TCREUR_Public/061002.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

           Monday, October 2, 2006, Vol. 7, No. 195

                            Headlines


A U S T R I A

F & F: Creditors' Meeting on Final Decision Slated for Oct. 18
GRUENTHAL ANDREAS: Creditors' Meeting Slated for November 11
HOLLY: Property Manager Declares Insufficient Assets
IVAN: Property Manager Declares Insufficient Assets
KREATIV AGENTUR: Claims Registration Period Ends October 4

KURT FELLINGER: Claims Registration Period Ends October 10
LIBO: Vienna Court Orders Closing of Business


B E L G I U M

ARMSTRONG HOLDINGS: Discusses Armstrong World's Reorganization
ARMSTRONG WORLDWIDE: S&P Rates US$1.1-Bln Bank Facility at BB


B U L G A R I A

JETFINANCE INT'L: Strong Franchise Cues Moody's to Put B2 Rating


F R A N C E

REVLON INC: Eyes Organizational Streamlining & Consolidation
REVLON INC: Unit's Weak Liquidity Cues Moody's to Junk Ratings


G E R M A N Y

ANTICO GENERALUEBERNEHMER: Creditors' Meeting Slated for Oct. 11
ARENAROCK KONZERTPRODUKTION: Claims Registration Ends Oct. 10
AUTO SOUND: Claims Registration Ends October 10
BLUMENGROSSMARKT UNNA: Claims Registration Ends October 10
ECKARDT GMBH: Claims Registration Ends October 11

GRUNDSTUECK HANSASTRASSE: Claims Registration Ends October 11
KARL KOCH: Claims Registration Ends October 12
PFLEIDERER AG: Fitch Changes Outlook to Positive & Keeps BB IDR
RM SCHIFFFAHRT: Claims Registration Ends October 10
SD-TEAM STUEMPFLEN: Claims Registration Ends October 5

VOLKSWAGEN AG: Agrees with IG Metall on 34-Hour Workweek
VOLKSWAGEN AG: B. Pischetsrieder to Join MAN's Supervisory Board
WIG WOHNUNGSUNTERNEHMEN: Creditors' Meeting Slated for Oct. 11


H U N G A R Y

HUNTSMAN CORP: Sells European Commodities Business to SABIC

* HUNTSMAN CORP: Moody's Comments on European Commodities Sale


I T A L Y

REVLON INC: Eyes Organizational Streamlining & Consolidation
REVLON INC: Unit's Weak Liquidity Cues Moody's to Junk Ratings


K A Z A K H S T A N

BEST TUR: Creditors Must File Claims by Oct. 20
GLOBAL TRADE: Creditors Must File Claims by Oct. 20
KOKTEM-4: Kostanai Court Opens Bankruptcy Proceedings
PAVLODAR JYL: Proof of Claim Deadline Slated for Oct. 20
PROD-WEST: Kostanai Court Begins Bankruptcy Proceedings

SABINA-AS: Proof of Claim Deadline Slated for Oct. 24
SARYOZEK-NURLAN: Claims Registration Ends Oct. 24
SIGNAL-94: Claims Registration Ends Oct. 20
TEMIRBANK: Stake Acquisition Cues Moody's to Review Ratings
TEPLOTRANSIT: Akmola Court Starts Bankruptcy Procedure

VEGA-OIL: Creditors' Claims Due Oct. 20


K Y R G Y Z S T A N

ELLORA: Creditors Must File Claims by Nov. 8
MEDIA PRINT: Proof of Claim Deadline Slated for Nov. 3


N E T H E R L A N D S

ASML HOLDING: Fitch Assigns BB+ Rating on EUR380 Mln Notes
ECHOSTAR COMMS: Unit Prices US$500 Million Senior Notes
ECHOSTAR COMMS: Moody's Affirms Ba3 Rating on Proposed Notes
ECHOSTAR COMMS: S&P Rates Unit's US$500-Mln Senior Notes at BB-
IFCO SYSTEMS: Expects Pre Tax Loss for 2006 Third Quarter

IFCO SYSTEMS: Profit Warning Prompts Moody's to Change Outlook
LAURUS NV: Continues Search for New CEO and CFO
PYATEROCHKA HOLDING: In Talks to Acquire Merkado Chain in Moscow

* Moody's Reports Strong Performance of Dutch RMBS Market


P O R T U G A L

SAGRES STC: Fitch Affirms B+ Ratings on EUR53 Mln Class T Notes


R O M A N I A

HUNTSMAN CORP: Sells European Commodities Business to SABIC

* HUNTSMAN CORP: Moody's Comments on European Commodities Sale


R U S S I A

480 COMBINE: Bankruptcy Hearing Slated for November 21
ALFA BANK: Denies Plans to Sell CTC Media Stake
BAKERY 1: Court Names A. Rybakov as Insolvency Manager
BALKAN-TRAVEL: Court Names I. Zhiganshin as Insolvency Manager
BANK SOYUZ: Moody's Assigns E+ Financial Strength Rating

BOLSHAYA IVANOVSKAYA: A. Konstantinov to Manage Assets
BRICKWORKS: Rostov Bankruptcy Hearing Slated for November 14
CRYSTAL FACTORY: Court Names E. Bogdanov as Insolvency Manager
DALI: Bankruptcy Hearing Slated for November 29
DIARY ANAPSKIY: Court Starts Bankruptcy Supervision Procedure

DIARY PERVOMAYSKIY: Court Names V. Ivanov as Insolvency Manager
GAZPROM OAO: Completes Acquisition of 60% Stake in OAO Novatek
GAZPROM OAO: To Expand Gas Supply System to Altai Republic
GRAKHOVO-MILK: Court Names V. Yarmolenko as Insolvency Manager
KARELSKIYE FURS: Kareliya Court Starts Bankruptcy Supervision

KELLOG: Moscow Court Names V. Vinogorov as Insolvency Manager
KHANTY MANSIYSK: S&P Affirms B+/B Rating on Improving Franchise
KRASNAYA ZARYA: Court Names A. Ryabov as Insolvency Manager
MONOLITH: Rostov Court Commences Reorganization Process
NIKOLSK-DREV: Vologda Bankruptcy Hearing Slated for November 23

NIZHNEOMSKAYA MILL: Bankruptcy Hearing Slated for December 5
NOVATEK OAO: Completes Stake Sale to OAO Gazprom
PETRODVORTSOVYJ FACTORY: E. Kayurova to Manage Insolvency Assets
PYATEROCHKA HOLDING: In Talks to Acquire Merkado Chain in Moscow
RAO ROS-OIL-GAS-STROY: Creditors Must File Claims by Oct. 26

ROSBANK OAO: SocGen Hikes Stake to 20%, May Increase by 2008
SAPPHIRE: Bankruptcy Hearing Slated for Nov. 14
SIBERIAN TOBACCO: Court Names A. Makhanov as Insolvency Manager
STROY-DETAIL: Kabardino Court Starts Bankruptcy Supervision
STROY-INVEST: Court Names S. Kagitin as Insolvency Manager

SYZRAN-AGRO-PROM-KHIMIYA: L. Khaydarova to Manage Assets
TMK OAO: Creates TMK-CPW Joint Venture with Corinth Pipeworks
URAZAEVSKIY BRICKWORKS: Court Names B. Surov to Manage Assets
VNESHTORGBANK JSC: Sets Credit Limit for Svyazinvest
VOSKRESENSKIY FOOD: Creditors Must File Claims by October 26

ZYRYANSKIY GRAIN: Court Names A. Kulakov as Insolvency Manager


S L O V E N I A

HUNTSMAN CORP: Sells European Commodities Business to SABIC

* HUNTSMAN CORP: Moody's Comments on European Commodities Sale


S P A I N

ECHOSTAR COMMS: Unit Prices US$500 Million Senior Notes
ECHOSTAR COMMS: Moody's Affirms Ba3 Rating on Proposed Notes
ECHOSTAR COMMS: S&P Rates Unit's US$500-Mln Senior Notes at BB-


S W E D E N

ARMSTRONG HOLDINGS: Discusses Armstrong World's Reorganization
ARMSTRONG WORLDWIDE: S&P Rates US$1.1-Bln Bank Facility at BB


U K R A I N E

GALKOM-MARKET: Lviv Court Names Pavlo Duplika as Liquidator
KRONA: Lviv Court Names S. Lipskij as Insolvency Manager
MARINEKS: Court Names Inna Tihonchak as Insolvency Manager
POLTAVANAFTOGAZPOSTACH: Igor Pichugin to Liquidate Assets
PROCREDIT BANK UKRAINE: Fitch Keeps Individual D Rating

PROMTORG: Court Names Taras Gromadskij as Insolvency Manager
TEIM: Court Names District Pension Fund to Liquidate Assets
VIDPOCHINOK: Court Names District Pension Fund as Liquidator


U N I T E D   K I N G D O M

ALDAN SUPPLIES: Appoints Jeffrey Mark Brenner as Liquidator
ANTIQUE RESTORERS: T. Papanicola Leads Liquidation Procedure
ASHURST DIRECT: Hires Joint Liquidators from Kelmanson
ASTBURY KNIGHT: Joint Liquidators Take Over Operations
BASE BUILDING: Claims Filing Period Ends Oct. 27

BOATWORLD LIMITED: Taps Liquidator from Clark Bell
C & S UTILITIES: Appoints Liquidator from David Horner & Co.
C. & S. ELECTRICAL: Names J. M. Titley Liquidator
CABLE & WIRELESS: Expanding Overseas Business Via Acquisitions
CANATRON TRANSFORMERS: Hires Liquidator from Richard Long & Co.

CASTING HOUSE: Nominates Andrew Fender as Liquidator
CLARENDON PRINTERS: Appoints Liquidators to Wind Up Business
CODAEX U.K.: Creditors' Meeting Slated for October 6
DEMOLITION RECORDS: Creditors Confirm Liquidator's Appointment
DEXTERITY PRINT: Lloyd Biscoe Leads Liquidation Procedure

ECHOSTAR COMMS: Unit Prices US$500 Million Senior Notes
ECHOSTAR COMMS: Moody's Affirms Ba3 Rating on Proposed Notes
ECHOSTAR COMMS: S&P Rates Unit's US$500-Mln Senior Notes at BB-
EMI GROUP: Unit to Sell Capitol Tower to Argent for US$50 Mln
EXCEL BUSINESS: Claims Filing Period Ends Oct. 31

FARNBOROUGH TOWN: Creditors' Meeting Slated for October 4
FORMAREA HOLDINGS: Taps Timothy Calverley to Liquidate Assets
GRACECHURCH CARD: Moody's Assigns Ba1 Rating to GBP112-Mln Notes
H.H. MARKETING: Calls In Liquidator from Carter Clark
HANATEK LIMITED: Brings In Liquidator from Marks Bloom

HARROGATE TRAINING: Names Liquidators from Jacksons Jollife Cork
HMV GROUP: Total Group Sales Up 9.5% for Quarter Ended Sept. 23
HMV GROUP: Taps Christopher Rogers to Chair Audit Committee
I-ELECTRONICS: Liquidators Set Dec. 12 Claims Bar Date
INNER COMPASS: Brings In Tenon Recovery as Administrators

ISOFT GROUP: Discloses Contractual Changes to NPfIT Engagements
JHC DECORATING: Hires Liquidator from Begbies Traynor
LANCE COLES: Claims Filing Period Ends Oct. 31
LEISURE MIDLANDS: Creditors' Meeting Slated for October 6
LIGHT COMPUTER: Creditors Confirm Liquidator's Appointment

LONDON & EDINBURGH: Appoints Administrators from Ernst & Young
MALHAM CONSTRUCTION: Taps Liquidators from Tenon Recovery
MB CREATIVE: Taps Bridgestones to Administer Assets
NEW PRINT HOUSE: Claims Registration Ends Dec. 12
PARAMEDICS PLUS: Hires Smith & Williamson to Administer Assets

PHARMACITY LIMITED: Hires Liquidators from Deloitte & Touche
PICKUP AND DENTON: Names Liquidator from Haines Watts
PHOENIX CREATIVE: Appoints A. J. Clark as Liquidator
PRICELINE.COM: S&P Assigns B Rating to US$150-Mln Senior Notes
QUO VADIS: Appoints Administrators from Smith & Williamson

RED HERRING: Calls In Joint Liquidators from Milner Boardman
REVLON INC: Eyes Organizational Streamlining & Consolidation
REVLON INC: Unit's Weak Liquidity Cues Moody's to Junk Ratings
ROYAL & SUN: Sells U.S. Business to Arrowpoint Capital
SCL 98 PLANT: Appoints BDO Stoy as Administrators

SHANNON CIVIL: N. A. Bennett Leads Liquidation Procedure
SECTOR SYSTEMS: Hires Stephen M. Katz to Liquidate Assets
STAGG BROS: Brings In PKF to Administer Assets
SUNTEK COMPUTERS: Brings In Liquidator from B & C Associates
TAMS GROUP: TAMS Holding Taps Begbies Traynor as Receivers

TANA LIMITED: Hires BDO Stoy to Administer Assets
TREASURE CHEST: Claims Filing Period Ends Oct. 31
TRUST QUALITY: Brings In PwC as Joint Administrators
TUCHCON U.K.: Names Liquidators from RMT
W & R 2004: Creditors Confirm Liquidators' Appointment

WESTERN RESPONSE: HSBC Bank Taps PKF as Administrative Receivers
WISEMATCH SERVICES: Nominates Ninos Koumettou as Liquidator
WYKES LIMITED: Brings In RSM Robson as Joint Administrators

                            *********

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


F & F: Creditors' Meeting on Final Decision Slated for Oct. 18
--------------------------------------------------------------
Creditors owed money by LLC F & F (FN 221885b) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Oct. 18 to
consider the final decision on allocation.  Court-appointed
property manager Helmut Platzgummer offered a 3.20% recovery on
creditors' claims.

The creditors' meeting will be held at:

         Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 19, 2004 (Bankr. Case No. 4 S 147/04a).  Wolfgang
Leitner represents Dr. Platzgummer in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Helmut Platzgummer
         c/o Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna, Austria
         Tel: 533 19 39
         Fax: 533 19 39-39
         E-mail: kanzlei@lp-law.at  


GRUENTHAL ANDREAS: Creditors' Meeting Slated for November 11
------------------------------------------------------------
Creditors owed money by LLC Gruenthal Andreas (FN 119841m) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Nov. 11 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 20 (Bankr. Case No. 4 S 103/06h).  Eberhard Wallentin
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna, Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at  
   

HOLLY: Property Manager Declares Insufficient Assets
----------------------------------------------------
Dr. Alexander Gruber, the court-appointed property manager for
Transport and Construction LLC Holly (FN 157746f), declared
Aug. 28 that the Debtor's property is insufficient to cover
creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 4 (Bankr. Case No. 4 S 68/06m).

The property manager can be reached at:

         Dr. Alexander Gruber
         Wipplingerstrasse 20
         1010 Vienna, Austria
         Tel: 533 14 17
         Fax: 533 14 17 18
         E-mail: gruberkeg@law-mediation.at


IVAN: Property Manager Declares Insufficient Assets
---------------------------------------------------
Dr. Maria Brandstetter, the court-appointed property manager for
LLC Ivan (FN 261070b), declared Aug. 28 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 23 (Bankr. Case No. 2 S 86/06v).

The property manager can be reached at:

         Dr. Maria Brandstetter
         Stephansplatz 4
         Stiege VI
         2nd Floor
         1010 Vienna, Austria
         Tel: 513-85-12
         E-mail: office@rechtsberaterin.at


KREATIV AGENTUR: Claims Registration Period Ends October 4
----------------------------------------------------------
Creditors owed money by KEG Kreativ Agentur Hofmann & Gersper
(FN 233881v) have until Oct. 4 to file written proofs of claims
to court-appointed property manager Peter Pullez at:

         Dr. Peter Pullez
         c/o Dr. Robert Gschwandtner
         Tuchlauben 8
         1010 Vienna, Austria
         Tel: 513 29 79
         Fax: 513 29 79 25
         E-mail: pullezgschwandtner@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 18 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         Trade Court of Vienna
         Room 1606
         Vienna, Austria

Dr. Pullez declared Aug. 28 that the property of the Debtor is
insufficient to cover creditors claims.  

The Trade Court of Vienna ordered the shutdown of the Debtor's
business on the same day.  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 18 (Bankr. Case No. 4 S 113/06d).  Robert Gschwandtner
represents Dr. Pullez in the bankruptcy proceedings.


KURT FELLINGER: Claims Registration Period Ends October 10
----------------------------------------------------------
Creditors owed money by LLC Kurt Fellinger (FN 122995a) have
until Oct. 10 to file written proofs of claims to court-
appointed property manager Julius Bitter at:

         Dr. Julius Bitter
         Schmideggstrasse 5
         4560 Kirchdorf/Krems, Austria
         Tel: 07582/60040
         E-mail: ra.bitter@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:45 p.m. on Oct. 24 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

The Land Court of Steyr ordered Aug. 28 the shutdown of the
Debtor's business.

Headquartered in Pettenbach, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No. 14 S 47/06v).  Hubert
Just represents Dr. Bitter in the bankruptcy proceedings.

The representative of the property manager can be reached at:

         Dr. Hubert Just
         Main Place 7
         4560 Kirchdorf/Krems, Austria
         Tel: 07582/62 0 74
         E-mail: ra.just.kirchdorf@utanet.at


LIBO: Vienna Court Orders Closing of Business
---------------------------------------------
The Trade Court of Vienna entered an order Aug. 28 closing the
business of LLC Libo (FN 254901f).  Court-appointed property
manager Walter Kainz determined that the continuing operation of
the business would reduce the value of the estate.

The property manager and his representative can be reached at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna, Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at               

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 3 S 94/06b).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


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B E L G I U M
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ARMSTRONG HOLDINGS: Discusses Armstrong World's Reorganization
--------------------------------------------------------------
Armstrong Holdings Inc., the parent company of Armstrong World
Industries Inc., provided additional information regarding the
anticipated effect on Armstrong Holdings of the expected
consummation of the Chapter 11 reorganization of AWI.  

As previously disclosed, AWI's "Fourth Amended Plan of
Reorganization, as Modified" was recently confirmed by the U.S.
District Court and AWI currently expects to emerge from Chapter
11 in the fourth quarter of 2006.

Pursuant to AWI's Chapter 11 Plan, Armstrong Holdings' ownership
of AWI will end.  All current AWI stock will be cancelled and no
payment or other distribution will be made to Armstrong Holdings
on account of its ownership interest.  AWI will distribute to
certain of its creditors under the Chapter 11 Plan cash and new
common stock of reorganized AWI, and in certain circumstances
may also distribute notes of reorganized AWI.  These creditors
include a trust that will be established to satisfy current and
future asbestos personal injury claimants, and allowed unsecured
creditors.

Although AWI's Chapter 11 Plan has been confirmed, Armstrong
Holdings has filed a claim against AWI in an unspecified amount
in respect of intercompany accounts and, to the extent such
claims are allowed by the Bankruptcy Court, Armstrong Holdings
will participate on a pro rata basis in the distributions that
are to be made under the Chapter 11 Plan to unsecured creditors.
The cash and stock in AWI that Armstrong Holdings may receive as
a result of such claims is not expected to have a value in
excess of a few million dollars and there is no assurance that
any claim will be allowed.

Upon AWI's cancellation of Armstrong Holdings' ownership of AWI
pursuant to the Chapter 11 Plan, Armstrong Holdings also will
have a substantial ordinary income loss.  This loss will be in
addition to the substantial net operating loss, which AWI will
incur in connection with consummation of its Chapter 11 Plan. As
a result, the Armstrong consolidated group may be entitled to
receive a tax refund based upon a carry back of a portion of the
group's tax loss to prior years, in an amount estimated to be
approximately US$37 million.

It is not possible for Armstrong Holdings to estimate at this
time the amount, if any, of such tax refund to which it may be
entitled.  Armstrong Holdings may also be entitled to additional
benefits from carrying forward the balance of its tax loss.
Following AWI's emergence from Chapter 11, Armstrong Holdings
and AWI will cease reporting together as members of a
consolidated group for U.S. federal income tax reporting
purposes.

A final federal income tax return for the companies on a
consolidated basis is expected to be filed by September 2007.
After considering the result of its intercompany account claims
and the tax consequences to Armstrong Holdings of AWI's
emergence from Chapter 11, Armstrong Holdings is expected to
decide whether or not to dissolve.

For access to copies of AWI's Chapter 11 Plan and related
documents, please visit http://www.armstrongplan.com/.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating  
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.  In Europe, the company has plant locations in
Sweden, France, Switzerland, Belgium, Spain, Germany, the
Netherlands, and the United Kingdom.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  (Armstrong
Bankruptcy News, Issue No. 101; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ARMSTRONG WORLDWIDE: S&P Rates US$1.1-Bln Bank Facility at BB
-------------------------------------------------------------     
Standard & Poor's Ratings Services assigned its 'BB' bank loan
rating to the proposed US$1.1 billion senior secured bank
facility of Armstrong World Industries Inc., based on
preliminary terms and conditions.  At the same time, the rating
agency assigned a '2' recovery rating, indicating the likelihood
of a substantial (80%-100%) recovery of principal in the event
of a payment default.
     
The bank facility is comprised of a US$300 million five-year
revolving credit facility, a US$300 million five-year delayed
draw term loan A, and a US$500 million seven-year delayed-draw
term loan B.  The bank loan ratings also assume that other
conditions precedent to the bank facility becoming effective are
satisfied; the ratings are subject to review once final
documentation is received.
     
"We expect to assign our 'BB' corporate credit rating to the
building products company when Armstrong, the borrower, and its
major U.S. subsidiaries, the guarantors, emerge from Chapter 11
bankruptcy protection, which we expect will occur on Oct. 2,
2006.  We expect the outlook to be stable."
     
Armstrong and its major U.S. subsidiaries entered voluntary
bankruptcy protection in December 2000 to resolve mounting
asbestos-litigation costs and to resolve its asbestos claims.
Proceeds from the senior credit facility will be used to fund
the company's plan of reorganization, which includes
contributions to a Section 524(g) asbestos personal injury
trust.


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B U L G A R I A
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JETFINANCE INT'L: Strong Franchise Cues Moody's to Put B2 Rating
----------------------------------------------------------------
Moody's Investors Service has assigned B2/Not-Prime ratings to
JetFinance International.  The B2/Not-Prime long- and short-term
foreign currency issuer ratings have a stable outlook, and
reflect JFI's small but successful consumer finance franchise
within Bulgaria's rapidly growing but also increasingly
competitive banking market.

A strong distribution network through partner stores and a
strategically dispersed point of sales set-up also supports
JFI's ratings.  

The rating also mirrors JFI's:

   -- young and dynamic management team,

   -- emphasis on the application of good risk
      management practices,

   -- good asset quality,

   -- exceptional loan book granularity,

   -- high capitalization, and

   -- strong profitability due to its high margin business.

At the same time the ratings are constrained by:

   -- the lack of external supervision for such institutions;  

   -- JFI's short operating history;

   -- its narrow albeit expanding product range;

   -- the ongoing need to secure adequate funding; and

   -- pressures resulting from rapid growth and the inherent
      high risks of doing business in Bulgaria's nascent
      consumer credit market.

Though low banking penetration in Bulgaria highlights the
sector's growth potential, the sensitivity of low-income
consumers -- JFI's core market -- to even moderate market shocks
could result in material asset quality deterioration and
economic loss, given the unsecured nature of JFI's lending.

In addition, JetFinance, like all consumer finance companies, is
barred from accepting retail deposits and in this respect
remains at a disadvantage compared to banking institutions,
which are increasingly eyeing its line of business.  Reliance on
bilateral fully secured borrowings in order to fund its
operations also constrains JFI's ratings.

Moody's also notes that liquidity has been maintained at
acceptable levels considering that, in the absence of current
deposits, the repayment schedule of JFI's liabilities is
predictable.  Nevertheless, and although the rating agency does
not foresee any imminent danger, triggering of financial
covenants governing JFI's borrowings could set off accelerated
repayment potentially resulting in a liquidity squeeze.
JetFinance is expected to address its funding issues soon, while
failure to do so within a reasonably short time could exert
negative pressure on its ratings.

The B2/NP issuer ratings reflect JFI's stand-alone
creditworthiness.  Although AIG New Europe fund has held a 51%
stake in the company since 2004 and is well represented on the
board providing key strategic advice, Moody's has not imputed
external support.  The fund's investment horizon in JetFinance
comes to an end in 2008 and AIG might be looking to divest,
possibly in the near term.

Moody's notes that JFI's ratings could move up as the company
further develops its franchise while maintaining solid asset
quality, adequate funding sources and strong financial
performance; or in the event that a strategic investor,
interested in developing the company's franchise even further,
willing to bring in expertise, able to alleviate funding
concerns and prepared to provide financial support in case of
need, acquires a controlling stake in JFI.

JetFinance is headquartered in Sofia, Bulgaria, and had total
assets of BGN98 million (US$63 million) as at end-June 2006.


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F R A N C E
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REVLON INC: Eyes Organizational Streamlining & Consolidation
------------------------------------------------------------
Revlon Inc. disclosed a broad organizational streamlining and
consolidation that builds on the scope of the Company's
restructuring actions implemented earlier in the year and
meaningfully accelerates the Company's efforts to reduce costs
and improve profit margins.

In connection with the disclosure, the Company provided its
outlook for 2006 and 2007 and indicated that it plans to
discontinue Vital Radiance, due to the new brand not achieving
an economically feasible retail platform for future growth.
Revlon indicated that it expects these actions to accelerate the
Company's path to becoming net income and cash flow positive.

Revlon President and Chief Executive Officer David Kennedy
stated, "[These] announcements represent important and necessary
steps forward for Revlon.  We are moving forward with a clear
focus on leveraging the tremendous equity of our established
brands -- particularly Revlon -- and without the burden of the
operating loss we anticipated from Vital Radiance in 2007.  As
we look ahead, we will continue to work to bring innovation and
excitement to the market and, importantly, we will do so in a
way that is focused on driving our profitability and cash flow,
while also generating top-line growth."

                  Organizational Streamlining

The organizational streamlining, which will reduce the Company's
U.S. workforce by approximately 250 positions, or approximately
8%, will result in restructuring and related charges totaling
approximately US$29 million, with related ongoing annualized
savings estimated at approximately US$34 million.

The primary components of the streamlining involve:

    * consolidating responsibilities in certain related
      functions and reducing layers of management to
      increase accountability and effectiveness;
  
    * streamlining support functions to reflect the
      new organization structure;

    * eliminating certain senior executive positions; and
  
    * consolidating various facilities.

The Company's brand marketing and creative activities in the
U.S. will be further consolidated, eliminating redundancy and
reducing layers of management.  The new structure is designed to
enable more effective innovation and creativity, while fostering
more efficient decision-making and appropriately aligning this
decision-making with accountability.

As a result, the roles of Executive Vice President and Chief
Marketing Officer, held by Stephanie Klein Peponis, and
Executive Vice President and Chief Creative Officer, held by
Rochelle Udell, will be eliminated, and the brand marketing
leadership will report directly to David Kennedy.

The marketing leadership will be responsible for all elements of
brand marketing, brand positioning and advertising, media and
creative services, category development and other promotional
activities.  In addition, the role of Executive Vice President
and President of International, currently held by Tom McGuire,
is also being eliminated, and the executives leading the
Company's three geographic International regions will report
directly to David Kennedy.

Commenting on the organizational streamlining, David Kennedy
continued, "This opportunity to improve our operational
effectiveness, accelerate our cost reduction and improve our
margins is meaningful, and we are moving forward aggressively
with the implementation.  We expect these actions to result in
significant and sustainable savings for the Company, and I am
confident that the individuals assuming greater responsibility
and decision- making will be more effective in their roles
moving forward.  I believe that today's announcements position
us well for improved results in 2007 and beyond."

The Company indicated that the US$29 million in restructuring
and related charges is comprised primarily of employee-related
costs, including severance and other termination benefits, with
approximately US$15 million of the charges expected to be
incurred in the third quarter of 2006 and another US$8 million
expected to impact the fourth quarter of 2006.  The Company
expects the balance of the charges to be incurred in 2007.
Approximately US$21 million of the charges are expected to
reflect cash charges that the Company will pay out over the 2006
to 2008 period.

Of the US$34 million in expected ongoing annualized savings, the
Company expects approximately US$5 million to benefit 2006
results.  The Company's restructuring actions implemented
earlier in the year resulted in US$10 million in charges
incurred in the first half of 2006, with expected related
ongoing annualized savings of approximately US$15 million.

                    Vital Radiance Update

Revlon plans to discontinue Vital Radiance, its new brand
targeted at the mature consumer, due to the disappointing
performance of the brand and the likelihood that Vital Radiance
would not maintain an economically feasible retail footprint in
the future.  

As a result, the Company expects to incur charges of
approximately US$63 million in the third quarter of 2006 related
to discontinuing the brand. The charges will include a provision
for estimated returns and allowances of approximately US$40
million, as well as approximately US$13 million for the write-
off of inventories and selling and promotional materials, and
approximately US$10 million for the acceleration of display
amortization.

The Company indicated that, including the cost to discontinue
the brand, Vital Radiance is expected to negatively impact the
Company's operating results by approximately US$70 million in
the third quarter.  For the full year, the negative impact of
Vital Radiance on the Company's operating results is expected to
be approximately US$110 million, including the cost to
discontinue the brand in the third quarter and the charges taken
earlier in the year associated with a reduction of retail space
at several large format retailers.

Commenting on the decision, David Kennedy stated, "The decision
to discontinue Vital Radiance is the right strategic and
economic choice for the Company.  The likelihood of the brand
maintaining much of its retail space in the future, including
adequate space at the brand's best accounts, was questionable,
which made staying the course unfeasible for Revlon.  Given the
opportunity to further leverage our established brands-in
particular, the Revlon brand-and our intense focus on
dramatically improving our bottom-line performance in 2007, we
are confident that moving forward without what would have been a
significant, ongoing investment behind Vital Radiance is the
appropriate course of action."

In connection with the charges associated with both
discontinuing Vital Radiance and streamlining the organization,
Revlon announced that its wholly owned operating subsidiary,
Revlon Consumer Products Corporation, will seek an amendment to
its bank credit agreement to add back these charges in the
calculation of its financial covenants.  The Company noted that
the credit agreement amendment is expected to be consummated in
late September 2006, subject to market and other customary
conditions, including receipt of consents from the appropriate
lenders.  There can be no assurance that the amendment will be
consummated.

           Preliminary Third Quarter 2006 Results

The Company indicated that net sales in the third quarter of
2006 are expected to be in the range of approximately US$280
million to US$290 million, after giving effect to approximately
US$40 million in estimated Vital Radiance returns and
allowances.

Adjusted EBITDA for the third quarter of 2006 is expected to be
a loss of approximately US$50 million, and operating loss in the
quarter is expected to be approximately US$90 million, after
giving effect to the costs related to the organizational
streamlining, the total impact in the quarter of Vital Radiance,
including the cost to discontinue the brand, and other charges
in connection with executive severance.  The total impact of
these items on Adjusted EBITDA in the quarter is expected to be
approximately US$79 million, and the total impact on operating
profitability is expected to be approximately US$92 million.

Adjusted EBITDA is a non-GAAP measure that is defined in the
footnotes to this release and reconciled to net income/(loss),
the most directly comparable measure, in the accompanying
financial table.

Net loss in the third quarter is expected to be approximately
US$135 million, after giving effect to the costs of the
organizational streamlining, the total impact of Vital Radiance
and other charges in connection with executive severance.

                     Full Year 2006 Outlook

For the full year 2006, the Company indicated that it expects
net sales of approximately US$1,340 million, including the
impacts of Vital Radiance returns and allowances provisions in
the second and third quarters of 2006.  Adjusted EBITDA for the
year is expected to be approximately US$75 million to
US$85 million, and operating loss is expected to be
approximately US$45 million to US$55 million, after giving
effect to the impacts of restructuring actions taken during the
year, the expected full-year impact of Vital Radiance, including
the cost to discontinue the brand, and other charges in
connection with executive severance.  The total impact of these
items on Adjusted EBITDA for the year is expected to be
approximately US$129 million, and the total impact on operating
profitability is expected to be approximately US$150 million.

The Company is currently developing a plan to refinance its 8
5/8% Senior Subordinated Notes maturing in 2008.  In addition,
as previously disclosed, Revlon currently intends to conduct a
US$75 million equity issuance in late 2006 or the first quarter
of 2007, with the proceeds used for debt reduction.  The
backstop obligations of MacAndrews & Forbes, Revlon's principal
shareholder, will remain in effect to ensure that Revlon issues
the US$75 million.  In addition, the existing US$87 million line
of credit from MacAndrews & Forbes will remain available to the
Company through the completion of the US$75 million equity
issuance.

                    Longer-Term Outlook

As previously disclosed, the Company indicated that its goal for
longer-term net sales growth is in the mid-single-digit range,
on average, over time.  In addition, the Company continues to
expect to achieve significant improvement in profit margins over
time, with 2007 expected to benefit meaningfully from
restructuring actions taken in 2006.

More specifically, Adjusted EBITDA in 2007 is expected to be
approximately US$210 million.  The Company believes that, based
on the business plans and strategies already in place for 2007,
as well as the benefits of the 2006 restructuring actions and
the elimination of the expected operating loss from Vital
Radiance, this level of performance is achievable.  In addition,
the Company is aggressively focused on improving profitability
beyond the expected 2007 level.  This additional growth is
expected to be driven by a continuing focus on the Company's
margin and other productivity initiatives, as well as the
benefit of driving profitable revenue growth of the Company's
strong portfolio of established brands.

                        About Revlon

Revlon Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The Company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The Company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  In Europe, the company maintains
operations in Italy, France, and the United Kingdom.

At June 30, 2006, the Company's balance sheet showed US$960.7
million in total assets and US$2.09 billion in total
liabilities, resulting in a US$1.1 billion stockholders'
deficit.

                        *     *     *

As reported in the Troubled Company reported on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  Standard &
Poor's said the outlook is negative.


REVLON INC: Unit's Weak Liquidity Cues Moody's to Junk Ratings
--------------------------------------------------------------
Moody's Investors Service lowered Revlon Consumer Products
Corporation's long-term ratings, including the corporate family
rating to Caa1 from B3.  Moody's affirmed the company's
speculative grade liquidity rating of SGL-4.  These rating
actions reflect the higher risk of future debt restructurings
that may be unfavorable to current bondholders, as well as the
significant liquidity and financial challenges that Revlon faces
in the next 6-12 months.  The outlook remains negative.

Ratings affected:

   -- Corporate family rating, downgraded to Caa1 from B3;

   -- Probability of default rating, downgraded to Caa1 from B3;

   -- US$160 million senior secured asset based revolving
      credit facility due 2009, downgraded to B1 from Ba3
     (LGD 2, 11%);

   -- US$800 million senior secured term loan facility
      due 2010, downgraded to B3 from B2 (LGD 3, 35%);

   -- US$387 million 9.5% senior notes due 2011, downgraded
      to Caa2 from Caa1 (LGD 4, 61%);

   -- US$217 million 8.625% senior subordinated notes
      due 2008, downgraded to Caa3 from Caa2 (LGD 6, 93%); and

   -- Speculative grade liquidity rating, affirmed at SGL-4.

The outlook is negative.

The company's Caa1 corporate family rating and negative outlook
reflect the materially negative free cash flow, high leverage
and weak liquidity profile of Revlon.  

In order to comply with the 2004 Credit Agreement requirement
that the 8 5/8% senior subordinated notes be reduced to not more
than US$25 million in aggregate principal amount by October
2007, Revlon needs to refinance these notes in the near term.

While the company has a number of refinancing options, the risk
of a refinancing that is unfavorable to current bondholders has
increased given Revlon's weaker than expected operating
performance due to its unsuccessful launch of Vital Radiance and
the costs involved in exiting this brand.

Revlon's long-term ratings also reflect Moody's expectation that
the company will be able to maintain its current liquidity
through a possible amendment to its bank credit agreement, as
well as by raising USS$75 million in equity by early 2007 (this
issuance is backstopped by MacAndrews & Forbes).

While Moody's views the increased equity offering commitment as
an important mitigant to risks associated with the high leverage
levels, Revlon's sources of available liquidity are dependent
upon the successful completion of a number of critical
financings, the assurance of which is not necessarily
guaranteed.  Additionally, once the equity offering has
occurred, the US$87 million committed line from MacAndrews &
Forbes goes away and Revlon will face tighter liquidity given
likely drawings on its revolver.

Moody's notes that Revlon's persistently negative cash flow
generation -- EBITDA to interest coverage ratios of
approximately .9x and high leverage levels of approximately 11x
for the LTM period ending June 2006 (including Moody's standard
adjustments for operating leases and under-funded pension plans)
-- significantly constrain the rating.  More importantly, the
company's leveraged profile remains a rating concern as it
participates in an industry segment that requires material
upfront brand support, fixture, and product development
expenditures with uncertain consumer receptivity.

Further negative rating actions could be possible if Revlon is
not able to restore momentum in its core Revlon brands or if its
liquidity deteriorates significantly from current levels.  To
stabilize the rating outlook, the company needs to improve its
liquidity profile, including a successful refinancing of its
senior subordinated notes in a manner that is at least neutral
to current bondholders.

Revlon's speculative grade liquidity rating of SGL-4 reflects
credit metrics, including cash flow from operations that
continue to deteriorate and are not likely to improve materially
over the near-term.  In addition, Moody's notes that the company
has sought three amendments from its bank group for covenant
violations during 2006 and remains at risk of further breaches
should financial goals not be achieved.  Finally, Moody's
remains concerned regarding the elimination of the MacAndrews &
Forbes line of credit following the successful completion of the
pending equity offering.

Revlon, headquartered in New York, is a worldwide cosmetics,
skin care, fragrance, and personal care products company. The
company is a wholly owned subsidiary of Revlon, Inc., which in
turn is majority-owned by MacAndrews and Forbes, which is
wholly-owned by Ronald O. Perelman.  Revlon's net sales for the
twelve-month period ended June 2006 were approximately US$1.4
billion.


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


ANTICO GENERALUEBERNEHMER: Creditors' Meeting Slated for Oct. 11
----------------------------------------------------------------
The court-appointed provisional administrator for Antico
Generaluebernehmer GmbH, Bjoern Gehde, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:30 a.m. on Oct. 11.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m. on Jan. 10, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Antico Generaluebernehmer GmbH on Aug. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Antico Generaluebernehmer GmbH
         Spieckermannstr.33
         13189 Berlin, Germany

The administrator can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin, Germany


ARENAROCK KONZERTPRODUKTION: Claims Registration Ends Oct. 10
-------------------------------------------------------------
Creditors of arenarock Konzertproduktion GmbH & Co. KG have
until Oct. 10 to register their claims with court-appointed
provisional administrator Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Reinbek
         Park Avenue 6
         21465 Reinbek, 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 Reinbek opened bankruptcy proceedings
against arenarock Konzertproduktion GmbH & Co. KG on Aug. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         arenarock Konzertproduktion GmbH & Co. KG
         Attn: Gunter Retelsdorf, Manager         
         Krabbenhoehe 8
         21465 Reinbek, Germany

The administrator can be contacted at:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg, Germany
         

AUTO SOUND: Claims Registration Ends October 10
-----------------------------------------------
Creditors of Auto Sound Nord Burgmann + Tiusanen OHG have until
Oct. 10 to register their claims with court-appointed
provisional administrator Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on Oct. 30 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 Auto Sound Nord Burgmann + Tiusanen OHG on July 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Auto Sound Nord Burgmann + Tiusanen OHG
         Hindenburgdamm 77
         25421 Pinneberg, Germany

The administrator can be contacted at:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg, Germany
         

BLUMENGROSSMARKT UNNA: Claims Registration Ends October 10
----------------------------------------------------------
Creditors of Blumengrossmarkt Unna GmbH have until Oct. 10 to
register their claims with court-appointed provisional
administrator Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against Blumengrossmarkt Unna GmbH on Aug. 28.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Blumengrossmarkt Unna GmbH
         Attn: Wilhelm Schepper, Manager         
         Max-Planck Str. 17
         59423 Unna, Germany

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund, Germany


ECKARDT GMBH: Claims Registration Ends October 11
-------------------------------------------------
Creditors of Eckardt GmbH & Co. KG Buntweberei have until
Oct. 11 to register their claims with court-appointed
provisional administrator Christian Adolf.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof, 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 Hof opened bankruptcy proceedings against
Eckardt GmbH & Co. KG Buntweberei on Aug. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Eckardt GmbH & Co. KG Buntweberei
         Lohbachstr. 17
         95126 Schwarzenbach/Saale, Germany

The administrator can be contacted at:

         Christian Adolf
         Ludwigstr. 50
         95028 Hof, Germany
         Tel: 09281/8331080
         Fax: 09281/8331089


GRUNDSTUECK HANSASTRASSE: Claims Registration Ends October 11
-------------------------------------------------------------
Creditors of Grundstueck Hansastrasse 226 Verwaltungs GmbH have
until Oct. 11 to register their claims with court-appointed
provisional administrator Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 3:21 p.m. on Nov. 1 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 Husum
         Saal 220
         Theodor-Storm-Road 5
         Husum, 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 Husum opened bankruptcy proceedings
against Grundstueck Hansastrasse 226 Verwaltungs GmbH on Aug. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Grundstueck Hansastrasse 226 Verwaltungs GmbH
         Diekstraat 3
         25870 Norderfriedrichskoog, Germany
       
The administrator can be contacted at:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg, Germany


KARL KOCH: Claims Registration Ends October 12
----------------------------------------------
Creditors of Karl Koch Sport- und Freizeitbedarf GmbH have until
Oct. 12 to register their claims with court-appointed
provisional administrator Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Nov. 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 Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, 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 Bochum opened bankruptcy proceedings
against Karl Koch Sport- und Freizeitbedarf GmbH on Aug. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Karl Koch Sport- und Freizeitbedarf GmbH
         Willy-Brand-Place 1
         44787 Bochum, Germany

         Attn: Karl Koch, Manager
         Muehlberg 17
         06184 Kabelsketal, Germany

The administrator can be contacted at:

         Moritz Hansberg
         Gebrannten 4
         44787 Bochum, Germany
         

PFLEIDERER AG: Fitch Changes Outlook to Positive & Keeps BB IDR
---------------------------------------------------------------
Fitch Ratings changed German engineered wood producer Pfleiderer
AG's Outlook to Positive from Stable.  At the same time, the
agency has affirmed the group's ratings at Issuer Default BB and
Short-term B.

The Outlook revision reflects Pfleiderer's successful
integration of the Kunz acquisition to date and the recovery of
the group's financial profile.  Pfleiderer also managed over the
last two years to further complete its product portfolio and
move into higher-margin product segments such as MDF.

The ratings are underpinned by Pfleiderer's position as one of
the world's leading producers in the engineered wood industry,
its sound geographical diversification and its balanced product
portfolio.  Originally a diversified manufacturer, Pfleiderer
has successfully restructured its business portfolio and
disposed all non-core activities to become a focused
manufacturer of engineered wood products.

On the other hand, there is now a reduced level of overall
business diversification as the company is entirely exposed to
the developments and risks in the engineered wood sector.  The
ratings are also challenged by the still high exposure to the
mature, low-growth Western European engineered wood markets.

Fitch expects that Pfleiderer will continue to grow its business
organically as well as via acquisitions in attractive products
such as laminate flooring or in the growing markets of Eastern
Europe and North America.  The ratings also take into account
small- to medium-sized bolt-on acquisitions and a temporary re-
leveraging of the balance sheet.  Large, debt-financed
acquisitions would be treated as event risk on a case-by-case
basis.

Pfleiderer's current ratios place the group at a comfortable
position within the rating level and Fitch is confident that its
credit profile will, in the absence of major acquisitions,
further improve during the year.


RM SCHIFFFAHRT: Claims Registration Ends October 10
---------------------------------------------------
Creditors of RM Schifffahrt Handel Verwaltung GmbH have until
Oct. 10 to register their claims with court-appointed
provisional administrator Christian Strauss.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven, 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 Cuxhaven opened bankruptcy proceedings
against RM Schifffahrt Handel Verwaltung GmbH on Aug. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         RM Schifffahrt Handel Verwaltung GmbH
         Attn: Rudolf Mach, Manager        
         Buchenweg 20
         27474 Cuxhaven, Germany

The administrator can be contacted at:

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


SD-TEAM STUEMPFLEN: Claims Registration Ends October 5
------------------------------------------------------
Creditors of SD-Team Stuempflen GmbH have until Oct. 5 to
register their claims with court-appointed provisional
administrator Albert Hirt.

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

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 20
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart, 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 Stuttgart opened bankruptcy proceedings
against SD-Team Stuempflen GmbH on Aug. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         SD-Team Stuempflen GmbH
         Duisburger Str. 36
         70376 Stuttgart, Germany

The administrator can be contacted at:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil, Germany
         Tel: 041/1754068


VOLKSWAGEN AG: Agrees with IG Metall on 34-Hour Workweek
--------------------------------------------------------
Volkswagen AG and IG Metall reached an accord for the six
traditional plants during their negotiations in Hanover on
Sept. 29.

The central element is a standard working time of up to 34 hours
a week without additional pay.  A new profit sharing model for
the workforce has been developed.  In addition, production
volumes for each of the plants have been determined,
safeguarding capacity utilization and jobs.  As a result,
Wolfsburg remains the key production facility for the Golf.

"The milestones we have agreed marks a major step forward in
restructuring at Volkswagen.  Negotiations were very tough.  But
they were characterized by the joint resolve to make headway as
regards the competitiveness of Volkswagen.  Competitiveness s
the prerequisites for jobs, and we have achieved this with a
return to normal working hours," Dr. Horst Neumann, Volkswagen's
member of the Board of Management responsible for Human
Resources, disclosed.

Klaus Dierkes, chief negotiator and Head of Human Resources
Germany at Volkswagen, emphasized, "We have brought labor costs
and working time into line with the level for our industry and
made sure our workforce does not lose money."

Key milestones include:

   -- Competitive labor costs: the standard working time is to   
      be increased to 33 hours a week for production employees
      and 34 hours a week for administrative employees.  This
      will not involve an increase in pay.  This working time
      can be raised to 35 hours by adding a further two hours,
      respectively one hour, with extra pay.  A working time
      corridor of between 25 and 33 hours for production
      employees and 26 to 34 hours for other employees was also
      agreed.  Regardless of actual working time, pay within
      this corridor corresponds to the previous pay level for a
      28.8-hour week;

   -- Production volumes and capacity utilization: product
      commitments and production volumes were agreed for the six
      traditional plants governed by the company wage agreement;

   -- Profit sharing: employee profit sharing bonuses when   
      business performs well could be noticeably higher than at
      present;

   -- Pension element: Volkswagen will make a one-off payment to
      the company pension fund of EUR6,279 for each employee;

   -- Remuneration: an increase in remuneration in line with the
      level for the industry was agreed for employees already
      paid on the basis of the competitive pay scales; and
  
   -- Training: Volkswagen will continue with the present level
      of apprenticeships.

Other items include a binding commitment for both parties to
negotiate on adopting elements of the collective agreement
applicable for the Volkswagen subsidiary Auto 5000.  The
collective bargaining parties agreed to finalize the details of
these milestones in a final round of negotiations probably
scheduled for Oct. 4.  The envisaged term of the agreement is
January 1, 2007 until the end of 2011.

"The workers have done their part for the restructuring of the
Volkswagen brand, now it's the management's turn to do their
part," IG Metall's chief negotiator Hartmut Meine was quoted by
Bloomberg as saying.

Chief Executive Officer Bernd Pischetsrieder planned to increase
pretax profit to EUR5.1 billion in 2008 from EUR1.1 billion in
2004.  To achieve this he is trying to decrease spending on
labor and reduce Volkswagen's global workforce by eliminating
some 20,000 German jobs.  So far, more than 13,000 employees
have agreed to retire early.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


VOLKSWAGEN AG: B. Pischetsrieder to Join MAN's Supervisory Board
----------------------------------------------------------------
Volkswagen AG's CEO Bernd Pischetsrieder is set to become the
new chairman of MAN AG's supervisory board after the two
companies settled their conflict over MAN's bid for Scania AB,
AFX reports citing German weekly Focus.

According to the report, MAN Chief Executive Officer Hakan
Samuelsson and Volkswagen's Mr. Pischetsrieder aimed to combine
MAN's truck business, Scania and VW's Brazilian truck operations
to create a new truck giant under MAN.  But the barrier of how
big a share Volkswagen should own in MAN remains.

Volkswagen demands a blocking minority of 25% plus 1 share while
MAN is unwilling to give Volkswagen more than a 20% stake.

Pischetsrieder said his primary goal in any link-up between MAN,
Scania and Volkswagen's heavy-truck unit is to secure the
Volkswagen's holding in the combined company.

Volkswagen holds the biggest share in Scania with 34% of the
voting rights and 18.7% of the equity.  The carmaker rejected
Sept. 18 MAN's EUR9.6 billion offer for Scania, expressing it
did not address Volkswagen's "industrial interest" in Scania,
Chad Thomas of Bloomberg reported.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


WIG WOHNUNGSUNTERNEHMEN: Creditors' Meeting Slated for Oct. 11
--------------------------------------------------------------
The court-appointed provisional administrator for WIG
Wohnungsunternehmen und Immobilienvermittlung GmbH, Norbert
Oberdiek, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 2:40 p.m. on
Oct. 11.

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

         The District Court of Saarbruecken
         Area Hall 13
         1st Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

The Court will also verify the claims set out in the
administrator's report at 1:45 p.m. on Nov. 29, at:

         The District Court of Saarbruecken
         Area Hall 24
         2nd Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

Creditors have until Nov. 2 to register their claims with the
court-appointed provisional administrator.

The District Court of Saarbruecken opened bankruptcy proceedings
WIG Wohnungsunternehmen und Immobilienvermittlung GmbH on
Aug. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WIG Wohnungsunternehmen und Immobilienvermittlung GmbH
         Attn: Manfred Steimer, Manager         
         Waldstrasse 56
         66793 Saarwellingen, Germany

The administrator can be reached at:

         Norbert Oberdiek
         Mathias Iven Road 10
         66117 Saarbruecken, Germany
         Tel: 0681/ 954 120
         Fax: 0681/ 954 1222


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


HUNTSMAN CORP: Sells European Commodities Business to SABIC
-----------------------------------------------------------
Peter R. Huntsman, President and CEO of Huntsman Corp. disclosed
that Huntsman has signed a definitive agreement with Saudi Basic
Industries Corporation, under which SABIC will acquire
Huntsman's European Base Chemicals and Polymers business.

Under the agreement, SABIC will acquire the business for a
purchase price of US$700 million in cash, subject to certain
adjustments at closing.  

The transaction further allows Huntsman to reduce its U.K.
pension liabilities in the amount of approximately US$126
million.  The transaction will not include Huntsman's Teesside-
based Pigments division or the Wilton-based aniline and
nitrobenzene operations of its Polyurethanes division.

"This is a major step in divesting our commodity businesses as
we execute our previously announced strategy of realigning our
portfolio to differentiated businesses and paying down debt,"
said Peter Huntsman.

After giving effect to the announced divestiture and the
recently completed sale of Huntsman's U.S. butadiene and MTBE
business, total revenue from Huntsman's differentiated
businesses (including the Textile Effects division recently
acquired from Ciba), will equate to nearly 80% of Huntsman's
revenues for the twelve-month period ending June 30, 2006.  

Total net debt, on a pro forma basis for the same period, is
expected to drop to approximately US$3.5 billion after
application of the proceeds from the announced divestiture-a
greater than 40% reduction from approximately US$6.0 billion in
net debt at year end 2004.

Huntsman purchased the business from ICI plc in 1999.  Under
Huntsman ownership, the business grew to have 2005 revenues of
US$2.5 billion, and 2005 and LTM Adjusted EBITDA of US$176
million and US$45 million, respectively.

                        About Huntsman

Headquartered in Salt Lake City, Utah, Huntsman Corp. (NYSE:HUN)
-- http://www.huntsman.com/-- is a global manufacturer of  
differentiated and commodity chemical products.  Huntsman's
products are used in a wide range of applications, including
those in the adhesives, aerospace, automotive, construction
products, durable and non-durable consumer products,
electronics, medical, packaging, paints and coatings, power
generation, refining and synthetic fiber industries.  In
Europe, Huntsman is present in Austria, Belgium, Czech Republic,
France, Germany, Greece, Hungary, Italy, Poland, Romania,
Slovenia, Spain, Sweden, Switzerland, the Netherlands, Turkey,
United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on March 7, 2006,
Moody's Investors Service affirmed the B1 corporate family
rating of Huntsman Corp. and of Huntsman International LLC, and
changed the outlook on the ratings to developing.

As reported in the Troubled Company Reporter on March 6, 2006,
Standard & Poor's Ratings Services placed its ratings on
Huntsman Corp. and its affiliate Huntsman International LLC on
CreditWatch with developing implications, including the 'BB-'
corporate credit ratings.


* HUNTSMAN CORP: Moody's Comments on European Commodities Sale
--------------------------------------------------------------
Huntsman Corp.'s (HC -- Corporate family rating B1 -- Outlook
Developing) announcement that it has reached agreement to sell
its European Commodities Business to SABIC reflects the ongoing
restructuring efforts that are actively taking place to separate
HC's Base Chemicals and Polymer segments from HC's
differentiated segments.  When this plan was announced, in March
2006, Moody's moved the outlook to developing.  

The proposed material debt reduction along with a reduction in
U.K. pension liabilities in the amount of approximately US$126
million is a credit positive and this recent announcement
supports Moody's belief that objectives for incremental debt
reduction approaching US$1.45 billion by the end of 2007 are
possible.  Upon completion of the proposed debt reduction with
proceeds of the sale the outlook may move to positive.

The current developing outlook reflects the possibility of
additional transactions over the medium term.  The outlook also
reflects that the ratings may change subject to the development
of a more formal debt structure and financial philosophy
(including the possibility of dividends and incremental
acquisitions) for the remaining businesses to be held at the
differentiated segments.

Moody's believes the decision to pursue a split by HC's
management was prompted by ongoing concern over a "low" stock
price valuation along with the receipt of an indication of
interest from an outside party, occurring in late 2005,
regarding an acquisition of all of the outstanding stock of HC.

Huntsman Corporation is a global manufacturer of differentiated
and commodity chemical products.  Huntsman's products are used
in a wide range of applications, including those in the
adhesives, aerospace, automotive, construction products, durable
and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining and
synthetic fiber industries.  Huntsman had revenues for the
twelve months ended June 31, 2006 of US$12.8 billion.


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


REVLON INC: Eyes Organizational Streamlining & Consolidation
------------------------------------------------------------
Revlon Inc. disclosed a broad organizational streamlining and
consolidation that builds on the scope of the Company's
restructuring actions implemented earlier in the year and
meaningfully accelerates the Company's efforts to reduce costs
and improve profit margins.

In connection with the disclosure, the Company provided its
outlook for 2006 and 2007 and indicated that it plans to
discontinue Vital Radiance, due to the new brand not achieving
an economically feasible retail platform for future growth.
Revlon indicated that it expects these actions to accelerate the
Company's path to becoming net income and cash flow positive.

Revlon President and Chief Executive Officer David Kennedy
stated, "[These] announcements represent important and necessary
steps forward for Revlon.  We are moving forward with a clear
focus on leveraging the tremendous equity of our established
brands -- particularly Revlon -- and without the burden of the
operating loss we anticipated from Vital Radiance in 2007.  As
we look ahead, we will continue to work to bring innovation and
excitement to the market and, importantly, we will do so in a
way that is focused on driving our profitability and cash flow,
while also generating top-line growth."

                  Organizational Streamlining

The organizational streamlining, which will reduce the Company's
U.S. workforce by approximately 250 positions, or approximately
8%, will result in restructuring and related charges totaling
approximately US$29 million, with related ongoing annualized
savings estimated at approximately US$34 million.

The primary components of the streamlining involve:

    * consolidating responsibilities in certain related
      functions and reducing layers of management to
      increase accountability and effectiveness;
  
    * streamlining support functions to reflect the
      new organization structure;

    * eliminating certain senior executive positions; and
  
    * consolidating various facilities.

The Company's brand marketing and creative activities in the
U.S. will be further consolidated, eliminating redundancy and
reducing layers of management.  The new structure is designed to
enable more effective innovation and creativity, while fostering
more efficient decision-making and appropriately aligning this
decision-making with accountability.

As a result, the roles of Executive Vice President and Chief
Marketing Officer, held by Stephanie Klein Peponis, and
Executive Vice President and Chief Creative Officer, held by
Rochelle Udell, will be eliminated, and the brand marketing
leadership will report directly to David Kennedy.

The marketing leadership will be responsible for all elements of
brand marketing, brand positioning and advertising, media and
creative services, category development and other promotional
activities.  In addition, the role of Executive Vice President
and President of International, currently held by Tom McGuire,
is also being eliminated, and the executives leading the
Company's three geographic International regions will report
directly to David Kennedy.

Commenting on the organizational streamlining, David Kennedy
continued, "This opportunity to improve our operational
effectiveness, accelerate our cost reduction and improve our
margins is meaningful, and we are moving forward aggressively
with the implementation.  We expect these actions to result in
significant and sustainable savings for the Company, and I am
confident that the individuals assuming greater responsibility
and decision- making will be more effective in their roles
moving forward.  I believe that today's announcements position
us well for improved results in 2007 and beyond."

The Company indicated that the US$29 million in restructuring
and related charges is comprised primarily of employee-related
costs, including severance and other termination benefits, with
approximately US$15 million of the charges expected to be
incurred in the third quarter of 2006 and another US$8 million
expected to impact the fourth quarter of 2006.  The Company
expects the balance of the charges to be incurred in 2007.
Approximately US$21 million of the charges are expected to
reflect cash charges that the Company will pay out over the 2006
to 2008 period.

Of the US$34 million in expected ongoing annualized savings, the
Company expects approximately US$5 million to benefit 2006
results.  The Company's restructuring actions implemented
earlier in the year resulted in US$10 million in charges
incurred in the first half of 2006, with expected related
ongoing annualized savings of approximately US$15 million.

                    Vital Radiance Update

Revlon plans to discontinue Vital Radiance, its new brand
targeted at the mature consumer, due to the disappointing
performance of the brand and the likelihood that Vital Radiance
would not maintain an economically feasible retail footprint in
the future.  

As a result, the Company expects to incur charges of
approximately US$63 million in the third quarter of 2006 related
to discontinuing the brand. The charges will include a provision
for estimated returns and allowances of approximately US$40
million, as well as approximately US$13 million for the write-
off of inventories and selling and promotional materials, and
approximately US$10 million for the acceleration of display
amortization.

The Company indicated that, including the cost to discontinue
the brand, Vital Radiance is expected to negatively impact the
Company's operating results by approximately US$70 million in
the third quarter.  For the full year, the negative impact of
Vital Radiance on the Company's operating results is expected to
be approximately US$110 million, including the cost to
discontinue the brand in the third quarter and the charges taken
earlier in the year associated with a reduction of retail space
at several large format retailers.

Commenting on the decision, David Kennedy stated, "The decision
to discontinue Vital Radiance is the right strategic and
economic choice for the Company.  The likelihood of the brand
maintaining much of its retail space in the future, including
adequate space at the brand's best accounts, was questionable,
which made staying the course unfeasible for Revlon.  Given the
opportunity to further leverage our established brands-in
particular, the Revlon brand-and our intense focus on
dramatically improving our bottom-line performance in 2007, we
are confident that moving forward without what would have been a
significant, ongoing investment behind Vital Radiance is the
appropriate course of action."

In connection with the charges associated with both
discontinuing Vital Radiance and streamlining the organization,
Revlon announced that its wholly owned operating subsidiary,
Revlon Consumer Products Corporation, will seek an amendment to
its bank credit agreement to add back these charges in the
calculation of its financial covenants.  The Company noted that
the credit agreement amendment is expected to be consummated in
late September 2006, subject to market and other customary
conditions, including receipt of consents from the appropriate
lenders.  There can be no assurance that the amendment will be
consummated.

           Preliminary Third Quarter 2006 Results

The Company indicated that net sales in the third quarter of
2006 are expected to be in the range of approximately US$280
million to US$290 million, after giving effect to approximately
US$40 million in estimated Vital Radiance returns and
allowances.

Adjusted EBITDA for the third quarter of 2006 is expected to be
a loss of approximately US$50 million, and operating loss in the
quarter is expected to be approximately US$90 million, after
giving effect to the costs related to the organizational
streamlining, the total impact in the quarter of Vital Radiance,
including the cost to discontinue the brand, and other charges
in connection with executive severance.  The total impact of
these items on Adjusted EBITDA in the quarter is expected to be
approximately US$79 million, and the total impact on operating
profitability is expected to be approximately US$92 million.

Adjusted EBITDA is a non-GAAP measure that is defined in the
footnotes to this release and reconciled to net income/(loss),
the most directly comparable measure, in the accompanying
financial table.

Net loss in the third quarter is expected to be approximately
US$135 million, after giving effect to the costs of the
organizational streamlining, the total impact of Vital Radiance
and other charges in connection with executive severance.

                     Full Year 2006 Outlook

For the full year 2006, the Company indicated that it expects
net sales of approximately US$1,340 million, including the
impacts of Vital Radiance returns and allowances provisions in
the second and third quarters of 2006.  Adjusted EBITDA for the
year is expected to be approximately US$75 million to
US$85 million, and operating loss is expected to be
approximately US$45 million to US$55 million, after giving
effect to the impacts of restructuring actions taken during the
year, the expected full-year impact of Vital Radiance, including
the cost to discontinue the brand, and other charges in
connection with executive severance.  The total impact of these
items on Adjusted EBITDA for the year is expected to be
approximately US$129 million, and the total impact on operating
profitability is expected to be approximately US$150 million.

The Company is currently developing a plan to refinance its 8
5/8% Senior Subordinated Notes maturing in 2008.  In addition,
as previously disclosed, Revlon currently intends to conduct a
US$75 million equity issuance in late 2006 or the first quarter
of 2007, with the proceeds used for debt reduction.  The
backstop obligations of MacAndrews & Forbes, Revlon's principal
shareholder, will remain in effect to ensure that Revlon issues
the US$75 million.  In addition, the existing US$87 million line
of credit from MacAndrews & Forbes will remain available to the
Company through the completion of the US$75 million equity
issuance.

                    Longer-Term Outlook

As previously disclosed, the Company indicated that its goal for
longer-term net sales growth is in the mid-single-digit range,
on average, over time.  In addition, the Company continues to
expect to achieve significant improvement in profit margins over
time, with 2007 expected to benefit meaningfully from
restructuring actions taken in 2006.

More specifically, Adjusted EBITDA in 2007 is expected to be
approximately US$210 million.  The Company believes that, based
on the business plans and strategies already in place for 2007,
as well as the benefits of the 2006 restructuring actions and
the elimination of the expected operating loss from Vital
Radiance, this level of performance is achievable.  In addition,
the Company is aggressively focused on improving profitability
beyond the expected 2007 level.  This additional growth is
expected to be driven by a continuing focus on the Company's
margin and other productivity initiatives, as well as the
benefit of driving profitable revenue growth of the Company's
strong portfolio of established brands.

                        About Revlon

Revlon Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The Company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The Company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  In Europe, the company maintains
operations in Italy, France, and the United Kingdom.

At June 30, 2006, the Company's balance sheet showed US$960.7
million in total assets and US$2.09 billion in total
liabilities, resulting in a US$1.1 billion stockholders'
deficit.

                        *     *     *

As reported in the Troubled Company reported on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  Standard &
Poor's said the outlook is negative.


REVLON INC: Unit's Weak Liquidity Cues Moody's to Junk Ratings
--------------------------------------------------------------
Moody's Investors Service lowered Revlon Consumer Products
Corporation's long-term ratings, including the corporate family
rating to Caa1 from B3.  Moody's affirmed the company's
speculative grade liquidity rating of SGL-4.  These rating
actions reflect the higher risk of future debt restructurings
that may be unfavorable to current bondholders, as well as the
significant liquidity and financial challenges that Revlon faces
in the next 6-12 months.  The outlook remains negative.

Ratings affected:

   -- Corporate family rating, downgraded to Caa1 from B3;

   -- Probability of default rating, downgraded to Caa1 from B3;

   -- US$160 million senior secured asset based revolving
      credit facility due 2009, downgraded to B1 from Ba3
     (LGD 2, 11%);

   -- US$800 million senior secured term loan facility
      due 2010, downgraded to B3 from B2 (LGD 3, 35%);

   -- US$387 million 9.5% senior notes due 2011, downgraded
      to Caa2 from Caa1 (LGD 4, 61%);

   -- US$217 million 8.625% senior subordinated notes
      due 2008, downgraded to Caa3 from Caa2 (LGD 6, 93%); and

   -- Speculative grade liquidity rating, affirmed at SGL-4.

The outlook is negative.

The company's Caa1 corporate family rating and negative outlook
reflect the materially negative free cash flow, high leverage
and weak liquidity profile of Revlon.  

In order to comply with the 2004 Credit Agreement requirement
that the 8 5/8% senior subordinated notes be reduced to not more
than US$25 million in aggregate principal amount by October
2007, Revlon needs to refinance these notes in the near term.

While the company has a number of refinancing options, the risk
of a refinancing that is unfavorable to current bondholders has
increased given Revlon's weaker than expected operating
performance due to its unsuccessful launch of Vital Radiance and
the costs involved in exiting this brand.

Revlon's long-term ratings also reflect Moody's expectation that
the company will be able to maintain its current liquidity
through a possible amendment to its bank credit agreement, as
well as by raising USS$75 million in equity by early 2007 (this
issuance is backstopped by MacAndrews & Forbes).

While Moody's views the increased equity offering commitment as
an important mitigant to risks associated with the high leverage
levels, Revlon's sources of available liquidity are dependent
upon the successful completion of a number of critical
financings, the assurance of which is not necessarily
guaranteed.  Additionally, once the equity offering has
occurred, the US$87 million committed line from MacAndrews &
Forbes goes away and Revlon will face tighter liquidity given
likely drawings on its revolver.

Moody's notes that Revlon's persistently negative cash flow
generation -- EBITDA to interest coverage ratios of
approximately .9x and high leverage levels of approximately 11x
for the LTM period ending June 2006 (including Moody's standard
adjustments for operating leases and under-funded pension plans)
-- significantly constrain the rating.  More importantly, the
company's leveraged profile remains a rating concern as it
participates in an industry segment that requires material
upfront brand support, fixture, and product development
expenditures with uncertain consumer receptivity.

Further negative rating actions could be possible if Revlon is
not able to restore momentum in its core Revlon brands or if its
liquidity deteriorates significantly from current levels.  To
stabilize the rating outlook, the company needs to improve its
liquidity profile, including a successful refinancing of its
senior subordinated notes in a manner that is at least neutral
to current bondholders.

Revlon's speculative grade liquidity rating of SGL-4 reflects
credit metrics, including cash flow from operations that
continue to deteriorate and are not likely to improve materially
over the near-term.  In addition, Moody's notes that the company
has sought three amendments from its bank group for covenant
violations during 2006 and remains at risk of further breaches
should financial goals not be achieved.  Finally, Moody's
remains concerned regarding the elimination of the MacAndrews &
Forbes line of credit following the successful completion of the
pending equity offering.

Revlon, headquartered in New York, is a worldwide cosmetics,
skin care, fragrance, and personal care products company. The
company is a wholly owned subsidiary of Revlon, Inc., which in
turn is majority-owned by MacAndrews and Forbes, which is
wholly-owned by Ronald O. Perelman.  Revlon's net sales for the
twelve-month period ended June 2006 were approximately US$1.4
billion.


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


BEST TUR: Creditors Must File Claims by Oct. 20
-----------------------------------------------
LLP Best Tur Ltd. has declared insolvency.  Creditors have until
Oct. 20 to submit written proofs of claim to:

         LLP Best Tur Ltd.
         Micro District 5, 36-4
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 50-21-22


GLOBAL TRADE: Creditors Must File Claims by Oct. 20
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Global Trade Network.  

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

         LLP Global Trade Network
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


KOKTEM-4: Kostanai Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Koktem-4 on
Aug. 14.

LLP Koktem-4 is located at:

         25 let Tseliny Str. 13
         Zatobolsk
         Kostanai Region
         Kazakhstan


PAVLODAR JYL: Proof of Claim Deadline Slated for Oct. 20
--------------------------------------------------------
LLP Pavlodar JYL Bulak has declared insolvency.  Creditors have
until Oct. 20 to submit written proofs of claim to:

         LLP Pavlodar JYL Bulak
         Kubanskaya Str. 50
         Pavlodar
         Pavlodar Region
         Kazakhstan


PROD-WEST: Kostanai Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Prod-West on
Aug. 10.


SABINA-AS: Proof of Claim Deadline Slated for Oct. 24
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Sabina-as insolvent on July 6.

Creditors have until Oct. 24 to submit written proofs of claim
to:

         LLP Sabina-as
         Ormanov Str. 49-65
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (32822) 21-28-02
              8 (7015) 58-34-19


SARYOZEK-NURLAN: Claims Registration Ends Oct. 24
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Saryozek-Nurlan insolvent on Aug. 1.

Creditors have until Oct. 24 to submit written proofs of claim
to:

         LLP Saryozek-Nurlan
         Ormanov Str. 49-65
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (32822) 21-28-02
              8 (7015) 58-34-19


SIGNAL-94: Claims Registration Ends Oct. 20
-------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Signal-94 into compulsory
liquidation.

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

         LLP Signal-94
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


TEMIRBANK: Stake Acquisition Cues Moody's to Review Ratings
-----------------------------------------------------------
Moody's Investors Service placed the B1 long-term deposit rating
of Temirbank (Kazakhstan) on review for possible upgrade.  The
review also affects the B1 debt rating for senior notes issued
by Temir Capital B.V., which are guaranteed by Temirbank.
Temirbank's E+ financial strength rating and its Not Prime
short-term deposit rating have been affirmed with a stable
outlook.

Moody's notes that the rating action reflects the high
likelihood that Bank TuranAlem will acquire a controlling stake
in Temirbank during the final quarter of 2006.  BTA has recently
announced its new strategy of acquiring controlling stakes in
its partner banks, a project that will be supported by its
shareholders in the form of an external capital contribution of
US$400 million.  The acquisition remains subject to regulatory
approval and also needs to be formally sealed by shareholders'
meetings of both banks.

Moody's rating review will focus on the likelihood that BTA and
Temirbank will be regarded by the Kazakh financial authorities
as a single banking group that is too important to fail.  It
will also focus on the ability and willingness of BTA to provide
support to Temirbank in the event of need, which would be the
key driver of a possible rating upgrade.  Given that BTA is much
larger than Temirbank in terms of assets and equity, BTA's
ratings have not been affected by the announcement of the
upcoming acquisition.

Following the acquisition Temirbank will remain a separate legal
entity and is planning to continue borrowing from the
international markets in its own name.  Its current strategy is
focused on rapid expansion in domestic retail banking, with the
share of retail loans at a high 60% of gross loans as at end-
June 2006.  Given that Temirbank has been a partner bank of BTA
for a number of years, Moody's does not expect this strategy to
undergo significant changes going forward.

Headquartered in Almaty, Kazakhstan, Temirbank reported audited
consolidated total assets of KZT108 billion (US$913 million) and
total equity of KZT12 billion (US$98 million) under IFRS as at
June 30, 2006.  Bank TuranAlem reported unaudited total
consolidated assets of KZT1.198 trillion (US$10.1 billion) and
total shareholders' equity of KZT118 billion (US$995 million)
under IFRS as at June 30, 2006.  As at June 1, 2006, TuranAlem
ranked as the second largest bank in Kazakhstan by assets and
the largest bank in terms of equity.

Ratings on review for possible upgrade:

Issuer: Temir Capital B.V.

    * Senior Unsecured Regular Bond/Debenture, currently B1;

Issuer: Temirbank

    * Senior Unsecured Deposit Rating, currently B1;

Outlook Actions:

Issuer: Temir Capital B.V.

    * outlook, changed to rating under review from stable; and

Issuer: Temirbank

    * outlook, changed to rating under review from stable.


TEPLOTRANSIT: Akmola Court Starts Bankruptcy Procedure
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against State Utility
Enterprise Heat Transit Teplotransit on Aug. 7.


VEGA-OIL: Creditors' Claims Due Oct. 20
----------------------------------------
LLP Vega-Oil has declared insolvency.  Creditors have until
Oct. 20 to submit written proofs of claim to:

         LLP Vega-Oil
         M. Gvardiya Str. 32-22
         Atyrau
         Atyrau Region
         Kazakhstan


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


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

Inquiries can be addressed to (0-502) 62-63-02.


MEDIA PRINT: Proof of Claim Deadline Slated for Nov. 3
------------------------------------------------------
LLC Media- Print-Service has declared insolvency.  Creditors
have until Nov. 3 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 97-50-91.


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


ASML HOLDING: Fitch Assigns BB+ Rating on EUR380 Mln Notes
----------------------------------------------------------
Fitch Ratings upgraded Netherlands-based ASML Holding N.V.'s
Issuer Default rating to BB+ from BB-.  The Outlook remains
Positive.  At the same time the agency has assigned ASML's
EUR380 million 5.5% subordinated convertible notes due 2010 a
BB+ rating.  

While the notes are subordinated to all senior debt, Fitch notes
that almost all of the company's third party debt is made up of
subordinated convertible debt.

The upgrade reflects ASML's improving operating and financial
performance, evident in the company's solid earnings, robust
cash flows and well-capitalized balance sheet.  The ratings also
take into account the relatively buoyant industry conditions in
lithography expected over the next three years.

The industry is expected to grow by around 28% in 2006, before
slowing next year and then reaching a cyclical peak in 2008.
Negative factors affecting the rating include the company's
somewhat limited scale and lack of product diversification, as
well as the volatility of capital equipment markets.

"ASML's rating has historically been constrained by the losses
incurred through the 2001-03 cycle and the necessary
restructuring that accompanied this period," disclosed Stuart
Reid, Director in Fitch's European TMT team.  

"Performance since then has improved considerably with the
company now achieving best-in-class operating margins while
maintaining a dominant market position and industry leading
technology," he added.

The Outlook reflects the robust 2005 results and the expectation
of further improved performance in 2006.  It also takes account
of the company's strong cash flow and solid order book.

Given the material restructuring charges between 2001-2004 and
the poorly timed SVG acquisition in 2001 ASML reported
significant losses during 2001-2003.  Fitch notes however that
restructuring is now complete and the business is performing at
optimal levels - with breakeven production reduced to 100 units.

Flexible working practices, which allow the company to reduce
labor costs in a downturn and ramp up operations to "24/7"
production in the up-cycle should help smooth operating margins.
Performance is robust compared with both its direct industry
peers and the wider European semiconductor sector.

From a modest position in the mid-1990s, ASML has used its
collaborative approach to research & development to become the
market leader in lithography.  ASML is expected to account for
more than 60% of industry revenues in 2006.  Examples of its
market leading technology include its unique dual-stage Twinscan
tool, which allows for non-stop parallel wafer processing;
measuring one wafer while imaging another.

In immersion technology, the company has announced its fifth
generation system compared with its competitors' second-
generation product, with its first revenues from this technology
reported in 2004.  In contrast, Nikon has only recently
introduced an immersion tool, and Canon is not expected to ship
immersion products before 2007.

The modular architecture of ASML's tools ensures a high degree
of backward compatibility between successive generations of
tool, providing a high degree of customer loyalty once an
initial system has been installed.

ASML is the market leader in the manufacture of microlithography
equipment, an essential part in the semiconductor manufacturing
process.  Based in Veldhoven, the Netherlands, the company has
5,209 employees, and generated 2005 revenues and EBITDAR of
EUR2.53 billion and EUR593 million, reflecting a margin of
23.4%.


ECHOSTAR COMMS: Unit Prices US$500 Million Senior Notes
-------------------------------------------------------
EchoStar Communications Corp. disclosed that its subsidiary,
EchoStar DBS Corp., has priced an offering of US$500 million
aggregate principal amount of senior debt securities.  The debt
securities will be issued as 7% Senior Notes due 2013.  

The net proceeds of the offering are intended to be used to
replace cash on hand that will be used to redeem outstanding
Floating Rate Senior Notes due 2008 on Oct. 1 pursuant to the
previously announced redemption of such notes.

The sale of the Notes is expected to close on Oct. 18 subject to
customary conditions.

EchoStar DBS Corporation placed the Notes in a private
transaction under Rule 144A under the Securities Act.  The Notes
have not been registered under the Securities Act of 1933, as
amended, or the securities laws of any other jurisdiction and
may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

                About EchoStar Communications

EchoStar Communications Corporation (NASDAQ:DISH) --
http://dishnetwork.com/-- serves more than 12.46 million  
satellite TV customers through its DISH Network(TM), and is a
leading U.S. provider of advanced digital television services.  
DISH Network's services include hundreds of video and audio
channels, Interactive TV, HDTV, sports and international
programming, together with professional installation and 24-hour
customer services.  Echostar's has offices in Almelo, the
Netherlands, Madrid Spain, and West Yorkshire, United Kingdom
consisting of 270 employees.

At June 30, 2006, EchoStar's balance sheet showed US$9.1 billion
in total assets and US$9.6 billion in total liabilities,
resulting in a US$511 million stockholders' deficit.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Dominion Bond Rating Service confirmed the ratings of EchoStar
Communications Corporation and EchoStar DBS Corporation at BB
(low) and BB.  The trend is Stable.  

Fitch placed the Company's subordinated debt rating at B on
Oct. 28, 2004, and assigned a stable outlook to the rating on
January 2006.


ECHOSTAR COMMS: Moody's Affirms Ba3 Rating on Proposed Notes
------------------------------------------------------------
Moody's Investors Service affirmed all ratings including the Ba3
corporate family and SGL-1 liquidity rating for EchoStar
Communications Corporation and its subsidiary EchoStar DBS
Corporation following the company's announcement of a proposed
US$500 million of EDBS notes.

The US$500 million in proceeds from the new fixed rate notes
will be used to replace the same amount of the existing EDBS
floating rate note.

EchoStar's corporate family rating continues to reflect
expectations of higher costs to grow and retain subscribers in
an increasingly competitive operating environment as well as
concerns regarding management's longer term operational and
fiscal strategies.

EchoStar's solid liquidity position (based predominantly on cash
balances of approximately US$2 billion), its substantial
subscriber base of over 12 million, and modest positive free
cash flow support the ratings.  The outlook remains stable.

Ratings affirmed:

EchoStar Communications Corporation, Ba3

    * PDR: Ba2
    * SGL-1
    * Outlook Stable
    * 5.75% sub conv due 2008, B2 --> B1, LGD6, 96%

EchoStar DBS Corporation

    * 5.75% nts due 2008, Ba3 --> Ba3, LGD4, 58%
    * 6.375% nts due 2011, Ba3 --> Ba3, LGD4, 58%
    * 6 5/8% nts due Oct. 1 2014, Ba3 --> Ba3, LGD4, 58%
    * 7.125% nts due 2016, Ba3 --> Ba3, LGD4, 58%

Ratings assigned:

    * US$500M of New Senior Notes due 2013 and 2016
      -- Ba3, LGD4, 58%

EchoStar Communications Corporation is a leading provider of
direct broadcast satellite pay television services to
approximately 12 million subscribers.  The company maintains its
headquarters in Englewood, Colorado.


ECHOSTAR COMMS: S&P Rates Unit's US$500-Mln Senior Notes at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB-' rating to
Echostar DBS Corp.'s aggregate US$500 million senior notes with
maturities of 2013 and 2016.  These are being issued under Rule
144A with registration rights.
     
Proceeds will be used as the permanent financing of the
redemption of the company's outstanding floating-rate senior
notes due 2008.  The corporate credit rating of Echostar DBS
Corp. is 'BB-' and reflects that of its Denver-based parent
EchoStar Communications Corp., a satellite direct-to-home TV
provider.  The outlook is stable.
      
"The ratings on EchoStar Communications reflect intense
competition from cable TV system operators and its larger DTH
rival, DIRECTV Group," said Standard & Poor's credit analyst
said Catherine Cosentino.

Some concern surrounds the company's longer-term competitive
position from its inability to provide the high-speed data,
voice, and advanced two-way video services available from cable
companies, and likely to be offered by phone companies over the
next few years.

In addition, a degree of financial and strategic policy
uncertainty weigh on the ratings.  Tempering factors include
good customer, revenue, and EBITDA growth, and solid liquidity
from growing discretionary cash flow and a sizable cash balance.


IFCO SYSTEMS: Expects Pre Tax Loss for 2006 Third Quarter
---------------------------------------------------------
In anticipation of its third quarter 2006 earnings release, the
Management of IFCO Systems NV expects a minor pre tax loss for
the reporting period.  

The loss will entirely arise from the Company's business segment
Pallet-Management-Services in the U.S. through:

    * non-recurring, higher than expected legal costs related
      to the investigations of the U.S. Immigration and
      Customs Enforcement Agency.
    
    * a temporary decline in productivity and profitability
      in the U.S. Pallet-Management-Services Segments due to the
      partial replacement of the PMS workforce as a result of
      the ICE investigations.

Cash flow is expected to continue to be positive in Q3 2006 and
for entire 2006.

The Company anticipates improvement in the productivity and
profitability of the PMS business segment as well as declining
legal costs and therefore expects a positive result for the
fourth quarter 2006.

                      About IFCO Systems

Headquartered in the Netherlands, IFCO Systems --
http://www.ifcosystems.com/-- is an international logistics  
service provider with more than 150 locations worldwide.  In
Europe, IFCO SYSTEMS maintains operations in Denmark, France,
Germany, Greece, Italy, Norway, Spain, Switzerland, and the
United Kingdom.  The company operates a pool of more than 87
million Reusable Plastic Containers globally, which are used
primarily to transport fresh produce from producers to leading
grocery retailers.  In 2005, IFCO Systems generated revenues of
US$576 million.  Its balance sheet at Dec. 31, 2005, shows
US$243 million in assets and US$153 million in liabilities.  
IFCO Systems is listed on the Frankfurt Stock Exchange in the
Prime Standard segment (IFE1).

                      *     *     *

As previously reported in TCR-Europe on March 3, Moody's
Investors Service upgraded the ratings of IFCO Systems N.V.
(IFCO).  

Ratings affected:

   -- Corporate family rating upgraded to Ba3 from B1; and

   -- EUR110 million guaranteed senior secured notes due 2010
      upgraded from B2 to B1.

Moody's said the rating outlook is positive.

The upgrades reflect IFCO's proven ability to improve its
operating performance, and subsequently its credit metrics,
during 2005, while making substantial progress towards
completing the program to upgrade its reusable plastic
containers (RPCs).  

Standard & Poor's Ratings Services also raised its long-term
corporate credit rating on IFCO Systems N.V., the Netherlands-
based provider of reusable plastic containers and pallet
services, to 'BB-' from 'B+' reflecting the strong improvement
in IFCO's operating performance.  Standard & Poor's said the
outlook is stable.

At the same time, Standard & Poor's raised its senior secured
debt rating on IFCO to 'B' from 'B-'.


IFCO SYSTEMS: Profit Warning Prompts Moody's to Change Outlook
--------------------------------------------------------------
Moody's Investors Service changed IFCO Systems NV's rating
outlook to negative from positive following the company's press
release indicating an expected loss in the third quarter of 2006
due to the impact of investigations by the U.S. Immigration and
Customs Enforcement Agency.

On Feb. 27, Moody's upgraded the company's corporate family
rating to Ba3 and senior secured notes to B1 with a positive
outlook.

The change in outlook reflects uncertainty surrounding the
impact of the investigation and the timing of its resolution.
Higher than expected legal costs have been incurred and
productivity in the U.S. Pallet-Management-Services division
declined due to the loss of personnel and the need to find and
train new staff.  The possible outcome of the investigation or
its effect on credit metrics is unclear.

However, Moody's views the event as being of a non-recurring
nature and management expect the underlying business to continue
to perform and produce positive cash flows and higher revenues
regardless of the drop in productivity.

Headquartered in the Netherlands, IFCO Systems NV is a leading
logistics services provider operating throughout Europe and the
U.S.  The company generated US$633 million in revenues for the
last twelve months to June 30, 2006.


LAURUS NV: Continues Search for New CEO and CFO
-----------------------------------------------
The Management and Supervisory Boards of Laurus N.V. appointed
R. van den Hoek as the company's interim CFO to replace Kenaad
B. Tewarie effective immediately pending the definitive
appointment of a new CFO.

Mr. Tewarie will have until the end of the year to fully
concentrate on the completion of issues that are connected to
the divestments of Laurus' Edah and Konmar superstores.  

Harry Bruijniks, Laurus' former chief executive, stepped down
from his post in August due to dispute over strategy.  A.M.F.J.
van de Laar served as the company's interim CEO to prioritize
the completion of its strategic plan for Super de Boer.

A shareholders meeting will be held this month to appoint a new
CEO for Laurus.

                    Edah Sell-Off Deal Closes

Laurus closed the deal Sept. 12 to sell off 233 Edah stores and
the related overhead activities.  The deal agreed with S+S
Winkels B.V. -- whose shareholders are Sligro Food Group and
Sperwer Holding -- is worth approximately EUR182 million.

            Sale of the Waddinxveen and Beilen DCs

Last month, Laurus sold its distribution center premises in
Waddinxveen and Beilen to a subsidiary company of Heitman
International LLC and entered into a lease agreement with the
new owners.

The purchase price of the two properties, totaling approximately
EUR68 million, is almost equal to their book value.

Disposal of the Waddinxveen DC was taken into account in the
forecast of shareholders' equity and net debt as at year-end
2006, as presented at the extraordinary general meeting of
shareholders held on July 17.

The logistics operations based at the Waddinxveen and Beilen DCs
will not be discontinued as a consequence of this sale.

Laurus told Ian Bickerton of the Financial Times last month that
the company was renegotiating financing arrangements with its
banks, after it warned creditors that the company would breach
loan covenants and be loss-making this year.

In 2004, Laurus suffered a net loss of EUR128 million, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.  
In 2005, the company posted a EUR66 million net loss against
EUR273 million in gross profits.

Headquartered in AD's-Hertogenbosch, the Netherlands, Laurus
N.V. -- http://www.laurus.nl/-- operates 700 supermarket & off-
license stores, employs about 24,000 workers and holds a 14.3%
market share in 2005.  Laurus was formed on Oct. 30, 1998,
through a merger of De Boer Unigro N.V. and Vendex Food Groep
B.V.

In January, the company disclosed its intention to sell its Edah
and Konmar Superstores operations in order to focus on its Super
de Boer format.  Super de Boer counts 400 supermarkets, half of
it is owned by Laurus and the other half is run by affiliated
retailers.  


PYATEROCHKA HOLDING: In Talks to Acquire Merkado Chain in Moscow
----------------------------------------------------------------
Pyaterochka Holding N.V. confirms that it is currently engaged
in negotiations that may lead to the acquisition of a chain of
retail stores and real estate operating under the Merkado brand
in Moscow, Russia.

                    About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.5chka.com/-- operates a large store network largely   
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                          *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following
Pyaterochka's announced acquisition of Russia's leading
supermarket chain Perekrestok.  S&P said the outlook is
negative.


* Moody's Reports Strong Performance of Dutch RMBS Market
--------------------------------------------------------
The Dutch Residential Mortgage-Backed Securities market remains
highly active in terms of both volumes issued and the number of
transactions closed, Moody's Investors Service said in its
latest Dutch RMBS index publication, which reports figures up
till the end of the second quarter of 2006.  In addition, many
key performance indicators are at levels that are among the
strongest in Europe.

In the four quarters to end-Q2 2006, a total of 20 Dutch RMBS
transactions closed with a total issuance volume of
EUR35.79 billion, making this the second largest RMBS market in
Europe after the U.K.  The most active quarter was Q4 2005,
which witnessed not only an impressive nine transactions but
also a particularly high issuance volume of EUR17.27 billion,
boosted by the Best 2005, Shield 1 BV and Stichting Memphis
2006-I deals.

"One key trend has been the low and generally declining level of
delinquencies, with weighted average delinquencies greater than
60 days falling from 0.55% in Q2 2005 to 0.25% in Q2 2006.
Notably the decline during the first two quarters of 2006 has
been largely due to the high number of unseasoned transactions
closed over the past nine months," explains Cecilia Mattsson, a
Moody's Senior Associate and author of the report.

As regards cumulative foreclosures, the weighted average
increased marginally from 0.13% of the original mortgage pool
balance in Q2 2005 to 0.14% in Q2 2006 but remains at a level
that is a European record low.

In general the more recent vintages have been performing less
strongly than older vintages.  Similarly, although cumulative
losses have also seen a small increase, with the weighted
average rising from 0.024% of the original balance in Q2 2005 to
0.025% in Q2 2006, this is at a European low and is below
Moody's expectations.  

The current weighted average total redemption rate is 16.19%
(15.38% in Q2 2005), a slightly higher rate than in other
European jurisdictions -- largely due to the fairly high
proportion of fixed interest rate mortgage loans in the
Netherlands.

Moody's report, entitled "Dutch RMBS Q2 2006 Indices", explains
that the rating agency upgraded ten tranches of Dutch RMBS
notes, affecting approximately EUR191 million of debt
securities, in July 2006.  The upgrades were the result of the
better-than-expected performance of the mortgage pools. Some of
the upgrades were also triggered by amortization of the pools
resulting in increased credit enhancement.

Moody's Dutch RMBS Indices reports can be found on
http://www.moodys.com/under the Credit Index category of  
Structured Finance research or http://www.moodys.com/  
Structured Finance RMBS Indices & Performance Reviews.


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


SAGRES STC: Fitch Affirms B+ Ratings on EUR53 Mln Class T Notes
---------------------------------------------------------------
Fitch Ratings affirmed all outstanding tranches of SAGRES STC -
Explorer 2004 Series 1 asset-backed notes following a
satisfactory performance review:

   -- EUR355 million Class A2 notes (ISIN XS0190180678) at AAA;

   -- EUR170 million Class M notes (ISIN XS0190180918) at AA;

   -- EUR129 million Class N notes (ISIN XS0190181130) at A-;

   -- EUR136 million Class O notes (ISIN XS0190181213) at BB+;
      and

   -- EUR53 million Class T notes (ISIN XS0190181486) at B+.

The Class A1 notes were paid in full in September 2006.  SAGRES
was the first securitization launched by the Portuguese
government in 2004.

The assets backing the transaction are unpaid tax and social
security claims originated in Portugal.

Collections over the last 12 months have been in line with
Fitch's revised base case.  For the six-month period ending
September 2006, cumulative collections were EUR974 million,
which represents 102% of Fitch's revised base case and 64% of
Fitch's original base case.

The continuance of collections at or around Fitch's revised base
case for the next 2 years is by the agency seen as crucial in
determining the ultimate ability to fully service the lower
rated notes.


=============
R O M A N I A
=============


HUNTSMAN CORP: Sells European Commodities Business to SABIC
-----------------------------------------------------------
Peter R. Huntsman, President and CEO of Huntsman Corp. disclosed
that Huntsman has signed a definitive agreement with Saudi Basic
Industries Corporation, under which SABIC will acquire
Huntsman's European Base Chemicals and Polymers business.

Under the agreement, SABIC will acquire the business for a
purchase price of US$700 million in cash, subject to certain
adjustments at closing.  

The transaction further allows Huntsman to reduce its U.K.
pension liabilities in the amount of approximately US$126
million.  The transaction will not include Huntsman's Teesside-
based Pigments division or the Wilton-based aniline and
nitrobenzene operations of its Polyurethanes division.

"This is a major step in divesting our commodity businesses as
we execute our previously announced strategy of realigning our
portfolio to differentiated businesses and paying down debt,"
said Peter Huntsman.

After giving effect to the announced divestiture and the
recently completed sale of Huntsman's U.S. butadiene and MTBE
business, total revenue from Huntsman's differentiated
businesses (including the Textile Effects division recently
acquired from Ciba), will equate to nearly 80% of Huntsman's
revenues for the twelve-month period ending June 30, 2006.  

Total net debt, on a pro forma basis for the same period, is
expected to drop to approximately US$3.5 billion after
application of the proceeds from the announced divestiture-a
greater than 40% reduction from approximately US$6.0 billion in
net debt at year end 2004.

Huntsman purchased the business from ICI plc in 1999.  Under
Huntsman ownership, the business grew to have 2005 revenues of
US$2.5 billion, and 2005 and LTM Adjusted EBITDA of US$176
million and US$45 million, respectively.

                        About Huntsman

Headquartered in Salt Lake City, Utah, Huntsman Corp. (NYSE:HUN)
-- http://www.huntsman.com/-- is a global manufacturer of  
differentiated and commodity chemical products.  Huntsman's
products are used in a wide range of applications, including
those in the adhesives, aerospace, automotive, construction
products, durable and non-durable consumer products,
electronics, medical, packaging, paints and coatings, power
generation, refining and synthetic fiber industries.  In
Europe, Huntsman is present in Austria, Belgium, Czech Republic,
France, Germany, Greece, Hungary, Italy, Poland, Romania,
Slovenia, Spain, Sweden, Switzerland, the Netherlands, Turkey,
United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on March 7, 2006,
Moody's Investors Service affirmed the B1 corporate family
rating of Huntsman Corp. and of Huntsman International LLC, and
changed the outlook on the ratings to developing.

As reported in the Troubled Company Reporter on March 6, 2006,
Standard & Poor's Ratings Services placed its ratings on
Huntsman Corp. and its affiliate Huntsman International LLC on
CreditWatch with developing implications, including the 'BB-'
corporate credit ratings.


* HUNTSMAN CORP: Moody's Comments on European Commodities Sale
--------------------------------------------------------------
Huntsman Corp.'s (HC -- Corporate family rating B1 -- Outlook
Developing) announcement that it has reached agreement to sell
its European Commodities Business to SABIC reflects the ongoing
restructuring efforts that are actively taking place to separate
HC's Base Chemicals and Polymer segments from HC's
differentiated segments.  When this plan was announced, in March
2006, Moody's moved the outlook to developing.  

The proposed material debt reduction along with a reduction in
U.K. pension liabilities in the amount of approximately US$126
million is a credit positive and this recent announcement
supports Moody's belief that objectives for incremental debt
reduction approaching US$1.45 billion by the end of 2007 are
possible.  Upon completion of the proposed debt reduction with
proceeds of the sale the outlook may move to positive.

The current developing outlook reflects the possibility of
additional transactions over the medium term.  The outlook also
reflects that the ratings may change subject to the development
of a more formal debt structure and financial philosophy
(including the possibility of dividends and incremental
acquisitions) for the remaining businesses to be held at the
differentiated segments.

Moody's believes the decision to pursue a split by HC's
management was prompted by ongoing concern over a "low" stock
price valuation along with the receipt of an indication of
interest from an outside party, occurring in late 2005,
regarding an acquisition of all of the outstanding stock of HC.

Huntsman Corporation is a global manufacturer of differentiated
and commodity chemical products.  Huntsman's products are used
in a wide range of applications, including those in the
adhesives, aerospace, automotive, construction products, durable
and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining and
synthetic fiber industries.  Huntsman had revenues for the
twelve months ended June 31, 2006 of US$12.8 billion.


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


480 COMBINE: Bankruptcy Hearing Slated for November 21
------------------------------------------------------
The Arbitration Court of Tula Region will convene on Nov. 21 to
hear the bankruptcy supervision procedure on OJSC 480 Combine Of
Reinforced Concrete Goods (TIN 7111003137, OGRN 1027103670890).  
The case is docketed under Case No. A68-547/B-06.

The Temporary Insolvency Manager is:

         V. Mirnyj
         Post User Box 120
         300026 Tula-26
         Russia

The Debtor can be reached at:

         OJSC 480 Combine Of Reinforced Concrete Goods
         Parkovaya Str. 5
         Aleksin
         Tula Region
         Russia


ALFA BANK: Denies Plans to Sell CTC Media Stake
-----------------------------------------------
In view of widespread speculation in the media related to Alfa-
Bank's investment memorandum of Sept. 25, Alfa-Bank wishes to
reiterate that it does not have any current plans to sell its
interest in CTC Media to third parties.

Interfax press agency, which was the first to publish an
announcement regarding the sale of shares in CTC Media by Alfa-
Bank, misinterpreted the message of the memorandum, which was
addressed only to Alfa-Bank's bondholders.  In recent years the
Bank has been pursuing a policy of divesting non-core,
industrial assets, both through sales to third parties and
through intra-group transfers.

In this case, the plan is to transfer ownership to other legal
entities within the Alfa Group.  Alfa Group's ultimate ownership
structure will be unaffected as a result of such transfer.
Shareholders of Alfa Group are neither currently planning to
sell their ownership stake in CTC Media, nor are they in
negotiations with respect to a sale.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key   
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa-Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa-Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in TCR-Europe on Sept. 12, Fitch Ratings upgraded
Russia-based Alfa Bank's ratings to Issuer Default BB- from B+,
Individual C/D from D and National Long-term to A+ from A.  The
Outlooks on the Issuer Default and National Long-term ratings
remain Stable.  Alfa's other ratings are affirmed at Short-term
B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in TCR-Europe on July 17, Moody's Investors Service
upgraded Alfa Bank's Financial Strength Rating to D from D- and
changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


BAKERY 1: Court Names A. Rybakov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. A.
Rybakov as Insolvency Manager for OJSC Bakery 1 (TIN
1831001051).  He can be reached at:

         A. Rybakov
         Ordzhonikidze Str. 3
         Izhevsk
         426063 Udmurtiya Republic
         Russia
         Tel: (3412)63-73-27

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-17718/2005-G21.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426011 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Bakery 1
         Likhvintseva Str. 9
         Izhevsk
         426057 Udmurtiya Republic  
         Russia


BALKAN-TRAVEL: Court Names I. Zhiganshin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. I. Zhiganshin as Insolvency Manager for CJSC
Balkan-Travel.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-22240/06.

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 Balkan-Travel
         Apraksin Per. 4.
         191023 St. Petersburg Region
         Russia


BANK SOYUZ: Moody's Assigns E+ Financial Strength Rating
--------------------------------------------------------
Moody's Investors Service assigned these ratings to Bank Soyuz
(Russia):

   -- B1 long-term and Not-Prime short-term foreign
      currency deposit ratings,

   -- B1 long-term and Not-Prime short-term local
      currency deposit ratings,

   -- E+ financial strength rating, and

   -- A2.ru long-term National Scale Rating.

The outlooks on all global scale ratings are stable, while the
bank's NSR carries no specific outlook.

According to Moody's, the B1/NP global scale foreign and local
currency bank deposit ratings reflect global default and loss
expectation, while the A2.ru NSR reflects the bank's above-
average creditworthiness relative to its domestic peers.

Moody's notes that the bank's deposit ratings factor in a
limited degree of external support from Basic Element, and from
its beneficial shareholder, which together control the bank.
Basel, which was founded in 1997, positions itself as a private
equity fund and runs a portfolio of core investments in five
sectors: energy, machinery, natural resources, financial
services, construction, and development.  While Basel owns a
number of high-profile companies, its most widely known
investees are Rusal, and Ingostrakh, a leading Russian insurance
company.

Although small in size compared to Rusal, for example, Bank
Soyuz plays an important role within Basel's financial services
segment and appears to be Basel's strategic investment.  As the
bank is closely associated with Basel in the eyes of market
participants, default on the part of the bank would inflict
reputational damage on Basel.  Since the owner's ability and
willingness to support the bank at all times is not certain,
only a very limited degree of support is factored into the B1
long-term deposit ratings, giving a single-notch uplift to the
bank's standalone ratings.

The bank's E+ FSR (stable outlook), which is a measure of its
standalone financial strength, reflects its limited but growing,
franchise in corporate, retail and investment banking.  It also
takes into consideration the bank's high market risk appetite,
as a result of which it was very profitable in 2005 and in 1H
2006, when the Russian stock market appreciated strongly.
However, if not moderated, such a risk appetite could result in
significant fluctuation in the bank's future financial results
and capitalization.

The FSR also factors in the bank's still weak core profitability
and significant related-party exposure on both sides of its
balance sheet.  While the bank has attained some level of
diversification away from the group, as noted above, it still
maintains a sizeable level of related-party lending and some
off-balance-sheet credit exposure, especially with regard to
entities from Basel's automotive and construction sectors.

The bank avails itself of Basel's funding, which typically
exceeds its exposure to the group on the asset side.  While thus
far the bank's related-party portfolio has performed very well,
this might not be the case under less benign economic
conditions.  If some of these large related exposures were to
encounter serious difficulties, the bank would be highly reliant
on the group to bail these companies out.

On the other hand, the bank has achieved marked progress in
developing retail lending activities.  This is most apparent in
car lending where it enjoys a quite sizeable market share,
particularly in Moscow; it was the first Russian bank to
securitise part of its portfolio.  The retail lending product
range is still evolving and a longer track record needs to be
established in these new areas.  

Execution risk with regard to the ambitious expansion strategy,
which envisages the creation of a network of about 100 branches
and outlets within the next few years, is mitigated by the
presence of a strong and knowledgeable management team
supervised by an experienced board of directors.

Despite rapid growth in the bank's interest and fee income-
generating activities and a healthy bottom lime performance, its
earnings capacity is still heavily dependent on the performance
of its securities portfolio, approximately half of which
consists of equities issued by Russian companies.  In the event
of a sharp and precipitous downturn in the Russian stock market,
the bank's financial performance and its capital base could
suffer as a result.

The bank's exposure to money and capital markets for funding is
considerable, but not excessive.  A significant part of the
bank's securities portfolio is traditionally repoed with banks
and customers, while it has a significant domestic promissory
note issuance program in place together with an outstanding
domestic bond issue, as well as plans to continue tapping these
as well as additional funding sources.

While these are an efficient means of funding the bank's
expanding activities, Moody's would closely monitor its
dependence on these confidence-sensitive funding sources for any
signs of over-reliance.  The rating agency views very positively
the bank's early stage entry to the asset-backed securities
market, as over time this could become an important funding
source.

Headquartered in Moscow, Russian Federation, Bank Soyuz reported
total assets of US$2.183 billion under IFRS at year-end 2005.  
As of July 1, 2006, according to Interfax, the bank ranked 30th
among the Russian Top-30 in terms of total assets.


BOLSHAYA IVANOVSKAYA: A. Konstantinov to Manage Assets
------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A.
Konstantinov as Insolvency Manager for OJSC Bolshaya Ivanovskaya
Manufactory.  He can be reached at:

         A. Konstantinov
         Office 38
         8th Marta Str. 32
         153037 Ivanovo Region
         Russia
         Tel./Fax: (4932) 41-43-74

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1354/06-1-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC Bolshaya Ivanovskaya Manufactory
         Lenina Pr. 21
         153002 Ivanovo Region
         Russia


BRICKWORKS: Rostov Bankruptcy Hearing Slated for November 14
------------------------------------------------------------
The Arbitration Court of Rostov Region will convene at 2:00 p.m.
on Nov. 14 to hear the bankruptcy supervision procedure on OJSC
Brickworks.  The case is docketed under Case No. A53-12846/
2006-S2-8.

The Temporary Insolvency Manager is:

         A. Dolzhenko
         Moskovskaya Str. 68
         344007 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         OJSC Brickworks
         Yakutskiy Per. 2A
         Shakhty
         346513 Rostov Region
         Russia


CRYSTAL FACTORY: Court Names E. Bogdanov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. E.
Bogdanov as Insolvency Manager for LLC Crystal Factory.  He can
be reached at:

         E. Bogdanov
         Letter O
         Mayakovskogo Str. 1A
         390046 Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-8849/2005-K1-75B.

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         LLC Crystal Factory
         Gus-Khrustalnyj
         Vladimir Region
         Russia


DALI: Bankruptcy Hearing Slated for November 29
-----------------------------------------------
The Arbitration Court of Krasnodar Region will convene at 3:00
p.m. on Nov. 29 to hear the bankruptcy supervision procedure on
CJSC Company Dali.  The case is docketed under Case No.
A-32-12063/2006-46/788-B.

The Temporary Insolvency Manager is:

         E. Safonova
         Office 2
         Kubano-Naberezhnaya Str. 100
         Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Company Dali
         Rashpilevskaya Str. 53
         350000 Krasnodar Region
         Russia


DIARY ANAPSKIY: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on OJSC Diary Anapskiy.  The case is
docketed under Case No. A32-21942/2004-43/164-B.

The Temporary Insolvency Manager is:

         I. Nezhentseva
         Post User Box 119
         Main Post Office
         Anapa
         353440 Krasnodar region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Diary Anapskiy
         420021 Krasnodar Region
         Russia


DIARY PERVOMAYSKIY: Court Names V. Ivanov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. V. Ivanov
as Insolvency Manager for OJSC Diary Pervomayskiy
(TIN5639001649).  He can be reached at:

         V. Ivanov
         Gaya Str. 23A
         460000 Orenburg Region
         Russia
         Tel./Fax: (3532) 78-40-26

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-17300/05-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Diary Pervomayskiy
         Stepnyanka
         Pervomayskiy Region
         Orenburg Region
         Russia


GAZPROM OAO: Completes Acquisition of 60% Stake in OAO Novatek
--------------------------------------------------------------
OAO Novatek's main shareholders, OOO LEVIT and SWGI Growth Fund
(Cyprus) Limited closed the sale of 19.4% of the company's
outstanding ordinary shares to OAO Gazprom, represented by ZGG
GmbH.

As a result of the transaction, Gazprom representatives will
have two seats on the Board of Directors, which in accordance
with the Company's existing Charter provides the new shareholder
representing Gazprom with sufficient rights to participate in
management of the Company's activities and the equity stake
owned by Gazprom and its affiliated entities will not exceed at
any time 19.9% of the Company's outstanding shares.

The Parties to the transaction anticipate further expansion of
NOVATEK's activities in developing its existing fields and
growing its hydrocarbon resource base and an opportunity for
NOVATEK to be involved in regional gasification programs.

NOVATEK believes the addition of Gazprom as a strategic investor
will enhance the Company's ability to fully develop its
hydrocarbon resource base and realize its strategic objective of
maximizing production and processing of hydrocarbons.

                        About Novatek

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

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

                        About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of        
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.   Standard &
Poor's Services raised on Jan. 17, 2006, its long-term
corporate credit rating on OAO Gazprom to 'BB+' from 'BB'.


GAZPROM OAO: To Expand Gas Supply System to Altai Republic
----------------------------------------------------------
Alexey Miller, Chairman of the Management Committee to OAO
Gazprom, and Alexander Berdnikov, Head of the Altai Republic,
have signed a Cooperation Agreement and Gasification Accord.

The Agreement pursues the objective of organizing joint work to
expand the Unified Gas Supply System to the Russian East and
executing large-scale gas projects, primarily the Altai gas
pipeline construction project.

The Republican Government is intent on assisting Gazprom in:

   -- coordinating the implementation of the Development Program
      for an integrated gas production, transmission and supply
      system in Eastern Siberia and the Far East, taking into
      account potential gas exports to China and other Asia
      Pacific countries; and

   -- creating a favorable investment and taxation environment
      needed for the efficient activity of Gazprom.

Taking into consideration existing requirements towards rational
nature management and environmental protection, Gazprom, on its
part, will implement projects to promote gas supply to and
gasification of the region, and will secure reliable natural gas
deliveries to regional consumers in the contracted amount.

The Accord contemplates Gazprom's participation in the
gasification of the Altai Republic.

In pursuance of the Accord, the parties will develop an
Investment Project for the gasification of the region, including
a feasibility study, general gasification scheme and viability
construction report for gas supply facilities based on a
comprehensive approach to gas utilization.

On the platform of the Investment Project the parties will
devise together with Mezhregiongaz a by-stage gasification
program for the Republic and identify financing sources and
schemes.

The parties agreed to develop regional programs covering energy
saving measures as well as conversion of motor vehicles and
agricultural equipment to compressed and liquefied gas.

The Government of the Altai Republic and Gazprom had entered
into the Cooperation Agreement on Jan. 15, 2001.  The Agreement
term has expired.

Liquefied natural gas penetration in the residential sector of
the Altai Republic is currently at 64 per cent (74 per cent in
cities and towns, and 60 per cent in rural area).

In March 2006, Gazprom and China National Petroleum Corporation
inked a Protocol on natural gas supply from Russia to the
People's Republic of China.  The Agreement fixes the major
agreements for the gas supply timing, amount and routes, and for
the pricing formula principles.  First Russian natural gas is
anticipated to be delivered to China in 2011.

An initial stage is expected to see the creation of a new Altai
gas transmission system that will run through the western
section of the Russia-China border and will link West Siberian
fields with the Xinjiang Uygur Autonomous Region (western
China).

                        About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.   Standard &
Poor's Services raised on Jan. 17, 2006, its long-term
corporate credit rating on OAO Gazprom to 'BB+' from 'BB'.

                        *     *     *

As reported in TCR-Europe on Jan. 18, Standard & Poor's
Services raised its long-term corporate credit rating on OAO
Gazprom to 'BB+' from 'BB'.

As reported in the TCR-Europe on Oct 27, 2005, Fitch
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


GRAKHOVO-MILK: Court Names V. Yarmolenko as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed V.
Yarmolenko as Insolvency Manager for OJSC Grakhovo-Milk.  He can
be reached at:

         V. Yarmolenko
         Post User Box 120
         Naberezhnye Chelny
         423802 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-002322/2006-G29.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Grakhovo-Milk
         Grakhovo
         Udmurtiya Republic
         Russia


KARELSKIYE FURS: Kareliya Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Kareliya Republic has commenced
bankruptcy supervision procedure on LLC Karelskiye Furs.  The
case is docketed under Case No. A26-5113/2006-184.

The Temporary Insolvency Manager is:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg Region
         Russia
         Tel: 8(812)764-39-27

The Debtor can be reached at:

         LLC Karelskiye Furs
         Post User Box 142
         192007 St. Petersburg Region
         Russia
         Tel: 8(812)764-39-27


KELLOG: Moscow Court Names V. Vinogorov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. V. Vinogorov as
Insolvency Manager for CJSC Investment Company Kellog (TIN
7718167369).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-31534/06-44-263 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Investment Company Kellog
         Prostornaya Str. 6
         107392 Moscow Region
         Russia


KHANTY MANSIYSK: S&P Affirms B+/B Rating on Improving Franchise
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based Bank of Khanty-Mansiysk (JSC) to positive from
stable.  At the same time, the 'B+/B' counterparty credit
ratings were affirmed.  Additionally, Standard & Poor's raised
its Russia national scale rating on the bank to 'ruA+' from
'ruA'.
     
"The outlook revision reflects the bank's improving customer
franchise and competitive position," said Standard & Poor's
credit analyst Eugene Tarzimanov.  The close ties to its owner--
the government of Khanty-Mansiysk Autonomous Okrug, located in
Siberia--are another positive factor.
     
The ratings on BKM remain constrained by its concentrated
funding base and weak recurrent profitability.
     
The positive outlook reflects Standard & Poor's expectation that
BKM will continue its rapid expansion in line with its business
strategy, while maintaining an adequate level of liquid assets.

Standard & Poor's also expects that the relationship between BKM
and KMAO will remain strong, and that the bank will receive the
necessary support and commitment to service KMAO's financial
requirements.  

The rating agency would consider raising the ratings on the bank
if it improves the quality and diversification of its funding,
and demonstrate its ability to generate sustainable profits from
a wider customer base.

"The ratings could be lowered if the bank's asset quality,
financial performance, and capitalization deteriorate to a
significant degree. Negative rating pressure would also follow
if the ties between BKM and KMAO weaken," added Mr. Tarzimanov.


KRASNAYA ZARYA: Court Names A. Ryabov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A. Ryabov
as Insolvency Manager for OJSC Confectionary Combine Krasnaya
Zarya.  He can be reached at:

         A. Ryabov
         Office 608
         15th Proezd 4
         153006 Ivanovo Region
         Russia
         Tel./Fax: (4932) 47-54-41

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1341/06-14-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC Confectionary Combine Krasnaya Zarya
         Stepanova Str. 15
         Ivanovo Region
         Russia


MONOLITH: Rostov Court Commences Reorganization Process
-------------------------------------------------------
The Arbitration Court of Rostov Region has commenced external
management bankruptcy procedure on OJSC Monolith.  The case is
docketed under Case No. A53-21411/05-S2-7.

The External Insolvency Manager is:

         N. Tytyunik
         Buynakskaya Str. 2/56
         Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         OJSC Monolith
         Uglerod
         Gukovo
         Krasno-Sulinskiy Region
         Rostov Region
         Russia


NIKOLSK-DREV: Vologda Bankruptcy Hearing Slated for November 23
---------------------------------------------------------------
The Arbitration Court of Vologda Region will convene at 10:00
a.m. on Nov. 23 to hear the bankruptcy supervision procedure on
LLC Nikolsk-Drev.  The case is docketed under Case No. A13-4663/
2005-25.

The Temporary Insolvency Manager is:

         S. Kovalev
         Gorkogo Str. 9
         160019 Vologda Region
         Russia

The Arbitration Court of Vologda Region is located at:

         Hall 4
         Gertsena Str. 1a
         Vologda Region
         Russia

The Debtor can be reached at:

         LLC Nikolsk-Drev
         Kuznetsova Str. 9
         Nikolsk
         161440 Vologda Region
         Russia


NIZHNEOMSKAYA MILL: Bankruptcy Hearing Slated for December 5
-------------------------------------------------------------
The Arbitration Court of Omsk Region will convene on Dec. 5 to
hear the bankruptcy supervision procedure on CJSC Nizhneomskaya
Mill.  The case is docketed under Case No. A46-8653/2006.

The Temporary Insolvency Manager is:

         A. Kuzmin
         Office 508
         K. Marksa Pr. 34A
         644042 Omsk Region
         Russia

The Debtor can be reached at:
       
         CJSC Nizhneomskaya Mill
         Transportnaya Str. 55
         Nizhnyaya Omska
         Omsk region
         Russia


NOVATEK OAO: Completes Stake Sale to OAO Gazprom
------------------------------------------------
OAO Novatek's main shareholders, OOO LEVIT and SWGI Growth Fund
(Cyprus) Limited, closed the sale of 19.4% of the company's
outstanding ordinary shares to OAO Gazprom, represented by ZGG
GmbH.

As a result of the transaction, Gazprom representatives will
have two seats on the Board of Directors, which in accordance
with the Company's existing Charter provides the new shareholder
representing Gazprom with sufficient rights to participate in
management of the Company's activities and the equity stake
owned by Gazprom and its affiliated entities will not exceed at
any time 19.9% of the Company's outstanding shares.

The Parties to the transaction anticipate further expansion of
NOVATEK's activities in developing its existing fields and
growing its hydrocarbon resource base and an opportunity for
NOVATEK to be involved in regional gasification programs.

NOVATEK believes the addition of Gazprom as a strategic investor
will enhance the Company's ability to fully develop its
hydrocarbon resource base and realize its strategic objective of
maximizing production and processing of hydrocarbons.

                        About Novatek

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

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

                        About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of        
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.   Standard &
Poor's Services raised on Jan. 17, 2006, its long-term
corporate credit rating on OAO Gazprom to 'BB+' from 'BB'.

                        *     *     *

As reported in TCR-Europe on Jan. 18, Standard & Poor's
Services raised its long-term corporate credit rating on OAO
Gazprom to 'BB+' from 'BB'.

As reported in the TCR-Europe on Oct 27, 2005, Fitch
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


PETRODVORTSOVYJ FACTORY: E. Kayurova to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed Ms. E. Kayurova as Insolvency Manager for LLC
Petrodvortsovyj Factory of Precision Mechanisms.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-14480/2006.

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 Petrodvortsovyj Factory of Precision Mechanisms
         Sank-Peterburgskiy Pr. 60
         Petrodvorets
         St. Petersburg Region
         Russia


PYATEROCHKA HOLDING: In Talks to Acquire Merkado Chain in Moscow
----------------------------------------------------------------
Pyaterochka Holding N.V. confirms that it is currently engaged
in negotiations that may lead to the acquisition of a chain of
retail stores and real estate operating under the Merkado brand
in Moscow, Russia.

                    About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.5chka.com/-- operates a large store network largely   
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                          *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following
Pyaterochka's announced acquisition of Russia's leading
supermarket chain Perekrestok.  S&P said the outlook is
negative.


RAO ROS-OIL-GAS-STROY: Creditors Must File Claims by Oct. 26
------------------------------------------------------------
Creditors of OJSC Rao Ros-Oil-Gas-Stroy (TIN 7706063654) have
until Oct. 26 to submit written proofs of claim to:

         V. Samonin, Insolvency Manager
         Radisheva Str. 71
         Saratov Region
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-71635/05-88-154 B.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Rao Ros-Oil-Gas-Stroy
         Pionerskiy.
         Talitskiy Region
         Moscow Region
         Russia


ROSBANK OAO: SocGen Hikes Stake to 20%, May Increase by 2008
------------------------------------------------------------
The Societe Generale Group has increased its stake in the share
capital of OAO Rosbank from 10% to 20% less one share for US$317
million.  

The move followed SocGen's acquisition of an initial 10% stake
in Rosbank from Interros Holdings in June 2006 and the due
diligence conducted since then.

In addition, the Paris-based lender has signed a call option
with Interros on 30% plus two shares of Rosbank, which will
enable it to take control of the bank by the end of 2008.  The
strike price for this transaction establishes valuation of this
stake at US$1.7 billion.

Rosbank operates 705 branches with its network covering more
than 80% of Russia and is notably concentrated in fast-growing
regions, such as the Urals, Siberia, the Far East and Moscow.  
It has successfully maintained a high level of ROE by capturing
leading positions in bank cards and in retail loans.  Over the
past three years, it has thus delivered average annual growth of
40% in bank assets and customer deposits.

Societe Generale is already present in Russia with around 6,700
employees, notably through Rusfinance, one of the country's
leading consumer finance players following its acquisitions of
Promek Bank and SKT Bank, through its subsidiary Banque Societe
Generale Vostok, which had 31 branches as of August 2006, mainly
in Moscow and St. Petersburgh, adn through DeltaCredit, which is
a leader in mortgage lending in Russia.  

"Societe Generale sees Russia as one of the most promising
markets for the years ahead and is delighted to work in
partnership with Interros in order to take full advantage of
Rosbank's development potential," the Group's Chairman and CEO
Daniel Bouton said.

"Rosbank is getting a very good partner and looks forward to
industrial cooperation and partnership with SocGen to ensure
leading position for Rosbank in the Russian financial sector,"
Interros Holding Managing Director Andrei Bougrov said.

Between 2006 and the exercise of the call option, SocGen will be
represented on Robank's board of directors by Philippe Citerne,
director and co-CEO, and Jean-Louis Mattei, head of
International Retail Banking, who will advise the bank on its
risk and finance policies.

Interros will consider, at the time of the exercise of the call,
the possibility of becoming SocGen's shareholder.

                         About Interros

Interros Holding is one of the largest private investment
companies in Russia.  The market value of assets under its
management exceeds US$20 billion.  The companies under Interros
management produce about 1.4% of Russia's GDP.  The company's
assets are invested mainly in the metallurgy and mining and
power plant engineering industries, the financial sector,
agriculture and food-processing industry, the media, housing and
communal services, and the real estate sector.

                         About SocGen

Headquartered in Paris, France, Societe Generale --
http://www.socgen.com/-- employs more than 103,000 people  
worldwide in three key businesses: retail banking and financial
services; global investment management and services; and
corporate and investment banking.

                         About Rosbank

Rosbank OJSC is one of the largest privately-owned banks in
Russia.  Its primary activities include retail and corporate
banking, investment banking, treasury related operations, trade
finance, asset management, private banking, custody and
depositary services, international and domestic settlement
services, and credit card services.  As of Dec. 31, 2005, its
balance sheet shows RUR213 billion in total assets and RUR22.8
billion of total equity.

                        *     *     *

As reported in TCR-Europe on Sept. 15, Fitch Ratings assigned
Russia's Rosbank a local currency Issuer Default rating of B+
with a Positive Outlook.  Rosbank's other ratings are foreign
currency IDR B+/Positive Outlook, National Long-term A-/Positive
Outlook, Short-term B, Support 4 and Individual D.


SAPPHIRE: Bankruptcy Hearing Slated for Nov. 14
-----------------------------------------------
The Arbitration Court of Omsk Region will convene at 2:00 p.m.
on Nov. 14 to hear the bankruptcy supervision procedure on LLC
Sapphire.  The case is docketed under Case No. A46-8534/2006.

The Temporary Insolvency Manager is:

         M. Kuznetsov
         Post User Box 9383
         Post Office 24
         644024 Omsk Region
         Russia

The Debtor can be reached at:

         LLC Sapphire
         Kuybysheva Str. 54
         Ust-Zaostrovka
         644552 Omsk Region
         Russia


SIBERIAN TOBACCO: Court Names A. Makhanov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. A.
Makhanov as Insolvency Manager for LLC Siberian Tobacco Company.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-27-12200/2006-4.

         Oktyabrskiy Pr. 64A
         650065 Kemerovo Region
         Russia
         Fax: 83842572050

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Siberian Tobacco Company
         Prokopyevsk
         Kemerovo Region
         Russia


STROY-DETAIL: Kabardino Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Kabardino Balkariya Republic has
commenced bankruptcy supervision procedure on OJSC Stroy-Detail.
The case is docketed under Case No. A20-1385/06.  

The Temporary Insolvency Manager is:

         Kh. Tkhagalegov
         Stepnaya Sr. 16
         Nartkala
         361300 Kabardino Balkariya Republic
         Russia

The Debtor can be reached at:

         OJSC Stroy-Detail
         Stepnaya Sr. 16
         Nartkala
         361300 Kabardino Balkariya Republic
         Russia


STROY-INVEST: Court Names S. Kagitin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. S.
Kagitin as Insolvency Manager for CJSC Stroy-Invest (TN
3436010820).  He can be reached at:

         S. Kagitin
         Post User Box 3113
         400105 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-6303/06-s58.

The Debtor can be reached at:

         CJSC Stroy-Invest
         Petrovskaya Str. 4
         Kamyshin
         403870 Volgograd Region
         Russia


SYZRAN-AGRO-PROM-KHIMIYA: L. Khaydarova to Manage Assets
--------------------------------------------------------
The Arbitration Court of Samara Region appointed Ms. L.
Khaydarova as Insolvency Manager for OJSC Syzran-Agro-Prom-
Khimiya.  She can be reached at:

         L. Khaydarova
         Post User Box 117
         Kazan
         420029 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-3820/2006.

The Debtor can be reached at:

         OJSC Syzran-Agro-Prom-Khimiya
         Zyzran
         Samara Region
         Russia


TMK OAO: Creates TMK-CPW Joint Venture with Corinth Pipeworks
----------------------------------------------------------------
OAO TMK and Corinth Pipeworks S.A. have announced that one of
TMK's plants -- Seversky Tube Works -- and Corinth Pipeworks
have agreed to set up a joint venture to be called TMK-CPW.

The nominal capital is to be distributed:

   -- STW owns 51% of the JV's shares, and

   -- Corinth Pipeworks S.A. owns the remaining 49% of the
      stock.

Within the framework of the project, it is planned to install
high-performance pipe welding equipment at the premises of
Seversky Tube Works (town of Polevskoy, Sverdlovsk region).  
TMK-CPW JV shall manufacture ERW pipes (d.168-530mm) and hollow
sections (150x150mm-200x400mm) complying with the international
quality standards.  Such ERW pipes are used in oil and gas
industry, while hollow sections are widely used in construction
and machine industry.

The annual JV production capacity will make up to 300,000 tons
of pipes.  TMK-CPW is planning to start production in the second
quarter of 2007.

"This project is one of TMK's joint projects with leading global
pipe companies that will enable TMK to expand its range of
pipes, offering its customers new unique types of products and
to contribute to implementing TMK policy of active integration
into the global market," Konstantin Semerikov, TMK CEO, said.

"This JV is a part of Corinth Pipeworks global strategy to
strengthen and expand its presence in major markets, with
rapidly increasing energy needs, which require access to high
quality products and technical sophisticated energy solutions,"
Sarados Milios, Chief Executive Officer of Corinth Pipeworks,
said.

                           About TMK

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

                        *     *     *

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

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


URAZAEVSKIY BRICKWORKS: Court Names B. Surov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. B.
Surov as Insolvency Manager for LLC Urazaevskiy Brickworks.  He
can be reached at:

         B. Surov
         Post User Box 309
         Kazan
         420126 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-12410/2006-SG4-35.

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         LLC Urazaevskiy Brickworks
         Urazaevo
         Aktanyshskiy Region
         423740 Tatarstan Republic
         Russia


VNESHTORGBANK JSC: Sets Credit Limit for Svyazinvest
----------------------------------------------------
With a view to expanding cooperation with a major telecom
holding, Vneshtorgbank has set a single credit limit for
Svyazinvest and its subsidiaries amounting to US$1 billion.

This limit settlement will provide the Holding companies with a
wide range of VTB services in financing current and investment
needs, export-import operations, in particular, foreign fund
raising and a full spectrum of instruments accepted in
international banking practice.  The limit stipulates long-term
credit operations up to seven years.

New credit conditions will facilitate implementation of a two-
year financial strategy, set by the Holding in the current year,
aimed at decreasing debt load on Svyazinvest subsidiaries.  The
structure optimization and maturity extension will have positive
effect on financial indicators of the enterprises, making
investments in fixed assets and industrial capacity
modernization.  This will increase investment attractiveness of
the telecommunication market in whole or Svyazinvest in part.

The first step to implement VTB decisions was its participation
in financing Southern telecommunication company (STC), being
part of the Holding.  VTB will grant a guarantee against the
loan from Credit Suisse worth USD125 million, attracted by STC
for 7 years.

Cooperation between VTB and Svyazinvest started in 2002 and now
VTB has become one of the main financial institutions providing
banking servicing to the Holding. Vneshtorgbank and several
Svyazinvest subsidiaries signed cooperation agreements, based on
long-term partnership.

Telecommunication Investment JSC (Svyazinvest) is one of the
largest telecom holding companies in the world. Its share
capital was formed by consolidating shares owned by the federal
government in regional telecom operators, set up in the course
of telecom sector privatization. Svyazinvest incorporates 7
large intra-regional telecom operators, 4 open joint stock
companies, which are not involved in the intra-regional
holdings, OJSC Giprosvyaz and OJSC Rostelecom, national domestic
long-distance and international operator. Regional holding
companies operate public telephone networks with installed
capacity over 36.1 million telephone lines (as of 1 January
2006). Holding companies have licenses for local, domestic long-
distance and international telephone services, data
transmission, etc. They also provide ISDN services, wireless
subscribtion access and mobile services.

                       About Vneshtorgbank

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

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

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

                        *     *     *

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

Vnesheconombank:

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

Vneshtorgbank:

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

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


VOSKRESENSKIY FOOD: Creditors Must File Claims by October 26
------------------------------------------------------------
Creditors of CJSC Voskresenskiy Food Combine (TIN 5005021229)
have until Oct. 26 to submit written proofs of claim to:

         V. Pyatykh, Insolvency Manager
         Kuybysheva Str. 47a
         Voskresensk
         Moscow Region
         Russia

The Arbitration Court of Moscow Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A41-K2-13960/05.

The Debtor can be reached at:

         CJSC Voskresenskiy Food Combine
         Kuybysheva Str. 47a
         Voskresensk
         Moscow Region
         Russia


ZYRYANSKIY GRAIN: Court Names A. Kulakov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. A. Kulakov
as Insolvency Manager for OJSC Zyryanskiy Grain Receiving
Enterprise.  He can be reached at:

         A. Kulakov
         Office 18
         Kuleva Str. 33
         634034 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-4666/06.

The Debtor can be reached at:

         OJSC Zyryanskiy Grain Receiving Enterprise
         Kalinina Str., 24
         Zyryanka
         Zyryanskiy Region
         Tomsk Region
         Russia  


===============
S L O V E N I A
===============


HUNTSMAN CORP: Sells European Commodities Business to SABIC
-----------------------------------------------------------
Peter R. Huntsman, President and CEO of Huntsman Corp. disclosed
that Huntsman has signed a definitive agreement with Saudi Basic
Industries Corporation, under which SABIC will acquire
Huntsman's European Base Chemicals and Polymers business.

Under the agreement, SABIC will acquire the business for a
purchase price of US$700 million in cash, subject to certain
adjustments at closing.  

The transaction further allows Huntsman to reduce its U.K.
pension liabilities in the amount of approximately US$126
million.  The transaction will not include Huntsman's Teesside-
based Pigments division or the Wilton-based aniline and
nitrobenzene operations of its Polyurethanes division.

"This is a major step in divesting our commodity businesses as
we execute our previously announced strategy of realigning our
portfolio to differentiated businesses and paying down debt,"
said Peter Huntsman.

After giving effect to the announced divestiture and the
recently completed sale of Huntsman's U.S. butadiene and MTBE
business, total revenue from Huntsman's differentiated
businesses (including the Textile Effects division recently
acquired from Ciba), will equate to nearly 80% of Huntsman's
revenues for the twelve-month period ending June 30, 2006.  

Total net debt, on a pro forma basis for the same period, is
expected to drop to approximately US$3.5 billion after
application of the proceeds from the announced divestiture-a
greater than 40% reduction from approximately US$6.0 billion in
net debt at year end 2004.

Huntsman purchased the business from ICI plc in 1999.  Under
Huntsman ownership, the business grew to have 2005 revenues of
US$2.5 billion, and 2005 and LTM Adjusted EBITDA of US$176
million and US$45 million, respectively.

                        About Huntsman

Headquartered in Salt Lake City, Utah, Huntsman Corp. (NYSE:HUN)
-- http://www.huntsman.com/-- is a global manufacturer of  
differentiated and commodity chemical products.  Huntsman's
products are used in a wide range of applications, including
those in the adhesives, aerospace, automotive, construction
products, durable and non-durable consumer products,
electronics, medical, packaging, paints and coatings, power
generation, refining and synthetic fiber industries.  In
Europe, Huntsman is present in Austria, Belgium, Czech Republic,
France, Germany, Greece, Hungary, Italy, Poland, Romania,
Slovenia, Spain, Sweden, Switzerland, the Netherlands, Turkey,
United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on March 7, 2006,
Moody's Investors Service affirmed the B1 corporate family
rating of Huntsman Corp. and of Huntsman International LLC, and
changed the outlook on the ratings to developing.

As reported in the Troubled Company Reporter on March 6, 2006,
Standard & Poor's Ratings Services placed its ratings on
Huntsman Corp. and its affiliate Huntsman International LLC on
CreditWatch with developing implications, including the 'BB-'
corporate credit ratings.


* HUNTSMAN CORP: Moody's Comments on European Commodities Sale
--------------------------------------------------------------
Huntsman Corp.'s (HC -- Corporate family rating B1 -- Outlook
Developing) announcement that it has reached agreement to sell
its European Commodities Business to SABIC reflects the ongoing
restructuring efforts that are actively taking place to separate
HC's Base Chemicals and Polymer segments from HC's
differentiated segments.  When this plan was announced, in March
2006, Moody's moved the outlook to developing.  

The proposed material debt reduction along with a reduction in
U.K. pension liabilities in the amount of approximately US$126
million is a credit positive and this recent announcement
supports Moody's belief that objectives for incremental debt
reduction approaching US$1.45 billion by the end of 2007 are
possible.  Upon completion of the proposed debt reduction with
proceeds of the sale the outlook may move to positive.

The current developing outlook reflects the possibility of
additional transactions over the medium term.  The outlook also
reflects that the ratings may change subject to the development
of a more formal debt structure and financial philosophy
(including the possibility of dividends and incremental
acquisitions) for the remaining businesses to be held at the
differentiated segments.

Moody's believes the decision to pursue a split by HC's
management was prompted by ongoing concern over a "low" stock
price valuation along with the receipt of an indication of
interest from an outside party, occurring in late 2005,
regarding an acquisition of all of the outstanding stock of HC.

Huntsman Corporation is a global manufacturer of differentiated
and commodity chemical products.  Huntsman's products are used
in a wide range of applications, including those in the
adhesives, aerospace, automotive, construction products, durable
and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining and
synthetic fiber industries.  Huntsman had revenues for the
twelve months ended June 31, 2006 of US$12.8 billion.


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


ECHOSTAR COMMS: Unit Prices US$500 Million Senior Notes
-------------------------------------------------------
EchoStar Communications Corp. disclosed that its subsidiary,
EchoStar DBS Corp., has priced an offering of US$500 million
aggregate principal amount of senior debt securities.  The debt
securities will be issued as 7% Senior Notes due 2013.  

The net proceeds of the offering are intended to be used to
replace cash on hand that will be used to redeem outstanding
Floating Rate Senior Notes due 2008 on Oct. 1 pursuant to the
previously announced redemption of such notes.

The sale of the Notes is expected to close on Oct. 18 subject to
customary conditions.

EchoStar DBS Corporation placed the Notes in a private
transaction under Rule 144A under the Securities Act.  The Notes
have not been registered under the Securities Act of 1933, as
amended, or the securities laws of any other jurisdiction and
may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

                About EchoStar Communications

EchoStar Communications Corporation (NASDAQ:DISH) --
http://dishnetwork.com/-- serves more than 12.46 million  
satellite TV customers through its DISH Network(TM), and is a
leading U.S. provider of advanced digital television services.  
DISH Network's services include hundreds of video and audio
channels, Interactive TV, HDTV, sports and international
programming, together with professional installation and 24-hour
customer services.  Echostar's has offices in Almelo, the
Netherlands, Madrid Spain, and West Yorkshire, United Kingdom
consisting of 270 employees.

At June 30, 2006, EchoStar's balance sheet showed US$9.1 billion
in total assets and US$9.6 billion in total liabilities,
resulting in a US$511 million stockholders' deficit.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Dominion Bond Rating Service confirmed the ratings of EchoStar
Communications Corporation and EchoStar DBS Corporation at BB
(low) and BB.  The trend is Stable.  

Fitch placed the Company's subordinated debt rating at B on
Oct. 28, 2004, and assigned a stable outlook to the rating on
January 2006.


ECHOSTAR COMMS: Moody's Affirms Ba3 Rating on Proposed Notes
------------------------------------------------------------
Moody's Investors Service affirmed all ratings including the Ba3
corporate family and SGL-1 liquidity rating for EchoStar
Communications Corporation and its subsidiary EchoStar DBS
Corporation following the company's announcement of a proposed
US$500 million of EDBS notes.

The US$500 million in proceeds from the new fixed rate notes
will be used to replace the same amount of the existing EDBS
floating rate note.

EchoStar's corporate family rating continues to reflect
expectations of higher costs to grow and retain subscribers in
an increasingly competitive operating environment as well as
concerns regarding management's longer term operational and
fiscal strategies.

EchoStar's solid liquidity position (based predominantly on cash
balances of approximately US$2 billion), its substantial
subscriber base of over 12 million, and modest positive free
cash flow support the ratings.  The outlook remains stable.

Ratings affirmed:

EchoStar Communications Corporation, Ba3

    * PDR: Ba2
    * SGL-1
    * Outlook Stable
    * 5.75% sub conv due 2008, B2 --> B1, LGD6, 96%

EchoStar DBS Corporation

    * 5.75% nts due 2008, Ba3 --> Ba3, LGD4, 58%
    * 6.375% nts due 2011, Ba3 --> Ba3, LGD4, 58%
    * 6 5/8% nts due Oct. 1 2014, Ba3 --> Ba3, LGD4, 58%
    * 7.125% nts due 2016, Ba3 --> Ba3, LGD4, 58%

Ratings assigned:

    * US$500M of New Senior Notes due 2013 and 2016
      -- Ba3, LGD4, 58%

EchoStar Communications Corporation is a leading provider of
direct broadcast satellite pay television services to
approximately 12 million subscribers.  The company maintains its
headquarters in Englewood, Colorado.


ECHOSTAR COMMS: S&P Rates Unit's US$500-Mln Senior Notes at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB-' rating to
Echostar DBS Corp.'s aggregate US$500 million senior notes with
maturities of 2013 and 2016.  These are being issued under Rule
144A with registration rights.
     
Proceeds will be used as the permanent financing of the
redemption of the company's outstanding floating-rate senior
notes due 2008.  The corporate credit rating of Echostar DBS
Corp. is 'BB-' and reflects that of its Denver-based parent
EchoStar Communications Corp., a satellite direct-to-home TV
provider.  The outlook is stable.
      
"The ratings on EchoStar Communications reflect intense
competition from cable TV system operators and its larger DTH
rival, DIRECTV Group," said Standard & Poor's credit analyst
said Catherine Cosentino.

Some concern surrounds the company's longer-term competitive
position from its inability to provide the high-speed data,
voice, and advanced two-way video services available from cable
companies, and likely to be offered by phone companies over the
next few years.

In addition, a degree of financial and strategic policy
uncertainty weigh on the ratings.  Tempering factors include
good customer, revenue, and EBITDA growth, and solid liquidity
from growing discretionary cash flow and a sizable cash balance.


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


ARMSTRONG HOLDINGS: Discusses Armstrong World's Reorganization
--------------------------------------------------------------
Armstrong Holdings, Inc., the parent company of Armstrong World
Industries, Inc. provided additional information regarding the
anticipated effect on Armstrong Holdings of the expected
consummation of the Chapter 11 reorganization of AWI.  

As previously disclosed, AWI's "Fourth Amended Plan of
Reorganization, as Modified" was recently confirmed by the U.S.
District Court and AWI currently expects to emerge from Chapter
11 in the fourth quarter of 2006.

Pursuant to AWI's Chapter 11 Plan, Armstrong Holdings' ownership
of AWI will end.  All current AWI stock will be cancelled and no
payment or other distribution will be made to Armstrong Holdings
on account of its ownership interest.  AWI will distribute to
certain of its creditors under the Chapter 11 Plan cash and new
common stock of reorganized AWI, and in certain circumstances
may also distribute notes of reorganized AWI.  These creditors
include a trust that will be established to satisfy current and
future asbestos personal injury claimants, and allowed unsecured
creditors.

Although AWI's Chapter 11 Plan has been confirmed, Armstrong
Holdings has filed a claim against AWI in an unspecified amount
in respect of intercompany accounts and, to the extent such
claims are allowed by the Bankruptcy Court, Armstrong Holdings
will participate on a pro rata basis in the distributions that
are to be made under the Chapter 11 Plan to unsecured creditors.
The cash and stock in AWI that Armstrong Holdings may receive as
a result of such claims is not expected to have a value in
excess of a few million dollars and there is no assurance that
any claim will be allowed.

Upon AWI's cancellation of Armstrong Holdings' ownership of AWI
pursuant to the Chapter 11 Plan, Armstrong Holdings also will
have a substantial ordinary income loss.  This loss will be in
addition to the substantial net operating loss, which AWI will
incur in connection with consummation of its Chapter 11 Plan. As
a result, the Armstrong consolidated group may be entitled to
receive a tax refund based upon a carry back of a portion of the
group's tax loss to prior years, in an amount estimated to be
approximately US$37 million.

It is not possible for Armstrong Holdings to estimate at this
time the amount, if any, of such tax refund to which it may be
entitled.  Armstrong Holdings may also be entitled to additional
benefits from carrying forward the balance of its tax loss.
Following AWI's emergence from Chapter 11, Armstrong Holdings
and AWI will cease reporting together as members of a
consolidated group for U.S. federal income tax reporting
purposes.

A final federal income tax return for the companies on a
consolidated basis is expected to be filed by September 2007.
After considering the result of its intercompany account claims
and the tax consequences to Armstrong Holdings of AWI's
emergence from Chapter 11, Armstrong Holdings is expected to
decide whether or not to dissolve.

For access to copies of AWI's Chapter 11 Plan and related
documents, please visit http://www.armstrongplan.com/.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating  
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.  In Europe, the company has plant locations in
Sweden, France, Switzerland, Belgium, Spain, Germany, the
Netherlands, and the United Kingdom.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  (Armstrong
Bankruptcy News, Issue No. 101; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ARMSTRONG WORLDWIDE: S&P Rates US$1.1-Bln Bank Facility at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' bank loan
rating to the proposed US$1.1 billion senior secured bank
facility of Armstrong World Industries Inc., based on
preliminary terms and conditions.  At the same time, the rating
agency assigned a '2' recovery rating, indicating the likelihood
of a substantial (80%-100%) recovery of principal in the event
of a payment default.
     
The bank facility is comprised of a US$300 million five-year
revolving credit facility, a US$300 million five-year delayed
draw term loan A, and a US$500 million seven-year delayed-draw
term loan B.  The bank loan ratings also assume that other
conditions precedent to the bank facility becoming effective are
satisfied; the ratings are subject to review once final
documentation is received.
     
"We expect to assign our 'BB' corporate credit rating to the
building products company when Armstrong, the borrower, and its
major U.S. subsidiaries, the guarantors, emerge from Chapter 11
bankruptcy protection, which we expect will occur on Oct. 2,
2006.  We expect the outlook to be stable."
     
Armstrong and its major U.S. subsidiaries entered voluntary
bankruptcy protection in December 2000 to resolve mounting
asbestos-litigation costs and to resolve its asbestos claims.
Proceeds from the senior credit facility will be used to fund
the company's plan of reorganization, which includes
contributions to a Section 524(g) asbestos personal injury
trust.


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


GALKOM-MARKET: Lviv Court Names Pavlo Duplika as Liquidator
-----------------------------------------------------------
The Economic Court of Lviv Region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for LLC Galkom-Market (code EDRPOU
32477312).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 15.  The case is docketed
under Case No. 6/125-4/208.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Galkom-Market
         Mikolajchuk Str. 83
         Borinya
         Turkivskij District
         Lviv Region
         Ukraine


KRONA: Lviv Court Names S. Lipskij as Insolvency Manager
--------------------------------------------------------
The Economic Court of Lviv Region appointed Mr. S. Lipskij as
Liquidator/Insolvency Manager for LLC Production Enterprise
Krona (code EDRPOU 32282622).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 10.  The case is docketed
under Case No. 6/269-5/213.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Production Enterprise Krona
         Grabovets
         Strijskij District
         Lviv Region
         Ukraine


MARINEKS: Court Names Inna Tihonchak as Insolvency Manager
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Inna
Tihonchak as Liquidator/Insolvency Manager for LLC Marineks
(code EDRPOU 33275307).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 4.  The case is docketed
under Case No. B 40/117/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Marineks
         Titov Str. 6
         49000 Dnipropetrovsk Region
         Ukraine


POLTAVANAFTOGAZPOSTACH: Igor Pichugin to Liquidate Assets
---------------------------------------------------------
The Economic Court of Poltava Region appointed Igor Pichugin as
Liquidator/Insolvency Manager for LLC Poltavanaftogazpostach
(code EDRPOU 32636112).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 10.  The case is docketed
under Case No. 20/59.

The Debtor can be reached at:

         LLC Poltavanaftogazpostach
         Frunze Str. 20
         36039 Poltava Region
         Ukraine


PROCREDIT BANK UKRAINE: Fitch Keeps Individual D Rating
-------------------------------------------------------
Fitch affirmed ProCredit Bank Ukraine's ratings at foreign
currency Issuer Default BB- Short-term foreign currency B, local
currency Issuer Default BB, Short-term local currency B,
Individual D and Support 3.  The Outlooks on the Issuer Default
ratings are Stable.  The national rating is affirmed at AAA.

The IDRs, Short-term and Support ratings of ProCredit Ukraine
are based on Fitch's view of the potential support from its
owners, particularly ProCredit Holding AG, its 60% owner, in
case of need.  However, the BB- Country Ceiling of Ukraine
limits the extent to which support can be factored into the
IDRs.

The ratings also take into account PCH's centralized control and
risk management and ProCredit Ukraine's high degree of
integration within the ProCredit group.  The Stable Outlook on
ProCredit Ukraine's IDRs reflects that of Ukraine's IDRs.

Fitch notes that any movement in the Country Ceiling for Ukraine
would have implications for ProCredit Ukraine's IDRs.  Downward
movement in the Country Ceiling would also result in a change to
the bank's Support rating.

"Upside potential for the Individual rating is currently limited
by ProCredit Ukraine's small size," disclosed Tomasz Walkowicz,
Analyst in Fitch's Financial Institutions Group.  "A significant
deterioration in asset quality, capitalization and liquidity
leading to a need for support would contribute to a downgrade."

ProCredit Ukraine is the 35th largest bank by total assets in
Ukraine.  In addition to PCH, its other shareholders include the
European Bank for Reconstruction and Development and Western NIS
Enterprise Fund, which have a 20% stake each.

PCH was set up as an equity investment company in 1998 by
Frankfurt-based Internationale Projekt Consult GmbH to invest in
the global network of ProCredit banks, which provide financing
to micro- and small and medium-sized enterprises in emerging
markets.  

At end-May 2006, the group consisted of 19 banks in Central and
Eastern Europe, Latin America and Africa, while the group's
total assets were around EUR2.5 billion.  PCH is responsible for
group administration, strategy, risk management controls and
supervision.  PCH is not regulated as a banking group, but the
ProCredit banks are regulated in their home countries.


PROMTORG: Court Names Taras Gromadskij as Insolvency Manager
------------------------------------------------------------
The Economic Court of Odessa Region appointed Taras Gromadskij
as Liquidator/Insolvency Manager for LLC Promtorg (code EDRPOU
3284779).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
2/5-06-297.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Promtorg
         Katerininska Str. 27
         Odessa Region
         Ukraine


TEIM: Court Names District Pension Fund to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Vinnitsya Region appointed the Department
of Pension Fund of Ukraine in Zhmerinka as Liquidator for
Production-Trading Firm Teim (code EDRPOU 13342506).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 10.  

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Production-Trading Firm Teim
         Lenin Str. 7
         Zhmerinka
         Vinnitsya Region
         Ukraine


VIDPOCHINOK: Court Names District Pension Fund as Liquidator
------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Department of
Pension Fund of Ukraine in Litinskij District as Liquidator for
United Sanitary Complex Vidpochinok (code EDRPOU 13322099).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 10.  

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         United Sanitary Complex Vidpochinok
         Gorodishe
         Litinskij District
         22347 Vinnitsya Region
         Ukraine


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


ALDAN SUPPLIES: Appoints Jeffrey Mark Brenner as Liquidator
-----------------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator of Aldan Supplies Limited on Sept. 13 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Aldan Supplies Limited
         7 Cape Industrial Estate
         Cattell Road
         Warwick
         Warwickshire CV344JN
         United Kingdom
         Tel: 01926 409 494
         Fax: 01926 409 595


ANTIQUE RESTORERS: T. Papanicola Leads Liquidation Procedure
------------------------------------------------------------
T. Papanicola was appointed Liquidator of Antique Restorers and
Cabinet Makers Limited on Aug. 30 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Antique Restorers and Cabinet Makers Limited
         7A Tynemouth Terrace
         Tynemouth Road
         Tottenham
         London N15 4AP
         United Kingdom
         Tel: 020 8808 7965


ASHURST DIRECT: Hires Joint Liquidators from Kelmanson
------------------------------------------------------
John Kelmanson and Elias Paourou of The Kelmanson Partnerhsip
were appointed Joint Liquidators of Ashurst Direct Marketing
Limited (formerly Silverdale Limited) on Sept. 14 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Ashurst Direct Marketing Limited
         Marketing Works
         60 Cromwell Road
         Barnet
         London N10 2PR
         United Kingdom
         Tel: 020 8365 4000
         Fax: 020 8365 4001
         Web: http://www.ashurstdirect.com/


ASTBURY KNIGHT: Joint Liquidators Take Over Operations
------------------------------------------------------
Bernard Hoffman and Ian Yerrill of Gerald Edelman Business
Recovery were appointed Joint Liquidators of Astbury Knight
Gardens Limited on Sept. 14 for the creditors' voluntary
winding-up procedure.

Headquartered in Ashford, U.K., Astbury Knight Gardens Limited
-- http://www.astburyknightgardens.com/-- provides all kinds of  
garden maintenance such as decking and water features.


BASE BUILDING: Claims Filing Period Ends Oct. 27
------------------------------------------------
Creditors of Base Building (London) Limited have until Oct. 27
to send in their names, addresses and the particulars of their
debts or claims, to appointed Liquidator M. Arkin of Arkin & Co.
at:

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

The company can be reached at:

         Base Building (London) Limited
         33 Bridle Road
         Croydon
         Surrey CR0 8HN
         United Kingdom
         Tel: 020 8777 7492   


BOATWORLD LIMITED: Taps Liquidator from Clark Bell
--------------------------------------------------
John Paul Bell of Clarke Bell (formerly Peter Copley Marine
Limited) was appointed Liquidator of Boatworld Limited on
Sept. 1 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Boatworld Limited
         125-129
         London Road
         Sheffield
         South Yorkshire
         United Kingdom S2 4LE
         Tel: 0870 609 2695
         Fax: 0114 258 1765


C & S UTILITIES: Appoints Liquidator from David Horner & Co.
-----------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of C & S Utilities Services Limited on Aug. 16 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         C & S Utilities Services Limited
         9 Beatswell Lawn
         North Stainley
         Ripon
         North Yorkshire HG4 3HE
         United Kingdom
         Tel: 01765 635391


C. & S. ELECTRICAL: Names J. M. Titley Liquidator
-------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed Liquidator of
C. & S. Electrical Engineering Services Limited on Sept. 12 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         C. & S. Electrical Engineering Services Limited
         Unit 30 Salford University Business Park
         Winders Way
         Salford
         Lancashire M6 6AR
         United Kingdom
         Tel: 0161 736 8011
         Fax: 0161 737 5257


CABLE & WIRELESS: Expanding Overseas Business Via Acquisitions
--------------------------------------------------------------
Cable & Wireless Plc plans to expand overseas through
acquisitions as growth in the U.K. for traditional voice
services slowed, Alex Armitage writes for Bloomberg News.

"We are looking for acquisitions in markets that have
populations of less than 7 million," Cable & Wireless
International head Harris Jones said.  "We think acquiring full-
service businesses is very important, or ones that have the
potential to be so."

Mr. Jones told investors and analysts that the company's
international business margins will improve because of sales
growth and lower costs.  He declined to name the companies Cable
& Wireless might consider buying nor name the countries where it
will focus its expansion, Bloomberg relates.

Bloomberg discloses that the company will take on some debt to
make the purchases "because today we have practically no
leverage," Mr. Jones said.  He added that the company wants a 15
percent return on capital and a 25 percent return on equity by
the third year of an acquisition, Bloomberg relates.

The company aims to increase cash from its international
business to 100 percent this year from 92 percent in the year
ended March 31.

In 2005, 37 percent of revenues, or about GBP1.21 billion, came
from the company's international businesses.  It listed a GBP121
million operating loss on GBP3.23 billion sales a year ago.

According to the report, the company will offer new services in
Monaco to serve as a model for its expansion plans.

                     About Cable & Wireless

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

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

                        *     *     *

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

Concurrently, Moody's introduced notching between the company's
corporate family rating and the rating on the its senior notes,
reflecting the rating agency's concerns over the company's
weakening liquidity profile and consequently the increased
likelihood that debt will be layered in ahead of the notes at
the operating subsidiary and International group level.

Ratings affirmed:

Cable & Wireless Plc:

   -- Ba3 Corporate family rating

Ratings downgraded:

Cable & Wireless Plc:

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

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

Cable & Wireless International Finance B.V.:

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

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

As reported in TCR-Europe on March 3, Standard & Poor's Ratings
Services said that the ratings and outlook on U.K.-based
telecommunications operator Cable & Wireless PLC (C&W; BB-
/Negative/B) were unchanged following the group's presentation
of plans for further restructuring and refocusing of its U.K.
business.


CANATRON TRANSFORMERS: Hires Liquidator from Richard Long & Co.
--------------------------------------------------------------
Richard William James Long of Richard Long & Co. was appointed
Liquidator of Canatron Transformers Limited on Sept. 6 for the
creditors' voluntary winding-up procedure.

Headquartered in Newbury U.K., Canatron Transformers Limited
manufactures electrical coils and transformers.


CASTING HOUSE: Nominates Andrew Fender as Liquidator
----------------------------------------------------
Andrew Fender of Sanderlings LLP was nominated Liquidator of
Casting House Limited on Sept. 13 for the creditors' voluntary
winding-up procedure.

Headquartered in Birmingham, U.K., Casting House Limited
provides precious metal casting services.


CLARENDON PRINTERS: Appoints Liquidators to Wind Up Business
------------------------------------------------------------
Steven Draine and David Rolph were appointed Joint Liquidators
of Clarendon Printers Limited on Aug. 15 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Clarendon Printers Limited
         Island/Moor Road
         Chesham
         Buckinghamshire HP5 1NZ
         United Kingdom
         Tel: 01494 777 918


CODAEX U.K.: Creditors' Meeting Slated for October 6
----------------------------------------------------
Creditors of Codaex U.K. Ltd. (Company Number 03846906) will
meet at 11:00 a.m. on Oct. 6 at:

         Lines Henry
         Sixth Floor
         Grafton Tower
         Stamford New Road
         Altrincham
         Cheshire WA14 1DQ
         United Kingdom

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

         Neil Henry and Michael Simister
         Joint Administrators
         Lines Henry
         Sixth Floor
         Grafton Tower
         Stamford New Road
         Altrincham
         Cheshire WA14 1DQ
         United Kingdom


DEMOLITION RECORDS: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------------
Creditors of Demolition Records Limited confirmed on Sept. 12
the appointment of Ian William Kings of Tenon Recovery as the
company's Liquidator.

The company can be reached at:

         Demolition Records Limited
         139 Bede Burn Road
         Jarrow
         Tyne And Wear NE325AZ
         United Kingdom
         Tel: 0191 423 9313
         Fax: 0191 420 2764


DEXTERITY PRINT: Lloyd Biscoe Leads Liquidation Procedure
---------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Dexterity Print Finishers Limited on Sept. 6 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Dexterity Print Finishers Limited
         Maritime Industrial Estate
         Horizon Way
         Greenwich
         London
         United Kingdom SE7 7AY
         Tel: 020 8853 2026
         Fax: 020 8305 1369


ECHOSTAR COMMS: Unit Prices US$500 Million Senior Notes
-------------------------------------------------------
EchoStar Communications Corp. disclosed that its subsidiary,
EchoStar DBS Corp., has priced an offering of US$500 million
aggregate principal amount of senior debt securities.  The debt
securities will be issued as 7% Senior Notes due 2013.  

The net proceeds of the offering are intended to be used to
replace cash on hand that will be used to redeem outstanding
Floating Rate Senior Notes due 2008 on Oct. 1 pursuant to the
previously announced redemption of such notes.

The sale of the Notes is expected to close on Oct. 18 subject to
customary conditions.

EchoStar DBS Corporation placed the Notes in a private
transaction under Rule 144A under the Securities Act.  The Notes
have not been registered under the Securities Act of 1933, as
amended, or the securities laws of any other jurisdiction and
may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

                About EchoStar Communications

EchoStar Communications Corporation (NASDAQ:DISH) --
http://dishnetwork.com/-- serves more than 12.46 million  
satellite TV customers through its DISH Network(TM), and is a
leading U.S. provider of advanced digital television services.  
DISH Network's services include hundreds of video and audio
channels, Interactive TV, HDTV, sports and international
programming, together with professional installation and 24-hour
customer services.  Echostar's has offices in Almelo, the
Netherlands, Madrid Spain, and West Yorkshire, United Kingdom
consisting of 270 employees.

At June 30, 2006, EchoStar's balance sheet showed US$9.1 billion
in total assets and US$9.6 billion in total liabilities,
resulting in a US$511 million stockholders' deficit.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Dominion Bond Rating Service confirmed the ratings of EchoStar
Communications Corporation and EchoStar DBS Corporation at BB
(low) and BB.  The trend is Stable.  

Fitch placed the Company's subordinated debt rating at B on
Oct. 28, 2004, and assigned a stable outlook to the rating on
January 2006.


ECHOSTAR COMMS: Moody's Affirms Ba3 Rating on Proposed Notes
------------------------------------------------------------
Moody's Investors Service affirmed all ratings including the Ba3
corporate family and SGL-1 liquidity rating for EchoStar
Communications Corporation and its subsidiary EchoStar DBS
Corporation following the company's announcement of a proposed
US$500 million of EDBS notes.

The US$500 million in proceeds from the new fixed rate notes
will be used to replace the same amount of the existing EDBS
floating rate note.

EchoStar's corporate family rating continues to reflect
expectations of higher costs to grow and retain subscribers in
an increasingly competitive operating environment as well as
concerns regarding management's longer term operational and
fiscal strategies.

EchoStar's solid liquidity position (based predominantly on cash
balances of approximately US$2 billion), its substantial
subscriber base of over 12 million, and modest positive free
cash flow support the ratings.  The outlook remains stable.

Ratings affirmed:

EchoStar Communications Corporation, Ba3

    * PDR: Ba2
    * SGL-1
    * Outlook Stable
    * 5.75% sub conv due 2008, B2 --> B1, LGD6, 96%

EchoStar DBS Corporation

    * 5.75% nts due 2008, Ba3 --> Ba3, LGD4, 58%
    * 6.375% nts due 2011, Ba3 --> Ba3, LGD4, 58%
    * 6 5/8% nts due Oct. 1 2014, Ba3 --> Ba3, LGD4, 58%
    * 7.125% nts due 2016, Ba3 --> Ba3, LGD4, 58%

Ratings assigned:

    * US$500M of New Senior Notes due 2013 and 2016
      -- Ba3, LGD4, 58%

EchoStar Communications Corporation is a leading provider of
direct broadcast satellite pay television services to
approximately 12 million subscribers.  The company maintains its
headquarters in Englewood, Colorado.


ECHOSTAR COMMS: S&P Rates Unit's US$500-Mln Senior Notes at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB-' rating to
Echostar DBS Corp.'s aggregate US$500 million senior notes with
maturities of 2013 and 2016.  These are being issued under Rule
144A with registration rights.
     
Proceeds will be used as the permanent financing of the
redemption of the company's outstanding floating-rate senior
notes due 2008.  The corporate credit rating of Echostar DBS
Corp. is 'BB-' and reflects that of its Denver-based parent
EchoStar Communications Corp., a satellite direct-to-home TV
provider.  The outlook is stable.
      
"The ratings on EchoStar Communications reflect intense
competition from cable TV system operators and its larger DTH
rival, DIRECTV Group," said Standard & Poor's credit analyst
said Catherine Cosentino.

Some concern surrounds the company's longer-term competitive
position from its inability to provide the high-speed data,
voice, and advanced two-way video services available from cable
companies, and likely to be offered by phone companies over the
next few years.

In addition, a degree of financial and strategic policy
uncertainty weigh on the ratings.  Tempering factors include
good customer, revenue, and EBITDA growth, and solid liquidity
from growing discretionary cash flow and a sizable cash balance.


EMI GROUP: Unit to Sell Capitol Tower to Argent for US$50 Mln
-------------------------------------------------------------
EMI Music North America has entered into an agreement with
Argent Ventures, the New York-based commercial property owner
and developer, to sell the Capitol Records Tower and adjacent
properties to Argent for US$50 million.

As part of the agreement, EMI has entered into a long-term lease
with Argent, which will enable the Capitol Records label and
Capitol Studios to continue their operations at these facilities
for many years to come.

The sale of these facilities is consistent with EMI's strategy
to divest of non-core real estate assets, and in some cases,
enter into leaseback arrangements, as the company recently did
earlier this year with two facilities in Japan.

Argent's acquisition includes the Capitol Tower -- the famous
cylindrical building designed to resemble a stack of records,
topped with a stylus needle, which blinks out "Hollywood" in
Morse code.  Since opening its doors in 1956, the building has
become a fixture in the Hollywood landscape, and home to the
legendary Capitol Records label and the Capitol Studios, where
artists such as label founder Johnny Mercer, Nat King Cole,
Frank Sinatra and The Beach Boys recorded.  Argent is also
acquiring the adjacent Gogerty building and a parking lot on
Argyle Avenue.

EMI will retain the trademark and rights to the imagery of the
Capitol Tower.

"We are grateful for EMI's continuing commitment to a community
of which we are now a part," said Michael Gargano, Managing
Director at Argent Ventures.  "Being able to become a
stakeholder in Hollywood through the acquisition of such an
iconic building, while preserving the operational presence of a
landmark company is exactly how we had hoped to approach the Los
Angeles market."

"We are pleased to enter into this sale and leaseback with
Argent, a company whose track record includes some prestigious
and high profile properties in New York and Miami," said David
Munns, Chairman and CEO of EMI Music North America.  "This is
part of the restructuring effort we announced in April, and will
help to ensure our organization remains flexible, with a focus
on investment in the key areas of A&R, marketing and the
development of our digital business.  We are happy to carry on
the heritage and tradition of making and marketing great music
in this historic building."

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

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


EXCEL BUSINESS: Claims Filing Period Ends Oct. 31
-------------------------------------------------
Creditors of Excel Business Catering & Vending Limited have
until Oct. 31 to send their names and addresses and particulars
of their debts or claims, and the names and addresses of their
Solicitors (if any) to appointed Joint Liquidator R. S. Harding
of Elwell Watchorn & Saxton LLP at:

         R. S. Harding
         Elwell Watchorn & Saxton LLP
         Cumberland House
         35 Park Row
         Nottingham NG1 6EE
         United Kingdom
   
The company can be reached at:

         Excel Business Catering & Vending Limited
         Unit 17 & 19
         Parkway Court
         Glaisdale Drive
         Nottingham
         Nottinghamshire NG8 4GN
         United Kingdom
         Tel: 0115 928 4300   


FARNBOROUGH TOWN: Creditors' Meeting Slated for October 4
---------------------------------------------------------
Creditors of Farnborough Town Football and Social Club Limited
(Company Number 02278768) will meet at 11:00 a.m. on Oct. 4 at:

         Farnborough Town Football Club
         Cherrywood Road
         Farnborough
         Hampshire GU14 8UD
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 3 at:

         Ian Michael Rose
         Joint Administrator
         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke-On-Trent
         Staffordshire ST3 6HP
         Tel: 01782 394500  

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


FORMAREA HOLDINGS: Taps Timothy Calverley to Liquidate Assets
-------------------------------------------------------------
Timothy Calverley of Haines Watts was appointed Liquidator of
Formarea (Holdings) Limited (formerly A. F. Budge (Holdings)
Limited) on Sept. 4 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Formarea (Holdings) Limited
         Unit 10
         West Carr Road
         Retford
         Nottinghamshire
         United Kingdom DN227SW
         Tel: 01909 500 222
         Fax: 01909 530 231


GRACECHURCH CARD: Moody's Assigns Ba1 Rating to GBP112-Mln Notes
----------------------------------------------------------------
Moody's Investors Service assigned these ratings to
approximately GBP112 million of asset-backed notes issued by
Gracechurch Card Notes 2006-A PLC:

   -- Ba1 to the EUR60,000,000 Class A1 Floating Rate
      Asset-Backed Notes due 2010; and

   -- Ba1 to the GBP75,000,000 Class A2 Floating Rate
      Asset-Backed Notes due 2010.

Gracechurch Card Notes 2006-A PLC is the twelfth transaction
issued out of the U.K. credit card master trust of Barclays Bank
PLC.  Pursuant to the terms of the Series 2006-A Notes,
following pro-rata allocations of funds to the Series 2006-A,
such allocated funds may be used in priority to meet any
shortfalls in finance charge allocations to meet payments
required in respect of the outstanding existing series issued
out of the Gracechurch receivables trust.  

The Existing Series comprise the Series 02-1, Series 03-1,
Series 04-1, Series 04-2, Series 05-1, Series 05-2, Series 05-3
and Series 05-4. Moody's has taken into account in its analysis
the use of allocations to the Series 2006-A Notes as support for
the Existing Series.

The rating of the Class A1 and A2 Notes is based on the benefit
of a spread trapping account that will trap excess spread, in a
manner similar to the spread accounts that support the Class C
Notes of the Existing Series.  

The Series 2006-A spread account may be funded from excess
spread arising from the pro-rata allocation of finance charge
receivables from the receivables trust to the Series 2006-A, any
excess spread shared from any Existing Series and amounts on
deposit in the spread account or reserve account of any Existing
Series upon redemption of the relevant Existing Series.

The definitive ratings address the expected loss posed to
investors by the legal final maturity date.  In Moody's opinion,
the structure allows for the ultimate payment of interest and of
principal at par on or before the rated legal final maturity
date.


H.H. MARKETING: Calls In Liquidator from Carter Clark
-----------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of H.H.
Marketing Limited on Sept. 5 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         H.H. Marketing Limited
         6 Washington Avenue
         Hemel Hempstead
         Hertfordshire HP2 6AA
         United Kingdom
         Tel: 01442 401 834


HANATEK LIMITED: Brings In Liquidator from Marks Bloom
------------------------------------------------------
Andrew John Whelan of Marks Bloom was appointed Liquidator of
Hanatek Limited on Sept. 6 for the creditors' voluntary winding-
up proceeding.

Headquartered in Crawley, U.K., Hanatek Limited --
http://www.hanatek.co.uk/-- manufactures and supplies  
specialist test equipment for the packaging industry.  The
company offers design and repair, calibration, and engineering
work services.


HARROGATE TRAINING: Names Liquidators from Jacksons Jollife Cork
----------------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Jacksons
Jolliffe Cork LLP were appointed Joint Liquidators of Harrogate
Training and Development Limited on Sept. 6 for the creditors'
voluntary winding-up proceeding.

Headquartered in Harrogate, U.K., Harrogate Training and
Development Limited -- http://www.htd.org.uk/-- specializes in  
the design, management, and delivery of professional and
personal development events for the Health & Social Care
sectors.


HMV GROUP: Total Group Sales Up 9.5% for Quarter Ended Sept. 23
---------------------------------------------------------------
HMV Group plc issued its trading update at its annual general
meeting held Friday.

Total Group sales were up 9.5% for the 12 weeks ended Sept. 23,
2006, including the benefit of the acquisition of Ottakar's.  
Excluding Ottakar's, total sales showed an improved trend on the
Group's previous disclosure, declining by 0.6% in the 12-week
period, including like for like sales down 3.7%.

At HMV U.K. & Ireland, total sales were down 1.2% over the same
12-week period, including like for like sales down by 5.4%,
compared to a decline of 16.7% like-for-like for the first nine
weeks already reported.  In an extremely difficult market, more
competitive pricing in our stores drove the improved performance
compared to the previous nine weeks of the new financial year,
and year on year growth of market share in both music and DVD.
In hmv.co.uk, sales growth has accelerated to over 150% compared
to the prior year.  Gross margins are, as previously indicated,
down by 250 basis points.

HMV U.K. launched new simplified, lower prices nationally on
Sept. 6, supported by a high-profile advertising campaign, which
will continue through the autumn to provide HMV U.K. with a
strong competitive platform going into the crucial Christmas
trading period.  

HMV U.K. is also launching hmvdigital.com, an enhancement to its
existing digital downloading service, which enables consumers to
download music and, eventually, video without the need to
install any additional software.

In Waterstone's, total sales were down 3.6% during the 12-week
period, including like for like sales down by 3.0%, compared to
a decline of 6.1% like for like for the first nine weeks already
reported.  Gross margin was down 70 basis points, reflecting a
more promotional book market.

"We are making excellent progress on the integration of
Ottakar's," the company said in a statement.  "To date, more
than 70 Ottakar's stores have been successfully converted to
Waterstone's, and the remainder will be completed on schedule by
early November.  The consolidation of Ottakar's three head
offices and integration of the two teams remains on course for
completion prior to Christmas.  Key elements of the Ottakar's
business are also being exported into Waterstone's, including a
highly developed Intranet for sharing product knowledge between
the stores and head office, and many Ottakar's managers now have
key roles within the enlarged business.

Waterstone's disclosed the consumer launch of
http://www.waterstones.com/,which has been trading successfully  
since a soft launch in early September.  The Web site offers a
choice of over two million titles, with free delivery on orders
over GBP15 and extensive functionality, including 'Ask A
Bookseller' for personal e-mail recommendations.

                     International Businesses

In its international businesses, total sales at constant
exchange rates in HMV Asia grew by 0.7% in the last 12 weeks,
including like for like sales down 1.5%.  In HMV Canada, total
sales at constant exchange rates grew by 7.3%, inclusive of
like for like sales down 1.0%.

                            New CEO

Simon Fox joined the Group on Sept. 4 and succeeds Alan Giles as
the Group's Chief Executive following the AGM.

"The markets in which the Group operates, particularly music,
continue to experience very difficult trading conditions.  
However, I am pleased to report that we are exactly on track
with the implementation of the strategic initiatives which we
outlined earlier this year.  These include integrating Ottakar's
within Waterstone's, simplified, lower prices in HMV U.K. and
ramping up our online channels, with which we have taken our
first major steps to becoming a truly integrated, multi-channel
retailer," Carl Symon, HMV Group plc Chairman, said.

                            About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight   
different countries under two powerful retail brands, HMV and
Waterstone's.  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Apr. 29, 2006, the company's balance sheet showed GBP2.4
million in stockholders' deficit, compared with a GBP14.4
million deficit at April 30, 2005.


HMV GROUP: Taps Christopher Rogers to Chair Audit Committee
-----------------------------------------------------------
HMV Group plc appointed Christopher Rogers as non-executive
director effective Oct. 1.  Mr. Rogers will chair the company's
Audit Committee and he will be a member of each of the
Nomination and Remuneration Committees.

Mr. Rogers, 46, is finance director of Whitbread PLC, where he
has been since May 2005.  Prior to joining Whitbread PLC, he was
group finance director of Woolworths Group plc and chairman of
Woolworths Group Entertainment and Wholesale Publishing
businesses.  He qualified as an accountant with Price
Waterhouse and joined Kingfisher Group as corporate finance
manager in 1988.  Subsequent appointments included Group
Financial Controller at Kingfisher plc, Finance Director of
Comet Group plc and four years as Commercial Director at
Comet.

"I am delighted that Chris will be joining our Board," Carl
Symon, Chairman of HMV Group, said.  "He brings a strong retail
and commercial background combined with the respect of the
financial and investor community and will undoubtedly make a
valuable contribution to HMV Group."

                            About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight   
different countries under two powerful retail brands, HMV and
Waterstone's.  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Apr. 29, 2006, the company's balance sheet showed GBP2.4
million in stockholders' deficit, compared with a GBP14.4
million deficit at April 30, 2005.


I-ELECTRONICS: Liquidators Set Dec. 12 Claims Bar Date
------------------------------------------------------
Creditors of I-Electronics Limited (formerly Intercom
(Manufacturing) Limited, Foxhall Engineers (Nottm) Limited) have
until Dec. 12 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 Joint Liquidators Paul Finnity
and Peter Blair of Begbies Traynor at:

         Paul Finnity and Peter Blair
         Begbies Traynor
         Regency House
         21 The Ropewalk
         Nottingham NG1 5DU
         United Kingdom

The company can be reached at:

         I-Electronics Limited
         Unit 5
         Dabell Avenue
         Nottingham
         Nottinghamshire NG6 8WA
         United Kingdom
         Tel: 0115 975 8870
         Fax: 0115 979 7299


INNER COMPASS: Brings In Tenon Recovery as Administrators
---------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Inner Compass International Limited
(Company Number 4678733) on Sept. 14.

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

Inner Compass International Limited can be reached at:

         Tubs Hill House North
         London Road
         Sevenoaks
         Kent TN13 1BL
         United Kingdom


ISOFT GROUP: Discloses Contractual Changes to NPfIT Engagements
---------------------------------------------------------------
iSOFT Group plc disclosed material changes to its engagements
with the U.K. National Programme for IT (NPfIT).

iSOFT plc currently has two principal contracts to deliver
software and services as part of the NPfIT.

On April 2, 2004, the Company signed a contract with Accenture
(U.K.) Limited to deliver software and services in the North-
East and East & East Midlands regions.  

On April 28, 2004, the Company signed a contract with Computer
Sciences Limited to deliver software and services to the North-
West & West Midlands region.

On Aug. 11, iSOFT signed a Memorandum of Understanding with CSC
confirming the schedule under which it will provide deliveries
to CSC in respect of the existing CSC agreement, with the
opportunity to win additional business in future through CSC.

Under the agreement, iSOFT made a number of commitments with
respect to the future development of its products for the NPfIT.
The agreement offers greater certainty of cash flow to iSOFT,
with payments tied to the achievement of specific milestones.

                     New Arrangements

NHS Connecting for Health, Accenture and CSC disclosed a change
of Local Service Provider for delivery of the NHS National
Programme for IT in the North-East and East & East Midlands
regions.  As a result, the contract between iSOFT and Accenture
will be terminated, although iSOFT will provide transitional
services until Jan. 8, 2007.  

Under the termination arrangements, iSOFT and Accenture have
agreed that no further payments will be made between the two
parties and any potential litigation relating to the period
between April 2, 2004 and [thurs]day's date will be annulled.

Accenture will transfer responsibility for the delivery of its
obligations within the NPfIT to CSC by Jan. 8 2007, and CSC will
continue to fulfill its contractual obligations to provide
services to the North West & West Midlands region.

The CSC-led alliance will design, deliver and operate an
integrated patient care record system, improving the way in
which patient information is accessed and shared.  

The service will provide all NHS patients with an individual
lifelong electronic care record, promoting seamless care for
patients through physicians, hospitals and community services,
while allowing healthcare professionals to focus on delivering
quality patient care more effectively.

iSOFT is the principal CSC alliance member and its application
suite forms the core of the CSC alliance's software solution
already being implemented in the North-West & West Midlands.

iSOFT will retain exclusivity in providing core software
solutions in the North-East region and exclusivity for interim
solutions in the East & East Midlands region.  iSOFT will retain
preferred supplier status for future solutions in the East &
East Midlands region, subject to a benchmarking review.

iSOFT Chairman and Chief Executive John Weston commented, "This
is a further demonstration of confidence in iSOFT's ability to
develop and deliver leading healthcare software products and we
are very pleased to be extending our close working relationship
with CSC."

                       About iSoft

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

                     *     *     *

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

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


JHC DECORATING: Hires Liquidator from Begbies Traynor
-----------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of JHC
Decorating Contractors Limited on Sept. 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         JHC Decorating Contractors Limited
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         Essex SS1 2EG   
         United Kingdom
         Tel: 01708 474 775


LANCE COLES: Claims Filing Period Ends Oct. 31
----------------------------------------------
Creditors of Lance Coles Construction Limited have until Oct. 31
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
Geoffrey John Kirk of:

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

The company can be reached at:

         Lance Coles Construction Limited
         25 Longbrook Street
         Plymouth
         Devon PL7 1NJ
         United Kingdom
         Tel: 01752 330 552


LEISURE MIDLANDS: Creditors' Meeting Slated for October 6
---------------------------------------------------------
Creditors of Leisure Midlands Limited (Company Number 03194241)
will meet at 10:00 a.m. on Oct. 6 at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield B72 1TU
         United Kingdom

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

         Gerald Irwin
         Administrator
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net


LIGHT COMPUTER: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Creditors of Light Computer Systems Limited confirmed on Sept. 5
the appointment of Situl Devji Raithatha of Springfields
Business Recovery & Insolvency Ltd. as the company's Liquidator.

Headquartered in Leeds, U.K., Light Computer Systems Limited --
http://lightcomputers.com/-- is a trade component and system  
distributor.


LONDON & EDINBURGH: Appoints Administrators from Ernst & Young
--------------------------------------------------------------
Roy Bailey, Alan Bloom and Angela Swarbrick of Ernst & Young LLP
were appointed joint administrators of London & Edinburgh
Swallow Group Limited (Company Number 05210888), Swallow Hotels
Limited (Company Number 04799386), London & Edinburgh Inns
Limited (Company Number 04681704), Newlord Limited (Company
Number 04971032), The Gourmet Pub Company Limited (Company
Number 05204415), and React Inns Limited (Company Number
04889177) on Sept. 14.

Ernst & Young -- http://www.ey.com/-- help companies in  
businesses across all industries-from emerging growth companies
to global powerhouses-deal with a broad range of business
issues.  It has 107,000 people in 140 countries around the globe
pursue the highest levels of integrity, quality and
professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.

The Companies are part of the London and Edinburgh Swallow Group
of hotels and pub.  There are 671 sites in total in the Group
across the U.K. with approximately 7,300 employees.


MALHAM CONSTRUCTION: Taps Liquidators from Tenon Recovery
---------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed Joint Liquidators of Malham Construction Limited on
Sept. 15 for the creditors' voluntary winding-up proceeding.

         Malham Construction Limited
         29 The Beresford Centre
         Wade Road
         Basingstoke
         Hampshire RG24 8FA
         United Kingdom
         Tel: 01256 322822   


MB CREATIVE: Taps Bridgestones to Administer Assets
---------------------------------------------------
Jonathan Lord and Robert Cooksey of Bridgestones were appointed
joint administrators of MB Creative Limited (Company Number
04899916) on Sept. 15.

The administrators can be reached at:

         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk

MB Creative Limited can be reached at:

         Sirdar Business Park
         Flanshaw Lane
         Wakefield
         West Yorkshire WF2 9HX
         United Kingdom
         Tel: 01924 231 813
         Fax: 01924 231 800


NEW PRINT HOUSE: Claims Registration Ends Dec. 12
-------------------------------------------------
Creditors of The New Print House Limited have until Dec. 12 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Joint
Liquidator Daniel Paul Hennessy of Cresswall Associates Limited
at:

         Daniel Paul Hennessy
         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom

The company can be reached at:

         The New Print House Limited
         5 Prospect Terrace
         North Shields
         Tyne And Wear NE301DX
         United Kingdom
         Tel: 0191 258 7027


PARAMEDICS PLUS: Hires Smith & Williamson to Administer Assets
--------------------------------------------------------------
Roger Tulloch, Robert Horton and Anthony Murphy of Smith &
Williamson Limited were appointed joint administrators of
Paramedics Plus Limited (Company Number 05838022) on Sept. 14.

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

Headquartered in Guilford, United Kingdom, Paramedics Plus
Limited is engaged in medical transport and emergency calls.


PHARMACITY LIMITED: Hires Liquidators from Deloitte & Touche
------------------------------------------------------------
Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed Joint Liquidators of
Pharmacity Limited on Sept. 5 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Pharmacity Limited
         19 Portland Square
         Bristol
         Avon BS2 8SJ  
         United Kingdom
         Tel: 0117 924 8077
         Fax: 0117 924 8081


PICKUP AND DENTON: Names Liquidator from Haines Watts
-----------------------------------------------------
Timothy Calverley of Haines Watts was appointed Liquidator of
Pickup and Denton Limited on Sept. 11 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Pickup and Denton Limited
         Weir Street
         Blackburn
         Lancashire BB2 2AN
         United Kingdom
         Tel: 01254 661 964
         Fax: 01254 694 272


PHOENIX CREATIVE: Appoints A. J. Clark as Liquidator
----------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Phoenix
Creative Solutions Limited on Sept. 5 for the creditors'
voluntary winding-up procedure.

Headquartered in Hitchin, U.K., Phoenix Creative Solutions
Limited -- http://www.pcsltd.org.uk/-- is a graphic design, web  
design and print management company.  Phoenix Creative builds
company profiles and develops brand awareness for their clients'
services and products through strategic tools such as printed
literature, advertising, web, display, and promotional media.


PRICELINE.COM: S&P Assigns B Rating to US$150-Mln Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
online travel agency Priceline.com Inc.'s US$150 million
convertible senior notes due 2011 and US$150 million convertible
senior notes due 2013.  At the same time, the rating agency
affirmed the corporate credit rating on the company at 'B'.
     
Proceeds from the offering will be used to fund the buyback of
about US$130 million in Priceline.com common stock and the
repurchase of a portion of the company's outstanding convertible
senior notes due 2010 and 2025.  Priceline.com has not disclosed
how much of the outstanding convertible senior notes that it
plans to repurchase.
     
The outlook is stable.  Pro forma for the debt offering, total
debt outstanding was US$523 million as of June 30, 2006.

Norwalk, Conn.-based Priceline.com is a provider of bid-based
and retail travel services in airline tickets, hotel rooms,
rental cars, vacation packages, cruises, and travel insurance.
     
"The ratings reflect the company's significant supplier
concentration in airlines and hotels, low profit margins,
acquisition-driven growth strategy, and likely decrease in
global distribution systems incentive fees received," said
Standard & Poor's credit analyst Andy Liu.
     
These factors are only partially offset by:

   -- the company's leading position in the consumer
      bid-based travel business;

   -- good cash balances, which provide some cushion;
      and

   -- growing retail operations, especially in Europe.


QUO VADIS: Appoints Administrators from Smith & Williamson
----------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Limited were appointed joint administrators of Quo
Vadis Technology Limited (Company Number 04786308) on Sept. 15.

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

Headquartered in Essex, United Kingdom, Quo Vadis Technology
Limited is engaged in labor recruitment.


RED HERRING: Calls In Joint Liquidators from Milner Boardman
------------------------------------------------------------
Colin Burke and Darren Brookes of Milner Boardman & Partners
were appointed Joint Liquidators of Red Herring Bars Limited on
Sept. 5 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Red Herring Bars Limited
         Grove Arcade
         Wilmslow
         Cheshire
         United Kingdom SK9 1HB
         Tel: 0161 431 8110


REVLON INC: Eyes Organizational Streamlining & Consolidation
------------------------------------------------------------
Revlon Inc. disclosed a broad organizational streamlining and
consolidation that builds on the scope of the Company's
restructuring actions implemented earlier in the year and
meaningfully accelerates the Company's efforts to reduce costs
and improve profit margins.

In connection with the disclosure, the Company provided its
outlook for 2006 and 2007 and indicated that it plans to
discontinue Vital Radiance, due to the new brand not achieving
an economically feasible retail platform for future growth.
Revlon indicated that it expects these actions to accelerate the
Company's path to becoming net income and cash flow positive.

Revlon President and Chief Executive Officer David Kennedy
stated, "[These] announcements represent important and necessary
steps forward for Revlon.  We are moving forward with a clear
focus on leveraging the tremendous equity of our established
brands -- particularly Revlon -- and without the burden of the
operating loss we anticipated from Vital Radiance in 2007.  As
we look ahead, we will continue to work to bring innovation and
excitement to the market and, importantly, we will do so in a
way that is focused on driving our profitability and cash flow,
while also generating top-line growth."

                  Organizational Streamlining

The organizational streamlining, which will reduce the Company's
U.S. workforce by approximately 250 positions, or approximately
8%, will result in restructuring and related charges totaling
approximately US$29 million, with related ongoing annualized
savings estimated at approximately US$34 million.

The primary components of the streamlining involve:

    * consolidating responsibilities in certain related
      functions and reducing layers of management to
      increase accountability and effectiveness;
  
    * streamlining support functions to reflect the
      new organization structure;

    * eliminating certain senior executive positions; and
  
    * consolidating various facilities.

The Company's brand marketing and creative activities in the
U.S. will be further consolidated, eliminating redundancy and
reducing layers of management.  The new structure is designed to
enable more effective innovation and creativity, while fostering
more efficient decision-making and appropriately aligning this
decision-making with accountability.

As a result, the roles of Executive Vice President and Chief
Marketing Officer, held by Stephanie Klein Peponis, and
Executive Vice President and Chief Creative Officer, held by
Rochelle Udell, will be eliminated, and the brand marketing
leadership will report directly to David Kennedy.

The marketing leadership will be responsible for all elements of
brand marketing, brand positioning and advertising, media and
creative services, category development and other promotional
activities.  In addition, the role of Executive Vice President
and President of International, currently held by Tom McGuire,
is also being eliminated, and the executives leading the
Company's three geographic International regions will report
directly to David Kennedy.

Commenting on the organizational streamlining, David Kennedy
continued, "This opportunity to improve our operational
effectiveness, accelerate our cost reduction and improve our
margins is meaningful, and we are moving forward aggressively
with the implementation.  We expect these actions to result in
significant and sustainable savings for the Company, and I am
confident that the individuals assuming greater responsibility
and decision- making will be more effective in their roles
moving forward.  I believe that today's announcements position
us well for improved results in 2007 and beyond."

The Company indicated that the US$29 million in restructuring
and related charges is comprised primarily of employee-related
costs, including severance and other termination benefits, with
approximately US$15 million of the charges expected to be
incurred in the third quarter of 2006 and another US$8 million
expected to impact the fourth quarter of 2006.  The Company
expects the balance of the charges to be incurred in 2007.
Approximately US$21 million of the charges are expected to
reflect cash charges that the Company will pay out over the 2006
to 2008 period.

Of the US$34 million in expected ongoing annualized savings, the
Company expects approximately US$5 million to benefit 2006
results.  The Company's restructuring actions implemented
earlier in the year resulted in US$10 million in charges
incurred in the first half of 2006, with expected related
ongoing annualized savings of approximately US$15 million.

                    Vital Radiance Update

Revlon plans to discontinue Vital Radiance, its new brand
targeted at the mature consumer, due to the disappointing
performance of the brand and the likelihood that Vital Radiance
would not maintain an economically feasible retail footprint in
the future.  

As a result, the Company expects to incur charges of
approximately US$63 million in the third quarter of 2006 related
to discontinuing the brand. The charges will include a provision
for estimated returns and allowances of approximately US$40
million, as well as approximately US$13 million for the write-
off of inventories and selling and promotional materials, and
approximately US$10 million for the acceleration of display
amortization.

The Company indicated that, including the cost to discontinue
the brand, Vital Radiance is expected to negatively impact the
Company's operating results by approximately US$70 million in
the third quarter.  For the full year, the negative impact of
Vital Radiance on the Company's operating results is expected to
be approximately US$110 million, including the cost to
discontinue the brand in the third quarter and the charges taken
earlier in the year associated with a reduction of retail space
at several large format retailers.

Commenting on the decision, David Kennedy stated, "The decision
to discontinue Vital Radiance is the right strategic and
economic choice for the Company.  The likelihood of the brand
maintaining much of its retail space in the future, including
adequate space at the brand's best accounts, was questionable,
which made staying the course unfeasible for Revlon.  Given the
opportunity to further leverage our established brands-in
particular, the Revlon brand-and our intense focus on
dramatically improving our bottom-line performance in 2007, we
are confident that moving forward without what would have been a
significant, ongoing investment behind Vital Radiance is the
appropriate course of action."

In connection with the charges associated with both
discontinuing Vital Radiance and streamlining the organization,
Revlon announced that its wholly owned operating subsidiary,
Revlon Consumer Products Corporation, will seek an amendment to
its bank credit agreement to add back these charges in the
calculation of its financial covenants.  The Company noted that
the credit agreement amendment is expected to be consummated in
late September 2006, subject to market and other customary
conditions, including receipt of consents from the appropriate
lenders.  There can be no assurance that the amendment will be
consummated.

           Preliminary Third Quarter 2006 Results

The Company indicated that net sales in the third quarter of
2006 are expected to be in the range of approximately US$280
million to US$290 million, after giving effect to approximately
US$40 million in estimated Vital Radiance returns and
allowances.

Adjusted EBITDA for the third quarter of 2006 is expected to be
a loss of approximately US$50 million, and operating loss in the
quarter is expected to be approximately US$90 million, after
giving effect to the costs related to the organizational
streamlining, the total impact in the quarter of Vital Radiance,
including the cost to discontinue the brand, and other charges
in connection with executive severance.  The total impact of
these items on Adjusted EBITDA in the quarter is expected to be
approximately US$79 million, and the total impact on operating
profitability is expected to be approximately US$92 million.

Adjusted EBITDA is a non-GAAP measure that is defined in the
footnotes to this release and reconciled to net income/(loss),
the most directly comparable measure, in the accompanying
financial table.

Net loss in the third quarter is expected to be approximately
US$135 million, after giving effect to the costs of the
organizational streamlining, the total impact of Vital Radiance
and other charges in connection with executive severance.

                     Full Year 2006 Outlook

For the full year 2006, the Company indicated that it expects
net sales of approximately US$1,340 million, including the
impacts of Vital Radiance returns and allowances provisions in
the second and third quarters of 2006.  Adjusted EBITDA for the
year is expected to be approximately US$75 million to
US$85 million, and operating loss is expected to be
approximately US$45 million to US$55 million, after giving
effect to the impacts of restructuring actions taken during the
year, the expected full-year impact of Vital Radiance, including
the cost to discontinue the brand, and other charges in
connection with executive severance.  The total impact of these
items on Adjusted EBITDA for the year is expected to be
approximately US$129 million, and the total impact on operating
profitability is expected to be approximately US$150 million.

The Company is currently developing a plan to refinance its 8
5/8% Senior Subordinated Notes maturing in 2008.  In addition,
as previously disclosed, Revlon currently intends to conduct a
US$75 million equity issuance in late 2006 or the first quarter
of 2007, with the proceeds used for debt reduction.  The
backstop obligations of MacAndrews & Forbes, Revlon's principal
shareholder, will remain in effect to ensure that Revlon issues
the US$75 million.  In addition, the existing US$87 million line
of credit from MacAndrews & Forbes will remain available to the
Company through the completion of the US$75 million equity
issuance.

                    Longer-Term Outlook

As previously disclosed, the Company indicated that its goal for
longer-term net sales growth is in the mid-single-digit range,
on average, over time.  In addition, the Company continues to
expect to achieve significant improvement in profit margins over
time, with 2007 expected to benefit meaningfully from
restructuring actions taken in 2006.

More specifically, Adjusted EBITDA in 2007 is expected to be
approximately US$210 million.  The Company believes that, based
on the business plans and strategies already in place for 2007,
as well as the benefits of the 2006 restructuring actions and
the elimination of the expected operating loss from Vital
Radiance, this level of performance is achievable.  In addition,
the Company is aggressively focused on improving profitability
beyond the expected 2007 level.  This additional growth is
expected to be driven by a continuing focus on the Company's
margin and other productivity initiatives, as well as the
benefit of driving profitable revenue growth of the Company's
strong portfolio of established brands.

                        About Revlon

Revlon Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The Company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The Company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  In Europe, the company maintains
operations in Italy, France, and the United Kingdom.

At June 30, 2006, the Company's balance sheet showed US$960.7
million in total assets and US$2.09 billion in total
liabilities, resulting in a US$1.1 billion stockholders'
deficit.

                        *     *     *

As reported in the Troubled Company reported on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  Standard &
Poor's said the outlook is negative.


REVLON INC: Unit's Weak Liquidity Cues Moody's to Junk Ratings
--------------------------------------------------------------
Moody's Investors Service lowered Revlon Consumer Products
Corporation's long-term ratings, including the corporate family
rating to Caa1 from B3.  Moody's affirmed the company's
speculative grade liquidity rating of SGL-4.  These rating
actions reflect the higher risk of future debt restructurings
that may be unfavorable to current bondholders, as well as the
significant liquidity and financial challenges that Revlon faces
in the next 6-12 months.  The outlook remains negative.

Ratings affected:

   -- Corporate family rating, downgraded to Caa1 from B3;

   -- Probability of default rating, downgraded to Caa1 from B3;

   -- US$160 million senior secured asset based revolving
      credit facility due 2009, downgraded to B1 from Ba3
     (LGD 2, 11%);

   -- US$800 million senior secured term loan facility
      due 2010, downgraded to B3 from B2 (LGD 3, 35%);

   -- US$387 million 9.5% senior notes due 2011, downgraded
      to Caa2 from Caa1 (LGD 4, 61%);

   -- US$217 million 8.625% senior subordinated notes
      due 2008, downgraded to Caa3 from Caa2 (LGD 6, 93%); and

   -- Speculative grade liquidity rating, affirmed at SGL-4.

The outlook is negative.

The company's Caa1 corporate family rating and negative outlook
reflect the materially negative free cash flow, high leverage
and weak liquidity profile of Revlon.  

In order to comply with the 2004 Credit Agreement requirement
that the 8 5/8% senior subordinated notes be reduced to not more
than US$25 million in aggregate principal amount by October
2007, Revlon needs to refinance these notes in the near term.

While the company has a number of refinancing options, the risk
of a refinancing that is unfavorable to current bondholders has
increased given Revlon's weaker than expected operating
performance due to its unsuccessful launch of Vital Radiance and
the costs involved in exiting this brand.

Revlon's long-term ratings also reflect Moody's expectation that
the company will be able to maintain its current liquidity
through a possible amendment to its bank credit agreement, as
well as by raising USS$75 million in equity by early 2007 (this
issuance is backstopped by MacAndrews & Forbes).

While Moody's views the increased equity offering commitment as
an important mitigant to risks associated with the high leverage
levels, Revlon's sources of available liquidity are dependent
upon the successful completion of a number of critical
financings, the assurance of which is not necessarily
guaranteed.  Additionally, once the equity offering has
occurred, the US$87 million committed line from MacAndrews &
Forbes goes away and Revlon will face tighter liquidity given
likely drawings on its revolver.

Moody's notes that Revlon's persistently negative cash flow
generation -- EBITDA to interest coverage ratios of
approximately .9x and high leverage levels of approximately 11x
for the LTM period ending June 2006 (including Moody's standard
adjustments for operating leases and under-funded pension plans)
-- significantly constrain the rating.  More importantly, the
company's leveraged profile remains a rating concern as it
participates in an industry segment that requires material
upfront brand support, fixture, and product development
expenditures with uncertain consumer receptivity.

Further negative rating actions could be possible if Revlon is
not able to restore momentum in its core Revlon brands or if its
liquidity deteriorates significantly from current levels.  To
stabilize the rating outlook, the company needs to improve its
liquidity profile, including a successful refinancing of its
senior subordinated notes in a manner that is at least neutral
to current bondholders.

Revlon's speculative grade liquidity rating of SGL-4 reflects
credit metrics, including cash flow from operations that
continue to deteriorate and are not likely to improve materially
over the near-term.  In addition, Moody's notes that the company
has sought three amendments from its bank group for covenant
violations during 2006 and remains at risk of further breaches
should financial goals not be achieved.  Finally, Moody's
remains concerned regarding the elimination of the MacAndrews &
Forbes line of credit following the successful completion of the
pending equity offering.

Revlon, headquartered in New York, is a worldwide cosmetics,
skin care, fragrance, and personal care products company. The
company is a wholly owned subsidiary of Revlon, Inc., which in
turn is majority-owned by MacAndrews and Forbes, which is
wholly-owned by Ronald O. Perelman.  Revlon's net sales for the
twelve-month period ended June 2006 were approximately US$1.4
billion.


ROYAL & SUN: Sells U.S. Business to Arrowpoint Capital
------------------------------------------------------
Royal & Sun Alliance Insurance Group Plc sold its U.S. operation
to Arrowpoint Capital, a vehicle set up by the R&SA U.S.
management team.   

R&SA has also terminates its American Depositary Receipt
program, its voluntary delisting from the New York Stock
Exchange and its U.S. Securities and Exchange Commission (SEC)
registration.

                      Sale of U.S. Operation

In September 2003 the Group announced that its U.S. operation
was strategically non core.  The U.S. operation was closed to
new business and a restructuring plan was instigated with the
objective of bringing certainty and finality to the Group's U.S.
exposure.  In the last three years the Group has taken
significant action to deliver this objective.

The Group is selling its U.S. operation to Arrowpoint Capital
for a deferred consideration of GBP158 million (US$300 million),
which will be funded from the future performance of the U.S.
operation.  The transaction is conditional upon, inter alia,
shareholder and regulatory approvals.  On receipt of these
approvals and with completion of the transaction, the Group will
make a GBP151 million (US$287.5 million) capital contribution
into the U.S. regulated entities.  The net capital contribution,
write off of U.S. net assets and other related costs will result
in an estimated pre tax loss on disposal of GBP443 million.

"[The] announcement is a significant step for the Group," Andy
Haste, Group CEO, commented.  "The sale of the U.S. operation is
the right deal for our shareholders and U.S. policyholders.  The
transaction will bring certainty and finality and delivers on
our objective of a clean exit from the U.S.

"Over the last three years we have dealt with a number of legacy
issues and in the Core Group built a high quality business
focused on driving profitable growth and continuous operational
improvement.  We remain confident of continuing to deliver
sustainable profitable performance."

Two existing arrangements will remain in place: the Adverse
Development Cover (ADC) and the Letter of Credit supporting
certain third party reinsurance recoverables (LOC).  The ADC is
a reinsurance cover put in place in 2003.  It is at its policy
limit and therefore not subject to further insurance risk.  The
prudent assumptions supporting the projected payment patterns
give additional cover against potential timing risks for payment
of claims.  For the LOC of GBP79 million a methodology has been
agreed to step it down commencing two years after the completion
of the transaction conditional on the financial health of the
U.S. regulated entities.  In the event that the regulated
entities are required to draw down on the LOC, a mechanism has
been agreed for reimbursement to the Group.

Neither the ADC nor the LOC represent new exposures to the Group
and the directors believe that they do not represent material
risks to the Group given their nature, timing and likelihood.

As part of the disposal the Group has given minimal
representations and warranties and the transaction represents a
clean exit from the US.  It is intended that the present value
of the deferred consideration will be held as part of the
general investment portfolio of R&SA.

With the completion of the transaction the Group will continue
to be in a strong financial position with a pro forma IGD
surplus of GBP1.1bn and IGD coverage ratio of 1.9 times.

The disposal is a related party transaction and under UK Listing
Rules requires shareholder approval at an Extraordinary General
Meeting of the Company.

It is anticipated that the formal notice of the meeting and the
resolutions to be proposed, together with a circular setting out
further details of the transaction, will be sent to shareholders
in mid to late October with the EGM of R&SA to be held in early
to mid November.  Subject to receipt of shareholder and
regulatory approvals, R&SA is targeting completion by the year-
end.

                  Delisting and Deregistration

R&SA has been listed on the NYSE and registered in the U.S.
under the U.S. Securities Exchange Act 1934 since 1999 when the
listing and registration were identified as an important
milestone in the continued global development of the Group.  The
purpose of the listing was to give the Group access to one of
the world's largest capital markets and to provide the then
large number of U.S. employees with the opportunity to invest in
the Group through ADRs.

The strategic benefits to the Group of having a U.S. listing and
registration no longer apply.  Following the capital actions
taken by the Group since 2003, R&SA is no longer dependent upon
a U.S. listing for capital raising, and today announced the sale
of its U.S. operation; in addition the size of the ADR program
is now at its lowest level since April 2004.

Given these reasons, the Group believes that it is no longer
cost effective nor in the best interests of R&SA to maintain the
NYSE listing, the ADR program or its SEC registration.  The
Group estimates the ongoing costs of complying with SEC
reporting and other requirements to be over GBP10 million per
annum.

R&SA's NYSE listing is expected to terminate on Oct. 30, 2006.  
In order to terminate the SEC registration and suspend SEC
reporting obligations, R&SA must certify that there are less
than 300 U.S. holders of each relevant class of security,
whether held directly or indirectly, and thereafter must
maintain the number of U.S. holders at less than 300.  As R&SA
currently has over 300 U.S. holders, it will be proposing to
amend its Articles of Association to include provisions
conferring upon the Board the power to require any U.S. holder
to sell securities and restrict the number of U.S. holders.  
Subject to legal, fiduciary and regulatory requirements and
costs, the compulsory transfer power would be applied first to
those U.S. holders with the smallest holdings of shares.

Deregistration from the SEC requires an amendment to R&SA's
Articles of Association and as such, requires shareholder
approval.  A formal notice of the meeting and the resolutions to
be proposed together with a circular setting out further details
will be sent to shareholders on Oct. 2, with an EGM of R&SA
being held on Oct. 26.

The termination of the ADR program and delisting from the NYSE
will affect neither R&SA's high level of communication and
disclosure for all shareholders including U.S. investors, nor
its listing of ordinary shares on the London Stock Exchange.  In
line with other companies listed on the London Stock Exchange,
R&SA will resume half yearly reporting for 2007.  R&SA maintains
high standards of corporate governance and will continue to be
subject to the listing rules, the prospectus rules and the
disclosure rules made by the U.K. Listing Authority, and to the
Combined Code on Corporate Governance.

                    About Royal & SunAlliance

Headquartered in London, United Kingdom, Royal & SunAlliance
Insurance Group Plc -- http://www.royalsunalliance.com/provides  
risk management and insurance solutions through two divisions
focusing on property & casualty business and personal insurance.  
The group consists of three regions -- U.K., Scandinavia and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide.

                           *    *    *

As reported in TCR-Europe on Sept. 29 A.M. Best Co. has placed
the financial strength ratings of C++ (Marginal) and the issuer
credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in TCR-Europe on March 27, Standard & Poor's Ratings
Services lowered its counterparty credit and insurer financial
strength ratings on Royal & Sun Alliance Insurance Group PLC's
U.S. insurance operations (RSA USA) to 'BB' from 'BB+'.  S&P
said the outlook remains negative.  At the same time, the
ratings were withdrawn at the request of the companies'
management.


SCL 98 PLANT: Appoints BDO Stoy as Administrators
-------------------------------------------------
A. H. Beckingham and D. B. Coakley of BDO Stoy Hayward LLP were
appointed joint administrators of SCL 98 Plant Limited (Company
Number 05287145) on Sept. 15.

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.

SCL 98 Plant Limited can be reached at:

         99 The Mount
         Ringwood
         Hampshire BH24 1XZ
         United Kingdom
         Tel: 01425 472 637


SHANNON CIVIL: N. A. Bennett Leads Liquidation Procedure
--------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed Liquidator of
Shannon Civil Engineering Limited on Sept. 6 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Shannon Civil Engineering Limited
         Tavistock Road
         West Drayton
         Middlesex UB7 7LY
         United Kingdom
         Tel: 01895 448 111
         Fax: 01895 449 111


SECTOR SYSTEMS: Hires Stephen M. Katz to Liquidate Assets
---------------------------------------------------------
Stephen M. Katz of Acre House was appointed Liquidator of Sector
Systems Limited on Sept. 7 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Sector Systems Limited
         21B Holmethorpe Avenue
         Redhill
         Surrey RH1 2NB
         United Kingdom
         Tel: 01737 779 554
         Fax: 01732 763 090


STAGG BROS: Brings In PKF to Administer Assets
----------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (U.K.) LLP were
appointed joint administrators of Stagg Bros Property
Developments Ltd. (Company Number 05003786) on Sept. 13.

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

Headquartered in Knutsford, United Kingdom, Stagg Bros Property
Developments Ltd. develops and sells real estate properties.


SUNTEK COMPUTERS: Brings In Liquidator from B & C Associates
------------------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator of Suntek Computers Limited on Sept. 1 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Suntek Computers Limited
         Whitworth Road
         Stevenage
         Hertfordshire
         United Kingdom SG1 4QS
         Tel: 01438 355 555
         Fax: 01438 350 050


TAMS GROUP: TAMS Holding Taps Begbies Traynor as Receivers
----------------------------------------------------------
TAMS Holding Limited appointed Robert M. Young and Ian M. Rose
of Begbies Traynor joint administrative receivers of TAMS Group
Limited (Company Number 03958399) on Sept. 18.

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

Headquartered in Stoke-On-Trent, United Kingdom, TAMS Group
Limited manufactures ceramic.


TANA LIMITED: Hires BDO Stoy to Administer Assets
-------------------------------------------------
C. K. Rayment and S. Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of Tana (U.K.) Limited (Company
Number 04075060) on Sept. 14.

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.

Headquartered in Telford, United Kingdom, Tana (U.K.) Limited is
engaged in refuse collection and disposal services.


TREASURE CHEST: Claims Filing Period Ends Oct. 31
-------------------------------------------------
Creditors of Treasure Chest Warehouse Limited have until Oct. 31
to send in writing their names and addresses, and the
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidators Richard I. B. Jones and Melanie Reevel Giles of
Jones Giles Limited at:

         Richard I. B. Jones and Melanie Reevel Giles
         Jones Giles Limited
         8 Williams Court   
         Trade Street
         Cardiff CF19 5DQ
         United Kingdom

Headquartered in Cwmbran, U.K., Treasure Chest Warehouse Limited
manufactures and retails furniture.


TRUST QUALITY: Brings In PwC as Joint Administrators
----------------------------------------------------
Paul William Harding and Robert Nicholas Lewis of
PricewaterhouseCoopers LLP were appointed joint administrators
of Trust Quality Foods PLC (Company Number 05322299) on
Sept. 15.

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.  

Trust Quality Foods PLC can be reached at:

         Tolworth Tower
         Ewell Road
         Surbiton
         Surrey KT6 7EL
         United Kingdom


TUCHCON U.K.: Names Liquidators from RMT
----------------------------------------
A. A. Josephs and L. A. Farish of RMT were appointed Liquidators
of Tuchcon (U.K.) Limited on Aug. 14 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Tuchcon (U.K.) Limited
         Unit 63 Hutton Close
         Crowther Industrial Estate
         Washington
         Tyne and Wear NE38 0AH
         United Kingdom
         Tel: 019 419 4440


W & R 2004: Creditors Confirm Liquidators' Appointment
------------------------------------------------------
Creditors of W & R 2004 Limited (formerly Wilson and Royston
Limited) confirmed on July 31 the appointment of Malcolm Cohen
and Mark Shaw of BDO Stoy Hayward LLP as the company's Joint
Liquidators.

The company can be reached at:

         W & R 2004 Limited
         Armytage Road Industrial Estate
         Armytage Road
         Brighouse
         West Yorkshire HD6 1QF
         United Kingdom
         Tel: 01484 719 642


WESTERN RESPONSE: HSBC Bank Taps PKF as Administrative Receivers
----------------------------------------------------------------
HSBC Bank PLC appointed Keith R. Morgan and Ross Connock of PKF
(U.K.) LLP joint administrative receivers of Western Response
Limited (Company Number 1571785) on Sept. 8.

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

Western Response Limited can be reached at:

         95 Holmbush Road
         Cornwall PL25 3LJ
         United Kingdom
         Tel: 0870 511 0135


WISEMATCH SERVICES: Nominates Ninos Koumettou as Liquidator
-----------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of Wisematch Services Ltd. on Sept. 14 for the
creditors' voluntary winding-up procedure.

Headquartered in London, U.K., Wisematch Services Ltd. provides
vehicle matching services.


WYKES LIMITED: Brings In RSM Robson as Joint Administrators
-----------------------------------------------------------
John Neville Whitfield and Gerald Clifford Smith of RSM Robson
Rhodes LLP were appointed joint administrators of Wykes Limited
(Company Number 00874649) on Sept. 18.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a  
U.K. partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors.  The firm is a member of the RSM International, the
world's sixth largest international organization of accountants
and business advisers.

Headquartered in Leicester, Wykes Limited manufactures man-made
fibers.

                           *********

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
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