business
--------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd were appointed Joint Liquidators of
Foster Electrical (Gosport) Limited on Sept. 8 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Foster Electrical (Gosport) Limited
         11 Livingstone Court
         Nimrod Drive
         Gosport
         Hampshire PO138AG
         United Kingdom
         Tel: 023 9258 8688
         Fax: 023 9258 8770


GARAGE DOOR: Calls In Joint Liquidators from O' Hara & Co.
----------------------------------------------------------
Peter O'Hara and Simon Weir of O'Hara & Co. were appointed Joint
Liquidators of The Garage Door & Shutter Company (Yorkshire)
Limited on Aug. 17 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         The Garage Door & Shutter Company (Yorkshire) Limited
         Brackenhill Road
         Haxey
         Doncaster
         South Yorkshire DN9 2LR
         Tel: 01302 701 111


GUILDHOUSE INSURANCE: Names Colin Andrew Presscott Liquidator
-------------------------------------------------------------
Colin Andrew Prescott of Moore Stephens LLP was appointed
Liquidator of Guildhouse (Insurance and Financial Services)
Limited on Sept. 7 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Guildhouse (Insurance and Financial Services) Limited
         15 Boulevard
         Weston Super Mare
         Avon BS231NR
         United Kingdom
         Tel: 01934 641 999
         Fax: 01934 641 555


INNOVATION RECRUITMENT: Brings In Joint Liquidators from Mazars
---------------------------------------------------------------
S. D. Chandler and A. S. Wood of Mazars LLP were appointed Joint
Liquidators of Innovation Recruitment (Kettering) Limited on
Aug. 31 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Innovation Recruitment (Kettering) Limited
         8 Market Street
         Kettering
         Northamptonshire NN160AH
         United Kingdom
         Tel: 01536 520 064
         Fax: 01536 520 065


JOHN DALTON: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of John Dalton Construction Limited confirmed on
Sept. 7 the appointment of Mark Stephen Goldstein as Liquidator.

The company can be reached at:

         John Dalton Construction Limited
         6 Strachan Place
         London SW19 4RH
         United Kingdom
         Tel: 020 8944 5917  
         Web: http://www.johndaltonconstruction.com/


JRF ROOFING: Taps John Paul Bell to Liquidate Assets
----------------------------------------------------
John Paul Bell was appointed Liquidator of JRF Roofing Services
Limited on Sept. 6 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         JRF Roofing Services Limited
         Beech House   
         23 Ladies Lane
         Hindley
         Wigan
         Lancashire WN2 2QA
         United Kingdom


LAVIS MEDICAL: Claims Filing Period Ends Dec. 31
------------------------------------------------
Creditors of Lavis Medical Systems Limited have until Dec. 31 to
prove their debts by sending 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 M. R. Giles of JonesGiles Ltd. at:

         M. R. Giles
         JonesGiles Ltd.
         246 Peverell Park Road
         Plymouth PL3 4QG
         United Kingdom

Headquartered in Holsworthy, U.K., Lavis Medical Systems Limited
manufactures, distributes, and repairs hearing aids and other
medical equipment.


MAY MAC: Appoints Joint Liquidators from Recovery hjs
-----------------------------------------------------
Shane Biddlecombe and Gordon Johnston of Recovery hjs were
appointed Joint Liquidators of May-Mac Environmental Services
Limited on Sept. 7 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         May-Mac Environmental Services Limited
         75 Bournemouth Road
         Chandlers Ford
         Eastleigh
         Hampshire SO533AP
         United Kingdom
         Tel: 023 8086 0665


MERIDEN HOLDINGS: Names Andrew Fender as Administrator
------------------------------------------------------
Andrew Fender of Sanderlings LLP was named administrator of
Meriden Holdings Limited (Company Number 03952620) on Sept. 13.

The administrator can be reached at:

         Sanderlings LLP
         Sanderling House
         1071 Warwick Road
         Acocks Green
         Birmingham B27 6QT
         United Kingdom
         Tel: 0870 243 0540

Meriden Holdings Limited can be reached at:

         Meriden House
         6 Great Cornbow
         Halesowen
         West Midlands B63 3AB
         United Kingdom
         Fax: 0121 504 0929


MWM ACCIDENT: Hires Joint Liquidators from Deloitte & Touche
------------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed Joint Liquidators of MWM
Accident Repair Centre Limited on Sept. 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Accident Repair Centre Limited
         Unit 2 3
         Stoke View Road
         Bristol
         Avon BS163AE
         United Kingdom
         Tel: 0117 965 3151


OBS TIMBER: Brings In Baker Tilly to Administer Assets
------------------------------------------------------
Phillip Hartland Allen and Guy Edward Brooke Mander of Baker
Tilly were appointed joint administrators of OBS Timber
Importers Limited (Company Number 03459164) on Sept. 11.

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.

Headquartered in Kidderminster, United Kingdom, OBS Timber
Importers Limited manufactures building truss and imports
timber.


OMBRIGHT LIMITED: Liquidator Sets Oct. 20 Claims Bar Date
---------------------------------------------------------
Creditors of Ombright Limited (t/a Spectra Dyers & Finishers)
have until Oct. 20 to send their names and addresses, and
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
R. J. Elwell of Elwell Watchorn & Saxton LLP at:

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

The company can be reached at:

         Ombright Limited
         Pullman Road
         Wigston
         Leicestershire LE182DA
         United Kingdom
         Tel: 0116 257 1281
         Fax: 0116 281 0075


PSA PEUGEOT: Unveils Recovery Plan; Eyes 10,000 Job Cuts
--------------------------------------------------------
PSA Peugeot Citroen has implemented an action plan to increase
its efficiency.  The plan comprises a series of measures to be
applied immediately with the goal of controlling costs, R&D
efficiency, redefining product plan priorities and identifying
new markets.  

The measures have been taken following a detailed assessment of
the Group's situation.  Several positive developments have been
noted, including the growth in business outside Europe, the
increase in cooperation agreements, the performance of the
manufacturing base, the sharp improvement in vehicle quality and
the successful launch of the Peugeot 207.  

However, the Group's declining market share in Europe-due to the
high average age of its model lineups, the slow start-up for
such innovative models as the Peugeot 1007, and the increase in
competition- is a genuine source of concern.  

Against this mixed backdrop, Jean-Martin Folz, Chairman of PSA
Peugeot Citroen, has unveiled a series of measures covering
these main points:

   -- Taking Immediate Steps to Control Overheads

      intended to generate savings of EUR125 million in second-
      half 2006, these initiatives include a hiring freeze and
      measures to contain payroll costs and other overheads

   -- Adjusting the Production Cost Base

      PSA Peugeot Citroen is continuing to adjust its
      manufacturing teams in France and Spain by reducing the
      number of temporary employees and fixed-term contracts and
      by not replacing departing employees.  In addition, the
      plant in Ryton (U.K.) is gradually being closed.  As a
      result, the workforce in the Group's European plants will
      have been reduced by 10,000 in one year.  

      The decision not to build a second production unit at the
      Trnava plant will lead to a EUR200 million reduction in
      the previously announced  EUR350-million capital spending
      program.   

      Lastly, the development of synergies between neighboring
      plants producing vehicles on the same  platform is already
      underway between Mulhouse and Sochaux and will be extended
      to Poissy and Aulnay.  

      The goal is to boost capacity utilization in the European
      plants (as measured by the Harbour index) back above 100%
      in 2007 and to around 110% in three years.   

   -- Scaling Back the Capital Expenditure Plan

      PSA Peugeot Citroen's annual capital expenditure budget of
      roughly EUR3 billion will be reduced considerably to
      around  EUR2.5 billion for the coming period, without
      however impacting the product plan.   

   -- Enhancing R&D Efficiency

      A plan to make the automobile development process more
      efficient has been launched, with the goal of reducing R&D
      costs by 15% for vehicles just entering the development
      process.  Because the total R&D budget will stay the same
      over the next three years, in euros, PSA Peugeot Citroen
      will be able to develop more new models more quickly.  

   -- Redefining Product Plan Priorities

      The Group will renew core-range models in Europe more
      frequently to keep the average age low and extend its
      vehicle lineup to new market segments.  In addition to
      renewing existing product ranges, by 2009 PSA Peugeot
      Citroen will introduce six new body styles in segments in
      which it currently has no models.  

      Outside Europe, an assertive product strategy based on a
      wide range of models tailored to local customer
      expectations has been launched.  Between 2006 and 2009,
      eleven rollouts are planned for China and six for the
      Mercosur countries.  

   -- Pursuing New Opportunities Outside Europe

      With the signature of a memorandum of understanding to
      study a possible cooperation with Proton in Malaysia and
      the search for local production capacity in Russia, the
      Group is seeking to establish a presence in new growth
      markets while limiting its investments.  

Headquartered in Paris, France, PSA Peugeot Citroen S.A. --
http://www.psa-peugeot-citroen.com/-- manufactures passenger  
cars and light commercial vehicles.  The Company produces
vehicles under the Peugeot and Citroen brands.  In addition to
car manufacturing, PSA Peugeot Citroen S.A. runs several
divisions, including Banque PSA Finance, which federates the
Company's finance companies; Faurecia, which manufactures
automotive equipment, including car seats, exhaust systems and
other components; Gefco, which furnishes transportation and
logistics services; Peugeot Motocycles, which manufactures
scooters and motorcycles; Peugeot Citroen Moteurs (PCM), which
sells engines and gearboxes to customers outside the Company,
and Process Conception Ingenierie (PCI), which designs and
builds industrial equipment for the Company and other global
carmakers.  In 2005, PSA Peugeot Citroen S.A. sold 3.39 million
vehicles in 150 countries worldwide.  


R & P SHOPFITTINGS: Names Joint Liquidators from CBA
----------------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA were appointed
Joint Liquidators of R & P Shopfittings Limited on Sept. 6 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         R & P Shopfittings Limited
         51 Ibstock Road
         Ellistown
         Coalville
         Leicestershire LE67 1ED
         United Kingdom
         Tel: 01530 467088  


RANSOME MARLOW: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Creditors of Ransome Marlow Limited (t/a 4 Site Recruitment)
confirmed Sept. 6 the appointment of Nigel Ian Fox and Carl
Stuart Jackson of Tenon Recovery as Joint Liquidators.

The company can be reached at:

         Ransome Marlow Limited
         8 Burlington Arcade
         Bournemouth
         Dorset BH1 2HZ
         United Kingdom
         Tel: 01202 316 088


SCOTTISH RE: Ends & Cuts Syndicated Credit Facilities
-----------------------------------------------------
Scottish Re Group Limited (NYSE: SCT) has permanently reduced
the aggregate commitments under the Amended and Restated Credit
Agreement dated July 14, 2005 among Scottish Annuity & Life
Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited,
Scottish Re (U.S.), Inc. and Scottish Re Limited and a syndicate
of banks to US$42.8 million.

The Company also announced that Scottish Annuity & Life
Insurance Company (Cayman) Ltd., has terminated the Letter of
Credit Agreement dated August 18, 2005 among Scottish Re
(Dublin) Limited, Scottish Annuity & Life Insurance Company
(Cayman) Ltd., various financial institutions, and Bank of
America, N.A., as administrative agent, effective September 22,
2006. All letters of credit outstanding under that agreement, in
an aggregate amount of US$10 million, have been cancelled.

"As previously stated, the availability of further borrowings
under these credit facilities has been uncertain," Dean Miller,
Chief Financial Officer, remarked.  "Rather than continue
negotiations with the banking syndicate, we elected to
permanently reduce the US$200 million credit facility to US$42.8
million, which is the face amount of outstanding letters of
credit under the agreement.  Using existing available liquidity,
we are currently working with our clients to provide them with
alternate letters of credit or assets in trust to replace these
outstanding letters of credit."

"Once these alternate letters of credit or assets in trust are
in place, we can terminate the US$200 million credit facility
which will eliminate the current restriction on the Company's
ability to transfer funds to Scottish Re Group Limited in order
to pay the US$115 million 4.5% Convertible Notes which can be
put to the Company on Dec. 6, 2006.  In addition, we terminated
the US$30 million letter of credit facility available to our
Dublin subsidiary."

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--
offers reinsurance of life insurance, annuities and annuity-type
products through its operating companies in Bermuda, Charlotte,
North Carolina, Grand Cayman Dublin, Ireland, and Windsor,
United Kingdom.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities.

                        *     *     *

As reported in TCR-Europe on Sept. 7, Moody's Investors Service
changed the direction of review for Scottish Re Group Limited's
ratings to uncertain from possible downgrade.   The change in
the direction of the ratings review  impacts the company's Ba3
senior unsecured debt rating and the Baa3 insurance financial
strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. (SALIC) and Scottish Re (U.S.), Inc.

Moody's Rates Scottish Re Group Limited as:

   -- Senior Unsecured, to Ba2 from Baa2;
   -- Senior Unsecured Shelf, to (P)Ba2 from (P)Baa2;
   -- Subordinate Shelf, to (P)Ba3 from (P)Baa3;
   -- Junior subordinate Shelf, to (P)B1 from (P)Ba1;
   -- Preferred Stock, to B1 from Ba1;
   -- Preferred Shelf, to (P)B1 from (P)Ba1

In August, Fitch Ratings also initiated these rating actions:

    -- IDR downgraded to 'BBB-' from 'BBB';

    -- 4.5% US$115 million senior convertible notes downgraded
       to 'BB+' from 'BBB-';

    -- 5.875% US$142 million hybrid capital units downgraded to
       'BB' from 'BB+';

    -- 7.25% US$125 million non-cumulative perpetual preferred
       stock downgraded to 'BB' from 'BB+'.

Fitch said all ratings remain on Rating Watch Negative.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.


SEAGATE TECH: Prices Subsidiary's US$1.5 Billion Notes Offer
------------------------------------------------------------
Seagate Technology disclosed the pricing of its offering of
US$300 million of Floating Rate Senior Notes due 2009, US$600
million of 6.375% Senior Notes due 2011 and US$600 million of
6.8% Senior Notes due 2016.

The notes are expected to be issued by Seagate Technology HDD
Holdings, a direct wholly-owned subsidiary of the Company, and
fully and unconditionally guaranteed by the Company.

The 2009 Notes will bear interest at a floating rate equal to
three-month LIBOR plus 0.84% per year, the 2011 Notes will bear
interest at the rate of 6.375% per year, and the 2016 Notes will
bear interest at the rate of 6.800% per year.  Interest will be
payable quarterly on Jan. 1, April 1, July 1 and Oct. 1 for the
2009 Notes and semi-annually on April 1 and Oct. 1 for the
2011 Notes and 2016 Notes.

The Company may redeem the 2011 Notes and the 2016 Notes at any
time prior to their maturity for a specified make-whole premium
redemption price.  The 2009 Notes will not be redeemable prior
to their maturity date.

The net proceeds from the offering is intended to be used to
redeem the US$400 million principal amount of the Company's
8% Senior Notes due 2009, to fund a portion of its US$2.5
billion stock repurchase program and for general corporate
purposes.

In connection with the offering, the Company and Seagate
Technology HDD Holdings entered into an Underwriting Agreement
with the underwriters of the offering.

As reported in the Troubled Company Reporter on Sept. 15, 2006
Morgan Stanley, JPMorgan and Goldman, Sachs & Co. are acting as
joint book-running managers of the offering.

Headquartered in Scotts Valley, California, Seagate Technology
(NYSE: STX) -- http://www.seagate.com/-- designs, manufactures  
and markets hard disc drives, providing products for a wide-
range of Enterprise, Desktop, Mobile Computing, and Consumer
Electronics applications.  Seagate's business model leverages
technology leadership and world-class manufacturing to deliver
industry-leading innovation and quality to its global customers,
and to be the low cost producer in all markets in which it
participates.  The company is committed to providing award-
winning products, customer support and reliability to meet the
world's growing demand for information storage.  In Europe, the
company maintains operations in France, Germany, the Netherlands
and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 13, 2006,
Moody's Investors Service affirmed the Ba1 Corporate Family
Rating of Seagate Technology HDD Holdings.

At the same time, Moody's assigned new ratings to a proposed new
debt issuance of US$1.25 billion to finance Seagate's recently
announced US$2.5 billion stock buyback program, as well as
refinance Seagate's existing US$400 million 2009 notes.  Ratings
assigned include a Ba1 rating on Floating rate notes due 2009,
Ba1 rating on Senior notes due 2011 and 2016.


SEVENOAKS PLAYHOUSE: Names Liquidators to Wind Up Business
----------------------------------------------------------
Stephen John Tancock and Christopher David Stevens of Smith &
Williamson Limited were appointed Joint Liquidators of Sevenoaks
Playhouse Limited (formerly The Stag Theatre Limited) on Sept. 6
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Sevenoaks Playhouse Limited
         London Road
         Sevenoaks
         Kent TN131ZZ
         United Kingdom
         Tel: 01732 451 548
         Web: http://sevenoaksplayhouse.co.uk/


SHELL SCHEME: Taps Liquidator from David Horner & Co.
-----------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of Shell Scheme Solutions Limited (formerly
Exhibition Solutions Shell Schemes Limited) on Sept. 5 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Shell Scheme Solutions Limited
         Old Post House
         Front Street
         Topcliffe
         Thirsk
         North Yorkshire YO7 3RJ
         United Kingdom
         Tel: 01845 577 200


SNS LINGERIE: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Creditors of SNS Lingerie Limited confirmed Sept. 8 the
appointment of Lyn Marie Green of Ward & Co. as Liquidator.

The company can be reached at:

         SNS Lingerie Limited
         18 Linton Close
         Redditch
         Worcestershire B98 0NA
         United Kingdom
         Tel: 01527 502 367


SOFTBANK CORP: Strong Brand Cues Moody's to Assign Ba2 Rating
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Softbank
Corp.'s proposed bonds of EUR500 million, due 2013.  The rating
outlook is stable.

Softbank's Ba2 rating reflects its strong brand recognition in
the Japanese broadband market -- as evidenced by its competitive
position in ADSL and IP telephony -- and its position as one of
the leading fixed-line telecom operators and third-largest
mobile telecommunication operator in Japan.

At the same time, the rating also incorporates the highly
competitive telecom-operating environment in Japan and the
company's relatively weak operating performance and high
financial leverage compared to its peers.

Softbank Corp., headquartered in Tokyo, is a holding company
that owns leading global providers of various services,
including broadband, fixed-line and mobile telecommunications,
software distribution, networking and publishing.


SOFTBANK CORP: S&P Assigns BB- Rating on EUR500-Mln Notes
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Softbank Corp.'s Euro euro-denominated senior unsecured notes
due 2013.  The issue size is expected to be EUR500 million.

The rating on Softbank reflects its weak capital structure,
which deteriorated after the company's debt-financed purchase of
Vodafone K.K.  The acquisition price was JPY1,690 billion and
was funded primarily through JPY1,166 billion in bridge
financing from 17 financial institutions.  However, the
company's overall earnings are improving, and this should lower
the chances of further deterioration in its capital structure.

Within the next few weeks, Softbank is expected to decide on a
plan to refinance the bridge loans into long-term financing.
Given the company's relationship with its lender financial
institutions and its latent profits on securities, its
refinancing and liquidity risks should be limited.
     
The acquisition of Vodafone K.K. turned Softbank into a
comprehensive telecom service provider, offering a wide range of
fixed-line, mobile, and Internet-related services.  The name of
Vodafone K.K. is scheduled to change to Softbank Mobile Co. Ltd.
on Oct. 1, 2006.  

In order to achieve synergy effects from the acquisition,
Softbank needs to rapidly strengthen its mobile communications
business while dealing with its increased debt burden.  As
Vodafone K.K. suffers from a weaker business franchise in Japan
than its peers, the prospect of achieving these goals remains
uncertain.  Nevertheless, Softbank's business profile in the
Internet-related field and its strengths in the content
business, such as its Yahoo! Japan portal, are likely to serve
as competitive advantages.


STARPOINT CARD: Names Keith Aleric Stevens Liquidator
-----------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed Liquidator
of Starpoint Card Sales Limited on Sept. 5 for the creditors'
voluntary winding-up procedure.

Headquartered in Kingston Upon Thames, U.K., Starpoint Card
Sales Limited sells telephone cards.


STORM DISPLAY: Creditors' Meeting Slated for October 2
------------------------------------------------------
Creditors of Storm Display Limited (Company Number 03000508)
will meet at 11:00 a.m. on Oct. 2 at:

         Butcher Woods
         79 Caroline Street
         Birmingham B3 1UP
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Sept. 29 at:

         Roderick Graham Butcher
         Administrator
         Butcher Woods
         79 Caroline Street
         Birmingham
         West Midlands B3 1UP
         United Kingdom
         Tel: 0121 236 6001
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk


TAURUS CUSTOM: Claims Filing Period Ends Oct. 24
------------------------------------------------
Creditors of Taurus (Custom Access Solutions) Limited have until
Oct. 24 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) appointed
Liquidator Neil Francis Hickling of Smith & Williamson Limited
at:

         Neil Francis Hickling
         Smith & Williamson Limited
         No. 1 St. Swithin Street
         Worcester WR1 2PY
         United Kingdom

Headquartered in Consett, U.K., Taurus (Custom Access) Solutions
Limited -- http://www.tauruscas.co.uk/-- installs wheelchair  
access lifts.


TEMPERAL ENGINEERING: Claims Registration Ends Oct. 5
-----------------------------------------------------
Creditors of Temperal Engineering Limited (formerly Gemco-SAS
Limited and Gemco Furnaces Limited) have until Oct. 5 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
David Anthony Horner of Horner & Co. at:

         David Anthony Horner
         Horner & Co.
         11 Clifton Moor Business Village
         James Nicolson Link
         Clifton Moor
         York YO30 4XG
         United Kingdom

The company can be reached at:

         Temperal Engineering Limited
         The Airfield
         Full Sutton
         York
         North Yorkshire YO411HS
         United Kingdom
         Tel: 01902 892 388
         Web: http://www.temperal.com/


TRANSURE U.K.: Hires Joint Liquidators from Lines Henry
-------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Transure U.K. Limited on Aug. 17 for the
creditors' voluntary winding-up procedure.

Headquartered in Colchester, U.K., Transure U.K. Limited
fabricates steel.


TWINMILLS LIMITED: Calls in Joint Liquidators from Vellacott DFK
----------------------------------------------------------------
Richard Howard Toone and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed Joint Liquidators of Twinmills
Limited on Sept. 5 for the creditors' voluntary winding-up
procedure.

Headquartered in London, U.K., Twinmills Limited operates a
restaurant and a hotel.


W.R. RICHARDS: Claims Filing Period Ends Oct. 20
------------------------------------------------
Creditors of W.R. Richards (Rowan) Limited have until Oct. 20 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Richard Neville of Neville & Co. at:

         Richard Neville
         Neville & Co.
         10 & 11 Lynher Building
         Queen Anne's Battery
         Plymouth PL4 0LP
         United Kingdom

Headquartered in Penryn, U.K., W.R. Richards (Rowan) Limited --
http://www.wr-richards-sageweb.co.uk/-- is a vehicle body  
builder and repairer.


WILLIAMSON MOTORS: Barclays Bank Taps Grant Thornton Receivers
--------------------------------------------------------------
Barclays Bank PLC appointed Joseph P. McLean and Keith Hinds of
Grant Thornton U.K. LLP joint administrative receivers of
Williamson Motors Limited (Company Number 590108) on Sept. 18.

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

Headquartered in Cleveland, United Kingdom, Williamson Motors
Limited retails motor vehicle.


WINDOWCRAFT LIMITED: Appoints J. M. Titley to Liquidate Assets
--------------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed Liquidator of
Windowcraft Limited on Aug. 23 for the creditors' voluntary
winding-up procedure.

Headquartered in Eastbourne, U.K., Windowcraft Limited --
http://windowcraft.co.uk/-- supplies and fits a complete range  
of conservatories, windows, and doors.  The company also
supplies and fits replacement fascia, softfits, and guttering.


* BOOK REVIEW: Crafting Solutions for Troubled Businesses
---------------------------------------------------------
Author:     Stephen J. Hopkins and S. Douglas Hopkins
Publisher:  Beard Books
Hardcover:  316 pages
List Price: US$74.95

Order your personal copy at:

   http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankrupt

The book is a practical guide to evaluating and addressing the
challenges of a distressed business -- whether due to being over
leveraged, poorly managed, or is under performing.

The authors provide practical advice, based on their involvement
collectively in more than 150 financially stressed businesses,
on how to maximize the value of a troubled business.

The authors identify patterns of problems and conclude that
financially troubled companies can generally be segmented into
three classifications:  Undisciplined Racehorses, Overburdened
Workhorses, and Aging Mules.

Using these classifications as a conceptual framework, the
authors offer extensive, fact-based problem diagnosis, and
solution tools, and show how to "separate the wheat from the
chaff and maximize the value of each."

Stephen J. Hopkins and S. Douglas Hopkins, a father-son team,
are founders and principals of Kestrel Consulting, LLC.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, 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.


                 * * * End of Transmission * * *