TCREUR_Public/061003.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, October 3, 2006, Vol. 7, No. 196

                            Headlines


A U S T R I A

AURATA: Claims Registration Period Ends October 9
INOMED: Creditors' Meeting Slated for October 12
REDZIC: Creditors' Meeting Slated for October 31


B E L G I U M

COMMERCIAL VEHICLE: Moody's Assigns Loss-Given-Default Rating
FERRO CORP: S&P Holds Low-B Corp. Credit & Unsec. Debt Ratings


B O S N I A   &   H E R Z E G O V I N A

ZAGREBACKA BANKA: Fitch Keeps Individual Rating at C/D


B U L G A R I A

FIRST INVESTMENT: Fitch Changes Rating Outlook to Positive


C Z E C H   R E P U B L I C

COOPER STANDARD: Moody's Assigns Loss-Given-Default Ratings
KONINKLIJKE AHOLD: Johan Boeijenga to Head Central Europe Biz


D E N M A R K

ADVANCED MEDICAL: Moody's Assigns Loss-Given-Default Rating


E S T O N I A

GALVEX HOLDINGS: U.S. Judge Converts Ch. 11 Case to Chapter 7
GALVEX HOLDINGS: US Trustee Names John Pereira as Ch. 7 Trustee
GALVEX HOLDINGS: Section 341(a) Meeting Scheduled on November 6


F R A N C E

AXLETECH INT'L: Moody's Assigns Loss-Given-Default Ratings
FENDER MUSICAL: Moody's Puts LGD5 Rating to Secured Second Lien
QUEBECOR WORLD: S&P Cuts Rating to B+ With Negative Watch


G E O R G I A

METROMEDIA INT'L: Shareholders' Meeting Slated for Dec. 15


G E R M A N Y

ALBA GIPSER: Claims Registration Ends October 10
ARBEITSMITTELDIENST & PETTERS: Claims Registration Ends Oct. 10
BAUGESCHAFT KUNZE: Claims Registration Ends Oct. 13
BAYERISCHE HYPO: Fitch Lifts Individual Rating to C
CHIQUITA BRANDS: Lower Pricing Spurs Moody's to Affirm Ratings

CHIQUITA BRANDS: Moody's Assigns Loss-Given-Default Ratings
FALK+PARTNER: Claims Registration Ends October 13
FRIE GMBH: Claims Registration Ends October 13
IB INDUSTRIELLE: Claims Registration Ends October 10
IWD INGENIEUR: Claims Registration Ends October 12

JOPA VERTRIEBS: Claims Registration Ends October 11
KARSTADTQUELLE AG: Inks Sourcing Deal with Li & Fung
MAZINOX EDELSTAHL: Claims Registration Ends October 13
MEDPORTAL GMBH: Files for Bankruptcy Protection in Moers
OCEAN STAR: Fitch Keeps BB- Rating on US$19-Mln Class E Notes

TRAPIDO INDUSTRIEVERTRETUNGEN: Claims Registration Ends Oct. 13
VISTEON CORP.: Moody's Assigns Loss-Given-Default Ratings


H U N G A R Y

AES CORP: Dominicana Unit Begins Operations at Itabo Port


I T A L Y

AVIO HOLDING: Moody's Withdraws B1 Corp. Family Rating
FERRO CORP: S&P Holds Low-B Corp. Credit & Unsec. Debt Ratings
KNOLL INC: Moody's Assigns LGD2 Ratings to US$450-Mln Sr. Loans
MILACRON INC.: Moody's Assigns Loss-Given-Default Rating

POPOLARE DI INTRA: Starts Merger Talks with Veneto Banca
POPOLARE DI INTRA: Fitch Places BB IDR on Rating Watch Positive
POPOLARE ITALIANA: Earns EUR91.97 Million for First Half 2006
TEREX CORP.: Moody's Assigns Loss-Given-Default Ratings


K A Z A K H S T A N

HARD WEST: Creditors Must File Claims by Oct. 24
KAZ.K.INTERNATIONAL: Creditors Must File Claims by Oct. 24
KAZSERVICE M: Proof of Claim Deadline Slated for Oct. 24
KAZTRADECOMMERCE: Proof of Claim Deadline Slated for Oct. 24
SPETSSTROYMARKET: Claims Registration Ends Oct. 24

SULTAN: Creditors' Claims Due Oct. 24


K Y R G Y Z S T A N

JYLISHNO KOMMUNALNAYA: Creditors' Claims Due Nov. 12
SHAHTA KOK-JANGAK: Claims Registration Ends Nov. 12


N E T H E R L A N D S

GETRONICS NV: Completes Sale of PinkRoccade to Randstad Holding
GRESHAM CAPITAL: S&P Rates EUR13.65-Mln Class E Notes at BB-
KONINKLIJKE AHOLD: Johan Boeijenga to Head Central Europe Biz
LAURUS NV: Plans to Trim Down Overhead After Store Sales
MILACRON INC.: Moody's Assigns Loss-Given-Default Rating

PYATEROCHKA HOLDING: Shareholders' Meeting Slated for Oct. 16
VNU GROUP: Mulls Sale of Business Media Europe Group


N O R W A Y

AKER KVAERNER: Nears NOK8 Billion Platform Deal with Statoil
ANIXTER INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
FALCONBRIDGE LTD: Dominican Unit Names New General Manager


P O L A N D

BANK PEKAO: Fitch Amends Outlook to Positive on Expected Support


R O M A N I A

UNICREDIT ROMANIA: Fitch Affirms D Individual Rating


R U S S I A

ASTRAKHAN-POLYMER: Court Names P. Alekseev as Insolvency Manager
AVIASTAR ENGINEERING-STROY: P. Arkhipov to Manage Assets
BULATNIKOVO: Court Names S. Skachkov as Insolvency Manager
DAVLEKANOVSKAYA FOUNDRY: Court Starts Bankruptcy Supervision
ELANSKIY: Court Names A. Kravtsev as Insolvency Manager

EUROPEAN TRUST: S&P Affirms Junk Counterparty Credit Ratings
FACTORY CLOTHES: Bankruptcy Hearing Slated for November 8
INSTRUMENT-REGION: Court Names A. Sorokin as Insolvency Manager
INVESTMENT CLUB: Court Names Sh. Fazailov as Insolvency Manager
KONOSKSKIY WOOD: Bankruptcy Hearing Slated for December 5

KRASNAYA ZARYA: Orel Court Starts Bankruptcy Supervision
KURMANAEVKA-AGRO-PROM-KHIMIYA: D. Taushev to Manage Assets
LIVENSKOYE REPAIR: Orel Court Starts Bankruptcy Supervision
MARYANOVSKIY COMBINE: Bankruptcy Hearing Slated for Dec. 19
METROMEDIA INT'L: Shareholders' Meeting Slated for Dec. 15

NATIONAL TRUST: Court Names P. Tarasov as Insolvency Manager
NOVOKUZNETSK-GOR-GAS: Bankruptcy Hearing Slated for Dec. 21
OBOYAN-BREAD: Court Names N. Krasilnikov as Insolvency Manager
PYATEROCHKA HOLDING: Shareholders' Meeting Slated for October 16
ROS-INFORM-INSURANCE: Creditors Must File Claims by November 2

ROSBANK: SocGen Equity Purchase Cues Moody's Positive Outlook
RUSSIAN FIRES: Court Names A. Lantsov as Insolvency Manager
SHERBAKULSKIY: Court Names A. Lyasman as Insolvency Manager
SHILING: Omsk Court Starts Bankruptcy Supervision Procedure
SOUTHERN TELECOMS: Earns RUR333 Million for First Half 2006

SVETLINSKIY DIARY: Bankruptcy Hearing Slated for November 14
SVETOCH: Ivanovo Court Names A. Provorov as Insolvency Manager
TAGANKA CAR: S&P Rates US$54.8-Mln Asset-Backed Notes at BB
TEMRYUK: Krasnodar Court Starts Bankruptcy Supervision Procedure
TSELINA-2000: Court Names Sh. Fazailov as Insolvency Manager

VLAD-STROY: Court Names V. Torgashev as Insolvency Manager
VOLGA: Creditors Must File Claims by November 2
VOLGA-94: Claims Filing Deadline Ends Nov. 2
ZYRYANSKIYE MILLS: Court Names A. Biryukov as Insolvency Manager


S L O V A K   R E P U B L I C

KONINKLIJKE AHOLD: Johan Boeijenga to Head Central Europe Biz


S P A I N

AFFILIATED COMPUTER: 10-K Filing Delay Cues S&P to Lower Rating
COOPER STANDARD: Moody's Assigns Loss-Given-Default Ratings
FENDER MUSICAL: Moody's Puts LGD5 Rating to Secured Second Lien
GETRONICS NV: Completes Sale of PinkRoccade to Randstad Holding


S W E D E N

COMMERCIAL VEHICLE: Moody's Assigns Loss-Given-Default Rating
TEREX CORP.: Moody's Assigns Loss-Given-Default Ratings


S W I T Z E R L A N D

AFFILIATED COMPUTER: 10-K Filing Delay Cues S&P to Lower Rating


T U R K E Y

EDISON MISSION: Standard & Poor's Upgrades Rating to BB
KOCBANK: Fitch Affirms BB Issuer Default Rating
YAPI VE KREDI: Fitch Keeps Issuer Default Rating at BB


U K R A I N E

ADVERTISING AGENCY: Court Names Vitalij Paterilov as Liquidator
AES CORP: Dominicana Unit Begins Operations at Itabo Port
BILIJ KOLODYAZ: Harkiv Court Starts Bankruptcy Supervision
BIT: Lviv Court Commences Bankruptcy Supervision Procedure
BUDIVELNIJ SVIT: Court Names Kirilo Liseyev as Liquidator

E.T.E. UKRAINE: Court Names Kirilo Liseyev as Insolvency Manager
EAST: Lugansk Court Starts Bankruptcy Supervision Procedure
PLEMZAVOD SVITANOK: Creditors Must File Claims by October 6
PETROL: Court Names Zhmerinka Pension Fund as Liquidator
PTITSYA: Lviv Court Names Sergij Lipskij as Insolvency Manager

PZP PALANOK: Kyiv Court Names D. Fortuna as Insolvency Manager


U N I T E D   K I N G D O M

A & A: Appoints K. B. Stout as Liquidator
ACE TAXIS: Names Malcolm Edward Fergusson Liquidator
ALCO TAPS: Brings In Joint Liquidators from Smith & Williamson
ADVANCED MEDICAL: Moody's Assigns Loss-Given-Default Rating
ANDROMEDA SOFTWARE: Claims Filing Period Ends Nov. 3

ANIXTER INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
BRIGHTON BEER: Brings In Administrators from Portland Business
BROOKLANDS PROCESS: Creditors Ratify Voluntary Liquidation
CARRINGTON HOTELS: Creditors' Meeting Slated for October 5
CEASE-FIRE SERVICES: Taps Liquidator from Clarke Bell

CHATEAU POURCEL: Creditors' Meeting Slated for October 5
COHNAN KNIGHT: Hires Liquidator from Fergusson & Co. Ltd.
COMECH LIMITED: Appoints Joint Administrators from Cooper Parry
COUNTY EXHIBITIONS: Calls In Liquidator from David Horner & Co.
D.M.D. SURFACING: Appoints Liquidators from City Plaza

DWS FREIGHT: Calls In Liquidator from CRG Insolvency
DATA NETWORK: Names Liquidator to Wind Up Business
DOLE FOOD: To Buy JP Fruit Distributors from Jamaica Producers
ELLIS RICHMOND: Nominates Ninos Koumettou as Liquidator
FIBREASTIC LIMITED: Joint Liquidators Take Over Operations

GALVEX HOLDINGS: U.S. Judge Converts Ch. 11 Case to Chapter 7
GALVEX HOLDINGS: US Trustee Names John Pereira as Ch. 7 Trustee
GALVEX HOLDINGS: Section 341(a) Meeting Scheduled on November 6
GENICO LTD: Nominates Liquidator from AlexanderLawsonJacobs
GRESHAM CAPITAL: S&P Rates EUR13.65-Mln Class E Notes at BB-

GT DESIGN: Nominates Ninos Koumettou to Liquidate Assets
HOME-TEX LEICESTER: Alan Simon Leads Liquidation Procedure
HOWARD LANCASTER: Hires Joint Liquidators from Gerald Edelman
KIDS FOR LIFE: Liquidator Sets Oct. 18 Claims Bar Date
LEARNING CENTRE: Taps Joint Liquidators from Royce Peeling Green

LLOYDS PRINTERS: Claims Registration Ends Nov. 9
LONDON WALL: Fitch Affirms BB+ Ratings on Class E Notes
MAINLAND CAR: Taps BDO Stoy as Joint Administrators
MOBEL TECHNIC: Names Richard Ian Williamson Liquidator
MORTGAGE FINANCE: Moody's Rates Class B1 & B2 Notes at (P)Ba1

NEXSIS TECHNOLOGY: Claims Filing Period Ends Dec. 31
ORACLE FLEET: Creditors Confirm Liquidator's Appointment
PCS COMMERCIALS: Nominates Paul John Webb as Liquidator
PARACOMM LIMITED: Ian Pattinson Leads Liquidation Procedure
PEAK RECRUITMENT: Liquidator Sets Oct. 27 Claims Bar Date

PILLOW TALK: Claims Registration Ends Oct. 23
PROVIDE HOME: S&P Puts Low-B Ratings on D & E Note Classes
PURSUIT MEDIA: Claims Registration Ends Nov. 3
REFCO INC: Will Pay US$705 Million to Resolve All Secured Claims
REFCO INC: Clarifies Trigger Date for Settlement with Lenders

REFCO: Three Parties Object to Accord with Prepetition Lenders
ROYAL & SUNALLIANCE: A.M. Best Places C++ Rating Under Review
SAVILLE TRACTORS: Hires Joint Administrators from BDO Stoy
SCRATCH & NEWTON: Taps BDO Stoy as Joint Administrators
TOP TEMPS: Names Simon Gwinnutt as Administrator

TOP WOK: Creditors' Meeting Slated for October 6
VETERINARY PRACTICE: Hires PwC to Administer Assets
VINYL LOGISTICS: Appoints David Field as Liquidator
WINDOWMERE LIMITED: Taps Joint Liquidators from Harrisons
WINLEASE LIMITED: Appoints Ernst & Young as Administrators

* Large Companies with Insolvent Balance Sheets

                            *********

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


AURATA: Claims Registration Period Ends October 9
-------------------------------------------------
Creditors owed money by LLC Aurata (FN 253095z) have until
Oct. 9 to file written proofs of claims to court-appointed
property manager Matthias Schmidt at:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna, Austria
         Tel: 5331695
         Fax: 5355686
         E-mail: schmidt@preslmayr.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Oct. 23 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         Trade Court of Vienna
         Room 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 29 (Bankr. Case No. 38 S 51/06m).  


INOMED: Creditors' Meeting Slated for October 12
------------------------------------------------
Creditors owed money by LLC Inomed (FN 260995t) are encouraged
to attend the creditors' meeting at 2:00 p.m. on Oct. 12 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Aug. 29 (Bankr. Case No. 20 S 103/06g).  Roland Heitzinger
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Roland Heitzinger
         Plobergerstrasse 7
         Ringstrasse 4
         4600 Wels, Austria
         Tel: 07242/42605-0
         Fax: 07242/42605-20
         E-mail: heitzinger@ra-stossier.at


REDZIC: Creditors' Meeting Slated for October 31
------------------------------------------------
Creditors owed money by KEG Redzic (FN 244544z) are encouraged
to attend the creditors' meeting at 9:45 a.m. on Oct. 31 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 12 (Bankr. Case No. 28 S 37/06d).  Johannes Jaksch
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Johannes Jaksch
         Landstrasser Main Street 1/2
         1030 Vienna, Austria
         Tel: 713 44 33
              713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at  


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


COMMERCIAL VEHICLE: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its B3 Corporate Family Rating for
Commercial Vehicle Group, Inc., and revised its rating to B1 on
the company's 8% senior notes.  Additionally, Moody's assigned
an LGD4 rating to those bonds, suggesting noteholders will
experience a 68% loss in the event of a default.  

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

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

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

The Commercial Vehicle Group is a global leader in commercial
vehicle system solutions for the heavy-duty truck, construction,
agricultural, industrial, marine and specialty industries.  It
maintains operations in Belgium, France, Sweden, and the United
Kingdom.


FERRO CORP: S&P Holds Low-B Corp. Credit & Unsec. Debt Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remained on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.

Standard & Poor's will resolve the CreditWatch after Ferro files
its 2005 full year and 2006 quarterly financial statements,
which are expected by Sept. 30th and Dec. 31st, respectively.
     
The rating agency could lower the ratings if there are material
negative surprises arising from disclosures in any of the
financial statements or additional meaningful delays in the
filings.

"Still, in recent months the company has finalized a new credit
facility and strengthened transparency with regard to current
results," said Standard & Poor's credit analyst Wesley E. Chinn.

"Moreover, the company plans to use proceeds from a pending sale
of its specialty plastics business to reduce debt."

The ratings on Ferro reflect:

   * its aggressive debt leverage;

   * cyclicality of its markets;

   * vulnerability to raw material costs;

   * lackluster operating margins and return on capital; and

   * delays in the filing of the 10-K and 10-Qs for 2005 and
     10-Qs for 2006.

These negatives are partially offset by:

   * satisfactory liquidity under a new credit facility;
   * improving earnings; and
   * a likely debt reduction from planned asset sales.

The filing delays caused by the lengthy accounting investigation
and restatement process, as well as still-limited transparency
on business conditions and operating results, which have
resulted from this review work, are a significant credit quality
negative.

Standard & Poor's expects that any deficiencies in the company's
internal controls regarding financial reporting or other
accounting areas are being addressed in a timely manner and will
not hamper Ferro's ability to strengthen profitability and its
financial condition.

Price increases, initiatives to reduce overhead and procurement
costs, improved conditions in the electronic materials market,
and restructured polymer additives operations should contribute
to a modest strengthening of operating margins and earnings in
2006 from weak levels.  But the raw material and energy cost
environment remains challenging.

An earnings rebound would benefit the weak funds from operations
to total debt ratio, taking into account capitalized operating
leases, an accounts receivable securitization program, and
meaningful unfunded pension and other postretirement
obligations.

That measure would also be bolstered by likely debt reduction
using proceeds from the pending sale of the specialty plastics
business, which generated revenues of US$270 million in 2005.  
This divestiture, coupled with other asset sales, could
eventually generate total net proceeds of roughly US$200
million.


=======================================
B O S N I A   &   H E R Z E G O V I N A
=======================================


ZAGREBACKA BANKA: Fitch Keeps Individual Rating at C/D
------------------------------------------------------
Fitch Ratings upgraded UniCredito Italiano's Individual rating
to B from B/C and Bayerische Hypo- und Vereinsbank's Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on both banks' Issuer Default ratings to Positive
from Stable.  Both IDRs are affirmed at A+ for UCI and A fro
HVB.  Their other ratings are affirmed at Short-term F1 and
Support 1.

In a related action linked to the agency's expectations of
Support, Fitch has also revised the Outlooks on Bank Austria
Creditanstalt's and Bank Pekao's IDRs to Positive from Stable
and affirmed all other ratings of banks in the group.  

The rating action reflects the progress made by UCI's management
in integrating HVB and BACA, acquired in October 2005, into the
UCI model.  

"The early signs are that UCI has demonstrated its ability to
tackle execution risk arising from the acquisition of a much
larger entity.  It has continued to reduce credit risk in HVB's
German operations, and has reached some of its intermediary
targets, notably capital, ahead of initial expectations,"
Matthew Taylor, Senior Director in Financial Institutions
disclosed.

The ratings reflect UCI's sound prospects for consolidating its
leading position in the Italian banking market, as well as in
the German, Austrian and Central and Eastern European markets.
They also reflect the Italian bank's record of strong
profitability, sound risk management and its success in
integrating acquired banks.  

They take into account UCI's improving, albeit still
indifferent, asset quality and vulnerability to an economic
slowdown in Germany and Austria arising from exposure to HVB's
German and Austrian business.  In addition, the ratings include
the execution risk in implementing a complex integration and the
new group's modest but strengthening regulatory capital ratios.

On acquiring HVB in October 2005, UCI became a market leader in
Bavaria, Italy and Austria and the largest player in the faster
growing but more volatile CEE countries.  Most of its assets are
in stable, wealthy economies.  The Italian bank has been one of
Europe's most consistently profitable banking groups to date.

In H106 UCI's operating profit rose, thanks to loan growth and
as favorable markets benefited trading and fee income.  Earnings
from capital markets are likely to become more client-driven,
but may remain subject to some volatility.  At 10% in H106, the
trading earnings composed a larger proportion of operating
revenues than in many peers.

In H106, Fitch estimates that CEE banks contributed to around
16% of UCI's operating profit, a percentage, which is likely to
rise.  Fitch considers that UCI's plans for integration and
boosting revenues are sound and likely to be implemented
successfully.  This plan should allow the bank to grow while
keeping loan impairment charges stable at 61 bp of risk-weighted
assets and achieve its target of 17% return on equity for 2008.

Gross impaired loans are improving as a result of intensive work
to recover value.  However, at end-June 2006 they represented
7.25% of total loans, a worse level than in most major European
banks.  Impairment allowances are smaller than those seen in
many peers but are deemed adequate.  Former UCI's impaired loans
declined in H106, but remain heavier than those at its
international peers.

Market risk is moderate while liquidity is good and increasingly
will be managed centrally.  Fitch considers UCI's goal of an
equity Tier 1 ratio of 6.8% by end-2008 acceptable, up from a
projected 6% at end-2006.  In view of the execution and asset
quality risks in the bank, Fitch considers current
capitalization to be modest and takes a positive view of its
improvement.

"The upgrade of HVB's Individual rating reflects the bank's
improved profitability and the expected benefits from its
integration into UCI, including, but not limited to, the
envisaged capital gain from selling BACA," Thomas von Luepke,
Head of German Banking at Fitch disclosed.  "While HVB will lose
the risks and rewards stemming from BACA, the sizeable capital
gain will considerably strengthen HVB's position."

The revision of HVB's Outlook to Positive is driven by the
revision of UCI's Outlook and Fitch's expectation that UCI will
integrate HVB within its group over the next 18 months.

Growth in HVB's operating profit in H106 was driven by all
businesses, especially its corporates & markets division.  In
addition, reported H106 net income benefited from EUR807 million
in disposal gains.  HVB's focus on increasing its trading and
fee income has started to bear fruit.

Streamlining its business and reducing staff have helped to cut
costs.  By developing a sales-oriented culture, aligning
efficiency to the best European standards and further improving
risk management, UCI plans to take them to a level unprecedented
in HVB.

Weak domestic profitability and misjudged credit decisions have
adversely affected HVB's performance.  In 2005 its loan
impairment charges totaled EUR1.5 billion.  For 2006 the bank
has budgeted still high LICs of EUR1.3 billionn per year.  HVB's
loan book remains sizeable.  

At end-June 2006 loans managed by the real estate restructuring
unit were cut by 56% to EUR6.8billion.  The remainder of the RER
will be combined with some EUR20 billion performing, but non-
strategic, assets and will be wound down.  A change in loan mix
away from large corporates and more stringent risk controls
should benefit asset quality.

UCI, Italy:

   -- Individual upgraded to B from B/C;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A+, F1 and
      1 respectively.

HVB, Germany:
   
   -- Individual upgraded to C from C/D;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A, F1 and
      1 respectively.

BACA, Austria:

   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, B/C and 1 respectively.

Bank Pekao, Poland:
  
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, C and 1 respectively.

The ratings of all other direct and indirect subsidiaries of UCI
are affirmed or unchanged:

Zagrebacka Banka, Bosnia Herzegovina:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BBB+, F2, C/D and 2 respectively.  Outlook is Stable.

UniCredit Romania, Romania:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at A-, F2, D and 1 respectively.  Outlook is Stable.

Banca Comerciala HVB Tiriac, Romania:

   -- IDR, Short-term and Support ratings affirmed at A-, F2 and
      1 respectively.  The Individual rating is unchanged at D
      Evolving Rating Watch.  The Outlook is Stable.

International Moscow Bank, Russia:

   -- IDR BBB+ and Support 2 rating on Rating Watch Positive.
      Short-term and Individual ratings affirmed at F2 and C/D
      respectively.

Kocbank, Turkey:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BB, B, D and 3.  The Outlook is Positive.

Yapi ve Kredi Bankasi, Turkey:

   -- IDR, Short-term and Support ratings affirmed at BB, B and    
      3.  The Individual rating is unchanged at D/E Positive
      Rating Watch.  The Outlook is Positive.

Bulbank, Bulgaria:
   
   -- Support rating of 1 is affirmed.

Zivnostenska Banca, Czech Republic:
  
   -- Support rating of 1 is affirmed.

BPH Bank, Poland:

   -- Support rating of 1 is affirmed.

UniBanka, Slovakia:

   -- Support rating of 1 is affirmed.


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


FIRST INVESTMENT: Fitch Changes Rating Outlook to Positive
----------------------------------------------------------
Fitch Ratings changed the Outlook on Bulgaria-based First
Investment Bank's Issuer Default rating to Positive from Stable.  
FIB's ratings are affirmed at Issuer Default BB-, Short-term B,
Individual D, and Support 5.

The new Outlook reflects the ongoing improvements seen in the
Bulgarian operating and regulatory environments, as well as
FIB's growing franchise.  As a result, FIB has been able to grow
fee income and diversify its funding sources while maintaining a
relatively low percentage of impaired loans.  However, the
ratings also consider FIB's small capital base both in absolute
terms and as a percentage of growing risk-weighted assets, its
concentrated loan book and moderate profitability.

"FIB's ratings are highly dependent on its capitalization and
size," Lindsey Liddell, Director in Fitch's Financial
Institutions Group disclosed. "While an improvement in these two
rating drivers could contribute to an upgrade in the bank's
ratings, a deterioration in capitalization and a failure to
manage credit and operational risks would result in a
downgrade," she added.

FIB is the largest Bulgarian-owned bank.  At end-2005, it had an
8% market share of banking sector assets.  Ultimate control lies
in the hands of two individuals, its founding shareholders, who
have significant interests in the tourism and real estate
sectors.  Historically a corporate bank, FIB is also actively
expanding retail lending.


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


COOPER STANDARD: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its B2 Corporate Family Rating for
Cooper Standard Automotive Inc.  Additionally, Moody's revised
or held its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   senior secured
   revolving credit
   facility             B2       Ba3      LGD 2    24%

   senior secured
   term loan C          B2       Ba3      LGD 2    24%
  
   senior secured
   term loan D          B2       Ba3      LGD 2    24%
   
   7% senior notes      B3       B3       LGD 4    62%
   
   8.375% subordinated
   notes                Caa1     Caa1     LGD 5    86%

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

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

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

Cooper-Standard Automotive manufactures sealing system products,
fluid systems, vibration control applications and other related
products while focusing on innovative, continuously improved
solutions to our customers' problems with world-class quality,
leading edge technologies, service and competitive pricing.  In
Europe, the company maintains operations in the United Kingdom,
France, Spain, Germany and Czech Republic.


KONINKLIJKE AHOLD: Johan Boeijenga to Head Central Europe Biz
-------------------------------------------------------------
Koninklijke Ahold reports that Johan Boeijenga has been
appointed President and CEO of Ahold Central Europe, effective
immediately.  

Mr. Boeijenga is currently Executive Vice President Supply Chain
and member of the Executive Board at Albert Heijn.

Mr. Boeijenga will succeed Jacquot Boelen, who has resigned in
order to pursue opportunities outside Ahold.  Mr. Boelen will
remain available for a period of time to allow for an effective
transition.

"Johan's extensive knowledge of the retail business makes him
ideally suited to lead the team and maximize our opportunities
in this region," Anders Moberg, Ahold President and CEO, said.  
"He will be bringing considerable talents and experience to his
new role."

Mr. Boeijenga joined Ahold in 1988 as a management trainee.  
Over the next 18 years, he gained experience in logistics and
supply chain at Albert Heijn and also served as CEO of Ahold's
former operations in Indonesia.  Mr. Boeijenga took on his
current role in 2003, leading Albert Heijn in building its
state-of-the-art logistics capability and serving on the team
that drove the successful repositioning of the company.

Mr. Boelen joined Ahold Polska in January of 2001 as President
and CEO and was appointed President and CEO of the Ahold Central
Europe arena at its creation in 2003.

"Over the past five years, I've learned that our team in Central
Europe has a real passion for the business," Mr. Boelen
commented on his time at the company.  "I am confident that they
will continue to do what is right for our company and, most of
all, our customers."

"I want to thank Jacquot for his many contributions to Ahold,"
said Mr. Moberg.  "He was responsible for the significant task
of integrating our operations in Central Europe into a single
arena.  Before that, Jacquot oversaw much progress by Ahold in
the Polish market, including the rebranding of the company's
supermarkets to Albert. We wish him all the best for the
future."

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores include Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


ADVANCED MEDICAL: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Medical Device sector, the rating agency
confirmed its B1 Corporate Family Rating for Advanced Medical
Optics, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec.
   Revolving
   Credit
   Facility               B1      Ba1     LGD 1        7%

   2.5% Convertible
   Sr. Sub. Notes         B3      B2      LGD 4       66%

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

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

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

In Europe, the company maintains operations in Denmark, Finland,
France, Germany, Ireland, Italy, the Netherlands, Spain, Sweden,
Switzerland, and the United Kingdom.


=============
E S T O N I A
=============


GALVEX HOLDINGS: U.S. Judge Converts Ch. 11 Case to Chapter 7
-------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York in Manhattan converted the
chapter 11 case of Galvex Holdings Limited to a chapter 7
liquidation proceeding.

As reported in the TCR-Europe on Aug. 29, Galvex is "hopelessly"
insolvent, has no assets remaining to reorganize or sell, and
has no ability to file and confirm a plan of liquidation or pay
any administrative expenses, Lori R. Fife, Esq., at at Weil,
Gotshal & Manges, LLP, said.

The Official Committee of Unsecured Creditors supported Galvex's
request for the conversion of its bankruptcy case to a
liquidation proceeding under Chapter 7 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on May 30, 2006,
the Court authorized Galvex and its debtor-affiliates to sell
substantially all of their assets to SPCP Group LLC.  The
purchase was effected in exchange for the discharge of the
Debtors' US$192 million debt to SPCP.  SPCP acquired the shares
of Galvex's subsidiaries:

           -- Galvex Estonia;
           -- Galvex Intertrade; and
           -- Galvex Trade.

In accordance with the sale order, the Court further ruled that
the Chapter 11 cases of the three debtor-subsidiaries will be
dismissed effective upon the closing of the sale.

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate  
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10082).  Galvex Capital, LLC,
is represented by David Neier, Esq., at Winston & Strawn LLP,
and Gerard DiConza, Esq., at DiConza Law, P.C.  Galvex Holdings
Ltd. and the other debtor-affiliates are represented by David
Neier, Esq., at Winston & Strawn LLP, and Lori R. Fife, Esq.,
Marcia L. Goldstein, Esq., and Shai Waisman, Esq., at Weil,
Gotshal & Manges, LLP.  John P. McNicholas, Esq., and Thomas R.
Califano, Esq., at DLA Piper Rudnick Gray Cary US LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than US$100 million.  John S. Pereira is the
Debtor's Chapter 7 Trustee.


GALVEX HOLDINGS: US Trustee Names John Pereira as Ch. 7 Trustee
---------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, appointed John S.
Pereira as Galvex Holdings Limited's Chapter 7 Trustee on
Sept. 5, 2006.

On Aug. 30, 2006, the Honorable Robert D. Drain of the U.S.
Bankruptcy Court for the Southern District of New York converted
the chapter 11 case of Galvex Holdings to a chapter 7
liquidation proceeding.

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate  
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10082).  Galvex Capital, LLC,
is represented by David Neier, Esq., at Winston & Strawn LLP,
and Gerard DiConza, Esq., at DiConza Law, P.C.  Galvex Holdings
Ltd. and the other debtor-affiliates are represented by David
Neier, Esq., at Winston & Strawn LLP, and Lori R. Fife, Esq.,
Marcia L. Goldstein, Esq., and Shai Waisman, Esq., at Weil,
Gotshal & Manges, LLP.  John P. McNicholas, Esq., and Thomas R.
Califano, Esq., at DLA Piper Rudnick Gray Cary US LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than US$100 million.


GALVEX HOLDINGS: Section 341(a) Meeting Scheduled on November 6
---------------------------------------------------------------
Diana G. Adams, the United States Trustee for Region 2, will
convene a meeting of Galvex Holdings Limited's creditors at
11:00 a.m., on Nov. 6, 2006, at the Second Floor of the Office
of the United States Trustee, 80 Broad Street in New York.  This
is the first meeting of creditors required under Section 341(a)
in all bankruptcy cases.

This is the first meeting of creditors after the Debtor's
chapter 11 case has been converted to a chapter 7 liquidation
proceeding.

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

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate    
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10082).  Galvex Capital, LLC,
is represented by David Neier, Esq., at Winston & Strawn LLP,
and Gerard DiConza, Esq., at DiConza Law, P.C.  Galvex Holdings
Ltd. and the other debtor-affiliates are represented by David
Neier, Esq., at Winston & Strawn LLP, and Lori R. Fife, Esq.,
Marcia L. Goldstein, Esq., and Shai Waisman, Esq., at Weil,
Gotshal & Manges, LLP.  John P. McNicholas, Esq., and Thomas R.
Califano, Esq., at DLA Piper Rudnick Gray Cary US LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than US$100 million.  On Aug. 30, 2006, Judge
Drain converted the chapter 11 case of Galvex Holdings to a
chapter 7 liquidation proceeding.  John S. Pereira is the
Debtor's Chapter 7 Trustee.


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


AXLETECH INT'L: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its B2 Corporate Family Rating for
AxleTech International Holdings, Inc.  Additionally, Moody's
revised or held its probability-of-default ratings and assigned
loss-given-default ratings on these loans:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   secured revolving
   credit facility      B2       Ba3      LGD 3    32%

   secured term loan    B2       Ba3      LGD 3    32%
   
   second lien secured
   term loan            Caa1     Caa1     LGD 5    80%

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

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

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

                  About AxleTech International

AxleTech International Holdings, Inc., headquartered in Troy,
Michigan, is a leading supplier of planetary axles, brakes and
other drivertrain components and aftermarket for off-highway,
military and specialty vehicles.  The company has approximately
425 employees with significant operations in Oshkosh, Wisconsin,
Belvidere, Illinois, St. Etienne, France, and Osasco, Brazil.


FENDER MUSICAL: Moody's Puts LGD5 Rating to Secured Second Lien
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its B2 Corporate Family Rating for Fender Musical Instruments
Corp., upgraded its B2 rating to B1, on the Company's US$50
million 1st lien senior secured revolver; its B2 rating to B1 on
the Company's US$170 million secured term loan; and affirmed its
Caa1 rating on the Company's US$100 million secured 2nd lien.  

Additionally, Moody's assigned an LGD3 rating to the US$50
million 1st lien secured revolver, suggesting noteholders will
experience a 34% loss in the event of a default, an LGD3 rating
to the US$170 million senior secured term loan, suggesting
noteholders will experience a 34% loss in the event of a
default, and an LGD5 rating on the Company's US$100 million
secured 2nd lien, suggesting noteholders will experience an 84%
loss in the event of a default.

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

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

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

Fender Musical Instruments Corp. -- http://www.fender.com/-- is  
the world's foremost manufacturer of guitars, basses, amplifiers
and related equipment.  The FMIC family includes several other
distinctive musical instrument brands: Charvel(R), Gretsch(R),
Guild(R), Jackson(R), Olympia(R), Orpheum(R), SWR(R), Squier(R)
and Tacoma(R).  FMIC also manufactures a complete line of
professional audio equipment under the Fender brand, including
the Passport(R) portable sound system.  Fender also offers a
complete line of accessories, including strings, authorized
replacement parts, cases, straps and clothing among others.

FMIC's U.S. facilities are located in Arizona, California,
Tennessee and Washington, with international facilities in
England, France, Germany, Japan, Mexico, Spain and Sweden.


QUEBECOR WORLD: S&P Cuts Rating to B+ With Negative Watch
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
commercial printer Quebecor World Inc., including its long-term
corporate credit rating to 'B+' from 'BB-', and placed the
ratings on CreditWatch with negative implications.

"The downgrade and CreditWatch placement reflect concerns that
earnings and credit measures at Quebecor World may weaken
further in the medium term due to a challenging pricing
environment, operating losses in the company's European
division, inefficiencies related to the installation of new
printing presses, and intense competition," said Standard &
Poor's credit analyst Lori Harris.

"Furthermore, the company is expected to be a borrower in the
near term, increasing debt levels to fund negative discretionary
cash flow at a time when the cushion in credit facility
covenants has narrowed," Ms. Harris added.

In addition, unfavorable shifts in product mix and higher energy
costs are adding to the company's challenges and are expected to
result in margins well below historical levels.  Free cash flow
will continue to be negatively affected by the significant
reduction in earnings and increased investments being made in
the company's manufacturing platform.

The ratings on Quebecor World reflect:

   * the company's highly leveraged financial profile;

   * its weakness in revenues, earnings, and free cash flow
     despite restructuring efforts;

   * challenges within the European operations; and

   * difficult industry conditions.

   * Quebecor World remains the world's second-largest printer,
     supported by its product and global diversity.

To resolve its CreditWatch listing, Standard & Poor's will meet
with management and review Quebecor World's overall financial
policies, as well as its operating and financial strategies.


=============
G E O R G I A
=============


METROMEDIA INT'L: Shareholders Meeting Slated for Dec. 15
---------------------------------------------------------
Pursuant to the Stipulation and Order approved by the Court of
Chancery of the State of Delaware on Sept. 26, 2006, the
stockholders meeting will be held on Dec. 15, 2006, in New York
City, New York, with a record date of Nov. 1, 2006.

In addition, all of the directorships of the Company will be
subject to election at the stockholders meeting and all of the
shares of Company common stock represented in person or by proxy
at the meeting and entitled to vote thereat shall constitute a
quorum for the purpose of the meeting, notwithstanding anything
to the contrary in the Company's certificate of incorporation or
bylaws to the contrary.

The Stipulation dismissed the action filed in the Court by
Esopus Creek Value LP, a shareholder of the Company, pursuant to
Section 211 of the Delaware General Corporation Law requesting
that the Company hold an annual meeting of its stockholders.

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,  
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephony operator.

                         *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


ALBA GIPSER: Claims Registration Ends October 10
------------------------------------------------
Creditors of ALBA Gipser- und Stukkateurmeisterbetrieb GmbH have
until Oct. 10 to register their claims with court-appointed
provisional administrator Dr. Helmut Hemmerling.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 21 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Karlsruhe opened bankruptcy proceedings
against ALBA Gipser- und Stukkateurmeisterbetrieb GmbH on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ALBA Gipser- und Stukkateurmeisterbetrieb GmbH
         Attn: Amer Hijazi and Werner Radicke, Managers
         Station Place 5
         76327 Pfinztal, Germany

The administrator can be contacted at:

         Helmut Hemmerling
         Talstr. 108
         70188 Stuttgart, Germany
         Tel: 0711/168670


ARBEITSMITTELDIENST & PETTERS: Claims Registration Ends Oct. 10
---------------------------------------------------------------
Creditors of arbeitsmitteldienst & Petters GmbH have until
Oct. 10 to register their claims with court-appointed
provisional administrator Andrew Seidl.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against arbeitsmitteldienst & Petters GmbH on Aug. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         arbeitsmitteldienst & Petters GmbH
         G.-Hauptmann-Str. 20
         02977 Hoyerswerda, Germany

The administrator can be contacted at:

         Andrew Seidl
         Chemnitzer Str. 46
         01187 Dresden, Germany
         Web: http://www.RA-andrew-seidl.de/
         

BAUGESCHAFT KUNZE: Claims Registration Ends Oct. 13
---------------------------------------------------
Creditors of Baugeschaft Kunze GmbH have until Oct. 13 to
register their claims with court-appointed provisional
administrator Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Leipzig, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Leipzig opened bankruptcy proceedings
against Baugeschaft Kunze GmbH on Aug. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Baugeschaft Kunze GmbH
         Attn: Stefan Kunze, Manager
         Mastener Str. 10
         04720 Doebeln, Germany

The administrator can be contacted at:

         Michael Hawelka
         Nonnenstr. 37
         04229 Leipzig, Germany


BAYERISCHE HYPO: Fitch Lifts Individual Rating to C
---------------------------------------------------
Fitch Ratings upgraded UniCredito Italiano's Individual rating
to B from B/C and Bayerische Hypo- und Vereinsbank's (HVB)
Individual rating to C from C/D.  At the same time the agency
has revised the Outlooks on both banks' Issuer Default ratings
to Positive from Stable.  Both IDRs are affirmed at A+ for UCI
and A fro HVB.  Their other ratings are affirmed at Short-term
F1 and Support 1.

In a related action linked to the agency's expectations of
Support, Fitch has also revised the Outlooks on Bank Austria
Creditanstalt's and Bank Pekao's IDRs to Positive from Stable
and affirmed all other ratings of banks in the group.  

The rating action reflects the progress made by UCI's management
in integrating HVB and BACA, acquired in October 2005, into the
UCI model.  

"The early signs are that UCI has demonstrated its ability to
tackle execution risk arising from the acquisition of a much
larger entity.  It has continued to reduce credit risk in HVB's
German operations, and has reached some of its intermediary
targets, notably capital, ahead of initial expectations,"
Matthew Taylor, Senior Director in Financial Institutions
disclosed.

The ratings reflect UCI's sound prospects for consolidating its
leading position in the Italian banking market, as well as in
the German, Austrian and Central and Eastern European markets.
They also reflect the Italian bank's record of strong
profitability, sound risk management and its success in
integrating acquired banks.  

They take into account UCI's improving, albeit still
indifferent, asset quality and vulnerability to an economic
slowdown in Germany and Austria arising from exposure to HVB's
German and Austrian business.  In addition, the ratings include
the execution risk in implementing a complex integration and the
new group's modest but strengthening regulatory capital ratios.

On acquiring HVB in October 2005, UCI became a market leader in
Bavaria, Italy and Austria and the largest player in the faster
growing but more volatile CEE countries.  Most of its assets are
in stable, wealthy economies.  The Italian bank has been one of
Europe's most consistently profitable banking groups to date.

In H106 UCI's operating profit rose, thanks to loan growth and
as favorable markets benefited trading and fee income.  Earnings
from capital markets are likely to become more client-driven,
but may remain subject to some volatility.  At 10% in H106, the
trading earnings composed a larger proportion of operating
revenues than in many peers.

In H106, Fitch estimates that CEE banks contributed to around
16% of UCI's operating profit, a percentage, which is likely to
rise.  Fitch considers that UCI's plans for integration and
boosting revenues are sound and likely to be implemented
successfully.  This plan should allow the bank to grow while
keeping loan impairment charges stable at 61 bp of risk-weighted
assets and achieve its target of 17% return on equity for 2008.

Gross impaired loans are improving as a result of intensive work
to recover value.  However, at end-June 2006 they represented
7.25% of total loans, a worse level than in most major European
banks.  Impairment allowances are smaller than those seen in
many peers but are deemed adequate.  Former UCI's impaired loans
declined in H106, but remain heavier than those at its
international peers.

Market risk is moderate while liquidity is good and increasingly
will be managed centrally.  Fitch considers UCI's goal of an
equity Tier 1 ratio of 6.8% by end-2008 acceptable, up from a
projected 6% at end-2006.  In view of the execution and asset
quality risks in the bank, Fitch considers current
capitalization to be modest and takes a positive view of its
improvement.

"The upgrade of HVB's Individual rating reflects the bank's
improved profitability and the expected benefits from its
integration into UCI, including, but not limited to, the
envisaged capital gain from selling BACA," Thomas von Luepke,
Head of German Banking at Fitch disclosed.  "While HVB will lose
the risks and rewards stemming from BACA, the sizeable capital
gain will considerably strengthen HVB's position."

The revision of HVB's Outlook to Positive is driven by the
revision of UCI's Outlook and Fitch's expectation that UCI will
integrate HVB within its group over the next 18 months.

Growth in HVB's operating profit in H106 was driven by all
businesses, especially its corporates & markets division.  In
addition, reported H106 net income benefited from EUR807 million
in disposal gains.  HVB's focus on increasing its trading and
fee income has started to bear fruit.

Streamlining its business and reducing staff have helped to cut
costs.  By developing a sales-oriented culture, aligning
efficiency to the best European standards and further improving
risk management, UCI plans to take them to a level unprecedented
in HVB.

Weak domestic profitability and misjudged credit decisions have
adversely affected HVB's performance.  In 2005 its loan
impairment charges totaled EUR1.5 billion.  For 2006 the bank
has budgeted still high LICs of EUR1.3 billionn per year.  HVB's
loan book remains sizeable.  

At end-June 2006 loans managed by the real estate restructuring
unit were cut by 56% to EUR6.8billion.  The remainder of the RER
will be combined with some EUR20 billion performing, but non-
strategic, assets and will be wound down.  A change in loan mix
away from large corporates and more stringent risk controls
should benefit asset quality.

UCI, Italy:

   -- Individual upgraded to B from B/C;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A+, F1 and
      1 respectively.

HVB, Germany:
   
   -- Individual upgraded to C from C/D;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A, F1 and
      1 respectively.

BACA, Austria:

   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, B/C and 1 respectively.

Bank Pekao, Poland:
  
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, C and 1 respectively.

The ratings of all other direct and indirect subsidiaries of UCI
are affirmed or unchanged:

Zagrebacka Banka, Bosnia Herzegovina:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BBB+, F2, C/D and 2 respectively.  Outlook is Stable.

UniCredit Romania, Romania:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at A-, F2, D and 1 respectively.  Outlook is Stable.

Banca Comerciala HVB Tiriac, Romania:

   -- IDR, Short-term and Support ratings affirmed at A-, F2 and
      1 respectively.  The Individual rating is unchanged at D
      Evolving Rating Watch.  The Outlook is Stable.

International Moscow Bank, Russia:

   -- IDR BBB+ and Support 2 rating on Rating Watch Positive.
      Short-term and Individual ratings affirmed at F2 and C/D
      respectively.

Kocbank, Turkey:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BB, B, D and 3.  The Outlook is Positive.

Yapi ve Kredi Bankasi, Turkey:

   -- IDR, Short-term and Support ratings affirmed at BB, B and    
      3.  The Individual rating is unchanged at D/E Positive
      Rating Watch.  The Outlook is Positive.

Bulbank, Bulgaria:
   
   -- Support rating of 1 is affirmed.

Zivnostenska Banca, Czech Republic:
  
   -- Support rating of 1 is affirmed.

BPH Bank, Poland:

   -- Support rating of 1 is affirmed.

UniBanka, Slovakia:

   -- Support rating of 1 is affirmed.


CHIQUITA BRANDS: Lower Pricing Spurs Moody's to Affirm Ratings
--------------------------------------------------------------
Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  This
action follows the company's announcement that its operating
performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit
supply.

Operations are also suffering from the impact of recent e. coli
discoveries in U.S. fresh spinach products, which have resulted
in an FDA advisory and industry-wide withdrawals of fresh
spinach product by most processors, and lower consumption of
some salad products.  Moody's notes that to date, there have
been no confirmed cases of chiquita products being traced to the
e. coli issue.

Continuing high fuel and other industry costs, as well as
unusually high costs to source fruit during shortages in late
2005/early 2006, have also pressured earnings and cash flow.
Chiquita also announced its intention to eliminate its US$17
million annual cash dividends and to explore the sale of its
owned shipping assets, as well as the management of its
logistics needs, with asset-sale proceeds being used primarily
to reduce debt.

There also continues to be the uncertainty concerning the
longer-term impact on Chiquita's operations and market position
due to the structural changes occurring in key European banana
markets under the tariff-only system established in January
2006.  Moody's believes that the net impact of these challenges
will result in weaker-than-expected debt protection measures and
financial flexibility.

Should Chiquita be successful in selling its shipping fleet, it
expects to lease back those same vessels in order to meet its
shipping needs.  Moody's notes that as one of our standard
analytic adjustments, it capitalizes lease payment streams and
add them back as debt in our leverage calculations.  For this
reason, the rating agency would not expect the sale of
Chiquita's shipping fleet to result in any net reduction in
effective debt or leverage, and in fact could increase effective
debt and leverage depending upon the specific terms of any
ultimate transaction and other debt repayments that occur with
sale proceeds.

Chiquita's existing ratings reflect a company with a good
qualitative profile, but with credit metrics, which have been
weakening due to a combination of leveraged acquisitions and
weaker than expected operating performance, resulting in an
overall B2 rating.

The key rating factors currently influencing Chiquita's ratings
and negative outlook are:

   -- The company is one of the largest global producers
      and marketers of fresh fruit and vegetables, with
      good geographic and product market diversity.

   -- Its franchise strength and growth potential are
      considered moderate, with good market share and
      volume growth in some segments, partially offset by
      the low margin commodity nature of much of its
      business which, at times, can lead to earnings and
      cash flow volatility.

   -- Liquidity under stress has been weak over the past
      year, as evidenced by the occasional need to
      seek financial covenant relief.

   -- Overall credit metrics had been relatively strong for
      its rating category, but have been weakening due to
      a combination of higher debt from leveraged
      acquisitions and weak operating performance.

Chiquita's ratings could be downgraded if its earnings and cash
flow remain weak - conceivably due to the impact of the new EU
banana regulations being more negative than anticipated,
litigation costs increasing more than expected, or the company's
inability to successfully pass along higher energy costs.

Specifically, Chiquita's ratings could be downgraded if three-
year average Debt/EBITDA rose above 5.5 times and was likely to
rise above 7 times on a lagging 12-month basis in a downturn,
and/or three year average EBIT/Interest fell below 1.5 times and
were likely to fall below 1 time on a lagging 12-month basis in
a downturn. Given the negative outlook, a rating upgrade in the
near term is unlikely.  

The rating outlook could stabilize if the company successfully
adapts to the new EU banana import regulations, its litigation
risk reduced, and it successfully completes the integration of
Fresh Express.  A stable outlook would also require Chiquita to
be able to sustain three-year average Debt/EBITDA below 5 times
and lagging 12-month Debt/EBITDA below 6.5 times in a downturn,
and to maintain three-year average EBIT/Interest above 1.7
times, with lagging 12-month EBIT/Interest above 1.25 times in a
downturn.

Ratings affirmed with a negative outlook:

Chiquita Brands LLC (operating subsidiary)

    * US$200 million senior secured revolving credit at
      Ba3 (LGD2, 26%)

    * US$24.5 million senior secured term loan B at Ba3
     (LGD2, 26%)

    * US$372.2 million senior secured term loan C at Ba3
     (LGD2, 26%)

Chiquita Brands International, Inc. (holding company parent)

    * US$250 million 7.50% senior unsecured notes due 2014
      at Caa1 (LGD 5, 89%)

    * US$225 million 8.875% senior unsecured notes due 2015
      at (LGD 5, 89%)

    * Corporate family rating at B2

    * Probability of default rating at B2

With 2005 sales of US$3.9 billion, Cincinnati-based Chiquita is
one of the largest global producers and marketers of fresh fruit
and vegetables.


CHIQUITA BRANDS: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency confirmed
its B2 Corporate Family Rating for Chiquita Brands LLC.

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

   Issuer: Chiquita Brands LLC

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan B Due 2012      B1       Ba3     LGD2        26%

Gtd. Sr. Sec.
Term Loan C Due 2012      B1       Ba3     LGD2        26%

Gtd. Sr. Sec.
Revolving Credit
Facility Due 2010         B1       Ba3     LGD2        26%

   Issuer: Chiquita Brands International, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Global Notes
Due 2014                  B3      Caa1     LGD5        89%

Sr. Global Notes
Due 2015                  B3      Caa1     LGD5        89%

Moody's current long-term credit ratings are opinions about
expected credit loss, which incorporate both the likelihood of
default and the expected loss in the event of default.

The LGD rating methodology will disaggregate these two key
assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as its research has shown that credit losses
on bank loans have tended to be lower than those for similarly
rated bonds.

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

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

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including
Belgium and Germany.


FALK+PARTNER: Claims Registration Ends October 13
-------------------------------------------------
Creditors of Falk+Partner Objekt Leipzig Lutherstrasse KG have
until Oct. 13 to register their claims with court-appointed
provisional administrator Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Munich opened bankruptcy proceedings
against Falk+Partner Objekt Leipzig Lutherstrasse KG on Aug. 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Falk+Partner Objekt Leipzig Lutherstrasse KG
         Westendstr. 160
         80339 Munich, Germany

The administrator can be contacted at:

         Dr. Kurt Bruder
         Herzog-Wilhelm-Str. 17
         80331 Munich, Germany
         Tel: 089/236858-0
         Fax: 089/260344-0


FRIE GMBH: Claims Registration Ends October 13
----------------------------------------------
Creditors of Frie GmbH Personal Leasing und Arbeitsvermittlung
have until Oct. 13 to register their claims with court-appointed
provisional administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 3 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 Paderborn
         Meeting Room 216
         2nd Floor
         Bogen 2-4
         33098 Paderborn, 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 Paderborn opened bankruptcy proceedings
against Frie GmbH Personal Leasing und Arbeitsvermittlung on
Aug. 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Frie GmbH Personal Leasing und Arbeitsvermittlung
         Barkhauser Str. 251 A
         33106 Paderborn, Germany

         Attn: Adriane Fecke and Jasmina Krause, Managers
         Raiffeisenstr. 8
         83677 Reichersbeuren, Germany

The administrator can be contacted at:

         Andreas Stratenwerth
         Lemgoer Road 4
         33604 Bielefeld, Germany
         

IB INDUSTRIELLE: Claims Registration Ends October 10
----------------------------------------------------
Creditors of ib Industrielle Beschichtung GmbH Mitte have until
Oct. 10 to register their claims with court-appointed
provisional administrator Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against ib Industrielle Beschichtung GmbH Mitte on
Aug. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ib Industrielle Beschichtung GmbH Mitte
         Alten Bahnhof 16
         06184 Kabelsketal OT Groebers, Germany

         Attn: Jasna Avdusinovic, Manager
         Passower Chaussee 1b
         16303 Schwedt/Oder, Germany

The administrator can be contacted at:

         Sabine von Stein-Lausnitz
         Magdeburger Road 38
         D-06112 Halle, Germany
         Tel: 0345/232620
         Fax: 0345/2326230


IWD INGENIEUR: Claims Registration Ends October 12
--------------------------------------------------
Creditors of IWD Ingenieur Werner Dill Verwaltungs GmbH & Co. KG
have until Oct. 12 to register their claims with court-appointed
provisional administrator Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting at 2:40 p.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 Koenigstein/Ts.
         Area 106 A
         Law Courts
         Castle Way 9
         61462 Koenigstein/Ts., 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 Koenigstein/Ts. opened bankruptcy
proceedings against IWD Ingenieur Werner Dill Verwaltungs GmbH &
Co. KG on June 7.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         IWD Ingenieur Werner Dill Verwaltungs GmbH & Co. KG
         Oelmuehlweg 35c
         61462 Koenigstein, Germany

         Attn: Kathrin Erbach, Manager
         Froebelstrasse 10
         65549 Limburg, Germany

The administrator can be contacted at:

         Peter Jost
         Pfingstweidstrasse 3
         D-60316 Frankfurt/Main, Germany
         Tel: 069/2097390
         Fax: 069/20973929


JOPA VERTRIEBS: Claims Registration Ends October 11
---------------------------------------------------
Creditors of JOPA Vertriebs GmbH have until Oct. 11 to register
their claims with court-appointed provisional administrator
Robert Pinter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Bueckeburg
         Hall 504
         Schulstr. 2
         31675 Bueckburg, 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 Bueckeburg opened bankruptcy proceedings
against JOPA Vertriebs GmbH on Aug. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         JOPA Vertriebs GmbH
         Bergdorfer Str. 51
         31675 Bueckeburg, Germany

         Attn: Manfred Karl Brueckner, Manager
         Kreuzstr. 4
         97509 Kolitzheim, Germany

The administrator can be contacted at:

         Robert Pinter
         Suentelstr. 44c
         31848 Bad Muender, Germany
         Tel: 05042/93770
         Fax: 05042/937719


KARSTADTQUELLE AG: Inks Sourcing Deal with Li & Fung
----------------------------------------------------
The retail group KarstadtQuelle AG and Li & Fung Ltd., the
worldwide largest sourcing company registered in Hongkong,
signed the contract on a future cooperation.

Li & Fung takes over KarstadtQuelle's entire international
sourcing business.  The former sourcing organization, which has
been consolidated under KarstadtQuelle International Services AG
(St. Gallen), is taken over including its around 1,000
employees.  Both parties agreed on silence regarding the
purchase price.  The transaction is with reservation of the
approval of the competition authorities.

"The signing of contract means for us a further milestone in the
development of the group," Prof. Dr. Helmut Merkel, Member of
the Management Board of KarstadtQuelle AG and head of
purchasing, logistics and IT, said.  "With the hand over of the
international sourcing activities to the worldwide leading
sourcing company and our focusing on design, assortment and
presentation of merchandise, we act in our business more
professionally."

"Furthermore, we benefit from a relevant EUR500 million
reduction of the working capital, a prolonging of the payment
terms to 120 days and significant effects due to the purchase
price reductions from five to 10 percent on average.  In 2008, a
total direct sourcing volume of EUR2 billion should be handled
by Li & Fung."

Due to the newly gained flexibility, KarstadtQuelle will
increase the number of collections up to twelve a year and
therefore strongly improves its competitiveness in the future.  
To differentiate from the competitors the business will be
strengthened effectively with own brands and competence in
design and development. Both in Germany and in Asia own design-
and development centers will be established.

Li & Fung Ltd. has a long time experience as a sourcing partner
of international companies like Marks & Spencer, Wal Mart, Coca
Cola or Nike.  The company with an annual turnover of c. 6 bn
Euros and 77 offices in 42 countries, cooperates with 7,000
suppliers.  The company engages 7,000 employees and operates
mainly in the sourcing for U.S. companies so far.  With the new
partnership Li & Fung extends its European business.


                      About KarstadtQuelle

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- operates department stores and
mail order businesses.  It has annual sales of EUR15.5 billion
and employs around 70,000.  The retailer has been suffering from
sluggish consumption and high unemployment rate in Germany.
KarstadtQuelle posted an EBITDA of -EUR428 million in 2004.  The
group is currently restructuring operations by selling off non-
core assets and implementing cost-saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.  In 2005, net financial
liabilities were reduced by a third to EUR3.0 billion (including
Thomas Cook), down from EUR4.5 billion in the previous year.

In the first six months of 2006, adjusted group sales totaled
EUR6.5 billion (2005: EUR6.8 billion).  Adjusted EBITDA declined
to -EUR41.7 million (2005: -EUR19.4 million).  As of June 30,
2006, net financial liabilities (pro forma) stood at EUR600
million.


MAZINOX EDELSTAHL: Claims Registration Ends October 13
------------------------------------------------------
Creditors of Mazinox Edelstahl-Vertriebs GmbH have until
Oct. 13 to register their claims with court-appointed
provisional administrator Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Munich opened bankruptcy proceedings
against Mazinox Edelstahl-Vertriebs GmbH on Aug. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Mazinox Edelstahl-Vertriebs GmbH
         Parsdorfer Str. 7
         85591 Hergolding, Germany

The administrator can be contacted at:

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


MEDPORTAL GMBH: Files for Bankruptcy Protection in Moers
--------------------------------------------------------
Robert Garment of DOTmed News confirmed that MedPortal GmbH
filed for bankruptcy protection in Moers, Germany, on Aug. 17,
after reports that the company allegedly went out of business.  
The case is docketed under Bankr. Case No. 34 IN 68 / 06.

Mr. Garment relates that creditors owed money by MedPortal could
initiate a claim against the company through:

         Astrid Smolenski
         The Insolvency Office in Krefeld, Germany
         Tel: +49 2821 87-0
         E-mail: smolenski@rae-stock.de

MedPortal GmbH can be contacted at:

         MedPortal GmbH
         Zechenstr. 68
         47443 Moers
         Tel: 02841 / 88080-0


OCEAN STAR: Fitch Keeps BB- Rating on US$19-Mln Class E Notes
-------------------------------------------------------------
Fitch Ratings affirmed all of Ocean Star 2004 PLC's and Ocean
Star 2005 PLC's credit-linked floating-rate notes due 2018 and
2012 respectively.  This follows the replenishments of the
underlying portfolios and a satisfactory review of both
transactions' performance to date:

Ocean Star 2004:

   -- US$0.25 mln Class A+ notes (ISIN XS0199954537) at AAA;
   -- US$52.75 mln Class A notes (ISIN XS0199957399) at AAA;
   -- US$79.15 mln Class B notes (ISIN XS0199957472) at AA;
   -- US$79.15 mln Class C notes (ISIN XS0199960005) at A;
   -- US$53.8 mln Class D notes (ISIN XS0199961078) at BBB-; and
   -- US$19 mln Class E notes (ISIN XS0199963108) at BB-.

Ocean Star 2005:

   -- US$28.6 mln Class A notes (ISIN XS0230942152) at AAA;
   -- US$25.7 mln Class B notes (ISIN XS0230942582) at AA;
   -- US$42.8 mln Class C notes (ISIN XS0230942580) at A;
   -- US$23.4 mln Class D notes (ISIN XS0230944281) at BBB; and
   -- US$9.7 mln Class E notes (ISIN XS0230944794) at BB.

Ocean Star 2004 and Ocean Star 2005 are revolving synthetic
securitizations of shipping loan obligations originated by HSH
Nordbank AG and its predecessors, LB Kiel and Hamburgische
Landesbank, with respect to reference portfolios with an
outstanding amount of up to US$1.05 billion and US$570.1 million
respectively.  The reference portfolio consists of loans secured
by ships.

This is Ocean Star 2004's fourth portfolio replenishment since
closing and Ocean Star 2005's second replenishment since
closing.  The levels of credit enhancement have not changed
since closing for both transactions.  No defaults, credit events
or losses have occurred and both transactions have performed
satisfactorily to date.

The current portfolio characteristics are in line with the
transactions' general replenishment conditions.  The proposed
replenishment bears a lower concentration risk and lower
weighted average loan-to-value compared to the initial portfolio
at closing.


TRAPIDO INDUSTRIEVERTRETUNGEN: Claims Registration Ends Oct. 13
---------------------------------------------------------------
Creditors of TRAPIDO Industrievertretungen GmbH have until
Oct. 13 to register their claims with court-appointed
provisional administrator Dirk-Henning Toennesmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Nov. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The Debtor can be contacted at:

         TRAPIDO Industrievertretungen GmbH
         Attn: Juergen Peter Johann, Manager
         Hospitalstr. 1
         52353 Dueren, Germany

The administrator can be contacted at:

         Dirk-Henning Toennesmann
         Josef-Ruhr-Road 30
         53879 Euskirchen, Germany


VISTEON CORP.: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its B2 Corporate Family Rating for
Visteon Corporation, and its Visteon Capital Trust I,
subsidiary.  Additionally, Moody's revised its probability-of-
default ratings and assigned loss-given-default ratings on these
loans and debt obligations:

Issuer: Visteon Corporation

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   secured term loan    B1       Ba2      LGD 2    22%

   8.25% senior
   unsecured notes      B3       Caa1     LGD 6    91%

   7.00% senior
   unsecured notes      B3       Caa1     LGD 6    91%

   Shelf senior
   Unsecured            (P)B3    (P)Caa1  LGD 6    91%

   Shelf subordinated   (P)Caa2  (P)Caa1  LGD 6    97%

   Shelf preferred      (P)Caa3  (P)Caa1  LGD 6    97%

Issuer: Visteon Capital Trust I

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Shelf trust
   Preferred            (P)Caa2  (P)Caa1  LGD 6    97%

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

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

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

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


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


AES CORP: Dominicana Unit Begins Operations at Itabo Port
---------------------------------------------------------
AES Dominicana, AES Corp.'s subsidiary in the Dominican
Republic, disclosed the start of its plant operations at the
Itabo International Port, Dominican Today reports.

According to the Dominican Today, the port received its first
freighter with 36,000 metric tons of mineral coal from Colombia.

The freighter Baldor arrived on Sept. 24 and proceeded to
continuously unload the material until the early hours on
Thursday, Itabo told Dominican Today.  The coal will be used to
produce power in Itabo's plants, ensuring the availability of
low-priced fuel to generate electricity.

AES Dominicana told Dominican Today that Itabo is the first
local port that receives coal.  The port is located in the
coastal area of the Itabo industrial complex, which is 18
kilometers west of the capital city in the municipality Haina,
San Cristobal.  The port's depth is 14 meters, which allows it
to receive ships of the type Handymax and Panamax of up to
70,000 tons and has a capacity to unload solid materials at a
rate of 1,600 tons per hour.

The arrival of the freighter in Itabo constitutes a significant
advancement for the Dominican Republic's present and future
development, Dominican Today says, citing AES Dominicana.

                      About the Company

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

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

                        *     *     *

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

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

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


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


AVIO HOLDING: Moody's Withdraws B1 Corp. Family Rating
------------------------------------------------------
Moody's Investors Service withdrew the B1 corporate family
rating assigned to Avio Holding S.p.A.

Moody's has withdrawn Avio's rating at the request of the
company.  This follows the redemption of the 9.625% Senior Notes
issued by ASPropulsion Capital B.V. on June 29, 2006.

Headquartered near Turin, Italy, Avio Holding designs and
supplies subsystems and components for military and civil
aeroengines, including accessory gearbox modules and low-
pressure turbine components.


FERRO CORP: S&P Holds Low-B Corp. Credit & Unsec. Debt Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remained on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.

Standard & Poor's will resolve the CreditWatch after Ferro files
its 2005 full year and 2006 quarterly financial statements,
which are expected by Sept. 30th and Dec. 31st, respectively.
     
The rating agency could lower the ratings if there are material
negative surprises arising from disclosures in any of the
financial statements or additional meaningful delays in the
filings.

"Still, in recent months the company has finalized a new credit
facility and strengthened transparency with regard to current
results," said Standard & Poor's credit analyst Wesley E. Chinn.

"Moreover, the company plans to use proceeds from a pending sale
of its specialty plastics business to reduce debt."

The ratings on Ferro reflect:

   * its aggressive debt leverage;

   * cyclicality of its markets;

   * vulnerability to raw material costs;

   * lackluster operating margins and return on capital; and

   * delays in the filing of the 10-K and 10-Qs for 2005 and
     10-Qs for 2006.

These negatives are partially offset by:

   * satisfactory liquidity under a new credit facility;
   * improving earnings; and
   * a likely debt reduction from planned asset sales.

The filing delays caused by the lengthy accounting investigation
and restatement process, as well as still-limited transparency
on business conditions and operating results, which have
resulted from this review work, are a significant credit quality
negative.

Standard & Poor's expects that any deficiencies in the company's
internal controls regarding financial reporting or other
accounting areas are being addressed in a timely manner and will
not hamper Ferro's ability to strengthen profitability and its
financial condition.

Price increases, initiatives to reduce overhead and procurement
costs, improved conditions in the electronic materials market,
and restructured polymer additives operations should contribute
to a modest strengthening of operating margins and earnings in
2006 from weak levels.  But the raw material and energy cost
environment remains challenging.

An earnings rebound would benefit the weak funds from operations
to total debt ratio, taking into account capitalized operating
leases, an accounts receivable securitization program, and
meaningful unfunded pension and other postretirement
obligations.

That measure would also be bolstered by likely debt reduction
using proceeds from the pending sale of the specialty plastics
business, which generated revenues of US$270 million in 2005.  
This divestiture, coupled with other asset sales, could
eventually generate total net proceeds of roughly US$200
million.


KNOLL INC: Moody's Assigns LGD2 Ratings to US$450-Mln Sr. Loans
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the for the U.S. Consumer Products, Beverage,
Toy, Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency assigned its
B1 Corporate Family Rating for Knoll Inc., and upgraded its Ba3
rating on the company's US$200 million senior secured revolver
and US$250 million senior secured term loan to Ba2.  
Additionally, Moody's assigned an LGD2 rating to both loans,
suggesting noteholders will experience a 27% loss in the event
of a default.  

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

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

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

Headquartered in East Greenville, Pennsylvania, Knoll Inc.,
(NYSE:KNL) designs and manufactures branded office furniture
products and textiles, serves clients worldwide.  It distributes
its products through a network of more than 300 dealerships and
100 showrooms and regional offices.  The Company operates four
manufacturing sites in North America: East Greenville,
Pennsylvania; Grand Rapids and Muskegon, Michigan; and Toronto,
Ontario.  In addition, it has plants in Foligno and Graffignana,
Italy.


MILACRON INC.: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its Caa1 Corporate Family Rating for
Milacron Inc., and its Caa1 rating on the company's 11.5% senior
notes.  Additionally, Moody's assigned an LGD 3 rating to those
bonds, suggesting noteholders will experience a 44% loss in the
event of a default.  

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

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

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

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer  
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.  In
Europe, the company maintains operations in Belgium, Germany,
Italy, the Netherlands, Spain, and England.

Milacron's annual revenues approximated US$805 million over the
last twelve months.


POPOLARE DI INTRA: Starts Merger Talks with Veneto Banca
--------------------------------------------------------
Banca Popolare di Intra has entered into merger talks with
Veneto Banca, Philip Webster writes for AFX News.

Popolare di Intra's Board of Directors has accepted a binding
all-cash offer from Veneto to acquire a maximum 75% of the
bank's capital at EUR15 per share.  

Under the agreement, the takeover will proceed once Veneto
receives 50.1% of di Intra's capital.  Veneto will then convert
di Intra from a cooperative to a limited liability company.  

Four banks filed binding offers to acquire di Intra:

   -- Banca Popolare di Vicenza,
   -- Credito Valtellinese,
   -- Banca Carige, and
   -- Veneto Banca.

Veneto Banca is a co-operative bank based in the Province of
Treviso in the region of the Veneto, which at end-2005 reported
equity of EUR801 million.  Its client base mainly comprises
small and micro-enterprises and private individuals.  

                  About Banca Popolare di Intra

Based in Verbania Intra, Italy, Banca Popolare di Intra --  
http://www.bpintra.it/-- Intra is a small cooperative bank with   
a strong local franchise in Piedmont and Lombardy.  The bank
operates through a network of 80 branches and employs around
1,100 staff.

                        *     *     *

As reported in TCR-Europe on Aug. 17, Fitch downgraded Banca
Popolare di Intra's Individual rating to E from D/E.  The bank's
other are affirmed at Issuer Default BB, Short-term B and
Support 3.  The Outlook is Stable.

The rating action reflects the loss of EUR84 million for H106
reported by BPI, which caused its Tier 1 capital ratio to fall
to 3.6%, below the Baca d'Italia's regulatory minimum of 4%.

Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Italian regional bank Banca
Popolare di Intra SCPARL to 'BB' from 'BB+'.  At the same time,
the short-term rating was affirmed at 'B'.  The ratings remain
on CreditWatch with developing implications, where they were
originally placed on Feb. 15.


POPOLARE DI INTRA: Fitch Places BB IDR on Rating Watch Positive
---------------------------------------------------------------
Fitch Ratings placed Veneto Banca's Issuer Default rating of A-
on Rating Watch Negative.  Its other ratings are affirmed at
Short-term F2, Individual B/C and Support 3.  At the same time,
the agency has placed Banca Popolare di Intra's IDR BB, Short-
term B, Individual E, and Support 3 ratings on Rating Watch
Positive.

The rating action follows the announcement by Intra's board of
directors that it has accepted VB's binding offer to acquire a
maximum 75% of Intra's capital in an all cash offer of EUR15 per
share.  The offer price would value Intra at EUR845 million at
100% ownership and EUR634 million at the maximum 75%.  

The transaction is subject to approval by Banca d'Italia and by
Intra's extraordinary shareholders' meeting.  It will be
completed by January 2007, which would result in the resolution
of the Rating Watches.

"The RWN on VB's IDR reflects Fitch's view of the execution and
integration risks arising from the acquisition of an entity that
is nearly half of its size in terms of total assets and loans
and from the severe problems it has suffered in the recent
past," Francesca Vasciminno, Associate Director in Fitch's
Financial Institutions team disclosed.

It also reflects the challenge of managing EUR828 million gross
impaired loans that Intra will bring to the consolidated entity.
VB plans to raise less capital than it is spending on the
acquisition and is paying significant goodwill, weakening its
capital ratios.  At the same time, it is Fitch's view that VB
has sufficient managerial resources to handle such an
acquisition.

In view of the bank's plans to raise capital, to reduce the
burdensome level of impaired loans and to resolve quickly
Intra's outstanding legal issues, Fitch does not expect to
downgrade VB's IDR by more than one notch on completion of the
acquisition.

The RWP on Intra's ratings reflects the fact that the bank will
be part of a stronger banking group, thus solving some of the
problems arising from its current limited financial flexibility.
"Fitch expects to upgrade Intra's IDR and Short-term rating to
just investment-grade to take account of the increased potential
support provided by the new majority shareholder," Paolo
Fioretti, Associate Director in Fitch's Financial Institutions
team added.

The Support rating will most likely be upgraded to 2 to show the
greater propensity of Intra's new majority shareholder compared
to the national authorities to offer support in the first
instance.  The Individual rating is likely to be upgraded by up
to two notches to reflect the injection of new capital and the
operational benefits that VB's management should bring.  
However, Intra's capital ratios will remain weak despite the
expected conversion of its EUR80m convertible bond by end-
November 2006.

The takeover will only proceed on VB receiving at least 50.1%
acceptances.  According to the agreement, Intra will first
convert to a limited liability company from banca popolare
status and will remain listed after the acquisition.

VB is a co-operative bank based in the Province of Treviso in
the region of the Veneto, which at end-2005 reported equity of
EUR801 million and a Tier 1 ratio of 8.5%.  Its client base
mainly comprises small and micro-enterprises and private
individuals.  

By means of its federal structure, VB is also active in Lombardy
with Banca di Bergamo and in the southern regions of Puglia and
Basilicata with Banca Meridiana.  It has had a foothold in
Romania since 2000 through its Italy-based subsidiary Banca
Italo-Romena and has recently acquired two small local banks
based in Moldavia and Croatia.  The VB group also includes some
specialized product companies.

Intra is a small cooperative bank based in Piedmont in northern
Italy.  It provides retail-banking services and is closely
linked to the local economy.  At end-2005, it operated 80
branches and employed 1,106 staff.  It is a limited liability
cooperative bank, with about 30,000 shareholders limited to one
vote each.


POPOLARE ITALIANA: Earns EUR91.97 Million for First Half 2006
------------------------------------------------------------
Banca Popolare Italiana Scrl released it financial results for
the first half ended June 30, 3006.

Popolare Italiana posted EUR91.97 million in net profit on
EUR400.99 million in revenues for the first half of 2006,
compared with EUR181.59 million in net losses on EUR394.72
million in revenues for the same period in 2005.

At June 30, 2006, the Group had 8,342 employees, down from 8,598
at end 2005.  The decease in the overall workforce is mainly due
to the corporate disposals that took place in the period.  The
total number of bank branches at June 30, 2006, was 978.  

At June 30, 2006, Popolare Italiana had EUR45.87 billion in
total assets, EUR44.42 billion in total liabilities and EUR1.45
billion in shareholders' equity.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and    
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.   
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As reported in TCR-Europe on April 3, Fitch Ratings downgraded
Banca Popolare Italiana's Issuer Default and Short-term ratings
to BBB from BBB+ and F3 from F2 respectively.  Its Individual
and Support rating are affirmed at C and 3 respectively.  Its
senior debt and trust preferred stock are also downgraded to BBB
and BB+ respectively from BBB+ and BBB-. The Issuer Default,
Short-term and Individual ratings are removed from Rating Watch
Negative.  A Stable Outlook is assigned for the Issuer Default
rating.


TEREX CORP.: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its Ba3 Corporate Family Rating for
Terex Corp.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility
   due 2012             Ba3      Ba1      LGD 2    22%

   Sr. Sec. Term Loan
   due 2013             Ba3      Ba1      LGD 2    22%

   9.25% Sr. Sub.
   Notes due 2011       B2       B1       LGD 5    76%

   7.375% Sr. Sub.
   Notes due 2014       B2       B1       LGD 5    76%

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

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

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


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


HARD WEST: Creditors Must File Claims by Oct. 24
------------------------------------------------
LLP Hard West has declared insolvency.  Creditors have until
Oct. 24 to submit written proofs of claim to:

         LLP Hard West
         Rozybakiev Str. 35-18
         Almaty, Kazakhstan
         Tel: 8 (3272) 41-61-92


KAZ.K.INTERNATIONAL: Creditors Must File Claims by Oct. 24
----------------------------------------------------------
LLP Kaz.K.International has declared insolvency.  Creditors have
until Oct. 24 to submit written proofs of claim to:

         LLP Kaz.K.International
         Micro District 15, 7-92
         Karaganda
         Karaganda Region
         Kazakhstan
         Tel: 8 (3212) 46-20-00


KAZSERVICE M: Proof of Claim Deadline Slated for Oct. 24
--------------------------------------------------------
LLP Kazservice M has declared insolvency.  Creditors have until
Oct. 24 to submit written proofs of claim to:

         LLP Kazservice M
         Office 12
         Gogol Str. 84a
         Almaty, Kazakhstan


KAZTRADECOMMERCE: Proof of Claim Deadline Slated for Oct. 24
------------------------------------------------------------
LLP Kaztradecommerce has declared insolvency.  Creditors have
until Oct. 24 to submit written proofs of claim to:

         LLP Kaztradecommerce
         Dostyk Ave. 48a
         Almaty, Kazakhstan


SPETSSTROYMARKET: Claims Registration Ends Oct. 24
--------------------------------------------------
LLP Special Building Market Spetsstroymarket has declared
insolvency.

Creditors have until Oct. 24 to submit written proofs of claim
to:
         LLP Spetsstroymarket
         Micro District Stepnoi-4, 11-11
         Karaganda
         Karaganda Region
         Kazakhstan
         Tel: 8 (3212) 51-96-70


SULTAN: Creditors' Claims Due Oct. 24
-------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Innovation Company Sultan insolvent on Aug. 7.  

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

         LLP Sultan
         Room 228      
         Auelbekov Str. 139a
         Kokshetau
         Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-79-32


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


JYLISHNO KOMMUNALNAYA: Creditors' Claims Due Nov. 12
----------------------------------------------------
OJSC Housing and Communal Services Jylishno-Kommunalnaya Kontora
has declared insolvency.  Creditors have until Nov. 12 to submit
written proofs of claim.

Inquiries can be addressed to (0-502) 57-93-88.


SHAHTA KOK-JANGAK: Claims Registration Ends Nov. 12
---------------------------------------------------
State JSC Mine Shahta Kok-Jangak has declared insolvency.  
Creditors have until Nov. 12 to submit written proofs of claim
to:

         JSC Shahta Kok-Jangak
         Krasnoarmeyskaya Str. 7
         Kokjangak
         Djalal-Abad Region
         Kyrgyzstan
         Tel: (+996 3743) 2-15-24


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


GETRONICS NV: Completes Sale of PinkRoccade to Randstad Holding
---------------------------------------------------------------
Getronics N.V. reports that the sale of its Netherlands HR
Services (PinkRoccade HR Services) to Randstad Holding has been
successfully concluded following all due regulatory checks.

                        About Getronics

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

                       *     *     *

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

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

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


GRESHAM CAPITAL: S&P Rates EUR13.65-Mln Class E Notes at BB-
------------------------------------------------------------  
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR264.75 million secured and deferrable
floating-rate notes, including EUR75 million (equivalent)
variable funding notes, to be issued by Gresham Capital CLO II
B.V., a special-purpose entity.  

At the same time, Gresham II will issue EUR35.25 million of
unrated secured income notes, which will provide subordination
to the senior notes.

At closing, Gresham II will issue EUR225 million of notes, the
proceeds of which will be invested in a portfolio of
predominantly senior secured leveraged loans.
  
At the same time, the issuer will enter into a variable funding
agreement, under which it may draw, at any time, up to
EUR75 million (equivalent) in euros and sterling.
  
All notes, which will equate to 75% of the liabilities, will be
issued in euros.
  
The collateral manager is Investec Bank (U.K.) Ltd., an
international specialist banking and financial services group.
Gresham II is the second CLO to be managed by Investec.
  
  
                         Ratings List
                  Gresham Capital CLO II B.V.
  EUR225 Million Secured And Deferrable Floating-Rate Notes
    And EUR75 Million (Equivalent) Variable Funding Notes
  
                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------
             VFNs (1)       AAA             75.00
             A              AAA            121.50
             B              AA              22.80
             C              A               17.10
             D              BBB-            14.70
             E              BB-             13.65
             F (2)          NR              35.25
  
   (1) Variable funding notes.
   (2) Secured income notes, which will provide subordination
       to the senior notes.

       NR-Not rated.


KONINKLIJKE AHOLD: Johan Boeijenga to Head Central Europe Biz
-------------------------------------------------------------
Koninklijke Ahold reports that Johan Boeijenga has been
appointed President and CEO of Ahold Central Europe, effective
immediately.  

Mr. Boeijenga is currently Executive Vice President Supply Chain
and member of the Executive Board at Albert Heijn.

Mr. Boeijenga will succeed Jacquot Boelen, who has resigned in
order to pursue opportunities outside Ahold.  Mr. Boelen will
remain available for a period of time to allow for an effective
transition.

"Johan's extensive knowledge of the retail business makes him
ideally suited to lead the team and maximize our opportunities
in this region," Anders Moberg, Ahold President and CEO, said.  
"He will be bringing considerable talents and experience to his
new role."

Mr. Boeijenga joined Ahold in 1988 as a management trainee.  
Over the next 18 years, he gained experience in logistics and
supply chain at Albert Heijn and also served as CEO of Ahold's
former operations in Indonesia.  Mr. Boeijenga took on his
current role in 2003, leading Albert Heijn in building its
state-of-the-art logistics capability and serving on the team
that drove the successful repositioning of the company.

Mr. Boelen joined Ahold Polska in January of 2001 as President
and CEO and was appointed President and CEO of the Ahold Central
Europe arena at its creation in 2003.

"Over the past five years, I've learned that our team in Central
Europe has a real passion for the business," Mr. Boelen
commented on his time at the company.  "I am confident that they
will continue to do what is right for our company and, most of
all, our customers."

"I want to thank Jacquot for his many contributions to Ahold,"
said Mr. Moberg.  "He was responsible for the significant task
of integrating our operations in Central Europe into a single
arena.  Before that, Jacquot oversaw much progress by Ahold in
the Polish market, including the rebranding of the company's
supermarkets to Albert. We wish him all the best for the
future."

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores include Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


LAURUS NV: Plans to Trim Down Overhead After Store Sales
--------------------------------------------------------
Laurus N.V. intends to reduce the number of office functions in
order to align the company after the sale of its Edah and Konmar
supermarkets.  Laurus also plans to close its distribution
center in Waddinxveen.

By executing these plans, Laurus will be reshaped into an
effective and lean organization, with an overhead structure and
a logistic infrastructure fit to the present and future size of
the store network.

The number of employees in the offices is anticipated to be
reduced with approximately 265 FTEs to a level of approximately
270 FTEs within a few months.  The intended closing of the
distribution centre in Waddinxveen will lead to a further
reduction of approximately 225 FTEs.

Laurus will take residence in the existing office facility of
Super de Boer in Amersfoort.  The transfer of functions from the
office in 's-Hertogenbosch is anticipated to be completed before
the end of this year, after which this office will be closed.

Laurus expects that, besides the cost savings resulting from the
planned reorganisation, the trimming of the overhead structure
will lead to a more effective and focused company.

Consultation of the works council and trade unions on the plans
has been started.

During the Extraordinary General Meeting of Shareholders,
scheduled before the end of October 2006, further information
will be given on the Business Plan for Super de Boer.

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.  

                        *     *     *

Laurus told Ian Bickerton of the Financial Times in September
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.


MILACRON INC.: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its Caa1 Corporate Family Rating for
Milacron Inc., and its Caa1 rating on the company's 11.5% senior
notes.  Additionally, Moody's assigned an LGD 3 rating to those
bonds, suggesting noteholders will experience a 44% loss in the
event of a default.  

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

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

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

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer  
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.  In
Europe, the company maintains operations in Belgium, Germany,
Italy, the Netherlands, Spain, and England.

Milacron's annual revenues approximated US$805 million over the
last twelve months.


PYATEROCHKA HOLDING: Shareholders Meeting Slated for Oct. 16
------------------------------------------------------------
Pyaterochka Holding N.V. (LSE: FIVE) is inviting its
shareholders and holders of global depository receipts to its
Extraordinary Annual General Meeting of Shareholders at 11:00
a.m. on Oct. 16 at:

         Rokin 55
         1012 KK Amsterdam
         The Netherlands

Agenda for the meeting include:

   -- opening and announcements;

   -- proposal to amend the articles of association;

   -- proposal to accept the resignation of Nigel Robinson
      as Supervisory Board member as per the date of this
      meeting and to grant him full discharge for having acted
      as Supervisory Board member of the Company;

   -- to appoint Herve Defforey (or alternatively Franz Wolf)
      and Vladimir Ashurkov (or alternatively Olga Manuylova) as
      Supervisory Board members of the Company with effect per
      the date of this meeting for a period of four years until
      2010;

   -- Proposal to approve the remuneration scheme of the
      Supervisory Board;

   -- authorization of the Management Board, to have the Company
      acquire shares or depository receipts, for a consideration
      in its own capital, to the maximum number that may, by
      virtue of the provisions of section 2:98 (2) of the
      Netherlands Civil Code, be acquired by the Company;

   -- authorization of the Management Board, to allow the
      Company to sell or otherwise dispose, the Company's own
      issued and fully paid up share capital or depository
      receipts; and

   -- any other business and conclusion.

The draft deed of amendment of the articles of association,
submitted to approval of the EGM, will be deposited for
inspection by the shareholders and other persons entitled to
attend the meeting at the Company's offices in Amsterdam until
and including the date of the EGM and is available free of
charge.

The shareholders' register of the Company in Amsterdam, the
Netherlands, has been designated as register to certify the
shareholders entitled to vote on the shares. The shareholders
identified as entitled to vote on the basis of the shareholders
register of the Company on the date of the EGM may exercise
their rights to vote and attend the EGM.  These shareholders may
also exercise their rights to vote and/or attend the EGM by a
written proxy, in the English language, duly executed and
legalized in accordance with the laws of the country where the
proxy is issued. Proxy holders shall present their power of
attorney at the EGM.

The register of GDR holders maintained by the Depositary
indicates the persons entitled to GDRs on the relevant record
date and entitled to give voting instructions to the Depositary
pursuant to Condition 12 of the GDRs.  GDR Holders may instruct
the Depositary with regard to the exercise of voting rights with
respect to Deposited Shares by completing, signing and returning
to the Depositary the relevant voting documentation forwarded by
the Depositary to the GDR Holders following receipt by the
Depositary from the Company.

The deadline for providing instructions to the Depositary will
be specified by the Depositary in the information provided to
GDR Holders.  The Depositary will procure the exercise of voting
instructions received from GDR Holders by the relevant deadline
in accordance with the GDR conditions and the normal processes
of the Depositary.

Alternatively, GDR Holders who wish to vote in person at the EGM
will, on request, be granted an exclusive proxy to do so by The
Bank of New York.  A GDR Holder to whom such exclusive proxy has
been granted must notify the Management Board of the Company of
their intention to attend and vote at the EGM and must provide
the Management Board with a copy of such proxy at least five (5)
days prior to the EGM.

GDR Holders who intend to vote in this manner must provide
sufficient proof of identification on admission to the EGM.  

In addition, if the exclusive proxy has been granted by The Bank
of New York to a GDR Holder which is a legal entity, the person
who represents such legal entity at the EGM must provide
sufficient proof that he is duly authorized to do so by means of
a statement from a local lawyer or notary admitted to practice
in the jurisdiction of the GDR Holder, duly executed and
legalized in accordance with the laws of such jurisdiction.

                    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.


VNU GROUP: Mulls Sale of Business Media Europe Group
----------------------------------------------------
VNU Group B.V. plans to explore strategic alternatives for its
Business Media Europe group, including a possible sale of the
business.

BME is a business-to-business media company in Europe.  Both in
print and online, it has strong market positions with its core
recruitment, B2B information technology, special interest
computer, and business and finance portfolios.  BME is one of
the first traditional media companies to have made the
transition to an integrated, cross-media enterprise, with online
media currently generating 25% of its advertising revenue.

VNU said BME includes many valuable media properties that have
played an important role in the growth and success of the
company.  However, the company is considering alternatives for
BME because the group's activities are not well aligned with
VNU's Marketing Information and Media Measurement businesses.  
VNU's Business Information group in the U.S., which has greater
synergies with the company's core marketing and media
information activities, will not be part of a potential sale.

Similarly, VNU's joint venture with Jaarbeurs -- VNU Exhibitions
Europe B.V. -- with activities in the Netherlands and China,
will not be part of the strategic review and potential
divestiture.  VNU believes that valuable synergies exist between
this group and its U.S. trade show division.  The two businesses
are currently working together to accelerate growth in the U.S.
and Europe, and to expand their fast-growing activities in
China.

BME is active in the Netherlands, the United Kingdom, Germany,
France, Italy, Spain and Belgium within seven wholly owned
operating companies.  The group has more than 70 trade magazines
and events and a range of associated web sites, including the
leading IT B2B position online via BME's network of technology
websites.  BME is well known for such premier brands as
Intermediair, Computing, Computable, Accountancy Age and
Management Team; its B2B online brand VNUNet, and such leading
recruitment sites as Intermediair.nl and
NationaleVacaturebank.nl.

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

                        *     *     *

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

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

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

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

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

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

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

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


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


AKER KVAERNER: Nears NOK8 Billion Platform Deal with Statoil
------------------------------------------------------------
Statoil ASA and Aker Kvaerner ASA have signed a memorandum of
understanding for the contract for the semi-submersible platform
to be located at the Gjoa field offshore Norway.

A final contract is expected to be signed ultimo October 2006,
with an estimated contract value of approximately NOK8 billion.
Preparation work will start immediately and the platform will be
towed to the field in 2010.  

"We are extremely excited to have signed this memorandum of
understanding for the design and construction of this new semi-
submersible production platform", Simen Lieungh, Aker Kvaerner's
executive vice president, said.  "We have a very good working
relationship with Statoil, with recent experience both from
Snohvit and from the similar, but slightly smaller Kristin
platform which we completed last year."

The Gjoa production facilities topsides measure 110 meters long
and 85 meters wide and weighs in just below the 20,000 tons
mark.  The hull weighs 14,200 tons.  Aker Kvaerner is currently
performing the front-end engineering design for the platform
under a smaller contract that was signed in January 2006.

The scope of work to be performed by Aker Kvaerner following
contract signing in October will be detail design of topside and
hull, procurement, construction and hook-up of topside, and
mating of topside and hull.  Statoil will place a separate
fabrication contract for the hull and a separate engineering,
procurement and construction contract for the living quarters.

Detailed engineering will be headed from Aker Kvaerner's office
in Oslo, and a significant part of the engineering hours will be
carried out by Aker Kvaerner's engineering entity in Mumbai in
India.  In total, more than 500 Aker Kvaerner engineers will be
mobilized to design the platform and the peak manning will reach
2000 persons.  The platform will be constructed at Aker Kvaerner
Stord AS, who also is Statoil ASA's contract partner. Several
Aker Kvaerner companies will deliver to Gjoa.

Lars Eide will be project director for Gjoa.  He is currently
president for Aker Kvaerner's offshore yard in Egersund, Norway.
May Wenche Hammert is appointed as the new president for Aker
Kvaerner Egersund.

Gjoa was discovered in 1989.  It is a combined oil and gas field
located off the coast of the Norwegian city of Floro.  Statoil
(owner of 20%) is the operator in the field development phase,
while Gaz de France (30%) will be the operator.  The other
partners are Petoro (30%), AS Norske Shell (12%), RWE Dea Norge
AS (8%).  The Camilla, Belinda and Fram B fields (known as CBB
and operated by Hydro) will be connected to the Gjoa semi-
submersible platform by a common flowline subsea tie-back
solution. Gas will be sent to Scotland and oil will be exported
to Mongstad in Norway.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

Moody's said the outlook on all is stable.


ANIXTER INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Wholesale Distribution (Excluding
Healthcare) sector, the rating agency confirmed its Ba1
Corporate Family Rating for Anixter International Inc.

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


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200 million
   5.95% Unsecured
   Notes                  Ba1     Baa3    LGD2        28%

   US$155 million
   Subordinated
   LYON's notes           Ba3     Ba2     LGD6        94%

   US$100 million
   Shelf                P(Ba1)  P(Baa3)   LGD2        28%

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

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

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

In Europe, the company maintains operations in Ireland, Poland,
Norway, Russia, and the United Kingdom, among others.


FALCONBRIDGE LTD: Dominican Unit Names New General Manager
----------------------------------------------------------
Falconbridge Dominicana, a subsidiary of Falconbridge Ltd. in
the Dominican Republic, has appointed Earnest Mast as the firm's
new president and general manager, Dominican Today says.

According to the report, Sergio Chavez, the former general
manager, passed away in a car accident on March 25.

Mr. Mast joined Falconbridge Dominicana in 1968 and has held
various positions at the Noranda technological center and at the
Canadian Copper Refinery in Altonorte, Chile, Dominican Today
states.

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

                        *    *    *

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


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


BANK PEKAO: Fitch Amends Outlook to Positive on Expected Support
----------------------------------------------------------------
Fitch Ratings upgraded UniCredito Italiano's Individual rating
to B from B/C and Bayerische Hypo- und Vereinsbank's Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on both banks' Issuer Default ratings to Positive
from Stable.  Both IDRs are affirmed at A+ for UCI and A fro
HVB.  Their other ratings are affirmed at Short-term F1 and
Support 1.

In a related action linked to the agency's expectations of
Support, Fitch has also revised the Outlooks on Bank Austria
Creditanstalt's and Bank Pekao's IDRs to Positive from Stable
and affirmed all other ratings of banks in the group.  

The rating action reflects the progress made by UCI's management
in integrating HVB and BACA, acquired in October 2005, into the
UCI model.  

"The early signs are that UCI has demonstrated its ability to
tackle execution risk arising from the acquisition of a much
larger entity.  It has continued to reduce credit risk in HVB's
German operations, and has reached some of its intermediary
targets, notably capital, ahead of initial expectations,"
Matthew Taylor, Senior Director in Financial Institutions
disclosed.

The ratings reflect UCI's sound prospects for consolidating its
leading position in the Italian banking market, as well as in
the German, Austrian and Central and Eastern European markets.
They also reflect the Italian bank's record of strong
profitability, sound risk management and its success in
integrating acquired banks.  

They take into account UCI's improving, albeit still
indifferent, asset quality and vulnerability to an economic
slowdown in Germany and Austria arising from exposure to HVB's
German and Austrian business.  In addition, the ratings include
the execution risk in implementing a complex integration and the
new group's modest but strengthening regulatory capital ratios.

On acquiring HVB in October 2005, UCI became a market leader in
Bavaria, Italy and Austria and the largest player in the faster
growing but more volatile CEE countries.  Most of its assets are
in stable, wealthy economies.  The Italian bank has been one of
Europe's most consistently profitable banking groups to date.

In H106 UCI's operating profit rose, thanks to loan growth and
as favorable markets benefited trading and fee income.  Earnings
from capital markets are likely to become more client-driven,
but may remain subject to some volatility.  At 10% in H106, the
trading earnings composed a larger proportion of operating
revenues than in many peers.

In H106, Fitch estimates that CEE banks contributed to around
16% of UCI's operating profit, a percentage, which is likely to
rise.  Fitch considers that UCI's plans for integration and
boosting revenues are sound and likely to be implemented
successfully.  This plan should allow the bank to grow while
keeping loan impairment charges stable at 61 bp of risk-weighted
assets and achieve its target of 17% return on equity for 2008.

Gross impaired loans are improving as a result of intensive work
to recover value.  However, at end-June 2006 they represented
7.25% of total loans, a worse level than in most major European
banks.  Impairment allowances are smaller than those seen in
many peers but are deemed adequate.  Former UCI's impaired loans
declined in H106, but remain heavier than those at its
international peers.

Market risk is moderate while liquidity is good and increasingly
will be managed centrally.  Fitch considers UCI's goal of an
equity Tier 1 ratio of 6.8% by end-2008 acceptable, up from a
projected 6% at end-2006.  In view of the execution and asset
quality risks in the bank, Fitch considers current
capitalization to be modest and takes a positive view of its
improvement.

"The upgrade of HVB's Individual rating reflects the bank's
improved profitability and the expected benefits from its
integration into UCI, including, but not limited to, the
envisaged capital gain from selling BACA," Thomas von Luepke,
Head of German Banking at Fitch disclosed.  "While HVB will lose
the risks and rewards stemming from BACA, the sizeable capital
gain will considerably strengthen HVB's position."

The revision of HVB's Outlook to Positive is driven by the
revision of UCI's Outlook and Fitch's expectation that UCI will
integrate HVB within its group over the next 18 months.

Growth in HVB's operating profit in H106 was driven by all
businesses, especially its corporates & markets division.  In
addition, reported H106 net income benefited from EUR807 million
in disposal gains.  HVB's focus on increasing its trading and
fee income has started to bear fruit.

Streamlining its business and reducing staff have helped to cut
costs.  By developing a sales-oriented culture, aligning
efficiency to the best European standards and further improving
risk management, UCI plans to take them to a level unprecedented
in HVB.

Weak domestic profitability and misjudged credit decisions have
adversely affected HVB's performance.  In 2005 its loan
impairment charges totaled EUR1.5 billion.  For 2006 the bank
has budgeted still high LICs of EUR1.3 billionn per year.  HVB's
loan book remains sizeable.  

At end-June 2006 loans managed by the real estate restructuring
unit were cut by 56% to EUR6.8billion.  The remainder of the RER
will be combined with some EUR20 billion performing, but non-
strategic, assets and will be wound down.  A change in loan mix
away from large corporates and more stringent risk controls
should benefit asset quality.

UCI, Italy:

   -- Individual upgraded to B from B/C;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A+, F1 and
      1 respectively.

HVB, Germany:
   
   -- Individual upgraded to C from C/D;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A, F1 and
      1 respectively.

BACA, Austria:

   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, B/C and 1 respectively.

Bank Pekao, Poland:
  
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, C and 1 respectively.

The ratings of all other direct and indirect subsidiaries of UCI
are affirmed or unchanged:

Zagrebacka Banka, Bosnia Herzegovina:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BBB+, F2, C/D and 2 respectively.  Outlook is Stable.

UniCredit Romania, Romania:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at A-, F2, D and 1 respectively.  Outlook is Stable.

Banca Comerciala HVB Tiriac, Romania:

   -- IDR, Short-term and Support ratings affirmed at A-, F2 and
      1 respectively.  The Individual rating is unchanged at D
      Evolving Rating Watch.  The Outlook is Stable.

International Moscow Bank, Russia:

   -- IDR BBB+ and Support 2 rating on Rating Watch Positive.
      Short-term and Individual ratings affirmed at F2 and C/D
      respectively.

Kocbank, Turkey:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BB, B, D and 3.  The Outlook is Positive.

Yapi ve Kredi Bankasi, Turkey:

   -- IDR, Short-term and Support ratings affirmed at BB, B and    
      3.  The Individual rating is unchanged at D/E Positive
      Rating Watch.  The Outlook is Positive.

Bulbank, Bulgaria:
   
   -- Support rating of 1 is affirmed.

Zivnostenska Banca, Czech Republic:
  
   -- Support rating of 1 is affirmed.

BPH Bank, Poland:

   -- Support rating of 1 is affirmed.

UniBanka, Slovakia:

   -- Support rating of 1 is affirmed.


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


UNICREDIT ROMANIA: Fitch Affirms D Individual Rating
----------------------------------------------------
Fitch Ratings upgraded UniCredito Italiano's Individual rating
to B from B/C and Bayerische Hypo- und Vereinsbank's Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on both banks' Issuer Default ratings to Positive
from Stable.  Both IDRs are affirmed at A+ for UCI and A fro
HVB.  Their other ratings are affirmed at Short-term F1 and
Support 1.

In a related action linked to the agency's expectations of
Support, Fitch has also revised the Outlooks on Bank Austria
Creditanstalt's and Bank Pekao's IDRs to Positive from Stable
and affirmed all other ratings of banks in the group.  

The rating action reflects the progress made by UCI's management
in integrating HVB and BACA, acquired in October 2005, into the
UCI model.  

"The early signs are that UCI has demonstrated its ability to
tackle execution risk arising from the acquisition of a much
larger entity.  It has continued to reduce credit risk in HVB's
German operations, and has reached some of its intermediary
targets, notably capital, ahead of initial expectations,"
Matthew Taylor, Senior Director in Financial Institutions
disclosed.

The ratings reflect UCI's sound prospects for consolidating its
leading position in the Italian banking market, as well as in
the German, Austrian and Central and Eastern European markets.
They also reflect the Italian bank's record of strong
profitability, sound risk management and its success in
integrating acquired banks.  

They take into account UCI's improving, albeit still
indifferent, asset quality and vulnerability to an economic
slowdown in Germany and Austria arising from exposure to HVB's
German and Austrian business.  In addition, the ratings include
the execution risk in implementing a complex integration and the
new group's modest but strengthening regulatory capital ratios.

On acquiring HVB in October 2005, UCI became a market leader in
Bavaria, Italy and Austria and the largest player in the faster
growing but more volatile CEE countries.  Most of its assets are
in stable, wealthy economies.  The Italian bank has been one of
Europe's most consistently profitable banking groups to date.

In H106 UCI's operating profit rose, thanks to loan growth and
as favorable markets benefited trading and fee income.  Earnings
from capital markets are likely to become more client-driven,
but may remain subject to some volatility.  At 10% in H106, the
trading earnings composed a larger proportion of operating
revenues than in many peers.

In H106, Fitch estimates that CEE banks contributed to around
16% of UCI's operating profit, a percentage, which is likely to
rise.  Fitch considers that UCI's plans for integration and
boosting revenues are sound and likely to be implemented
successfully.  This plan should allow the bank to grow while
keeping loan impairment charges stable at 61 bp of risk-weighted
assets and achieve its target of 17% return on equity for 2008.

Gross impaired loans are improving as a result of intensive work
to recover value.  However, at end-June 2006 they represented
7.25% of total loans, a worse level than in most major European
banks.  Impairment allowances are smaller than those seen in
many peers but are deemed adequate.  Former UCI's impaired loans
declined in H106, but remain heavier than those at its
international peers.

Market risk is moderate while liquidity is good and increasingly
will be managed centrally.  Fitch considers UCI's goal of an
equity Tier 1 ratio of 6.8% by end-2008 acceptable, up from a
projected 6% at end-2006.  In view of the execution and asset
quality risks in the bank, Fitch considers current
capitalization to be modest and takes a positive view of its
improvement.

"The upgrade of HVB's Individual rating reflects the bank's
improved profitability and the expected benefits from its
integration into UCI, including, but not limited to, the
envisaged capital gain from selling BACA," Thomas von Luepke,
Head of German Banking at Fitch disclosed.  "While HVB will lose
the risks and rewards stemming from BACA, the sizeable capital
gain will considerably strengthen HVB's position."

The revision of HVB's Outlook to Positive is driven by the
revision of UCI's Outlook and Fitch's expectation that UCI will
integrate HVB within its group over the next 18 months.

Growth in HVB's operating profit in H106 was driven by all
businesses, especially its corporates & markets division.  In
addition, reported H106 net income benefited from EUR807 million
in disposal gains.  HVB's focus on increasing its trading and
fee income has started to bear fruit.

Streamlining its business and reducing staff have helped to cut
costs.  By developing a sales-oriented culture, aligning
efficiency to the best European standards and further improving
risk management, UCI plans to take them to a level unprecedented
in HVB.

Weak domestic profitability and misjudged credit decisions have
adversely affected HVB's performance.  In 2005 its loan
impairment charges totaled EUR1.5 billion.  For 2006 the bank
has budgeted still high LICs of EUR1.3 billionn per year.  HVB's
loan book remains sizeable.  

At end-June 2006 loans managed by the real estate restructuring
unit were cut by 56% to EUR6.8billion.  The remainder of the RER
will be combined with some EUR20 billion performing, but non-
strategic, assets and will be wound down.  A change in loan mix
away from large corporates and more stringent risk controls
should benefit asset quality.

UCI, Italy:

   -- Individual upgraded to B from B/C;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A+, F1 and
      1 respectively.

HVB, Germany:
   
   -- Individual upgraded to C from C/D;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A, F1 and
      1 respectively.

BACA, Austria:

   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, B/C and 1 respectively.

Bank Pekao, Poland:
  
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, C and 1 respectively.

The ratings of all other direct and indirect subsidiaries of UCI
are affirmed or unchanged:

Zagrebacka Banka, Bosnia Herzegovina:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BBB+, F2, C/D and 2 respectively.  Outlook is Stable.

UniCredit Romania, Romania:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at A-, F2, D and 1 respectively.  Outlook is Stable.

Banca Comerciala HVB Tiriac, Romania:

   -- IDR, Short-term and Support ratings affirmed at A-, F2 and
      1 respectively.  The Individual rating is unchanged at D
      Evolving Rating Watch.  The Outlook is Stable.

International Moscow Bank, Russia:

   -- IDR BBB+ and Support 2 rating on Rating Watch Positive.
      Short-term and Individual ratings affirmed at F2 and C/D
      respectively.

Kocbank, Turkey:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BB, B, D and 3.  The Outlook is Positive.

Yapi ve Kredi Bankasi, Turkey:

   -- IDR, Short-term and Support ratings affirmed at BB, B and    
      3.  The Individual rating is unchanged at D/E Positive
      Rating Watch.  The Outlook is Positive.

Bulbank, Bulgaria:
   
   -- Support rating of 1 is affirmed.

Zivnostenska Banca, Czech Republic:
  
   -- Support rating of 1 is affirmed.

BPH Bank, Poland:

   -- Support rating of 1 is affirmed.

UniBanka, Slovakia:

   -- Support rating of 1 is affirmed.


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


ASTRAKHAN-POLYMER: Court Names P. Alekseev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Astrakhan Region appointed Mr. P.
Alekseev as Insolvency Manager for OJSC Astrakhan-Polymer (TIN
3015002983).  He can be reached at:

         P. Alekseev
         Office 400
         7th Gvardeyskaya Str. 2a
         400005 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A06-233b/3-11k/2006.

The Arbitration Court of Astrakhan Region is located at:

         Gubernatora A. Guzhvina Str. 6.
         Astrakhan Region
         Russia

The Debtor can be reached at:

         OJSC Astrakhan-Polymer
         Kommunisticheskaya Str. 10/7
         414000 Astrakhan Region
         Russia


AVIASTAR ENGINEERING-STROY: P. Arkhipov to Manage Assets
----------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Mr. P.
Arkhipov as Insolvency Manager for LLC Aviastar Engineering-
Story.  He can be reached at:

         P. Arkhipov
         Post User Box 15616
         443016 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-1486/06-21-I6-V.

The Debtor can be reached at:

         LLC Aviastar - Engineering-Story
         Building 801
         Antonova Pr. 1
         432072 Ulyanovsk Region
         Russia


BULATNIKOVO: Court Names S. Skachkov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. S. Skachkov
as Insolvency Manager for CJSC Bulatnikovo (TIN 6943005110, KPP
694301001).  He can be reached at:

         S. Skachkov
         Post User Box 425
         170000 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A66-1076/2006.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         CJSC Bulatnikovo
         Bulatnikovo
         Torzhokskiy Region
         172060 Tver Region
         Russia


DAVLEKANOVSKAYA FOUNDRY: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on OJSC Davlekanovskaya Foundry
Mechanical Workshop (TIN 0259007123).  The case is docketed
under Case No. 07-16824/06-G-PAV.

The Temporary Insolvency Manager is:

         E. Ivanov
         Apartment 9
         Prospekt Oktyabrya Str. 89/03
         Ufa
         450057 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63A
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Davlekanovskaya Foundry Mechanical Workshop
         Chernoyarskaya Str. 9
         Davlekanovo
         453400 Bashkortostan Republic
         Russia


ELANSKIY: Court Names A. Kravtsev as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A.
Kravtsev as Insolvency Manager for OJSC Breeding Factory
Elanskiy (TIN/KPP 6431003737/643101001).  He can be reached at:

         A. Kravtsev
         Zelenyj Per. 10
         Samoylovka
         412370 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-751B/05-31.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Breeding Factory Elanskiy
         Svyatovslavka
         Samoylovskiy Region
         412390 Saratov Region
         Russia


EUROPEAN TRUST: S&P Affirms Junk Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based European Trust Bank to positive from stable.  At
the same time, Standard & Poor's raised its Russia national
scale rating on the bank to 'ruB+' from 'ruB', and affirmed its
'CCC/C' counterparty credit ratings.
     
"The outlook revision reflects the bank's improving customer
franchise and competitive position," said Standard & Poor's
credit analyst Elena Romanova.  "The bank's new development
strategy, which emphasizes regional expansion, business
diversification, and development of its retail business, is also
positive for the ratings."
     
The ratings on ETB remain constrained, however, by:

   -- its high concentrations on both sides of the
      balance sheet,

   -- high exposure to the real estate sector, low
      core profitability, and

   -- weak, although improving, funding profile.
     
The positive outlook reflects Standard & Poor's expectation that
ETB will continue to build up its customer franchise and
implement business expansion in accordance with its development
strategy, while maintaining capital at an adequate level.  
Standard & Poor's also expects that these developments would
reduce the bank's related-party exposure and direct exposure to
the real estate sector.
     
"We would consider raising the ratings on the bank if it
improves the quality and diversification of its funding, reduces
its loan concentration, and demonstrates sustainable profits
from a wider customer base," said Ms. Romanova.  A negative
rating action would follow if the bank's profitability or
capitalization were to deteriorate significantly.


FACTORY CLOTHES: Bankruptcy Hearing Slated for November 8
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
10:00 a.m. on Nov. 8 to hear the bankruptcy supervision
procedure on OJSC Factory Clothes (TIN 0268013677).  The case is
docketed under Case No. A07-9781/06-G-MOG.

The Temporary Insolvency Manager is:

         S. Ivanov
         Room 60
         Sovetskaya Str. 104
         Sterlitamak
         453124 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Factory Clothes
         Khudayberdina Str. 120
         Sterlitamak
         453116 Bashkortostan Republic
         Russia


INSTRUMENT-REGION: Court Names A. Sorokin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Sorokin as
Insolvency Manager for CJSC Instrument-Region (TIN 7723107728).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-28800/06-103-444B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Instrument-Region
         Verkhniye Polya 41
         109382 Moscow Region
         Russia


INVESTMENT CLUB: Court Names Sh. Fazailov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed for Mr. Sh. Fazailov
as Insolvency Manager CJSC Investment Club (TIN 7710264650).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-27658/06-38-431B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Investment Club
         Tverskaya Zastava Square 3
         125047 Moscow Region
         Russia


KONOSKSKIY WOOD: Bankruptcy Hearing Slated for December 5
---------------------------------------------------------
The Arbitration Court of Arkhangelsk Region will convene at 3:00
p.m. on Dec. 5 to hear the bankruptcy supervision procedure on
LLC Konoskskiy Wood Processing Combine.

The case is docketed under Case No. A15-8080/2006-6.  

The Temporary Insolvency Manager is:

         A. Garkusha
         Petina Str. 8-35
         160002 Vologda Region
         Russia

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         LLC Konoskskiy Wood Processing Combine
         Kollektivizitsi Str. 38
         Konosha
         164010 Arkhangelsk Region
         Russia


KRASNAYA ZARYA: Orel Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on OJSC Krasnaya Zarya.  The case is
docketed under Case No. A48-2711/06-17B.

The Temporary Insolvency Manager is:

         E. Galstyan
         Sovkhoznaya Str. 18A
         Lipetsk Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Krasnaya Zarya
         Gagarina Str. 30
         Krasnaya Zarya
         Orel Region
         Russia


KURMANAEVKA-AGRO-PROM-KHIMIYA: D. Taushev to Manage Assets
----------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. D.
Taushev as Insolvency Manager for OJSC Kurmanaevka-Agro-Prom-
Khimiya (TIN 5622001522).  He can be reached at:

         D. Taushev
         Gaya Str. 23A
         460000 Orenburg Region
         Russia
         Tel/Fax: (3532) 78-38-36

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-15797/05-14 GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Kurmanaevka-Agro-Prom-Khimiya
         Kurmanaevka
         Orenburg Region
         Russia


LIVENSKOYE REPAIR: Orel Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on OJSC Livenskoye Repair Technical
Enterprise.  The case is docketed under Case No. A48-3085/
06-16B.

The Temporary Insolvency Manager is:

         V. Stavtsev
         Gorkogo Str. 45
         302040 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Livenskoye Repair Technical Enterprise
         Nagornyj
         Livny
         303800 Orel Region
         Russia


MARYANOVSKIY COMBINE: Bankruptcy Hearing Slated for Dec. 19
-----------------------------------------------------------
The Arbitration Court of Omsk Region will convene on Dec. 19 to
hear the bankruptcy supervision procedure on OJSC Maryanovskiy
Combine (TIN 5520001472).  The case is docketed under Case No.  
A46-10274/2006.

The Temporary Insolvency Manager is:

         A. Shipitsyn
         Post User Box 5222
         644043 Omsk Region
         Russia

The Debtor can be reached at:

         OJSC Maryanovskiy Combine
         Yuzhnaya Str. 1
         Maryanovka
         644040 Omsk Region
         Russia


METROMEDIA INT'L: Shareholders Meeting Slated for Dec. 15
---------------------------------------------------------
Pursuant to the Stipulation and Order approved by the Court of
Chancery of the State of Delaware on Sept. 26, 2006, the
stockholders meeting will be held on Dec. 15, 2006, in New York
City, New York, with a record date of Nov. 1, 2006.

In addition, all of the directorships of the Company will be
subject to election at the stockholders meeting and all of the
shares of Company common stock represented in person or by proxy
at the meeting and entitled to vote thereat shall constitute a
quorum for the purpose of the meeting, notwithstanding anything
to the contrary in the Company's certificate of incorporation or
bylaws to the contrary.

The Stipulation dismissed the action filed in the Court by
Esopus Creek Value LP, a shareholder of the Company, pursuant to
Section 211 of the Delaware General Corporation Law requesting
that the Company hold an annual meeting of its stockholders.

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,  
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephony operator.

                         *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


NATIONAL TRUST: Court Names P. Tarasov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. P. Tarasov as Insolvency Manager for CJSC National
Trust Company.  He can be reached at:

         P. Tarasov
         Post User Box 19
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-24840/2006.

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

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

The Debtor can be reached at:

         CJSC National Trust Company
         Plekhanova Str. 46
         St. Petersburg Region
         Russia


NOVOKUZNETSK-GOR-GAS: Bankruptcy Hearing Slated for Dec. 21
-----------------------------------------------------------
The Arbitration Court of Kemerovo Region will convene at 11:30
a.m. on Dec. 21 to hear the bankruptcy supervision procedure on
OJSC Novokuznetsk-Gor-Gas.  The case is docketed under Case No.
A27-11402/2006-4.

The Temporary Insolvency Manager is:

         E. Pokosov
         Post User Box 121
         Novokuznetsk
         654005 Kemerovo Region
         Russia

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Novokuznetsk-Gor-Gas
         Ordzhonikidze Str. 13
         Novokuznetsk
         654005 Kemerovo Region
         Russia


OBOYAN-BREAD: Court Names N. Krasilnikov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. N.
Krasilnikov as Insolvency Manager for OJSC Oboyan-Bread.  He can
be reached at:

         N. Krasilnikov
         Kurskaya Str. 138
         Oboyan
         Oboyanskiy Region
         306230 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-14421/05 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Oboyan-Bread
         Kurskaya Str. 138
         Oboyan
         Oboyanskiy Region
         306230 Kursk Region
         Russia


PYATEROCHKA HOLDING: Shareholders Meeting Slated for October 16
---------------------------------------------------------------
Pyaterochka Holding N.V. (LSE: FIVE) is inviting its
shareholders and holders of global depository receipts to its
Extraordinary Annual General Meeting of Shareholders at 11:00
a.m. on Oct. 16 at:

         Rokin 55
         1012 KK Amsterdam
         The Netherlands

Agenda for the meeting include:

   -- opening and announcements;

   -- proposal to amend the articles of association;

   -- proposal to accept the resignation of Nigel Robinson
      as Supervisory Board member as per the date of this
      meeting and to grant him full discharge for having acted
      as Supervisory Board member of the Company;

   -- to appoint Herve Defforey (or alternatively Franz Wolf)
      and Vladimir Ashurkov (or alternatively Olga Manuylova) as
      Supervisory Board members of the Company with effect per
      the date of this meeting for a period of four years until
      2010;

   -- Proposal to approve the remuneration scheme of the
      Supervisory Board;

   -- authorization of the Management Board, to have the Company
      acquire shares or depository receipts, for a consideration
      in its own capital, to the maximum number that may, by
      virtue of the provisions of section 2:98 (2) of the
      Netherlands Civil Code, be acquired by the Company;

   -- authorization of the Management Board, to allow the
      Company to sell or otherwise dispose, the Company's own
      issued and fully paid up share capital or depository
      receipts; and

   -- any other business and conclusion.

The draft deed of amendment of the articles of association,
submitted to approval of the EGM, will be deposited for
inspection by the shareholders and other persons entitled to
attend the meeting at the Company's offices in Amsterdam until
and including the date of the EGM and is available free of
charge.

The shareholders' register of the Company in Amsterdam, the
Netherlands, has been designated as register to certify the
shareholders entitled to vote on the shares. The shareholders
identified as entitled to vote on the basis of the shareholders
register of the Company on the date of the EGM may exercise
their rights to vote and attend the EGM.  These shareholders may
also exercise their rights to vote and/or attend the EGM by a
written proxy, in the English language, duly executed and
legalized in accordance with the laws of the country where the
proxy is issued. Proxy holders shall present their power of
attorney at the EGM.

The register of GDR holders maintained by the Depositary
indicates the persons entitled to GDRs on the relevant record
date and entitled to give voting instructions to the Depositary
pursuant to Condition 12 of the GDRs.  GDR Holders may instruct
the Depositary with regard to the exercise of voting rights with
respect to Deposited Shares by completing, signing and returning
to the Depositary the relevant voting documentation forwarded by
the Depositary to the GDR Holders following receipt by the
Depositary from the Company.

The deadline for providing instructions to the Depositary will
be specified by the Depositary in the information provided to
GDR Holders.  The Depositary will procure the exercise of voting
instructions received from GDR Holders by the relevant deadline
in accordance with the GDR conditions and the normal processes
of the Depositary.

Alternatively, GDR Holders who wish to vote in person at the EGM
will, on request, be granted an exclusive proxy to do so by The
Bank of New York.  A GDR Holder to whom such exclusive proxy has
been granted must notify the Management Board of the Company of
their intention to attend and vote at the EGM and must provide
the Management Board with a copy of such proxy at least five (5)
days prior to the EGM.

GDR Holders who intend to vote in this manner must provide
sufficient proof of identification on admission to the EGM.  

In addition, if the exclusive proxy has been granted by The Bank
of New York to a GDR Holder which is a legal entity, the person
who represents such legal entity at the EGM must provide
sufficient proof that he is duly authorized to do so by means of
a statement from a local lawyer or notary admitted to practice
in the jurisdiction of the GDR Holder, duly executed and
legalized in accordance with the laws of such jurisdiction.

                    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.


ROS-INFORM-INSURANCE: Creditors Must File Claims by November 2
--------------------------------------------------------------
Creditors of LLC Insurance Company Ros-Inform-Insurance (TIN
7709117072) have until Nov. 2 to submit written proofs of claim
to:

         M. Vasilega, Insolvency Manager
         Post User Box 100
         105318 Moscow Region
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-38627/06-74-729 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Insurance Company Ros-Inform-Insurance
         Vorontsovskaya Str. 23
         Moscow Region
         Russia


ROSBANK: SocGen Equity Purchase Cues Moody's Positive Outlook
-------------------------------------------------------------
Moody's Investors Service changed the outlook on Rosbank's D-
financial strength rating, Ba3 long-term foreign currency
deposit rating and Ba3 senior unsecured debt rating to positive
from stable.  Moody's Interfax Rating Agency also affirmed the
bank's Aa3.ru national scale rating.  

The change in outlook has been prompted by the recent
announcement that the Societe Generale - one of the largest
financial services groups in the Eurozone -- has acquired an
additional 10% stake in Rosbank for a total consideration of
US$317 million, thereby increasing its holding to 20% less 1
share and signed a call option with Interros (Rosbank's majority
shareholder) on 30% plus 2 shares of Rosbank, which will enable
it to take control of the bank by the end of 2008 subject to the
approval of the transaction by the Central Bank of Russia and
other relevant authorities in Russia.

The strike price for the further 30% plus 2 shares establishes
the valuation of this stake at US$1.7 billion.  Between 2006 and
the expiration of the call option, Societe Generale will be
represented by two members (out of a total of nine) on Rosbank's
Board of Directors with a right of veto over the bank's key
corporate decisions and will also be providing technical
assistance to Rosbank on its risk and financial policies.

According to Moody's, the positive outlook on Rosbank's ratings
is underpinned by an expectation that Societe Generale 's
involvement in the bank's key corporate decisions as well as its
assistance in risk management, asset-liability management and IT
fields through representation on the bank's major committees
will have a beneficial impact on Rosbank's future development
prospects -- particularly in the retail and SME segments, which
are the cornerstones of the bank's new strategy and also fall
within Societe Generale's solid expertise in both European and
Russian markets.

Moody's believes that this -- coupled with Rosbank's growing
franchise in the retail and SME sectors, its already strong
positions in corporate banking, its good customer reach through
its vast distribution network in Russia and supported by the
bank's access to Societe Generale's off-the-shelf products and
partnerships with Societe Generale's existing Russia-based
subsidiaries -- might boost Rosbank's franchise thus exerting a
positive pressure on its FSR.

At the same time Moody's noted that any upward movement in
Rosbank's ratings would be dependent on the bank achieving
stronger market positions and asset quality as well as a track
record of solid financial performance and a further reduction in
single-name concentrations on both sides of the balance sheet,
including those with related parties.

Moody's added that the outlook on the bank's deposit and debt
ratings has been changed in tandem with the outlook change on
the FSR.  Moody's also noted that, although support from
Rosbank's new financially stronger strategic shareholder cannot
be completely ruled out, the bank's deposit and debt ratings
only factor such expected support to a limited extent given that
the expiration date on the call option is somewhat remote and
there can be no certainty that the second part of the
transaction will not be unwound (at the will of either Rosbank
or Societe Generale).  However, as the likely support from
Societe Generale becomes more apparent and predictable, the
deposit ratings of Rosbank may move upward.

Rosbank is headquartered in Moscow, Russian Federation, and as
of Dec. 31, 2005 reported total IFRS consolidated assets of
US$7.4 billion and net IFRS income of US$107.2 million.


RUSSIAN FIRES: Court Names A. Lantsov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Lantsov as
Insolvency Manager for CJSC Company Russian Fires.  He can be
reached at:

         A. Lantsov
         Post User Box 58
         121614 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-27081/06-78-417 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Company Russian Fires
         Filevskiy Avenue 21
         121601 Moscow Region
         Russia


SHERBAKULSKIY: Court Names A. Lyasman as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. A. Lyasman as
Insolvency Manager for OJS Good Combine Sherbakulskiy.  She can
be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-10462/2006.

The Debtor can be reached at:

         OJS Good Combine Sherbakulskiy
         Syezda VLKSM Str. 7
         Sherbakul 20
         Sherbakulskiy Region
         646700 Omsk Region
         Russia


SHILING: Omsk Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Omsk Region has commenced bankruptcy
supervision procedure on CJSC Shiling.  The case is docketed
under Case No. A46-9201/2006.

The Temporary Insolvency Manager is:

         M. Kuznetsov
         Post User Box 9303
         Post Office 24
         Omsk Region
         Russia

The Debtor can be reached at:

         CJSC Shiling
         K. Tsetkin Str. 34
         Sosnovka
         ANNR
         646885 Omsk Region
         Russia


SOUTHERN TELECOMS: Earns RUR333 Million for First Half 2006
-----------------------------------------------------------
Southern Telecommunications Company reported its unaudited
consolidated financial results for the first half of 2006 in
accordance with International Financial Reporting Standards.

No audit, examination or any other relevant activities will be
performed in respect of the financial statements.  At the same
time the Company believes that taking into account UTK's
experience in IFRS reporting users can rely on these financial
statements.

The Company's IFRS revenue for the first half of 2006 amounted
to RUR8.551 billion.  The main revenue components were earnings
from local voice (representing a 43.19%-increase to RUR3.693
billion), revenues from national telecom operators (representing
a 21.27%-increase to RUR1.819 billion) and earnings from intra-
zonal calls (representing a 11.4%-increase to RUR974 million).
Revenues from new telecom services grew by 13.6% to RUR709
million.

First half 2006 operating expenses amounted to RUR7.395 billion.  
Expenses on wages, salaries and other employee benefits and
payroll taxes, depreciation charges, payments to other telecom
operators for traffic transit services as well as other
operating expenses accounted for major part of operating
expenses.

First half 2006 net income in accordance with IFRS amounted to
RUR333 million.  Last year the Company reported the net loss of
RUR387 million in its statutory financial statements for the
first half of 2005.

Interest expenses amounted to RUR924 million in the reporting
period versus RUR1.516 billion during the first six months of
2005.  1H 2006 EBITDA increased 20.91% year on year to RUR2.966
billion representing an EBITDA margin of 34.68 % (vs. 27.32% for
the first six months of 2005).

                      About the Company

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

                        *     *     *

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


SVETLINSKIY DIARY: Bankruptcy Hearing Slated for November 14
------------------------------------------------------------
The Arbitration Court of Orenburg Region will convene at 10:00
a.m. on Nov. 14 to hear the bankruptcy supervision procedure on
OJSC Svetlinskiy Diary.  The case is docketed under Case No.
A47-2325/2006-14GK.

The Temporary Insolvency Manager is:

         K. Kibataev
         Proletarskaya Str. 216
         460025 Orenburg Region
         Russia

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Svetlinskiy Diary
         Svetlyj
         Svetlinskiy Region
         462740 Orenburg Region
         Russia


SVETOCH: Ivanovo Court Names A. Provorov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A.
Provorov as Insolvency Manager for Federal State Unitary
Enterprise Breeding Factory Svetoch (OGRN 1023701759513).  He
can be reached at:

         A. Provorov
         Post User Box 1866
         153000 Ivanovo Region
         Russia
         Tel: 8-903-879-02-20

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1342/06-1-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         Breeding Factory Svetoch
         Vichugskiy Proezd 19
         Rodniki
         155250 Ivanovo Region
         Russia


TAGANKA CAR: S&P Rates US$54.8-Mln Asset-Backed Notes at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the US$430.025 million floating-rate asset-
backed notes to be issued by Taganka Car Loan Finance PLC, a
special purpose entity.
  
The collateral consists of a static pool of Russian ruble- and
U.S. dollar-denominated auto loans granted by MDM Bank to
Russian individuals, which will be sold to the issuer at
closing.
  
The issuer will enter into a liquidity facility agreement and a
balance-guaranteed currency and a basis hedge agreement, both of
which will be available up to the scheduled maturity date.
  
This is the first publicly placed auto loan securitization in
Russia to be rated by Standard and Poor's, and the first auto
loan ABS originated by MDM.
  
Securitization is a novel practice in Russia and securitization
concepts have yet to be tested in the courts.
  
                         Ratings List
                Taganka Car Loan Finance PLC
    US$430.025 Million Asset-Backed Floating-Rate Notes
  
                           Prelim.        Prelim.
            Class          rating         amount (Mil. US$)
            -----          ------         ------
            A              A-             270.900
            B              BBB             77.400
            C              BB              54.825
            Sub-loan       NR              26.900
   
            NR-Not rated.
  

TEMRYUK: Krasnodar Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on OJSC Krasnodarskiy Centre of Transport
Logistics Temryuk.  The case is docketed under Case No.
A-32-14989/2006-2/782-B.

The Temporary Insolvency Manager is:

         B. Fridman
         5th floor
         Lva Kassilya Str. 14
         Engels
         413100 Saratov Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Krasnodarskiy Centre of Transport Logistics  
         Terletskogo Square 7
         Temryuk
         353504 Krasnodar Region
         Russia


TSELINA-2000: Court Names Sh. Fazailov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. Sh. Fazailov as
Insolvency Manager for CJSC Grain Company Tselina-2000 (TIN
7720250455).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-26688/06-124-465B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Grain Company Tselina-2000
         Ketcherskaya Str. 13
         111402 Moscow Region
         Russia


VLAD-STROY: Court Names V. Torgashev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. V.
Torgashev as Insolvency Manager for OJSC Vlad-Story.  He can be
reached at:

         V. Torgashev
         Pobedy Avenue 17B
         Dzerzhinsk
         606025 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-2694/2006-K1-73B.

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         OJSC Vlad-Story
         Dobrynskoye
         Suzdalskiy Region
         Vladimir Region
         Russia


VOLGA: Creditors Must File Claims by November 2
-----------------------------------------------
Creditors of CJSC Investment Company Volga (TIN 7730055527) have
until Nov. 2 to submit written proofs of claim to:

         M. Vasilega, Insolvency Manager
         Post User Box 100
         105318 Moscow Region
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-31043/06-71-566B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Investment Company Volga
         Vas.Kozhinoy Str. 6
         Apartment 2
         Moscow Region
         Russia


VOLGA-94: Claims Filing Deadline Ends Nov. 2
--------------------------------------------
Creditors of OJSC Volga-94 (TIN 3441008930) have until Nov. 2 to
submit written proofs of claim to:

         P. Alekseev, Insolvency Manager
         Office 400
         7th Gvardeyskaya Str. 2a
         400005 Volgograd Region
         Russia

The Arbitration Court of Volgograd Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-9106/06-S58.

The Debtor can be reached at:

         OJSC Volga-94
         7th Gvardeyskaya Str. 37A
         400005 Volgograd Region
         Russia


ZYRYANSKIYE MILLS: Court Names A. Biryukov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. A. Biryukov
as Insolvency Manager for OJSC Zyryanskiye Mills.  He can be
reached at:

         A. Biryukov
         Post User Box 2004
         Central Post Office
         650000 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-4667/06.

The Debtor can be reached at:

         A. Biryukov
         Post User Box 2004
         Central Post Office
         650000 Kemerovo Region
         Russia


=============================
S L O V A K   R E P U B L I C
=============================


KONINKLIJKE AHOLD: Johan Boeijenga to Head Central Europe Biz
-------------------------------------------------------------
Koninklijke Ahold reports that Johan Boeijenga has been
appointed President and CEO of Ahold Central Europe, effective
immediately.  

Mr. Boeijenga is currently Executive Vice President Supply Chain
and member of the Executive Board at Albert Heijn.

Mr. Boeijenga will succeed Jacquot Boelen, who has resigned in
order to pursue opportunities outside Ahold.  Mr. Boelen will
remain available for a period of time to allow for an effective
transition.

"Johan's extensive knowledge of the retail business makes him
ideally suited to lead the team and maximize our opportunities
in this region," Anders Moberg, Ahold President and CEO, said.  
"He will be bringing considerable talents and experience to his
new role."

Mr. Boeijenga joined Ahold in 1988 as a management trainee.  
Over the next 18 years, he gained experience in logistics and
supply chain at Albert Heijn and also served as CEO of Ahold's
former operations in Indonesia.  Mr. Boeijenga took on his
current role in 2003, leading Albert Heijn in building its
state-of-the-art logistics capability and serving on the team
that drove the successful repositioning of the company.

Mr. Boelen joined Ahold Polska in January of 2001 as President
and CEO and was appointed President and CEO of the Ahold Central
Europe arena at its creation in 2003.

"Over the past five years, I've learned that our team in Central
Europe has a real passion for the business," Mr. Boelen
commented on his time at the company.  "I am confident that they
will continue to do what is right for our company and, most of
all, our customers."

"I want to thank Jacquot for his many contributions to Ahold,"
said Mr. Moberg.  "He was responsible for the significant task
of integrating our operations in Central Europe into a single
arena.  Before that, Jacquot oversaw much progress by Ahold in
the Polish market, including the rebranding of the company's
supermarkets to Albert. We wish him all the best for the
future."

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores include Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


AFFILIATED COMPUTER: 10-K Filing Delay Cues S&P to Lower Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and senior secured ratings on Dallas, Texas-based
Affiliated Computer Services, Inc. to 'B+' from 'BB'.  
The ratings remain on CreditWatch with negative implications
where they were placed on Jan. 27.
      
"The ratings downgrade and CreditWatch follows the company's
announcement that it is not in a position to file its annual
report on Form 10-K for its fiscal year ended June 30, 2006, by
Sept. 28, 2006, which was the additional time period permitted
under the SEC rules for an issuer to be deemed to have filed in
a timely manner," said Standard & Poor's credit analyst Philip
Schrank.

The company said that it would not be in a position to determine
the timing for the filing of its Form 10-K until its internal
investigation is complete and the company's independent auditors
have had the opportunity to review the investigation's findings.
     
The company has received an amendment, consent, and waiver from
the lenders under its March 2006 credit facility with respect
to, among other provisions, certain of the covenants of the
company under the credit facility, including the requirement
that the company deliver audited financial statements within 90
days of the end of its fiscal year.  Approximately US$2 billion
in borrowings are outstanding under the credit facility and the
amendment, consent, and waiver requires that audited financial
statements be obtained by Dec. 31, 2006.
     
Additionally, the company has filed a lawsuit after receiving a
letter from persons claiming to hold certain of its senior notes
advising the company that it was purportedly in default of its
covenants under a June 6, 2005, bond offering.

Standard & Poor's will monitor the progress being made with
regard to the filing of audited financial statements and
reassess the rating as the Dec. 31 deadline approaches.

The rating agency will also monitor the company's available
sources of liquidity, as well as negotiations with lenders and
other triggering events that might cause a payment acceleration
of ACS' debentures.


COOPER STANDARD: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its B2 Corporate Family Rating for
Cooper Standard Automotive Inc.  Additionally, Moody's revised
or held its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   senior secured
   revolving credit
   facility             B2       Ba3      LGD 2    24%

   senior secured
   term loan C          B2       Ba3      LGD 2    24%
  
   senior secured
   term loan D          B2       Ba3      LGD 2    24%
   
   7% senior notes      B3       B3       LGD 4    62%
   
   8.375% subordinated
   notes                Caa1     Caa1     LGD 5    86%

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

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

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

Cooper-Standard Automotive manufactures sealing system products,
fluid systems, vibration control applications and other related
products while focusing on innovative, continuously improved
solutions to our customers' problems with world-class quality,
leading edge technologies, service and competitive pricing.  In
Europe, the company maintains operations in the United Kingdom,
France, Spain, Germany and Czech Republic.


FENDER MUSICAL: Moody's Puts LGD5 Rating to Secured Second Lien
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its B2 Corporate Family Rating for Fender Musical Instruments
Corp., upgraded its B2 rating to B1, on the Company's US$50
million 1st lien senior secured revolver; its B2 rating to B1 on
the Company's US$170 million secured term loan; and affirmed its
Caa1 rating on the Company's US$100 million secured 2nd lien.  

Additionally, Moody's assigned an LGD3 rating to the US$50
million 1st lien secured revolver, suggesting noteholders will
experience a 34% loss in the event of a default, an LGD3 rating
to the $170 million senior secured term loan, suggesting
noteholders will experience a 34% loss in the event of a
default, and an LGD5 rating on the Company's US$100 million
secured 2nd lien, suggesting noteholders will experience an 84%
loss in the event of a default.

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

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

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

Fender Musical Instruments Corp. -- http://www.fender.com/-- is  
the world's foremost manufacturer of guitars, basses, amplifiers
and related equipment.  The FMIC family includes several other
distinctive musical instrument brands: Charvel(R), Gretsch(R),
Guild(R), Jackson(R), Olympia(R), Orpheum(R), SWR(R), Squier(R)
and Tacoma(R).  FMIC also manufactures a complete line of
professional audio equipment under the Fender brand, including
the Passport(R) portable sound system.  Fender also offers a
complete line of accessories, including strings, authorized
replacement parts, cases, straps and clothing among others.

FMIC's U.S. facilities are located in Arizona, California,
Tennessee and Washington, with international facilities in
England, France, Germany, Japan, Mexico, Spain and Sweden.


GETRONICS NV: Completes Sale of PinkRoccade to Randstad Holding
---------------------------------------------------------------
Getronics N.V. reports that the sale of its Netherlands HR
Services (PinkRoccade HR Services) to Randstad Holding has been
successfully concluded following all due regulatory checks.

                        About Getronics

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

                       *     *     *

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

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

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


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


COMMERCIAL VEHICLE: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its B3 Corporate Family Rating for
Commercial Vehicle Group, Inc., and revised its rating to B1 on
the company's 8% senior notes.  Additionally, Moody's assigned
an LGD4 rating to those bonds, suggesting noteholders will
experience a 68% loss in the event of a default.  

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

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

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

The Commercial Vehicle Group is a global leader in commercial
vehicle system solutions for the heavy duty truck, construction,
agricultural, industrial, marine and specialty industries.  It
maintains operations in Belgium, France, Sweden, and the United
Kingdom.


TEREX CORP.: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its Ba3 Corporate Family Rating for
Terex Corp.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility
   due 2012             Ba3      Ba1      LGD 2    22%

   Sr. Sec. Term Loan
   due 2013             Ba3      Ba1      LGD 2    22%

   9.25% Sr. Sub.
   Notes due 2011       B2       B1       LGD 5    76%

   7.375% Sr. Sub.
   Notes due 2014       B2       B1       LGD 5    76%

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

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

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


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


AFFILIATED COMPUTER: 10-K Filing Delay Cues S&P to Lower Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and senior secured ratings on Dallas, Texas-based
Affiliated Computer Services, Inc. to 'B+' from 'BB'.  
The ratings remain on CreditWatch with negative implications
where they were placed on Jan. 27.
      
"The ratings downgrade and CreditWatch follows the company's
announcement that it is not in a position to file its annual
report on Form 10-K for its fiscal year ended June 30, 2006, by
Sept. 28, 2006, which was the additional time period permitted
under the SEC rules for an issuer to be deemed to have filed in
a timely manner," said Standard & Poor's credit analyst Philip
Schrank.

The company said that it would not be in a position to determine
the timing for the filing of its Form 10-K until its internal
investigation is complete and the company's independent auditors
have had the opportunity to review the investigation's findings.
     
The company has received an amendment, consent, and waiver from
the lenders under its March 2006 credit facility with respect
to, among other provisions, certain of the covenants of the
company under the credit facility, including the requirement
that the company deliver audited financial statements within 90
days of the end of its fiscal year.  Approximately US$2 billion
in borrowings are outstanding under the credit facility and the
amendment, consent, and waiver requires that audited financial
statements be obtained by Dec. 31, 2006.
     
Additionally, the company has filed a lawsuit after receiving a
letter from persons claiming to hold certain of its senior notes
advising the company that it was purportedly in default of its
covenants under a June 6, 2005, bond offering.

Standard & Poor's will monitor the progress being made with
regard to the filing of audited financial statements and
reassess the rating as the Dec. 31 deadline approaches.

The rating agency will also monitor the company's available
sources of liquidity, as well as negotiations with lenders and
other triggering events that might cause a payment acceleration
of ACS' debentures.


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


EDISON MISSION: Standard & Poor's Upgrades Rating to BB
-------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Mission
Energy Holding Co. to 'B' from 'B-', and those on subsidiaries
Edison Mission Energy, Edison Mission Marketing and Trading
Inc., and Edison Mission Energy Funding Corp. to 'BB-' from
'B+'.  The outlook is positive.
      
"The rating action reflects management's revised view of the
availability of its parent, Edison International, and affiliate
companies to make capital contributions to further expand the
unregulated Edison Mission Group companies," said Standard &
Poor's credit analyst David Bodek.
     
Standard & Poor's also raised its senior secured debt rating and
first lien term loan rating on Midwest Generation LLC to 'BB'
from 'BB-'.      

The upgrades reflect the movement of the affected companies'
credit quality toward the consolidated Edison International
companies' credit quality.  The rating upgrades coincide with
the downgrade of Edison International to 'BBB-' from 'BBB'.
     
The rating action on Edison International also reflects the
movement toward a consolidated credit profile of the parent and
its unregulated subsidiaries.  The outlook on Edison
International is stable.
     
The positive outlook on the Edison Mission Group companies
reflects the potential benefit that may result from the
anticipated retirement of about US$800 million of MEHC debt in
2008.
     
The ratings on EME, MEHC, Edison Mission Marketing and Trading,
Edison Mission Energy Funding, and Midwest Gen, continue to
reflect the credit quality of the distributable cash flow from a
portfolio of generating assets.  The ratings also takes into
account the financial risk of double and triple leverage at EME
and MEHC.
     
EME is an independent power producer and, through Edison Mission
Marketing and Trading, the company is involved in power
marketing and trading.   


KOCBANK: Fitch Affirms BB Issuer Default Rating
-----------------------------------------------
Fitch Ratings upgraded UniCredito Italiano's Individual rating
to B from B/C and Bayerische Hypo- und Vereinsbank's Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on both banks' Issuer Default ratings to Positive
from Stable.  Both IDRs are affirmed at A+ for UCI and A fro
HVB.  Their other ratings are affirmed at Short-term F1 and
Support 1.

In a related action linked to the agency's expectations of
Support, Fitch has also revised the Outlooks on Bank Austria
Creditanstalt's and Bank Pekao's IDRs to Positive from Stable
and affirmed all other ratings of banks in the group.  

The rating action reflects the progress made by UCI's management
in integrating HVB and BACA, acquired in October 2005, into the
UCI model.  

"The early signs are that UCI has demonstrated its ability to
tackle execution risk arising from the acquisition of a much
larger entity.  It has continued to reduce credit risk in HVB's
German operations, and has reached some of its intermediary
targets, notably capital, ahead of initial expectations,"
Matthew Taylor, Senior Director in Financial Institutions
disclosed.

The ratings reflect UCI's sound prospects for consolidating its
leading position in the Italian banking market, as well as in
the German, Austrian and Central and Eastern European markets.
They also reflect the Italian bank's record of strong
profitability, sound risk management and its success in
integrating acquired banks.  

They take into account UCI's improving, albeit still
indifferent, asset quality and vulnerability to an economic
slowdown in Germany and Austria arising from exposure to HVB's
German and Austrian business.  In addition, the ratings include
the execution risk in implementing a complex integration and the
new group's modest but strengthening regulatory capital ratios.

On acquiring HVB in October 2005, UCI became a market leader in
Bavaria, Italy and Austria and the largest player in the faster
growing but more volatile CEE countries.  Most of its assets are
in stable, wealthy economies.  The Italian bank has been one of
Europe's most consistently profitable banking groups to date.

In H106 UCI's operating profit rose, thanks to loan growth and
as favorable markets benefited trading and fee income.  Earnings
from capital markets are likely to become more client-driven,
but may remain subject to some volatility.  At 10% in H106, the
trading earnings composed a larger proportion of operating
revenues than in many peers.

In H106, Fitch estimates that CEE banks contributed to around
16% of UCI's operating profit, a percentage, which is likely to
rise.  Fitch considers that UCI's plans for integration and
boosting revenues are sound and likely to be implemented
successfully.  This plan should allow the bank to grow while
keeping loan impairment charges stable at 61 bp of risk-weighted
assets and achieve its target of 17% return on equity for 2008.

Gross impaired loans are improving as a result of intensive work
to recover value.  However, at end-June 2006 they represented
7.25% of total loans, a worse level than in most major European
banks.  Impairment allowances are smaller than those seen in
many peers but are deemed adequate.  Former UCI's impaired loans
declined in H106, but remain heavier than those at its
international peers.

Market risk is moderate while liquidity is good and increasingly
will be managed centrally.  Fitch considers UCI's goal of an
equity Tier 1 ratio of 6.8% by end-2008 acceptable, up from a
projected 6% at end-2006.  In view of the execution and asset
quality risks in the bank, Fitch considers current
capitalization to be modest and takes a positive view of its
improvement.

"The upgrade of HVB's Individual rating reflects the bank's
improved profitability and the expected benefits from its
integration into UCI, including, but not limited to, the
envisaged capital gain from selling BACA," Thomas von Luepke,
Head of German Banking at Fitch disclosed.  "While HVB will lose
the risks and rewards stemming from BACA, the sizeable capital
gain will considerably strengthen HVB's position."

The revision of HVB's Outlook to Positive is driven by the
revision of UCI's Outlook and Fitch's expectation that UCI will
integrate HVB within its group over the next 18 months.

Growth in HVB's operating profit in H106 was driven by all
businesses, especially its corporates & markets division.  In
addition, reported H106 net income benefited from EUR807 million
in disposal gains.  HVB's focus on increasing its trading and
fee income has started to bear fruit.

Streamlining its business and reducing staff have helped to cut
costs.  By developing a sales-oriented culture, aligning
efficiency to the best European standards and further improving
risk management, UCI plans to take them to a level unprecedented
in HVB.

Weak domestic profitability and misjudged credit decisions have
adversely affected HVB's performance.  In 2005 its loan
impairment charges totaled EUR1.5 billion.  For 2006 the bank
has budgeted still high LICs of EUR1.3 billionn per year.  HVB's
loan book remains sizeable.  

At end-June 2006 loans managed by the real estate restructuring
unit were cut by 56% to EUR6.8billion.  The remainder of the RER
will be combined with some EUR20 billion performing, but non-
strategic, assets and will be wound down.  A change in loan mix
away from large corporates and more stringent risk controls
should benefit asset quality.

UCI, Italy:

   -- Individual upgraded to B from B/C;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A+, F1 and
      1 respectively.

HVB, Germany:
   
   -- Individual upgraded to C from C/D;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A, F1 and
      1 respectively.

BACA, Austria:

   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, B/C and 1 respectively.

Bank Pekao, Poland:
  
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, C and 1 respectively.

The ratings of all other direct and indirect subsidiaries of UCI
are affirmed or unchanged:

Zagrebacka Banka, Bosnia Herzegovina:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BBB+, F2, C/D and 2 respectively.  Outlook is Stable.

UniCredit Romania, Romania:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at A-, F2, D and 1 respectively.  Outlook is Stable.

Banca Comerciala HVB Tiriac, Romania:

   -- IDR, Short-term and Support ratings affirmed at A-, F2 and
      1 respectively.  The Individual rating is unchanged at D
      Evolving Rating Watch.  The Outlook is Stable.

International Moscow Bank, Russia:

   -- IDR BBB+ and Support 2 rating on Rating Watch Positive.
      Short-term and Individual ratings affirmed at F2 and C/D
      respectively.

Kocbank, Turkey:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BB, B, D and 3.  The Outlook is Positive.

Yapi ve Kredi Bankasi, Turkey:

   -- IDR, Short-term and Support ratings affirmed at BB, B and    
      3.  The Individual rating is unchanged at D/E Positive
      Rating Watch.  The Outlook is Positive.

Bulbank, Bulgaria:
   
   -- Support rating of 1 is affirmed.

Zivnostenska Banca, Czech Republic:
  
   -- Support rating of 1 is affirmed.

BPH Bank, Poland:

   -- Support rating of 1 is affirmed.

UniBanka, Slovakia:

   -- Support rating of 1 is affirmed.


YAPI VE KREDI: Fitch Keeps Issuer Default Rating at BB
------------------------------------------------------
Fitch Ratings upgraded UniCredito Italiano's Individual rating
to B from B/C and Bayerische Hypo- und Vereinsbank's Individual
rating to C from C/D.  At the same time the agency has revised
the Outlooks on both banks' Issuer Default ratings to Positive
from Stable.  Both IDRs are affirmed at A+ for UCI and A fro
HVB.  Their other ratings are affirmed at Short-term F1 and
Support 1.

In a related action linked to the agency's expectations of
Support, Fitch has also revised the Outlooks on Bank Austria
Creditanstalt's and Bank Pekao's IDRs to Positive from Stable
and affirmed all other ratings of banks in the group.  

The rating action reflects the progress made by UCI's management
in integrating HVB and BACA, acquired in October 2005, into the
UCI model.  

"The early signs are that UCI has demonstrated its ability to
tackle execution risk arising from the acquisition of a much
larger entity.  It has continued to reduce credit risk in HVB's
German operations, and has reached some of its intermediary
targets, notably capital, ahead of initial expectations,"
Matthew Taylor, Senior Director in Financial Institutions
disclosed.

The ratings reflect UCI's sound prospects for consolidating its
leading position in the Italian banking market, as well as in
the German, Austrian and Central and Eastern European markets.
They also reflect the Italian bank's record of strong
profitability, sound risk management and its success in
integrating acquired banks.  

They take into account UCI's improving, albeit still
indifferent, asset quality and vulnerability to an economic
slowdown in Germany and Austria arising from exposure to HVB's
German and Austrian business.  In addition, the ratings include
the execution risk in implementing a complex integration and the
new group's modest but strengthening regulatory capital ratios.

On acquiring HVB in October 2005, UCI became a market leader in
Bavaria, Italy and Austria and the largest player in the faster
growing but more volatile CEE countries.  Most of its assets are
in stable, wealthy economies.  The Italian bank has been one of
Europe's most consistently profitable banking groups to date.

In H106 UCI's operating profit rose, thanks to loan growth and
as favorable markets benefited trading and fee income.  Earnings
from capital markets are likely to become more client-driven,
but may remain subject to some volatility.  At 10% in H106, the
trading earnings composed a larger proportion of operating
revenues than in many peers.

In H106, Fitch estimates that CEE banks contributed to around
16% of UCI's operating profit, a percentage, which is likely to
rise.  Fitch considers that UCI's plans for integration and
boosting revenues are sound and likely to be implemented
successfully.  This plan should allow the bank to grow while
keeping loan impairment charges stable at 61 bp of risk-weighted
assets and achieve its target of 17% return on equity for 2008.

Gross impaired loans are improving as a result of intensive work
to recover value.  However, at end-June 2006 they represented
7.25% of total loans, a worse level than in most major European
banks.  Impairment allowances are smaller than those seen in
many peers but are deemed adequate.  Former UCI's impaired loans
declined in H106, but remain heavier than those at its
international peers.

Market risk is moderate while liquidity is good and increasingly
will be managed centrally.  Fitch considers UCI's goal of an
equity Tier 1 ratio of 6.8% by end-2008 acceptable, up from a
projected 6% at end-2006.  In view of the execution and asset
quality risks in the bank, Fitch considers current
capitalization to be modest and takes a positive view of its
improvement.

"The upgrade of HVB's Individual rating reflects the bank's
improved profitability and the expected benefits from its
integration into UCI, including, but not limited to, the
envisaged capital gain from selling BACA," Thomas von Luepke,
Head of German Banking at Fitch disclosed.  "While HVB will lose
the risks and rewards stemming from BACA, the sizeable capital
gain will considerably strengthen HVB's position."

The revision of HVB's Outlook to Positive is driven by the
revision of UCI's Outlook and Fitch's expectation that UCI will
integrate HVB within its group over the next 18 months.

Growth in HVB's operating profit in H106 was driven by all
businesses, especially its corporates & markets division.  In
addition, reported H106 net income benefited from EUR807 million
in disposal gains.  HVB's focus on increasing its trading and
fee income has started to bear fruit.

Streamlining its business and reducing staff have helped to cut
costs.  By developing a sales-oriented culture, aligning
efficiency to the best European standards and further improving
risk management, UCI plans to take them to a level unprecedented
in HVB.

Weak domestic profitability and misjudged credit decisions have
adversely affected HVB's performance.  In 2005 its loan
impairment charges totaled EUR1.5 billion.  For 2006 the bank
has budgeted still high LICs of EUR1.3 billionn per year.  HVB's
loan book remains sizeable.  

At end-June 2006 loans managed by the real estate restructuring
unit were cut by 56% to EUR6.8billion.  The remainder of the RER
will be combined with some EUR20 billion performing, but non-
strategic, assets and will be wound down.  A change in loan mix
away from large corporates and more stringent risk controls
should benefit asset quality.

UCI, Italy:

   -- Individual upgraded to B from B/C;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A+, F1 and
      1 respectively.

HVB, Germany:
   
   -- Individual upgraded to C from C/D;
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term and Support ratings affirmed at A, F1 and
      1 respectively.

BACA, Austria:

   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, B/C and 1 respectively.

Bank Pekao, Poland:
  
   -- Outlook revised to Positive from Stable; and
   -- IDR, Short-term, Individual and Support ratings affirmed
      at A, F1, C and 1 respectively.

The ratings of all other direct and indirect subsidiaries of UCI
are affirmed or unchanged:

Zagrebacka Banka, Bosnia Herzegovina:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BBB+, F2, C/D and 2 respectively.  Outlook is Stable.

UniCredit Romania, Romania:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at A-, F2, D and 1 respectively.  Outlook is Stable.

Banca Comerciala HVB Tiriac, Romania:

   -- IDR, Short-term and Support ratings affirmed at A-, F2 and
      1 respectively.  The Individual rating is unchanged at D
      Evolving Rating Watch.  The Outlook is Stable.

International Moscow Bank, Russia:

   -- IDR BBB+ and Support 2 rating on Rating Watch Positive.
      Short-term and Individual ratings affirmed at F2 and C/D
      respectively.

Kocbank, Turkey:

   -- IDR, Short-term, Individual and Support ratings affirmed
      at BB, B, D and 3.  The Outlook is Positive.

Yapi ve Kredi Bankasi, Turkey:

   -- IDR, Short-term and Support ratings affirmed at BB, B and    
      3.  The Individual rating is unchanged at D/E Positive
      Rating Watch.  The Outlook is Positive.

Bulbank, Bulgaria:
   
   -- Support rating of 1 is affirmed.

Zivnostenska Banca, Czech Republic:
  
   -- Support rating of 1 is affirmed.

BPH Bank, Poland:

   -- Support rating of 1 is affirmed.

UniBanka, Slovakia:

   -- Support rating of 1 is affirmed.


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


ADVERTISING AGENCY: Court Names Vitalij Paterilov as Liquidator
---------------------------------------------------------------
The Economic Court of Donetsk Region appointed Vitalij Paterilov
as Liquidator/Insolvency Manager for LLC Advertising Agency
(code EDRPOU 32187236).  He can be reached at:

         Vitalij Paterilov
         a/b 6915
         83050 Donetsk Region Ukraine
         Tel: (095) 563-63-59

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 30.  The case is docketed
under Case No. 27/133 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Advertising Agency
         Pavshih Komunariv Avenue 1
         83086 Donetsk Region
         Ukraine


AES CORP: Dominicana Unit Begins Operations at Itabo Port
---------------------------------------------------------
AES Dominicana, AES Corp.'s subsidiary in the Dominican
Republic, disclosed the start of its plant operations at the
Itabo International Port, Dominican Today reports.

According to the Dominican Today, the port received its first
freighter with 36,000 metric tons of mineral coal from Colombia.

The freighter Baldor arrived on Sept. 24 and proceeded to
continuously unload the material until the early hours on
Thursday, Itabo told Dominican Today.  The coal will be used to
produce power in Itabo's plants, ensuring the availability of
low-priced fuel to generate electricity.

AES Dominicana told Dominican Today that Itabo is the first
local port that receives coal.  The port is located in the
coastal area of the Itabo industrial complex, which is 18
kilometers west of the capital city in the municipality Haina,
San Cristobal.  The port's depth is 14 meters, which allows it
to receive ships of the type Handymax and Panamax of up to
70,000 tons and has a capacity to unload solid materials at a
rate of 1,600 tons per hour.

The arrival of the freighter in Itabo constitutes a significant
advancement for the Dominican Republic's present and future
development, Dominican Today says, citing AES Dominicana.

                      About the Company

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

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

                        *     *     *

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

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

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


BILIJ KOLODYAZ: Harkiv Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on Agricultural LLC Bilij Kolodyaz (code
EDRPOU 31235456) on Aug. 14.  The case is docketed under Case
No. B-50/119-06.

The Temporary Insolvency Manager is V. Verbitskij.         

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Bilij Kolodyaz
         Dimitrov Str. 2
         Bilij Kolodyaz
         Vovchanskij District
         Harkiv Region
         Ukraine


BIT: Lviv Court Commences Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on LLC Bit (code EDRPOU 13818587).  The
case is docketed under Case No. 6/79-8/137.

The Temporary Insolvency Manager is:

         Vitalij Vinnikov
         Sportivna Str. 2/9
         Pustomiti
         81100 Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Bit
         Shevchenko Str. 1/18
         Drogobich
         82100 Lviv Region
         Ukraine


BUDIVELNIJ SVIT: Court Names Kirilo Liseyev as Liquidator
---------------------------------------------------------
The Economic Court of Odessa Region appointed Kirilo Liseyev as
Liquidator/Insolvency Manager for LLC Budivelnij Svit (code
EDRPOU 33722448).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 29.  The case is docketed
under Case No. 2/239-06-8232.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Budivelnij Svit
         General Bocharov Str. 21/55
         Odessa Region
         Ukraine


E.T.E. UKRAINE: Court Names Kirilo Liseyev as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Odessa Region appointed Kirilo Liseyev as
Liquidator/Insolvency Manager for LLC E.T.E. Ukraine (code
EDRPOU 32511693).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 29.  The case is docketed
under Case No. 2/240-06-8233.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC E.T.E. Ukraine
         Pratsi Square 8
         Illichivsk
         Odessa Region
         Ukraine


EAST: Lugansk Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on LLC Trading-Industrial Group East (code
EDRPOU 30008779) on July 3.  The case is docketed under Case No.
22/52.

The Temporary Insolvency Manager is:

         Vadim Ostrovskij
         Geroiv VVV Square 2/32
         91000 Lugansk Region
         Ukraine

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         LLC Trading-Industrial Group East
         Oktyabrska Str. 4
         91000 Lugansk Region
         Ukraine


PLEMZAVOD SVITANOK: Creditors Must File Claims by October 6
-----------------------------------------------------------
Creditors of OJSC Plemzavod Svitanok (code EDRPOU 008446375)
have until October 6 to submit written proofs of claim to:

         Sergij Krupenko, Temporary Insolvency Manager
         a/b 93
         02183 Kyiv Region
         Ukraine
         Tel: (050) 595-99-97

The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 212/2 b-2006.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Plemzavod Svitanok
         Svitanok
         Pereyaslav-Hmelnitskij District
         08472 Kyiv Region
         Ukraine


PETROL: Court Names Zhmerinka Pension Fund as Liquidator
--------------------------------------------------------
The Economic Court of Vinnitsya Region appointed the Department
of Pension Fund of Ukraine in Zhmerinka as Liquidator for LLC
Petrol (code EDRPOU 13314591).  

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

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Petrol
         Lenin Str. 9/47
         Zhmerinka
         Vinnitsya Region
         Ukraine


PTITSYA: Lviv Court Names Sergij Lipskij as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Lviv Region appointed Sergij Lipskij as
Liquidator/Insolvency Manager for LLC Ptitsya (code EDRPOU
25233403).  He can be reached at:

         Sergij Lipskij
         Kiyivska Str. 38/2
         79000 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 2.  The case is docketed
under Case No. 6/102-29/173.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Ptitsya
         Gorodiliv
         Zolochiv District
         80716 Lviv Region
         Ukraine


PZP PALANOK: Kyiv Court Names D. Fortuna as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv appointed Mr. D. Fortuna as
Liquidator/Insolvency Manager for LLC PZP Palanok (code EDRPOU
32920485).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 4.  The case is docketed
under Case No. 24/540-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC PZP Palanok
         Tankova Str. 4
         Kyiv Region
         Ukraine


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


A & A: Appoints K. B. Stout as Liquidator
----------------------------------------
K. B. Stout was appointed Liquidator of A & A Covers Ltd. on
Sept. 13 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         A & A Covers Ltd.
         Stickfast Farm
         Sheppey Way
         Bobbing
         Sittingbourne
         Kent ME9 8QP
         United Kingdom
         Tel: 01795 479777   


ACE TAXIS: Names Malcolm Edward Fergusson Liquidator
----------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co Ltd. was appointed
Liquidator of Ace Taxis (Wrexham) Limited on Sept. 18 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Ace Taxis (Wrexham) Limited
         High Street
         Gwersyllt
         Wrexham
         Clwyd LL114LA
         United Kingdom
         Tel: 01978 756 167


ALCO TAPS: Brings In Joint Liquidators from Smith & Williamson
--------------------------------------------------------------
Stephen John Tancock and Vincent John Green of Smith &
Williamson Limited were appointed Joint Liquidators of Alco Taps
and Dies Limited on Sept. 15 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Alco Taps and Dies Limited
         17 Union Street
         Sheerness
         Kent ME121SX
         United Kingdom
         Tel: 01795 662 921
         Fax: 01795 580 802
         Web: http://www.alcotaps.co.uk/


ADVANCED MEDICAL: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Medical Device sector, the rating agency
confirmed its B1 Corporate Family Rating for Advanced Medical
Optics, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec.
   Revolving
   Credit
   Facility               B1      Ba1     LGD 1        7%

   2.5% Convertible
   Sr. Sub. Notes         B3      B2      LGD 4       66%

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

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

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

In Europe, the company maintains operations in Denmark, Finland,
France, Germany, Ireland, Italy, the Netherlands, Spain, Sweden,
Switzerland, and the United Kingdom.


ANDROMEDA SOFTWARE: Claims Filing Period Ends Nov. 3
----------------------------------------------------
Creditors of Andromeda Software Limited have until Nov. 3 to
prove their debts by sending written statements of the amounts
they claim to be due to them from the Company to appointed Joint
Liquidator Paul John Clark of Menzies Corporate Restructuring
at:

         Paul John Clark
         Menzies Corporate Restructuring
         43-45 Portman Square
         London W1H 6LY
         United Kingdom

The company can be reached at:

         Andromeda Software Limited
         Travellers Lane
         North Mymms
         Hatfield
         Hertfordshire AL9 7HF
         United Kingdom
         Tel: 01707 278 333      
         Fax: 01707 256 123


ANIXTER INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Wholesale Distribution (Excluding
Healthcare) sector, the rating agency confirmed its Ba1
Corporate Family Rating for Anixter International Inc.

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


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200 million
   5.95% Unsecured
   Notes                  Ba1     Baa3    LGD2        28%

   US$155 million
   Subordinated
   LYON's notes           Ba3     Ba2     LGD6        94%

   US$100 million
   Shelf                P(Ba1)  P(Baa3)   LGD2        28%

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

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

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

In Europe, the company maintains operations in Ireland, Poland,
Norway, Russia, and the United Kingdom, among others.


BRIGHTON BEER: Brings In Administrators from Portland Business
--------------------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd. were appointed joint administrators of
Brighton Beer Company Ltd. (Company Number 4290626) on Sept. 15.

The administrators can be reached at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  
Headquartered in Peacehaven, United Kingdom, Brighton Beer
Company Limited wholesales alcoholic drinks.


BROOKLANDS PROCESS: Creditors Ratify Voluntary Liquidation
----------------------------------------------------------
Creditors of Brooklands Process Technology (Skerman) Limited
ratified on Sept. 14 the resolutions for voluntary liquidation
and the appointment of Alan H. Tomlinson of Tomlinsons as the
company's Liquidator.

Headquartered in Weybridge U.K., BPT (Skerman) --
http://www.bptskerman.com/-- designs and manufactures process  
equipment for the food, pharmaceutical, cosmetics/toiletries,
and chemicals industry.


CARRINGTON HOTELS: Creditors' Meeting Slated for October 5
----------------------------------------------------------
Creditors of Carrington Hotels & Leisure Services Ltd. (Company
Number 05225107) will meet at 10:30 a.m. on Oct. 5 at:

         Ideal Corporate Solutions Limited
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         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. 4 at:

         Andrew David Rosler
         Administrator
         Ideal Corporate Solutions Ltd.
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom
         Tel: 0800 731 2433


CEASE-FIRE SERVICES: Taps Liquidator from Clarke Bell
-----------------------------------------------------
John Paul Bell of Clarke Bell was appointed Liquidator of Cease-
Fire Services Limited on Sept. 13 for the creditors' voluntary
winding-up procedure.

Headquartered in Warrington, U.K., Cease-Fire Services Limited
-- http://www.cease-fire.co.uk/-- are specialists in fire  
protection services, including: fire risk assessments, fire
extinguishers (supply and service), dry riser and wet riser
installation and maintenance, fire hydrants, fire detection
systems, mechanical fire suppression systems and electrical fire
suppression systems, including Argonite, Inergen, FM200, Novec
and CO2.   


CHATEAU POURCEL: Creditors' Meeting Slated for October 5
--------------------------------------------------------
Creditors of Chateau Pourcel U.K. Ltd. (Company Number 4972687)
will meet at 11:00 a.m. on Oct. 5 at:

         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY
         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. 4 at:

         Asher David Miller
         Joint Administrator
         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London N12 8LY
         United Kingdom
         Tel: 020 8343 5900
         Fax: 020 8446 2994

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.


COHNAN KNIGHT: Hires Liquidator from Fergusson & Co. Ltd.
---------------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
Liquidator of Cohnan Knight Limited on Aug. 17 for the
creditors' voluntary winding-up procedure.

Headquartered in Stockton-On-Tees, U.K., Cohnan Knight Limited
provides trade label printing services.


COMECH LIMITED: Appoints Joint Administrators from Cooper Parry
---------------------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP were appointed joint administrators of Comech
Ltd. (Company Number 04684101) on Sept. 12.

The administrators can be reached at:

         Cooper Parry LLP
         14 Park Row
         Nottingham NG1 6GR
         United Kingdom
         Tel: +44 (0) 1332 295544
         Fax: +44 (0) 1332 295600

Headquartered in Derby, United Kingdom, Comech Ltd. is engaged
in technical testing and analysis.


COUNTY EXHIBITIONS: Calls In Liquidator from David Horner & Co.
---------------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of County Exhibitions Limited on Sept. 15 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         County Exhibitions Limited
         10 Middleton Road
         Gorleston
         Great Yarmouth
         Norfolk NR317AB
         United Kingdom
         Tel: 01493 600 770


D.M.D. SURFACING: Appoints Liquidators from City Plaza
------------------------------------------------------
Phillip Hartland Allen and Guy Edward Brooke Mander of City
Plaza were appointed Liquidators D.M.D. Surfacing Limited
(formerly Trademile Developments Limited) for the creditors'
voluntary winding-up procedure.

Headquartered in Malpas, U.K., D.M.D. Surfacing Limited provides
road surfacing services.


DWS FREIGHT: Calls In Liquidator from CRG Insolvency
----------------------------------------------------
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed Liquidator of DWS Freight Limited on
Aug. 16 for the creditors' voluntary winding-up procedure.

Headquartered in Scunthorpe, U.K., DWS Freigh Limited --
http://www.dwsfreightltd.co.uk/-- provides general haulage  
services.


DATA NETWORK: Names Liquidator to Wind Up Business
--------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
Liquidator of Data Network Solutions Limited on Aug. 17 for the
creditors' voluntary winding-up procedure.

Headquartered in Middlesbrough, U.K., Data Network Solutions
Limited is a computer retailer and network service agent.


DOLE FOOD: To Buy JP Fruit Distributors from Jamaica Producers
--------------------------------------------------------------
Dole Food Company Inc. disclosed that pursuant to pre-existing
agreements, it initiated a buy-sell process under which the
Company either will buy the 65% of JP Fruit Distributors Ltd. it
does not already own, or else will sell the 35% of JPFD that it
does own.

The owner of the 65% interest in JPFD, Jamaica Producers Group
Ltd., is required either to accept the Company's offer to buy
JPG's 65% interest or, alternatively, to accept the Company's
offer to sell its 35% interest in JPFD.  The Company expects the
JPG Board to consider the offers today.  The Company is
considering expressions of interest by potential partners with
respect to the ownership and operation of JPFD, if it ends up as
the buyer.

                   About JP Fruit Distributors

JP Fruit Distributors Ltd. imports and sells fresh produce in
the United Kingdom.  Jamaica Producers Group Ltd. is the owner
of the 65% interest in JPFD.

                        About Dole Food Co.

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

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 21,
Standard & Poor's Ratings Services' ratings for Dole Food Co.,
Inc., remained on CreditWatch with negative implications.

As reported in TCR-Europe on Sept. 28, in connection with
Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the U.S. Consumer Products, Beverage, Toy, Natural Product
Processors, Packaged Food Processors, and Agricultural
Cooperative sectors, the rating agency confirmed its Ba3
Corporate Family Rating for Dole Food Company, Inc.


ELLIS RICHMOND: Nominates Ninos Koumettou as Liquidator
-------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of Ellis Richmond Ltd. on Sept. 15 for the creditors'
voluntary winding-up procedure.

Headquartered in Harlow, U.K., Ellis Richmond Ltd. provides
clients with printing and lithographic services.


FIBREASTIC LIMITED: Joint Liquidators Take Over Operations
----------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of Fibreastic Limited
on Aug. 3 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Fibreastic Limited
         161-163
         Cardiff Road
         Reading
         Berkshire RG1 8HD
         United Kingdom
         Tel: 0118 956 7715


GALVEX HOLDINGS: U.S. Judge Converts Ch. 11 Case to Chapter 7
-------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York in Manhattan converted the
chapter 11 case of Galvex Holdings Limited to a chapter 7
liquidation proceeding.

As reported in the TCR-Europe on Aug. 29, Galvex is "hopelessly"
insolvent, has no assets remaining to reorganize or sell, and
has no ability to file and confirm a plan of liquidation or pay
any administrative expenses, Lori R. Fife, Esq., at at Weil,
Gotshal & Manges, LLP, said.

The Official Committee of Unsecured Creditors supported Galvex's
request for the conversion of its bankruptcy case to a
liquidation proceeding under Chapter 7 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on May 30, 2006,
the Court authorized Galvex and its debtor-affiliates to sell
substantially all of their assets to SPCP Group LLC.  The
purchase was effected in exchange for the discharge of the
Debtors' US$192 million debt to SPCP.  SPCP acquired the shares
of Galvex's subsidiaries:

           -- Galvex Estonia;
           -- Galvex Intertrade; and
           -- Galvex Trade.

In accordance with the sale order, the Court further ruled that
the Chapter 11 cases of the three debtor-subsidiaries will be
dismissed effective upon the closing of the sale.

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate  
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10082).  Galvex Capital, LLC,
is represented by David Neier, Esq., at Winston & Strawn LLP,
and Gerard DiConza, Esq., at DiConza Law, P.C.  Galvex Holdings
Ltd. and the other debtor-affiliates are represented by David
Neier, Esq., at Winston & Strawn LLP, and Lori R. Fife, Esq.,
Marcia L. Goldstein, Esq., and Shai Waisman, Esq., at Weil,
Gotshal & Manges, LLP.  John P. McNicholas, Esq., and Thomas R.
Califano, Esq., at DLA Piper Rudnick Gray Cary US LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than US$100 million.  John S. Pereira is the
Debtor's Chapter 7 Trustee.


GALVEX HOLDINGS: US Trustee Names John Pereira as Ch. 7 Trustee
---------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, appointed John S.
Pereira as Galvex Holdings Limited's Chapter 7 Trustee on
Sept. 5, 2006.

On Aug. 30, 2006, the Honorable Robert D. Drain of the U.S.
Bankruptcy Court for the Southern District of New York converted
the chapter 11 case of Galvex Holdings to a chapter 7
liquidation proceeding.

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate  
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10082).  Galvex Capital, LLC,
is represented by David Neier, Esq., at Winston & Strawn LLP,
and Gerard DiConza, Esq., at DiConza Law, P.C.  Galvex Holdings
Ltd. and the other debtor-affiliates are represented by David
Neier, Esq., at Winston & Strawn LLP, and Lori R. Fife, Esq.,
Marcia L. Goldstein, Esq., and Shai Waisman, Esq., at Weil,
Gotshal & Manges, LLP.  John P. McNicholas, Esq., and Thomas R.
Califano, Esq., at DLA Piper Rudnick Gray Cary US LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than US$100 million.


GALVEX HOLDINGS: Section 341(a) Meeting Scheduled on November 6
---------------------------------------------------------------
Diana G. Adams, the United States Trustee for Region 2, will
convene a meeting of Galvex Holdings Limited's creditors at
11:00 a.m., on Nov. 6, 2006, at the Second Floor of the Office
of the United States Trustee, 80 Broad Street in New York.  This
is the first meeting of creditors required under Section 341(a)
in all bankruptcy cases.

This is the first meeting of creditors after the Debtor's
chapter 11 case has been converted to a chapter 7 liquidation
proceeding.

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

Headquartered in New York City, New York, Galvex Holdings
Limited -- http://www.galvex.com/-- and its affiliates operate    
the largest independent galvanizing line in Europe.  The Debtors
have offices in New York, Tallinn, Bermuda, Finland, Ukraine,
Germany and the United Kingdom.  The company and four of its
affiliates filed for chapter 11 protection on Jan. 17, 2006
(Bankr. S.D.N.Y. Lead Case No. 06-10082).  Galvex Capital, LLC,
is represented by David Neier, Esq., at Winston & Strawn LLP,
and Gerard DiConza, Esq., at DiConza Law, P.C.  Galvex Holdings
Ltd. and the other debtor-affiliates are represented by David
Neier, Esq., at Winston & Strawn LLP, and Lori R. Fife, Esq.,
Marcia L. Goldstein, Esq., and Shai Waisman, Esq., at Weil,
Gotshal & Manges, LLP.  John P. McNicholas, Esq., and Thomas R.
Califano, Esq., at DLA Piper Rudnick Gray Cary US LLP, represent
the Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than US$100 million.  On Aug. 30, 2006, Judge
Drain converted the chapter 11 case of Galvex Holdings to a
chapter 7 liquidation proceeding.  John S. Pereira is the
Debtor's Chapter 7 Trustee.


GENICO LTD: Nominates Liquidator from AlexanderLawsonJacobs
-----------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of Genico Ltd. on Sept. 15 for the creditors'
voluntary winding-up proceeding.

Headquartered in London, U.K., Genico Ltd. --
http://www.genico.co.uk/-- manufactures, imports and exports  
branded toiletries.  Genico also exports floor coverings and
various foodstuff across a number of countries.  The company has
a strong presence in West Africa particularly Nigeria, the
Middle East and Southern Europe as well as the USA.


GRESHAM CAPITAL: S&P Rates EUR13.65-Mln Class E Notes at BB-
------------------------------------------------------------  
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR264.75 million secured and deferrable
floating-rate notes, including EUR75 million (equivalent)
variable funding notes, to be issued by Gresham Capital CLO II
B.V., a special-purpose entity.  

At the same time, Gresham II will issue EUR35.25 million of
unrated secured income notes, which will provide subordination
to the senior notes.

At closing, Gresham II will issue EUR225 million of notes, the
proceeds of which will be invested in a portfolio of
predominantly senior secured leveraged loans.
  
At the same time, the issuer will enter into a variable funding
agreement, under which it may draw, at any time, up to
EUR75 million (equivalent) in euros and sterling.
  
All notes, which will equate to 75% of the liabilities, will be
issued in euros.
  
The collateral manager is Investec Bank (U.K.) Ltd., an
international specialist banking and financial services group.
Gresham II is the second CLO to be managed by Investec.
  
  
                         Ratings List
                  Gresham Capital CLO II B.V.
  EUR225 Million Secured And Deferrable Floating-Rate Notes
    And EUR75 Million (Equivalent) Variable Funding Notes
  
                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------
             VFNs (1)       AAA             75.00
             A              AAA            121.50
             B              AA              22.80
             C              A               17.10
             D              BBB-            14.70
             E              BB-             13.65
             F (2)          NR              35.25
  
   (1) Variable funding notes.
   (2) Secured income notes, which will provide subordination
       to the senior notes.

       NR-Not rated.


GT DESIGN: Nominates Ninos Koumettou to Liquidate Assets
--------------------------------------------------------
Ninos Koumettou of AlexanderLawsonJacobs was nominated
Liquidator of GT Design & Build Ltd. on Sept. 12 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

                        GT Design & Build Ltd.
         269 Green Lanes
         London N13 4XE
         United Kingdom
         Tel: 020 8886 6007
         Fax: 020 8886 6030
         Web: http://www.gtdesign-build.co.uk/


HOME-TEX LEICESTER: Alan Simon Leads Liquidation Procedure
----------------------------------------------------------
Alan Simon of Langley Group LLP was appointed Liquidator of
Home-Tex (Leicester) Limited on Sept. 8 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Home-Tex (Leicester) Limited
         Unit B
         Pintail Close
         Netherfield
         Nottingham
         Nottinghamshire NG4 2SG
         United Kingdom
         Tel: 0115 987 3709


HOWARD LANCASTER: Hires Joint Liquidators from Gerald Edelman
-------------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of Howard
Lancaster Imports Limited on Sept. 18 for the creditors'
voluntary winding-up proceeding.

Headquartered in Canterbury, U.K., Howard Lancaster Imports
Limited -- http://www.hl-imports.co.uk/-- is a motor vehicle  
dealer.  The company offers to source specific makes of vehicle
direct from official main dealers in the EC to customer, whether
factory collection/collection from supplying dealer/delivery to
any point in the U.K.


KIDS FOR LIFE: Liquidator Sets Oct. 18 Claims Bar Date
------------------------------------------------------
Creditors of Kids for Life Limited have until Oct. 18 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
Martin C. Armstrong of Turpin Baker Armstrong at:

         Martin C. Armstrong
         Turpin Baker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey SM1 4LA
         United Kingdom

The company can be reached at:

         Kids for Life Limited
         5 Southwell Park Road
         Camberley
         Surrey GU153PU
         United Kingdom
         Tel: 0845 450 8411


LEARNING CENTRE: Taps Joint Liquidators from Royce Peeling Green
----------------------------------------------------------------
Peter Jones and Roderick Withinshaw of Royce Peeling Green
Limited were appointed Joint Liquidators of Learning Centre U.K.
Limited on Sept. 13 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Learning Centre U.K. Limited
         Mountbatten House
         Mountbatten Court
         Worrell Street
         Congleton
         Cheshire CW12 1JN
         United Kingdom
         Tel: 01260 295920   


LLOYDS PRINTERS: Claims Registration Ends Nov. 9
------------------------------------------------
Creditors of Lloyds Printers of Blackburn Limited have until
Nov. 9 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 Claire L. Dwyer of Jones Lowndes Dwyer LLP at:

         Claire L. Dwyer
         Jones Lowndes Dwyer LLP
         John Swift Building
         19 Mason Street
         Manchester M4 5FT
         United Kingdom

Headquartered in Darwen, U.K., Lloyds Printers of Blackburn
Limited -- http://www.lloydsprinters.co.uk/ -- supplies  
printing and stationery to private, local and national
businesses.


LONDON WALL: Fitch Affirms BB+ Ratings on Class E Notes
-------------------------------------------------------
Fitch Ratings affirmed London Wall 2002-2 PLC's floating-rate
credit-linked notes:

   -- Class A++ (ISIN XS0157922302) affirmed at AAA;
   -- Class A+ (ISIN XS0157922302) affirmed at AAA;
   -- Class A1 (ISIN XS0157922997) affirmed at AAA;
   -- Class A2 (ISIN XS0158409275) affirmed at AAA;
   -- Class B1 (ISIN XS0157923292) affirmed at AA;
   -- Class B2 (ISIN NZLWLD0001S5) affirmed at AA;
   -- Class C (ISIN XS0157923888) affirmed at A;
   -- Class D (ISIN XS0157924423) affirmed at BBB; and
   -- Class E (ISIN XS0157925156) affirmed at BB+.

This affirmation reflects the portfolio's stable performance.
There have been no credit events to date, and the overall credit
quality of the portfolio remains within the guidelines set by
the eligibility criteria.  The weighted-average Fitch factor in
the June 2006 trustee report is unchanged at 8.50 from the
September 2005 report.  

This is equivalent to a BBB+/BBB rating.  The portfolio has
benefited from seasoning, with a scheduled maturity of
January 2009.  The analysis took into consideration the
existence of a replenishment period, which runs till
December 2006, after which the portfolio becomes static.

London Wall 2002-2 plc is a synthetic securitization of claims
originated by Deutsche Bank AG, under which it purchased
protection on a EUR1.8 billion reference portfolio of loans,
revolving credit facilities and guarantees.  The portfolio
contains both publicly rated and unrated names.  

To assess the quality of the reference portfolio, Fitch analyzed
Deutsche Bank's internal rating system and applied a mapping to
its rating scale for unrated names.  Collateral for the notes is
in the form of cash deposit held at a suitably rated financial
institution, currently Deutsche Bank.


MAINLAND CAR: Taps BDO Stoy as Joint Administrators
---------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Mainland Car Deliveries
Ltd. (Company Number 00820486) on Sept. 18.

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 Cheshire, United Kingdom, Mainland Car
Deliveries Ltd. is engaged in vehicle haulage.


MOBEL TECHNIC: Names Richard Ian Williamson Liquidator
------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed Liquidator of Mobel Technic Limited on Sept. 13 for
the creditors' voluntary winding-up proceeding.

Headquartered in Wigan, U.K., Mobel Technic Limited --
http://www.thecabinetcompany.co.uk/-- designs and manufactures  
cabinets, bookcases and occasional furniture such as tables and
sideboards.


MORTGAGE FINANCE: Moody's Rates Class B1 & B2 Notes at (P)Ba1
-------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the CMBS issuance of Business Mortgage Finance 5 plc :

   -- GBP Class A1 Mortgage Backed Floating Rate Notes
      due 2039: (P)Aaa;

   -- Euro Class A2 Mortgage Backed Floating Rate Notes
      due 2039: (P)Aaa;

   -- Detachable Class A Coupons due 2039: (P)Aaa;

   -- GBP Class M1 Mortgage Backed Floating Rate Notes
      due 2039: (P)A2,

   -- Euro Class M2 Mortgage Backed Floating Rate Notes
      due 2039: (P)A2;

   -- GBP Class B1 Mortgage Backed Floating Rate Notes
      due 2039: (P)Ba1;

   -- Euro Class B2 Mortgage Backed Floating Rate Notes
      due 2039: (P)Ba1; and

   -- Mortgage Early Redemption Certificates due 2039; (P)Aaa.

The total debt raised by Business Mortgage Finance 5 plc will be
used to purchase a portfolio of non-conforming U.K. commercial
mortgage loans from Commercial First Mortgages Ltd, and will be
split as follows: [73.5] per cent Class A1 Notes and Class A2
Notes, [17.1] per cent Class M1 and Class M2 Notes, and [6.5]
per cent Class B1 and B2 Notes.  The ratios of GBP and Euro
amounts for the Class A, Class M and Class B Notes have yet to
be determined.  Moody's has not assigned a rating to the Class C
Notes (2.9 per cent of proposed issuance).

The ratings on the Notes are based upon:

   -- Moody's assessment of the real estate quality
      and characteristics of the underlying property
      portfolio, its loan-to-value and current debt
      service coverage;

   -- a loan-by-loan analysis of the mortgage pool backing
      the Notes;

   -- additional loans of approximately GBP [92.1] million to
      be acquired by the Issuer by the Prefunding Purchase
      Date (February 2007), subject to satisfaction of
      certain eligibility criteria;

   -- the availability of a committed liquidity
      facility provided by Barclays Bank PLC
      (Aa1, P-1), initially sized at [10] per cent of
      the outstanding notes to cover shortfalls in payments
      of interest on the Notes and certain senior expenses;

   -- the sequential pay structure, switching to
      pro rata subject to strict trigger conditions;

   -- Issuer-level currency, basis and interest rate
      hedging contracts to be provided by Barclays
      Bank PLC (Aa1, P-1);

   -- an opening reserve amount of GBP[6.90] million
      and, subject to sufficient excess spread, rising to
      a target balance of approximately GBP[12.75] million
      after closing; and

   -- the legal and structural characteristics of the issue.

The initial pool as at the Cut-Off Date of Aug. 31 contains 938
commercial mortgages secured by first ranking legal mortgages on
[938] mixed-use properties.  The properties are all located in
England, Scotland, Wales and Northern Ireland with the largest
proportion of [20.7] per cent being in the South East.  Although
Moody's has reflected in its analysis the portfolio's small size
and lack of granularity compared to residential mortgage pools,
the portfolio is somewhat diversified geographically and by
property type.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction.  Upon a conclusive
review of the final versions of all the documents and legal
opinions, Moody's will endeavor to assign definitive ratings to
the transaction.  A definitive rating may differ from a
provisional rating.

The ratings of the Class A, Class M and Class B Notes address
the expected loss posed to investors by the legal final
maturity.  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal at par on
or before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction,
other non-credit risks have not been addressed, but may have
significant effect on yield to investors.

The Detachable Class A Coupons (DACs) do not receive any
payments of principal, and earn interest at a certain rate
(2.75 per cent) calculated on the outstanding balance of the
Class A Notes.  The ratings of the DACs address the Issuer's
ability to make the promised payment of interest.  However, it
does not address the size of balance used to calculate the
amount due.

The Mortgage Early Redemption Certificates (MERC) are backed
solely by mortgage early redemption charges that may become
payable by borrowers in the pool on early redemption of their
loans within a certain period.  The provisional Aaa rating on
the MERC's is qualified as it addresses the likelihood of
receipt by MERC holders of such amounts only if they are
received by the Issuer.  

It assumes, without any independent investigation,

   -- that payment of the mortgage early redemption
      charges under the mortgage loans is legally valid,
      binding and enforceable, and

   -- that such amounts are actually collected from
      borrowers and received by the Issuer.  The
      amount receivable by MERC holders also depends
      on prepayment rates within the pool.  The rating does
      not address such prepayment rates.


NEXSIS TECHNOLOGY: Claims Filing Period Ends Dec. 31
----------------------------------------------------
Creditors of Nexsis Technology Limited have until Dec. 31 to
send in their full names, their addreses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
E. Walls of Marlor Walls at:

         E. Walls
         Marlor Walls
         C12 Marquis Court
         Marquis Way
         Team Valley
         Gateshead NE11 0RU
         United Kingdom

The company can be reached at:

         Nexsis Technology Limited
         Unit 16
         Team Valley Business Centre
         Earlsway
         Team Valley Trading Estate
         Gateshead
         Tyne And Wear NE110QH
         United Kingdom
         Tel: 0191 482 6656


ORACLE FLEET: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Creditors of Oracle Fleet (U.K.) Limited confirmed Sept. 12 the
appointment of Mark Stephen Goldstein as the company's
Liquidator.

Headquartered in Blandford Forum, U.K., Oracle Fleet (U.K.)
Limited is a financial institution.


PCS COMMERCIALS: Nominates Paul John Webb as Liquidator
-------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
nominated Liquidator of PCS Commercials Limited (t/a PJB Repair
Specialists) on Sept. 15 for the creditors' voluntary winding-up
proceeding.

Headquartered in Birmingham, U.K., PCS Commercials Limited
provides motor vehicle maintenance and repair services.


PARACOMM LIMITED: Ian Pattinson Leads Liquidation Procedure
-----------------------------------------------------------
Ian Pattinson was appointed Liquidator of Paracomm Limited on
Sept. 18 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Paracomm Limited
         King Edward Business Centre
         King Edward Road
         Nuneaton
         Warwickshire CV114BB
         United Kingdom
         Tel: 01827 713 062


PEAK RECRUITMENT: Liquidator Sets Oct. 27 Claims Bar Date
---------------------------------------------------------
Creditors of Peak Recruitment (Tamworth) Limited have until
Oct. 27 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 Jonathan Elman Avery-Gee of Kay Johnson Gee at:

         Jonathan Elman Avery-Gee
         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Salford
         Manchester M3 5EQ
         United Kingdom

The company can be reached at:

         Peak Recruitment (Tamworth) Limited
         13 Colehill
         Tamworth
         Staffordshire B79 7HE
         United Kingdom
         Tel: 01827 62777   


PILLOW TALK: Claims Registration Ends Oct. 23
---------------------------------------------
Creditors of Pillow Talk Limited have until Oct. 23 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
Liquidators Stewart Trevor Bennett and James Preston Bradney of
Berg Kaprow Lewis LLP at:

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

The company can be reached at:

         Pillow Talk Limited
         1 Laker Road
         Rochester Airport Industrial Estate
         Rochester
         Kent ME1 3QX
         United Kingdom
         Tel: 01634 864 295
         Fax: 01634 861 463
         Web: http://www.pillowtalkgroup.com/


PROVIDE HOME: S&P Puts Low-B Ratings on D & E Note Classes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B, C, and D notes in Provide Home 2001-1 PLC and affirmed
its ratings on all the notes in PROVIDEHOME 2002-1 PLC.  At the
same time, the CreditWatch with negative implications placements
were resolved for all notes affected.
  
The rating actions are the result of a substantial analysis of
both transaction pools, which was initiated following the
CreditWatch negative placement on July 21 of various notes in
both transactions.

The analysis looked in particular at the nonperforming subpools
in both transactions and relies on extensive data, which the
originator, Aareal Bank AG provided in this context.  The
analysis also took into account insight gained by Standard &
Poor's during an onsite review of Aareal's operations.
  
The CreditWatch placement on the two German RMBS transactions
was driven by the ongoing deterioration of the underlying loan
portfolios.  As of Sept. 29, PROVIDE HOME 2001-1, defaulted
reference claims and credit events amount to 7.67% of the
outstanding principal balance as of the end of July 2006, and
another 2.23% of the outstanding reference claims are in arrears
(60+ days). For PROVIDE HOME 2002-1, defaulted reference claims
and credit events have reached 3.95% of the outstanding
principal balance and arrears were up to 1.04% at the time of
the latest reporting.
  
"In our analysis, we took a two-fold approach," said Standard &
Poor's credit analyst Viktor Milev. "First, we estimated the
expected loss on the current pool of NPLs in both transactions.
This includes all defaulted reference claims and reference
claims for which a credit event has occurred.  The cut-off date
for PROVIDE HOME 2001-1 was July 31 and for PROVIDE HOME 2002-1,
June 30."
  
Mr. Milev continued: "Second, we derived updated estimates for
the weighted-average foreclosure frequency and loss severity at
the various rating levels for the performing parts of the
transactions by using our WAFF/WALS approach.  Hence, we were
able to compare the required credit enhancement versus actual
enhancement levels after application of the expected loss to the
first-loss pieces in the transactions."
  
The approach was chosen in light of the comprehensive data
provided by Aareal, which included, among other things, updated
property valuations for all NPLs and a breakdown by loan status.
The breakdown differentiates loans in restructuring, loans in
foreclosure, and loans, which have already completed the
foreclosure process, but have a remaining balance outstanding.
This level of information, in combination with the insight on
Aareal's workout procedures, enabled Standard & Poor's to
determine the expected loss as of today.
  
Outstanding loan claims after foreclosure, which were already
addressed in Standard & Poor's CreditWatch placement, make up
only a minimal portion in each of the two nonperforming
subpools.  Since these claims are not secured by mortgages any
longer, Standard & Poor's has assumed in its analysis that their
current balance is a net loss as of Sept. 29. Loans that are
currently in foreclosure were assumed to complete the workout
procedures, whereas Standard & Poor's assumed a 50% foreclosure
frequency for the loans in restructuring.  Loans in foreclosure
make up the majority of both subpools of NPLs.  However, the
ratio of loans in restructuring versus loans in foreclosure is
approximately 1:2.
  
When assessing the loss severity on loans in foreclosure or
restructuring, Standard & Poor's expected the loans to recover
an amount equal to the new valuation of the property backing
them.  This is due to the strongly conservative mechanism
applied by Aareal when deriving these valuations.  Standard &
Poor's did not consider it necessary to further stress these
valuations, but applied adjusted market value decline
assumptions to the original valuations provided for the
performing parts of both transaction pools.
  
The detailed analysis of the valuation declines for the subpools
of NPLs showed that multifamily and other buy-to-let properties
have demonstrated the sharpest decreases.  Furthermore,
properties in rural areas have experienced more severe valuation
corrections than those in urban areas.
  
For the cumulative foreclosure proceeds over the lifetime of
both transactions, Standard & Poor's analysis revealed that,
contrary to previous assumptions, there have been more
substantial proceeds in the past.  For the time being, however,
Standard & Poor's has not been provided with precise
quantitative information on this subject.  
  
In the case of PROVIDE HOME 2001-1, the results of the analysis
showed that the currently expected loss would lead to a
substantial exhaustion of the first-loss piece.  In combination
with the future expected losses on the performing part of the
reference pool, Standard & Poor's analysis revealed that the
resulting enhancement levels are not sufficient to warrant the
current ratings on the class B, C, and D notes in the
transaction.  The lowering of the ratings on these classes of
notes reflects the significantly increased likelihood of loss
allocation to rated notes in the transaction.
  
Given the fact that actual loss allocation so far has been
marginal, but loans in foreclosure have built up, Standard &
Poor's will closely monitor the further development of the
defaulted pool with regard to loss crystallization and actual
foreclosure proceeds.  If, at any time, actual loss allocation
differs from current expectations, further rating refining can
occur.
  
The analysis of PROVIDE HOME 2002-1 and the expected erosion of
the first-loss piece demonstrated that, for the time being, the
resulting enhancement levels are still sufficient to maintain
the ratings on the notes.  Hence, the ratings have been removed
from CreditWatch negative and affirmed.  Given the comparably
high amount of NPLs, however, Standard & Poor's considers it
necessary to continue its close monitoring of defaults and
credit events in the transaction.  

As with PROVIDE HOME 2001-1, the actual loss crystallization
will be critical to future rating decisions.  Further increases
to the subpool of defaulted reference claims and reference
claims in credit event are likely to put the ratings on the
notes under pressure.
  
                       Ratings List
  
           Class                      Rating
           -----                      ------
                        To                      From
                        --                      ----  

                  PROVIDE HOME 2001-1 PLC
             EUR120.05 Million Credit-Linked Notes
  
Ratings Removed From CreditWatch With Negative Implications
And Lowered

          B              A+                     AA/Watch Neg
          C              BBB                    A+/Watch Neg
          D              BB                     BBB/Watch Neg
  
Ratings Affirmed
          
          A              AAA
          A+             AAA
  
                      PROVIDE HOME 2002-1 PLC
        EUR53.6 Million Floating-Rate Credit-Linked Notes
  
Ratings Removed From CreditWatch With Negative Implications
And Affirmed
  
          C              A                      A/Watch Neg
          D              BBB                    BBB/Watch Neg
          E              BB                     BB/Watch Neg
  
Ratings Affirmed

          A1+            AAA
          A2+            AAA
          B              AA


PURSUIT MEDIA: Claims Registration Ends Nov. 3
----------------------------------------------
Creditors of Pursuit Media Limited have until Nov. 3 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  
Antony Robert Fanshawe of Fanshawe Lofts at:

         Antony Robert Fanshawe
         Fanshawe Lofts      
         41 Castle Way
         Southampton SO14 2BW
         United Kingdom

The company can be reached at:

         Pursuit Media Limited
         17 Willow Street
         Hackney
         London EC2A4BH
         United Kingdom
         Tel: 020 7729 6336


REFCO INC: Will Pay US$705 Million to Resolve All Secured Claims
----------------------------------------------------------------
Refco Group Ltd., LLC and its affiliated debtors received
approval from the U.S. Bankruptcy Court for the Southern
District of New York, on Sept. 27, 2006, to pay its secured
creditors, including a group of banks led by Banc of America
Securities, as agent, approximately US$705 million to settle all
secured claims against Refco.

"We are very pleased with the Court's decision," said Refco's
Chief Restructuring Officer David Pauker, who testified at the
hearing.  "The approval of this settlement was a necessary step
toward effecting the global settlement, obtaining approval of
the Debtor's bankruptcy plan and making distributions to
unsecured creditors."

Under the terms of the settlement approved by the Court, Refco's
secured lenders will receive payment in full of principal, plus
interest at the contract rate, through the payment date, but
have agreed to forego payment of default interest. In addition,
the Debtors, lenders and certain third parties will exchange
mutual releases.

In papers filed with the Bankruptcy Court, Refco said that the
agreement with the secured creditors was in the best interest of
the Refco estates and their creditors because, among other
things, it limits "potentially substantial secured claims for
additional interest, fees and indemnities."

                        About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262)


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

Some customers of Refco F/X Associates, LLC, the Ad Hoc
Committee of Equity Security Holders of Refco, Inc., and RH
Capital Associates, LLC, and Pacific Investment Management
Company, LLC, the lead plaintiffs in In re Refco Inc. Securities
Litigation, Case No. 05-Civ.-8626 (GEL), objected to the motion.

On Sept. 20, 2006, the Refco Debtors filed an Amended Proposed
Order with the Court.

The Amended Order clarifies that the Trigger Date in the Lender
Settlement will occur at the earlier of:

   (i) the Payment Date; and

  (ii) the date -- Other Trigger Date -- on which Bank of
       America, N.A., as administrative agent, notifies Refco
       Group, Inc., the Chapter 11 trustee for RCM, and the
       Creditors Committees in writing that a Trigger Date has
       occurred.

Whether or not a Trigger Date has occurred, however, the Debtors
party to the Loan Documents will use their reasonable best
efforts to raise the funds required to pay, and to pay the
amounts required to be paid as promptly as possible.

If the Other Trigger Date will have occurred, and, at the time
of the Other Trigger Date, the Debtors party to the Loan
Documents do not have sufficient funds to pay the amounts in a
lump sum, the Debtors will pay the amounts as soon as possible
after the Other Trigger Date from whatever funds are available
to them, provided that:

   (i) any partial payments will be made in increments of no
       less than US$1,000,000; and

  (ii) all amounts required to be paid will have been
       irrevocably paid in full and in cash not later than the
       Outside Payment Date.

The Amended Order also clarifies that the Lender Releases will
not include any person who is or was a director, officer,
employee, shareholder, affiliate, professional or advisor of a
Debtor or any affiliate of a Debtor, in that capacity.

The Amended Order also notes that payments from the BAWAG
Proceeds will reduce the Secured Claims against the Lenders'
Collateral.  If any Debtor, BAWAG, any other party-in-interest,
or their successors, assigns or representatives assert a claim
to or in respect of the BAWAG Proceeds allocated for the Lender
Settlement, the payments will be deemed to have been made from
the Collateral, and the claim will be asserted solely against
the Collateral unencumbered by the payments, and not against
BofA or any Lender.

Refco, LLC; its Chapter 7 trustee, Albert Togut; and Fimex
International, Ltd., have been removed from the list of
participating parties.

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

A revised list of participating parties is available at no
charge at http://ResearchArchives.com/t/s?124e

                        About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO: Three Parties Object to Accord with Prepetition Lenders
--------------------------------------------------------------
Refco Inc., and its debtor-affiliates and Marc Kirschner, the
Chapter 11 trustee for Refco Capital Markets, Ltd., asked the
U.S. Bankruptcy Court for the Southern District of New York to
approve a settlement agreement with Bank of America, N.A., and a
syndicate of lenders under an Aug. 5, 2004, credit agreement.

                         Objections

(1) FXA Customers

Some customers of Refco F/X Associates, LLC, object to the use
of their funds deposited with FXA to pay the Secured Lenders.

Specifically, the Ad Hoc Refco F/X Customer Committee; Forex
Capital Markets, LLC; Forex Trading, LLC; and New York
Financial, LLC, complain that the Debtors' request is silent as
to whether or how the Motion would affect or treat their funds,
which are being held by FXA or Refco Capital Markets, Ltd., for
their benefit.

Representing the FXA Customer Committee, Todd E. Duffy, Esq., at
Duffy & Amedeo LLP, in New York, contends that none of the
Debtors hold any proprietary or ownership interest in the
financial accounts and funds of the FXA customers.  As a result,
the Debtors could not and did not grant a lien on or security
interest in and to the funds or accounts to the Lenders as
collateral for the obligations owed to the Lenders.

The FXA customers are parties to separate agreements with FXA,
pursuant to which the customers established trading accounts
with FXA and into which cash and other property were delivered
and maintained by FXA or RCM on the customers' behalf.

The FXA Customer Committee, on its members' behalf, intends to
file an adversary proceeding to (i) determine that the Financial
Assets held and maintained by FXA or RCM are not the Debtors'
property, but rather are property of its members, and (ii)
require FXA or RCM to return and transfer the Financial Assets
to its members based on several applicable legal theories,
including the imposition of a constructive trust.

Pending the filing of the adversary proceeding, the Debtors
remain obligated to ensure that the customer funds are not
wrongfully dissipated, Mr. Duffy asserts.

(2) Ad Hoc Equity Committee

The Ad Hoc Committee of Equity Security Holders of Refco, Inc.,
notes that approval of the Lender Settlement would predetermine
the outcome of the Creditors Committees' request to allocate
US$300,000,000 of the proceeds from the BAWAG Settlement.  The
creditors who support the Chapter 11 Plan will likely argue that
the BAWAG Allocation Motion should be approved because approval
is necessary to effectuate the Lender Settlement.  That is not a
legitimate reason to approve the BAWAG Allocation Motion, Paul
N. Silverstein, Esq., at Andrews Kurth LLP, in New York,
contends.

The Ad Hoc Equity Committee intends to object to the BAWAG
Allocation Motion on numerous grounds, including that:

   (i) Refco Group Ltd., LLC, is not entitled to US$300,000,000
       of the BAWAG settlement; and

  (ii) the Court must allocate all the BAWAG proceeds at one
       time, not in a piecemeal fashion.

The objections should not be litigated in the context of the
Lender Settlement, Mr. Silverstein tells Judge Drain.

The BAWAG Allocation Motion is scheduled for hearing first week
of October, a week after the hearing on the Lender Settlement.  
Objections to the BAWAG Allocation Motion are not due until
Oct. 2.

The Ad Hoc Equity Committee also believes that the Lender
Settlement is unnecessary because the Debtors could achieve the
same or better result by seeking authority to use estate
property to pay the Banks in full.

Mr. Silverstein explains that consideration to be received by
the Debtors under the Lender Settlement appears largely
illusory.  Mr. Silverstein notes that the claim for default
interest -- 2% per annum or about US$13,000,000 -- is a
relatively small amount in the context of the Debtors' cases,
and less than the amount of fees authorized to be paid, without
Court review, under the Lender Settlement.  The Lender
Settlement does not require the Banks to release their disputed
claims against Refco, Inc., which is neither a party to, nor
guarantor of, the Credit Agreement.

The Banks should be required to release the proofs of claim they
filed against all of the Debtors, Mr. Silverstein maintains.

The Ad Hoc Equity Committee consists of JMB Capital Partners,
LP; Lonestar Capital Management, LLC; Mason Capital Management;
Smith Management LLC; and Triage Management LLC.

(3) Securities Plaintiffs

RH Capital Associates, LLC, and Pacific Investment Management
Company, LLC, the lead plaintiffs in In re Refco Inc. Securities
Litigation, Case No. 05-Civ.-8626 (GEL), seek a clarification
that the release of the Lenders under the Settlement is not
intended to impact, in any way, the Lead Plaintiffs' claims for
violations of federal securities laws against Banc of America
Securities, LLC; Credit Suisse First Boston; and Deutsche Bank
Securities, Inc.

The Proposed Order is broad and ambiguous and may be interpreted
to provide a more all-encompassing release to the Lenders and
others than intended by the parties to the Settlement, Michael
S. Etkin, Esq., at Lowenstein Sandler PC, in New York, explains.

                        About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


ROYAL & SUNALLIANCE: A.M. Best Places C++ Rating Under Review
-------------------------------------------------------------
A.M. Best Co. has placed the financial strength ratings of C++
(Marginal) and the issuer credit ratings of "b" of the Royal &
SunAlliance USA 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 part of this transaction, R&SA will infuse $287.5 million
into its U.S. subsidiaries to facilitate the ongoing run-off of
R&SAUS and RSLIC's existing liabilities.  Subsequently,
Arrowpoint Capital is purchasing R&SAUS and RSLIC for $300
million in deferred consideration, which will be based on the
future performance of the run-off of the liabilities being
transferred in the sale.  R&SAUS and RSLIC ceased writing new
business in 2003 and have been in run-off since then.

A.M. Best will review the impact of this transaction on the U.S.
subsidiaries' risk-adjusted capitalization as well as
management's operational plans for the newly formed company.

A.M. Best anticipates finalizing its review following the
completion of the sale to Arrowpoint Capital and discussions
with management, which are expected by year-end 2006.

The FSR of C++ (Marginal) and the ICRs of "b" have placed under
review with developing implications for Royal & SunAlliance USA
Insurance Pool and its following members:

    -- Royal Indemnity Company
    -- Security Insurance Company of Hartford
    -- Guaranty National Insurance Company

The FSR of C++ (Marginal) and the ICR of "b" have placed under
review with developing implications for Royal Surplus Lines
Insurance Company.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.


SAVILLE TRACTORS: Hires Joint Administrators from BDO Stoy
----------------------------------------------------------
C. K. Rayment and S. Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of Saville Tractors Ltd. (Company
Number 00376443) 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 Sheffield, United Kingdom, Saville Tractors
Ltd. -- http://www.savilles.com/-- wholesales industrial  
machinery and equipment.


SCRATCH & NEWTON: Taps BDO Stoy as Joint Administrators
-------------------------------------------------------
Toby Underwood and Matthew Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Scratch & Newton Ltd. (Company
Number 04926162) on Sept. 19.

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 Leeds, United Kingdom, Scratch & Newton Ltd.
retails animal hutches.


TOP TEMPS: Names Simon Gwinnutt as Administrator
------------------------------------------------
Simon Gwinnutt of Smith Cooper was appointed administrator of
Top Temps Recruitment Ltd. (Company Number 03967266) on
Sept. 15.

The administrator can be reached at:

         Smith Cooper
         Wilmot House
         St James Court
         Friar Gate
         Derby
         Derbyshire DE1 1BT
         United Kingdom
         Tel: 01332 332021
         Fax: 01332 290439
         E-mail: smg@smithcooper.co.uk

Top Temps Recruitment Ltd. can be reached at:

         Forefront House
         26 Moorgate Street
         Rotherham
         South Yorkshire S60 2DA
         United Kingdom
         Tel: 01709 376 386


TOP WOK: Creditors' Meeting Slated for October 6
------------------------------------------------
Creditors of Top Wok (Aul) Ltd. (Company Number 4132832) will
meet at 2:00 p.m. on Oct. 6 at:

         Lines Henry
         6th 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
         6th Floor
         Grafton Tower
         Stamford New Road
         Altrincham
         Cheshire WA14 1DQ
         United Kingdom


VETERINARY PRACTICE: Hires PwC to Administer Assets
---------------------------------------------------
Robert William Birchall and Stephen Mark Oldfield of
PricewaterhouseCoopers LLP were appointed joint administrators
of Veterinary Practice Initiatives Ltd. (Company Number
03145771) 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.  

Veterinary Practice Initiatives Ltd. can be reached at:

         Unit 2 Salar House
         61 Campfield Road
         St. Albans
         Hertfordshire AL1 5HT
         United Kingdom
         Fax: 01727 739 607


VINYL LOGISTICS: Appoints David Field as Liquidator
---------------------------------------------------
David Field of Centrum Recovery was appointed Liquidator of
Vinyl Logistics Limited on Sept. 5 for the creditors' voluntary
winding-up proceeding.

Headquartered in Newark, U.K., Vinyl Logistics Limited is a
distributor of sign makers' equipment and materials.


WINDOWMERE LIMITED: Taps Joint Liquidators from Harrisons
---------------------------------------------------------
Kenneth Webster Marland and John Neil Harrison of Harrisons were
appointed Joint Liquidators of Windowmere Limited on Sept. 15
for the creditors' voluntary winding-up procedure.

Headquartered in Wellingborough, U.K., Windowmere Limited --
http://www.windowmere.co.uk/-- installs conservatories, windows  
and doors.  The company also manufactures window frames, roofs
and supplies of Aztec Roofing Systems.


WINLEASE LIMITED: Appoints Ernst & Young as Administrators
----------------------------------------------------------
Roy Bailey, Alan Bloom and Angela Swarbrick of Ernst & Young LLP
were appointed joint administrators of Winlease Limited (Company
Number 03239625) on Sept. 18.

Ernst & Young -- http://www.ey.com/-- helps 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.

Winlease Limited can be reached at:

         4 Clarendon Place
         King Street
         Maidstone
         Kent ME14 1BQ
         United Kingdom


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates      
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)  

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, and Joy Agravante, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *