TCREUR_Public/061005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 5, 2006, Vol. 7, No. 198   

                            Headlines


A U S T R I A

BAWAG PSK: Potential Buyers Commence Review of Accounts
DAAP: Claims Registration Period Ends October 19
DEUTSCHMANN: Claims Registration Period Ends October 9
FASSADEN KARA: Claims Registration Period Ends October 31
I-PENTA: Claims Registration Period Ends October 27

NI TIEYUE: Claims Registration Period Ends October 23
PRLE-TRANS: Claims Registration Period Ends October 26
SCHARLER PUTZE: Creditors' Meeting Slated for October 12


B E L G I U M

ADVANCED MICRO: Intel Antitrust Trial Scheduled on April 2009


B U L G A R I A

PETROL AD: Fuel Supply Dependence Cues Moody's to Put B2 Rating
PETROL AD: Fitch Assigns B- Rating on EUR100 Million Notes
PETROL AD: High Leverage Spurs S&P to Assign B- Credit Ratings


D E N M A R K

TDC A/S: Selling Dankort Terminal Portfolio to Point Transaction
TDC A/S: Gets Invitation to Subscribe Ordinary Shares in NTCI


F I N L A N D

RADNOR HOLDINGS: Committee Retains Greenberg Traurig as Counsel
RADNOR HOLDINGS: Gets Court Nod to Hire Skadden Arps as Counsel
RADNOR HOLDINGS: Court Approves US$103 Million DIP Financing


F R A N C E

ALCATEL SA: Inks EUR25 Million Next-Generation Network Contract
AMC ENTERTAINMENT: Moody's Assigns Loss-Given-Default Ratings


G E O R G I A

METROMEDIA INT'L: Filing Ch. 11 Plan to Consummate Asset Sale
METROMEDIA INT'L: Magticom Earns US$63.4 Million in Fiscal 2005


G E R M A N Y

AVIPA GMBH: Claims Registration Ends October 16
BENTIEN-BAU: Claims Registration Ends October 13
CARASYN PLASTICS: Claims Registration Ends October 15
E. INSELSBERGER: Claims Registration Ends October 9
FE-TUER GMBH: Claims Registration Ends October 10

FSG-FEUERSCHUTZGERATE: Claims Registration Ends October 10
GHZ GMBH: Claims Registration Ends October 14
GUENTHER MESSNER: Claims Registration Ends October 12
HEIZUNGS- UND LUEFTUNGSBAU: Claims Registration Ends October 12
INTAKT FREIZEIT: Claims Registration Ends October 11

JAFRA WORLDWIDE: Moody's Assigns Loss-Given-Default Rating
JOSEF KRINGS: Claims Registration Ends October 16
K.-H. BECKER: Claims Registration Ends October 9
LENTZ KG: Claims Registration Ends October 16
NGT NORDDEUTSCHE: Claims Registration Ends October 12

XNA GMBH: Claims Registration Ends October 16


I R E L A N D

NOMOS CAPITAL: Moody's Rates Loan Participation Notes at B1


I T A L Y

ALITALIA SPA: State Council Restarts Bidding Process for Volare
FIAT SPA: Buys Back Commerzbank's Ferrari Stake for EUR260 Mln
REVLON CONSUMER: Moody's Assigns Loss-Given-Default Ratings
VOLARE GROUP: State Council Orders New Bidding Process


K A Z A K H S T A N

ALB FINANCE: Fitch Assigns Upcoming Eurobond Expected BB- Rating
ATYRAU-LOGISTIC: Creditors Must File Claims by Oct. 27
BAS: East Kazakhstan Court Opens Bankruptcy Proceedings
FOSTER ALLIANCE: Creditors Must File Claims by Oct. 27
HADIS-A: Proof of Claim Deadline Slated for Oct. 27

INVAR-PLUS: Proof of Claim Deadline Slated for Oct. 27
KASKOR INVEST: Claims Registration Ends Oct. 27
SHTRIH GROUP: Claims Registration Ends Oct. 27
SP-TOMAKS: Creditors' Claims Due Oct. 27
TOGJAN: Creditors' Claims Due Oct. 27


K Y R G Y Z S T A N

BEST ONE: Claims Registration Ends Nov. 12
DELIVER: Proof of Claim Deadline Slated for Nov. 12


L U X E M B O U R G

NORTEL NETWORKS: Partners with Golden West in Wireline Deal


N E T H E R L A N D S

ECHOSTAR COMMS: Fitch Rates Unit's US$500-Mln Sr. Notes at BB-
HARBOURMASTER CLO 6: Fitch Keeps BB Ratings on EUR25.3-Mln Notes
MONASTERY 2006-I: Moody's Rates Class E Notes at (P)Ba2


P O L A N D

POLSKA TELEFONIA: Moody's Withdraws Low-B Ratings


R U S S I A

ASPHALT-CONCRETE 2: Bankruptcy Hearing Slated for Oct. 2
DIARY: Krasnodar Court Names B. Fridman as Insolvency Manager
DVINSKIYE LESOPROMYSHLENNIKI: Assets Sale Slated for Oct. 13
GAZPROM OAO: Doubles First-Quarter Earnings to RUR191 Billion
KOLYMA-GOLD: Court Names G. Chmutina as Insolvency Manager

KOLYMSKIY: Magadan Court Names G. Chmutina as Insolvency Manager
METROMEDIA INT'L: Filing Ch. 11 Plan to Consummate Asset Sale
METROMEDIA INT'L: Magticom Earns US$63.4 Million in Fiscal 2005
MIKHAYLOVSKAYA SEL-KHOZ-TEKHNIKA: S. Roshin to Manage Assets
NAKHODKINSKIY FISH-FACTORY: V. Minkina to Manage Assets

NOVOTORYALSKIY BUTTER: N. Smyshlyaev to Manage Insolvency Assets
PROMSVYAZBANK: Moody's Rates Loan Participation Notes at Ba3
ROSBANK OJSC: Stake Acquisition Cues S&P to Lift Ratings to B+/B
ROSNEFT OIL: Aims to Borrow US$20-Bln Loan to Buy Yukos Assets
SLAVINVESTBANK: Moody's Assigns B1 Rating on Stake Purchase Plan

SOUVENIR: Mariy El Court Names E. Dunaev as Insolvency Manager
SPETS-MONTAGE-STROY: Court Starts Bankruptcy Supervision
TENKINSKOYE TRANSPORT: Creditors Must File Claims by Nov. 2
TRUST: Court Names A. Trenkler as Insolvency Manager
UCHALINSKIY FEED: Creditor Must File Claims by November 2

URALVNESHTORGBANK: Merger Spurs Moody's to Review B2 Rating
VERKHOVSKIY CONCENTRATED: Bankruptcy Hearing Slated for Nov. 2
WOODWORKING COMPANY: Kirov Court Starts Bankruptcy Supervision
YUKOS OIL: Rosneft Taps Banks for US$20-Bln Loan to Buy Assets
YUKOS OIL: Court Orders US$1.6-Bln Payment of 2004 Tax Fines


S P A I N

AFFILIATED COMPUTER: Stock Option Probe Delays Form 10-K Filing
AFFILIATED COMPUTER: Form 10-K Filing Delay Cues S&P's Downgrade
AMC ENTERTAINMENT: Moody's Assigns Loss-Given-Default Ratings
ECHOSTAR COMMS: Fitch Rates Unit's US$500-Mln Sr. Notes at BB-
PYME BANCAJA: Moodys Assigns (P)C Rating on EUR28.8-Mln Notes

REVLON CONSUMER: Moody's Assigns Loss-Given-Default Ratings


S W I T Z E R L A N D

AFFILIATED COMPUTER: Stock Option Probe Delays Form 10-K Filing
AFFILIATED COMPUTER: Form 10-K Filing Delay Cues S&P's Downgrade


T U R K E Y

DENIZBANK A.S.: Turkish Bank Regulator Approves Dexia's Takeover
YAPI VE KREDI: Fitch Upgrades Individual Rating to D on Merger


U K R A I N E

INFA DONETSK: Creditors Must File Claims by October 8
INTEM: Kyiv Court Names Olena Zolotoverh as Insolvency Manager
KURS: Sevastopol Court Starts Bankruptcy Supervision
PARITET: Court Names Ludmila Karpachova as Insolvency Manager
SILSKIJ GOSPODAR: Court Names Igor Hlibejchuk as Liquidator

SPETSBUD: Sumi Court Names Artem Oskorbin as Insolvency Manager
STROMATSEMENT: Court Names Vitalij Paterilov as Liquidator
UKRTEHSERVICE: Poltava Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

A L SOLUTIONS: Names Stephen John Burkinshaw Liquidator
ABC DEMOLITION: Names Administrator from K.J. Watkin
AMARANTH ADVISORS: Losses Prompt SEC to Probe Hedge Funds
AMARANTH ADVISORS: Retains Fortress Investment as Sub-Advisor
AMBROSDEN COURT: Creditors' Meeting Slated for October 9

ASSURED CATERING: Appoints Liquidator from Poppleton & Appleby
BERLIN LIMITED: Appoints Administrators from Moore Stephens
BRAUNSTONE MOTOR: Creditors Confirm Liquidator's Appointment
BRITISH UNITED: Brings In P&A to Administer Assets
CHANCELLORS MILLER: Claims Filing Period Ends Dec. 8

CHRISTIES WHOLESALE: Concept Store Up for Sale
COLLINS & AIKMAN: Taps Hilco to Appraise Williamston Equipment
COLLINS & AIKMAN: Inks Pact Regarding GM's Lift-Stay Request
COMPASS INTERMEDIARIES: Claims Registration Ends Dec. 19
CUPPA VENDING: PwC Selling Vending Machine Operator

DEEJAY SERVICES: Taps Tenon Recovery as Joint Administrators
EASTMAN KODAK: Names Frank Sklarsky as Chief Financial Officer
ENRON CORP: Distributes US$3.4 Billion to Creditors
FLORISTS ONLINE: Taps Colin Burke to Liquidate Assets
FORD MOTOR: Improvement to Show in 2007 Second Half, Says CFO

GENERAL MOTORS: Amends Bylaws & Corporate Governance Policies
GENERAL MOTORS: Nissan COO Says Talks Will End in Mid-October
GROVE RESTAURANTS: Creditors Confirm Voluntary Liquidation
HAMMERKOP LIMITED: Joint Liquidators Take Over Operations
HARBOURMASTER CLO 2: Fitch Affirms BB Rating on EUR8-Mln Notes

HOOK ME: Appoints Robert Gibbons to Liquidate Assets
I P NETWORKS: Hires Peter Nottingham to Liquidate Assets
INLINE SALES: Robert Day Leads Liquidation Procedure
ISLE OF CAPRI: Moody's Assigns Loss-Given-Default Ratings
J HARPER: Calls In Liquidator from O'Hara & Co.

K.C. ELECTRONICS: Taps Liquidators from Begbies Traynor
KERBVALE LIMITED: Names David William Tann Liquidator
KOG INTERNATIONAL: Hires Joint Administrators from Menzies
KWIK CARS: Brings In Liquidator from Haines Watts
LOXLEY CIVILS: Liquidators Set Dec. 31 Claims Bar Date

MALEHURST TIMBER: Hires Liquidator from Rooney Associates
MEARS CONSTRUCTION: Appoints Liquidators from RMT
MORELAND FREIGHT: Names Jeremy N. Bleazard as Administrator
NG BARS: Brings In Vantis Redhead as Administrators
NORTEL NETWORKS: Partners with Golden West in Wireline Deal

OAKWOOD UTILITIES: Claims Filing Period Ends Dec. 31
PARADIGM DESIGN: Creditors' Claims Due Oct. 17
PARSONS TRUCK: Brings In KPMG to Administer Assets
PHOENIX LARGE: Creditors Confirm Liquidators' Appointment
Q4 SYNERGY: Hires Joint Liquidators from BDO Stoy Hayward

RANGE SERVICE: Nominates Ashok K. Bhardwaj as Liquidator
REVLON CONSUMER: Moody's Assigns Loss-Given-Default Ratings
RICHPORT SERVICES: Creditors' Meeting Slated for October 11
ROBERT ABBOTT: Brings In Joint Liquidators from Berg Kaprow
SCOTTISH RE: Faces Securities Fraud Lawsuits in New York

SCOTTISH RE: Props Up Liquidity with US$120-Mln Reinsurance Deal
SEMGROUP L.P.: Moody's Rates US$250-Mln Add-On Notes at B1
SEMGROUP L.P.: Fitch Assigns B+/RR3 Rating to US$250 Mln Notes
SHARMA GROUP: Appoints Gerard Keith Rooney as Liquidator
SITE BUILDING: I. D. Holland Leads Liquidation Procedure

SOLUTIA INC: Extends Pharmacia & Monsanto Bar Date to Feb. 2007
SOLUTIA INC: Can Implement 2006 Annual Incentive Program
SOUND MONSTERS: Appoints David R. Elliott to Administer Assets
STREETVISION LIMITED: Taps Filippa Connor to Liquidate Assets
TAMS GROUP: Pottery Business Up for Sale

TEMPORARY COMPANY: Taps Leonard Curtis as Joint Administrators
UVINE.COM LIMITED: Elwell Watchorn Selling Fine Wine Exchange
VIMORI RACING: Calls In Liquidator from Begbies Traynor
WORDMAP LIMITED: BDO Stoy Hayward Selling Software Firm
WYKES LIMITED: RSM Robson Rhodes Selling Yarn Manufacturer

                            *********

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


BAWAG PSK: Potential Buyers Commence Review of Accounts
-------------------------------------------------------
Osterreichischer Gewerkschaftsbund (OeGB), parent of Bawag
P.S.K., has allowed possible buyers to begin due diligence of
the bank's accounts, Ben Marlow writes for The Business.

According to the report, the list of interested buyers that
passed the second round of bidding include:

   -- Kohlberg Kravis Roberts (KKR),
   -- Lone Star,
   -- Cerberus Capital Management,
   -- JC Flowers & Co.,
   -- BayernLB, and
   -- Dresdner Bank.

Morgan Stanley, which facilitates the sale, began inviting bids
after Bawag inked a US$675 million settlement deal with Refco
Inc. investors.  Around 40 parties submitted their bids for the
Austrian bank.

As reported in TCR-Europe on Sept. 5, OeGB had disclosed that it
prefers to sell the bank as a whole and not in pieces indicating
that the purchaser can break up the bank after the sale.  OeGB
has placed Bawag on the trading table following the bank's
alleged role in the collapse of Refco.

Bankers and analysts expect the sale to raise between EUR2
billion to EUR2.5 billion for OeGB.

The bank is currently the focus of an in-depth probe by Austrian
prosecutors over a US$2-billion loss scandal.

                         About BAWAG

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

                        *     *     *

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

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

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

These ratings were downgraded as part the rating action:

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

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

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

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

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

These ratings are under review for possible downgrade:

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


DAAP: Claims Registration Period Ends October 19
------------------------------------------------
Creditors owed money by LLC DAAP (FN 261897v) have until Oct. 19
to file written proofs of claims to court-appointed property
manager Caroline Klus at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Nov. 2 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 1 (Bankr. Case No. 5 S 124/06d).  Wolfgang Leitner
represents Mag. Klus in the bankruptcy proceedings.


DEUTSCHMANN: Claims Registration Period Ends October 9
------------------------------------------------------
Creditors owed money by LLC Deutschmann (FN 221402t) have until
Oct. 9 to file written proofs of claims to court-appointed
property manager Johann Jalovetz at:

         Dr. Johann Jalovetz
         Postgasse 6/IV
         9500 Villach, Austria
         Tel: 04242/28896
         Fax: 04242-28896-6
         E-mail: rajw@inode.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 16 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         2nd Floor
         Klagenfurt, Austria

Headquartered in Finkenstein, Austria, the Debtor declared
bankruptcy on Sept. 1 (Bankr. Case No. 41 S 95/06b).  


FASSADEN KARA: Claims Registration Period Ends October 31
---------------------------------------------------------
Creditors owed money by LLC Fassaden Kara (FN 254824t) have
until Oct. 31 to file written proofs of claims to court-
appointed property manager Martin Koroschetz at:

         Dr. Martin Koroschetz
         Hauptstrasse 8
         2540 Bad Voeslau, Austria
         Tel: 02252/251251
         Fax: 02252/251251-5
         E-mail: dr.koroschetz@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 14 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Bad Voeslau, Austria, the Debtor declared
bankruptcy on Sept. 1 (Bankr. Case No. 11 S 89/06h).  


I-PENTA: Claims Registration Period Ends October 27
---------------------------------------------------
Creditors owed money by LLC i-penta (FN 215188d) have until
Oct. 27 to file written proofs of claims to court-appointed
property manager Otmar Schimana at:

         Dr. Otmar Schimana
         c/o Dr. Markus Kostner
         Schoepfstrasse 6 a
         6020 Innsbruck, Austria
         Tel: 0512/561570
         Fax: 0512/56157015
         E-mail: office@schimana.com  
                 markus.kostner@aon.at  
  
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Nov. 13 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Hall 212
         2nd Floor
         New Building
         Maximilianstrasse 4
         5020 Innsbruck, Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Sept. 1 (Bankr. Case No. 19 S 85/06g).  Markus
Kostner represents Dr. Schimana in the bankruptcy proceedings.  
Dr. Klaus Vergeiner represents the Debtor in the bankruptcy
proceedings.


NI TIEYUE: Claims Registration Period Ends October 23
-----------------------------------------------------
Creditors owed money by LLC Ni Tieyue (FN 163362p) have until
Oct. 23 to file written proofs of claims to court-appointed
property manager Johannes Welzl at:

         Mag. Johannes Welzl
         Hauptplatz 21
         4020 Linz, Austria
         Tel: 77 34 61
         Fax: 78 27 32
         E-mail: j.welzl.ra@rae-jlw.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 6 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 552
         5th Floor
         Linz, Austria

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on Aug. 29 (Bankr. Case No.  12 S 74/06d).  


PRLE-TRANS: Claims Registration Period Ends October 26
------------------------------------------------------
Creditors owed money by LLC Prle-Trans (FN 219892x) have until
Oct. 26 to file written proofs of claims to court-appointed
property manager Christiane Pirker at:

         Dr. Christiane Pirker
         Hasenhutgasse 9 Haus 3
         1120 Vienna, Austria
         Tel: 817 57 57
              817 57 67
         Fax: 817 57 55 17
         E-mail: Dr.Christiane.Pirker@chello.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 9 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 28 (Bankr. Case No. 6 S 72/06i).  


SCHARLER PUTZE: Creditors' Meeting Slated for October 12
--------------------------------------------------------
Creditors owed money by LLC Scharler Putze (FN 154815 w) are
encouraged to attend the creditors' meeting at 3:30 p.m. on
Oct. 12 to consider the allocation and adoption of final
decision.

The creditors' meeting will be held at:

         The Land Court of Graz
         Hall L (Room 230)
         2nd Floor
         Marburgerkai 49
         8010 Graz, Austria
         Vienna, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on June 9, 2000 (Bankr. Case No. 25 S 211/00t).  Helmut Schmid
serves as the court-appointed property manager of the bankrupt
estate.  Helmut Caks represents the Debtor in the bankruptcy
proceedings.

The property manager can be reached at:

         Mag. Helmut Schmid
         Kalchbergg. 8
         8010 Graz, Austria
         Tel: 0316/82 87 17
         Fax: 0316/82 95 26-79

The Debtor's Representative can be reached at:

         Mag. Helmut Caks
         Friedrichgasse 6/I/8
         8010 Graz, Austria
         Tel: 0316/81 14 55


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B E L G I U M
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ADVANCED MICRO: Intel Antitrust Trial Scheduled on April 2009
-------------------------------------------------------------
The U.S. District Court for the District of Delaware is set to
begin trial on Advanced Micro Devices Inc.'s antitrust case
against Intel Corp. on April 2009, Don Clark at The Wall Street
Journal reports.

According to The Journal, the Honorable Joseph Farnan had
earlier dismissed a substantial portion of AMD's complaint
saying they were not covered by U.S. law.

The rival chipmakers are embroiled in a dispute over Intel's
alleged monopolistic practices.  Reuters reports that AMD has
accused Intel of gaining market share by forcing major customers
not to buy AMD products and offering rebates.  Intel countered
by asking the Court to dismiss AMD's case.  

According to Reuters, Judge Farnan ruled that AMD failed to show
proof that Intel's practices had a direct effect on AMD's
operations, in order to permit a U.S. antitrust claim.

Mr. Clark writes that AMD and Intel continue to disagree over
the meaning of the Court's ruling.   The Court has directed the
two companies to work with a court-appointed special master on
discovery-related matters.

                             About AMD

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE:AMD) -- http://www.amd.com/-- is a global provider of  
microprocessor solutions for computing, communications and
consumer electronics markets.

                         *    *     *

As reported in TCR-Europe on July 27, Moody's Investors Service
placed the ratings of Advanced Micro Devices, Inc. under review
for possible downgrade following an agreement to acquire ATI
Technologies for approximately US$5.4 billion.

Financing is expected to consist of approximately US$4.2 billion
of cash and US$1.2 billion of AMD's common stock.  ATI, with
approximately US$2.2 billion of latest twelve month revenues, is
a leading vendor or graphics processors that enhance the display
of PC's, portable devices, and other consumer electronics
devices and is based in Toronto Canada.  The acquisition, which
has been approved by both boards of directors, is expected to
close by the fourth quarter of 2006 and is subject to customary
approvals and consents.

Ratings under review for downgrade include the Company's Ba3
Corporate Family Rating; B1 rating of its Senior unsecured note
US$390 million due 2012; (P)Ba3 rating of its Senior secured
shelf registration; (P)B1 rating of its Senior unsecured shelf
registration; (P)B2 rating of its Subordinated shelf
registration; and (P)B3 rating of its Preferred stock shelf
registration.


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===============


PETROL AD: Fuel Supply Dependence Cues Moody's to Put B2 Rating
---------------------------------------------------------------
Moody's Investors Service assigned B2 long term foreign and
local currency Corporate Family Ratings to Petrol AD and a
P(B3) foreign currency senior unsecured Rating on the proposed
EUR100 million Eurobond Notes.  The outlook is stable.  The
rating on Petrol's bond is provisional, subject to final
documentation.  This is the first time that Moody's has assigned
credit ratings to Petrol.

"Petrol is Bulgaria's only nationwide fuel retailer and
therefore benefits from its network, as well as its storage
assets", says Philipp Lotter, a Vice President -- Senior Credit
Officer at Moody's.  "At the same time, the company lacks
downstream integration due to its reliance on external fuel
supply and is therefore exposed to the risks inherent with
volatile commodity prices", Lotter adds.

Moody's states that Petrol's ratings reflect:

   -- the group's leading position in fuel distribution
      in Bulgaria with around 19% of the fuel retail market
      and 23% of the wholesale market,

   -- its strong asset base as Petrol owns the only
      nationwide retail network, three import terminals
      and storage capacity representing 75% of the
      country's capacity combined with a strong supply chain,    

   -- good growth opportunities with Bulgaria's growing
      economy and the expected fuel retail market
      consolidation,

   -- expected improvement in its cash flow generation due
      to its modernization program to increase productivity
      and like-for-like sales as well as the expansion of
      its franchising agreements with independent retailers.

Moody's adds that Petrol's ratings are constrained by:

   -- the group's long term dependence on OAO Lukoil for
      fuel supply and for the financing of a large part of
      its retail network investments to date,

   -- increasing competition from international players
      leading to declining margins,

   -- a large investment program to modernize its retail
      network and its storage capacity,

   -- lack of integration and diversification, leaving
      Petrol exposed to commodity price risk.

Moody's states that Petrol's ratings are stable.  To support the
ratings, Moody's expects the company to produce growing cash
flow going forward, thereby improving its credit metrics.
Moody's also expects Petrol to refinance its secured debt
shortly after the Eurobond issue.  However due to the high level
of secured debt held at its immediate parent company, Petrol
Holding, and at Naftex Petrol EOOD, Petrol's main subsidiary,
the Eurobond Notes are notched down from the Corporate Family
Rating to (P)B3.

Petrol AD, based in Sofia, is Bulgaria's largest fuel retailer
and the second-largest fuel wholesaler.  At year-end 2005,
Petrol had 460 retail stations.  Petrol sold 1.1 billion liters
of oil products in 2005. Total revenues in the first six months
of 2006 amounted to BGN632 million (EUR324 million).


PETROL AD: Fitch Assigns B- Rating on EUR100 Million Notes
----------------------------------------------------------
Fitch Ratings assigned Bulgaria-based Petrol AD a senior
unsecured rating of B- and an Issuer Default rating of B-.  The
Outlook on the IDR is Stable.  At the same time the agency has
assigned Petrol's upcoming issue of EUR100 million guaranteed
notes a senior unsecured rating of B- and a Recovery rating of
RR4.

The IDR reflects Petrol's strong position in Bulgaria's fuel
retail and wholesale sectors, its robust short- term liquidity
following the planned EUR100 million notes issue as well as its
flexibility in terms of capital expenditure and credit
enhancement for the Petrol AD group provided through the terms
of the notes.

In addition, Fitch does not expect any material impact to arise
from the various potential contractual breaches by Petrol in
relation to the group's main fuel supplier, Lukoil Bulgaria.
This view is based on the legal counsel provided by Petrol, the
commercial benefits for Lukoil from its supply arrangement with
Petrol and Petrol's capacity to source alternative supply.

Fitch also does not see any material impact arising from
Petrol's technical default on a BGN15 million bond maturing in
2008 because legal counsel has concluded that neither
acceleration nor recourse to guarantor Petrol Holding AD is
available to the existing bondholders.  

Petrol Holding AD is a majority shareholder of Petrol.  The
rating also incorporates the accounting quality of Petrol AD
group, given that its auditor qualified its 2004 and 2005
accounts.

The rating of the notes is the same as the IDR, reflecting the
average recovery prospects of the bond in the event of a
default.  This assessment takes into account certain contingent
liabilities of Petrol in respect of Petrol Holding AD and the
pledged assets at Petrol, which subordinate the claims of
unsecured noteholders.  However, Fitch views that the recovery
prospects of the notes would improve in coming years as Petrol
undertakes investments and increases the value of its un-pledged
assets.

Petrol is the leading fuel distributor in Bulgaria and operates
a retail and wholesale distribution business.  The group owns
and operates the country's largest chain of petrol stations
under both the Petrol and the Lukoil brands.  

In 2005 it supplied 357 million liters of fuel through its
retail network, yielding a 19% market share.  Its wholesale
business supplied 793 million liters of fuel, giving it a 23%
market share.  The group also owns and operates 40 storage
facilities, including three port facilities that account for
approximately 75% of Bulgaria's total fuel storage capacity.

The retail and wholesale business segments have historically
accounted for all of the group's profits.  Other activities,
which are loss-making, include transportation, maintenance and
repair, property rental and other non-core activities.  Petrol
is majority-owned and controlled by the privately owned Petrol
Holding AD.  Petrol AD group represents a very significant part
of Petrol Holding AD.

The proceeds from the EUR100 million issue of guaranteed notes
will be used to refinance a majority of Petrol's existing debt
and to provide liquidity for future capital expenditure.  As a
result, the average debt maturity at Petrol will significantly
increase.

The notes will be unconditionally and irrevocably guaranteed by
Petrol's subsidiary Naftex Petrol EOOD.  The notes are
unsecured, rank equally among themselves and include cross
default and negative pledge provisions.  The notes will carry
restrictions on additional debt, certain payments, disposals,
mergers, and transactions with affiliates, but contain no other
financial covenants.  The notes have a put option for a change
of control of Petrol.


PETROL AD: High Leverage Spurs S&P to Assign B- Credit Ratings
--------------------------------------------------------------  
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to Bulgaria-based petroleum product
distributor Petrol AD.  The outlook is stable.  At the same
time, Standard & Poor's assigned its 'B-' senior unsecured debt
rating to Petrol's proposed EUR100 million bond.
     
"The ratings on Petrol are constrained by the group's highly
leveraged financial profile, its narrow business and
geographical focus, and the group's weak corporate governance,"
said Standard & Poor's credit analyst Per Karlsson.  

The ratings are further constrained by strong competition in its
market, lack of consensus with its main supplier of products,
and the large amount of debt that matures in the short term.
     
"The ratings benefit from the group's position as Bulgaria's
leading petroleum products distributor, supported by an
advantageous logistics network," added Mr. Karlsson. Petrol's
adjusted debt at Dec. 31, 2005, was BGN290.6 million (about
US$190 million).

     
Petrol's governance practices show a number of weaknesses,
including a failure to prevent aggressive tax optimization
through trading in its own shares, which has resulted in losses
for the group to the benefit of its owners.  Furthermore, there
is a history of a high management fees being paid to the owning
entity.  From 2006, however, the fee was reduced to EUR1 million
per year from EUR7 million in 2005.  Nevertheless, management's
weak track record has a negative impact on the overall rating.

Going forward, Standard & Poor's expects that Petrol AD will
handle its cash management without any undue influence by the
parent company.  The ratings are further constrained by the lack
of consensus between Petrol and its main supplier, LUKoil OAO
regarding the retail supply agreement for a total of
BGN25.8 million.  The issues raised by the group's auditors in
their 2005 accounts are related to the transactions with LUKoil.
     
With its 460 retail stations, Petrol controls 19% of the
Bulgarian petroleum product retail market.  The industry is
competitive, with low margins, and, in contrast to its largest
competitors, Petrol lacks both integration with refining assets
and geographic diversification.  
     
A key advantage, however, is Petrol's control of the three main
facilities to store imported oil products in Bulgaria.  Petrol
controls 75% of the country's storage capacity and is therefore
virtually the only player that can import large product volumes
into Bulgaria.  In addition, Petrol's agreement with LUKoil
secures supply for 433 of its retail stores until 2016. The
agreement is, however, complex.  Although the likelihood of
Petrol breaching the terms of this agreement is small,
Standard & Poor's treats a trade loan at the Petrol Holding
level connected with this agreement as debt.     

Petrol's financial profile is highly leveraged.  The group
generated funds from operations of BGN20 million for the first
half year 2006, which amounted to about 14% of debt after
consolidating the Petrol Holding loan.  Petrol's free operating
cash flow was positive in 2005 and the first half of 2006, but
is expected to be negative until 2008, due to heavy investments.
     
"We expect that Petrol will be able to roll over short-term debt
or extend its maturity profile and will continue to gradually
improve its governance practices," continued Mr. Karlsson (in
particular, cash management will be carried out by Petrol AD).
Petrol is expected to continue to benefit from its position as
the leading petroleum distributor in Bulgaria.  
Standard & Poor's also expects that Petrol will be able to
maintain its current financial risk profile.


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


TDC A/S: Selling Dankort Terminal Portfolio to Point Transaction
----------------------------------------------------------------
TDC A/S has entered into an agreement to sell its business for
Dankort terminals to Point Transaction Systems A/S.  Point
already operates a terminal portfolio business in the Nordic and
Baltic regions.

"The agreement successfully concludes an investigation of the
strategic potential, and we are very content with this.  In TDC,
we focus on the growth areas broadband and mobile telephony, and
as Dankort terminals are not part of our core business, we
decided to dispose of it," says director at TDC Business Mr.
Klaus Pedersen.

The transfer affects some 30,000 terminals in approx. 18,000
Danish locations.  The service conditions remain unchanged, so
customers will be secured.  TDC and Point have concluded a
cooperation agreement to ensure as smooth and problem-free a
transfer as possible, and TDC will act as backup for Point for a
period subsequent to the transfer.

"Buying TDC's terminal business emphasizes our position as a
significant player in the market for eletronic payment devices.
We already hold a large terminal portfolio providing us with the
infrastructure necessary.  This will secure safety for the
customers in relation to the transfer," says CEO of Point
Transaction Systems, Mr. Gerner Nielsen.

The transfer will be effected on Dec. 15.  The affected
employees have all been offered new job assignments at TDC.

                        About TDC

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                        *     *     *

As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's
Issuer Default Rating at BB- with Stable Outlook and senior
secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


TDC A/S: Gets Invitation to Subscribe Ordinary Shares in NTCI
-------------------------------------------------------------
TDC A/S has received a notice from the board of directors of
Nordic Telephone Company Investment ApS informing that NTCI have
invited a group of approximately 40 senior executives, including
the current and the future Chief Executive Officer and the Vice
Chairman of the Board of Directors of TDC A/S to subscribe for
shares in NTCI.

NTCI is the ultimate Danish holding company in the group of
companies holding an ownership interest of approximately 88.2%
in TDC A/S.

The invitation relates to ordinary shares in NTCI.  The
Participants are offered to make a fully paid up investment in
newly issued shares.  The subscription can be made against a
contribution of DKK53 million, which will amount to 4.5% of the
ordinary share capital of NTCI and 1.5% of the total share
capital of NTCI inclusive preference shares, if fully
subscribed.

The shares will be subject to a Shareholders Agreement entered
into between the Participants and Angel Lux Common S.a.r.l and
NTCI, regulating the relationship between the participants and
the parent company.  The subscription is expected to be
completed during the month of October 2006.  

                         About TDC

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                        *     *     *

As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's
Issuer Default Rating at BB- with Stable Outlook and senior
secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


=============
F I N L A N D
=============


RADNOR HOLDINGS: Committee Retains Greenberg Traurig as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Radnor Holdings
Corporation and its debtor-affiliates obtained approval from the
U.S. Bankruptcy Court for the District of Delaware to retain
Greenberg Traurig, LLP, as its bankruptcy counsel, nunc pro tunc
to Aug. 30, 2006.

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Greenberg Traurig is expected to:

    (a) provide legal advice with respect to the Committee's
        rights, powers and duties in the Debtors' chapter 11
        cases;

    (b) prepare all necessary applications, answers, responses,
        objections, orders, reports and other legal papers;

    (c) represent the Committee in any and all matters arising
        in the Debtors' bankruptcy proceedings including any
        dispute or issue with the Debtors, any alleged secured
        creditors or any other creditors or third parties;

    (d) assist the Committee in its investigation and analysis
        of the Debtors, including but not limited to, the review
        and analysis of all pleadings, claims or plans of
        reorganization that may be filed in the Debtors' chapter
        11 cases and any negotiations or litigation that may
        arise out of or in connection with such matters,
        operations and financial affairs;

    (e) represent the Committee in all aspects of confirmation
        proceedings; and

    (f) perform all other legal services for the Committee that
        may be necessary or desirable in these proceedings.

Victoria Watson Counihan, Esq., a shareholder at Greenberg
Traurig, told the Court that she will bill US$440 per hour for
this engagement.  Ms. Counihan disclosed that other
professionals who will render services bill:

         Professional                           Hourly Rate
         ------------                           -----------
         Nancy A. Mitchell, Esq.                    US$615
         Nancy A. Peterman, Esq.                    US$545
         Donald J. Detweiler, Esq.                  US$490
         Monica L. Loftin, Esq.                     US$470
         Dennis A. Meloro, Esq.                     US$300
         Elizabeth C. Thomas                        US$170

         Designation                            Hourly Rate
         -----------                            -----------
         Shareholders                           US$235 - US$750
         Associates                             US$130 - US$480
         Legal Assistants/Paralegals             US$65 - US$230

Ms. Counihan assured the Court that her firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Headquartered in Radnor, Pennsylvania, Radnor Holdings
Corporation -- http://www.radnorholdings.com/-- manufactures  
and distributes a broad line of disposable food service products
in the United States, and specialty chemicals worldwide.  The
Debtor and its affiliates filed for chapter 11 protection on
Aug. 21, 2006 (Bankr. D. Del. Case No. 06-10894).  Gregg M.
Galardi, Esq., and Mark L. Desgrosseilliers, Esq., at Skadden,
Arps, Slate, Meagher, represent the Debtors.  When the Debtors
filed for protection from their creditors, they listed total
assets of US$361,454,000 and total debts of US$325,300,000.


RADNOR HOLDINGS: Gets Court Nod to Hire Skadden Arps as Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Radnor Holdings Corporation and its debtor-affiliates permission
to employ Skadden, Arps, Slate, Meagher & Flom LLP, as their
bankruptcy counsel, nunc pro tunc to Aug. 21, 2006.

As reported in the Troubled Company Reporter on Sept. 6, 2006,
Skadden Arps will:

    a. advise the Debtors with respect to their powers and
       duties as debtors and debtors-in-possession in the
       continued management and operation of their business and
       properties;

    b. attend meetings and negotiate with representatives of
       creditors and other parties-in-interest and advise and
       consult on the conduct of the Debtors cases, including
       all of the legal and administrative requirements of
       operating in chapter 11;

    c. take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       behalf of the Debtors' estates, and the defense of any
       actions commenced against the estates, negotiations
       concerning litigation in which the Debtors may be
       involved and objections to claims filed against the
       estates;

    d. prepare, on behalf of the Debtors, motions, applications,
       answers, orders, reports, applications, answers, orders,
       reports and papers necessary to the administration of the
       estates;

    e. prepare and negotiate on the Debtors' behalf a plan of
       reorganization, disclosure statement and all related
       agreements or documents and take all necessary action on
       behalf of the Debtors to obtain confirmation of the plan;

    f. advise the Debtors in connection with any sale of assets;

    g. perform other necessary legal services and provide other
       necessary legal advice to the Debtors in connection with
       their chapter 11 cases; and

    h. appear before the Court, any appellate courts, and the
       U.S. Trustee and protect the interests of the Debtors'
       estates before these courts and the U.S. Trustee.

The Debtors told the Court that the firm's professionals bill:

       Professional                      Hourly Rate
       ------------                      -----------
       Partners & Of-Counsel             US$585 - US$835
       Associates & Counsel              US$295 - US$640
       Legal Assistants                   US$90 - US$230

Gregg M. Galardi, Esq., a partner at Skadden Arps, assured the
Court that his firm is disinterested as that term is defined in
Section 101(14) of the Bankruptcy Code.

Headquartered in Radnor, Pennsylvania, Radnor Holdings
Corporation -- http://www.radnorholdings.com/-- manufactures  
and distributes a broad line of disposable food service products
in the United States, and specialty chemicals worldwide.  The
Debtor and its affiliates filed for chapter 11 protection on
Aug. 21, 2006 (Bankr. D. Del. Case No. 06-10894).  Gregg M.
Galardi, Esq., and Mark L. Desgrosseilliers, Esq., at Skadden,
Arps, Slate, Meagher, represent the Debtors.  When the Debtors
filed for protection from their creditors, they listed total
assets of US$361,454,000 and total debts of US$325,300,000.


RADNOR HOLDINGS: Court Approves US$103 Million DIP Financing
------------------------------------------------------------
Radnor Holdings Corporation and its debtor-affiliates obtained
final approval on Sept. 22, 2006, from the U.S. Bankruptcy Court
for the District of Delaware in Wilmington for a US$103 million
in debtor-in-possession financing.

Approximately US$64 million of the DIP financing has been used
to repay the Debtors' outstanding balance under their
prepetition revolving credit facility and the remainder has been
and will continue to be used to satisfy the Debtors' operating
and bankruptcy related obligations, including payment of
employee wages and benefits and payments to suppliers for goods
and services received after their bankruptcy filing.

                            Asset Sale

The Bankruptcy Court also approved the bidding procedures
related to the sale of the Debtors' assets.  Under the approved
bid procedures, the Debtors will continue to solicit higher or
better offers, including restructuring plans.  

The Debtors will hold an auction with respect to any offers on
Nov. 20, 2006, and seek court approval for such a transaction at
a hearing scheduled on Nov. 21, 2006.

Tennenbaum Capital Partners, LLC, through one of its affiliates,
remains the "stalking horse bidder" under an agreement
previously entered into with the Debtors, which provides for the
sale of substantially all of the Debtors' assets, including its
WinCup and StyroChem businesses.

Headquartered in Radnor, Pennsylvania, Radnor Holdings
Corporation -- http://www.radnorholdings.com/-- manufactures  
and distributes a broad line of disposable food service products
in the United States, and specialty chemicals worldwide.  The
Debtor and its affiliates filed for chapter 11 protection on
Aug. 21, 2006 (Bankr. D. Del. Case No. 06-10894).  Gregg M.
Galardi, Esq., and Mark L. Desgrosseilliers, Esq., at Skadden,
Arps, Slate, Meagher, represent the Debtors.  The Official
Committee of Unsecured Creditors is represented by Greenberg
Traurig, LLP.  When the Debtors filed for protection from their
creditors, they listed total assets of US$361,454,000 and total
debts of US$325,300,000.


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


ALCATEL SA: Inks EUR25 Million Next-Generation Network Contract
---------------------------------------------------------------
Alcatel S.A. has been selected by Maroc Connect, a Moroccan
supplier of fixed and mobile telecommunications services, for
the deployment of a next-generation network.

The first phase of this agreement, which is worth more than
EUR25 million, foresees a network deployment in five major
Moroccan areas.  The services will be commercially deployed in
early 2007.

The resulting network will help Maroc Connect lower costs,
reduce customer churn and generate additional revenue from new
services like voice over IP and virtual private networks.

Under the terms of the agreement, Alcatel is the systems
integrator and primary contractor and will assist the operator
in the development, operation and maintenance of the network.

"Alcatel is our partner of choice, from its innovative
technologies and broad portfolio leadership (WiMAX, NGN, IP and
IN) to its extensive experience in integrating and deploying
complex solutions", Mr. Karim Zaz, CEO of Maroc Connect, said.  
"Alcatel's solution will bring us a competitive advantage, with
a network that offers better overall performance".

"I am glad to see that the major alternative operator in
Morocco, with a strategy built on technological leadership, has
chosen to partner with Alcatel," said Olivier Picard, President
of Alcatel for France, Africa, the Middle East, the South and
Central Asia.  "This contract further reinforces Alcatel's
position as a leader in integrating complex and state-of the art
technologies.  Furthermore it confirms our major position as a
trusted partner with NGN and IP expertise and leadership."

Alcatel's complete turnkey solution includes its 7515 Media
Gateway (MG) and 5020 Softswitch.  These products, which are
part of Alcatel's extensive IP Multimedia Subsystem (IMS)-
compliant NGN portfolio, provide end-to-end quality of service
(QoS) and security functionality that enables service providers
to bring innovative, value-added services to their customers.  
Leveraging the power of IMS, the Alcatel solution enables
service providers to quickly develop, test, and launch
innovative new user-centric applications - independent of the
access technology used.

                       About Maroc Connect

ONA (Omnium of North Africa) subsidiary Maroc Connect has won
Morocco's third fixed-line licence, paying around MAD 306
million (EUR 27.5 million), reports the country's telecom
regulator, ANRT. Maroc Connect is one of Morocco's main ISPs and
IP VPN operators. Its new licence includes limited mobility
services within an up to 35 km diameter. Maroc Connect must
invest MDH 1 billion in the first year. ANRT plans to liberalise
the telecoms sector entirely by 2008. The body expects there to
be over three million fixed lines, seven million new mobile
phone accounts and 500,000 new internet users by 2015. It
expects mobile and fixed networks to generate MAD 20 billion and
MAD 15 billion of revenue in the same period.

  
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) --
http://www.alcatel.com/-- provides communications solutions to    
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                         *     *     *

As reported in TCR-Europe on April 5, Moody's Investors Service
has placed the Ba1 long-term debt ratings of Alcatel SA on
review for possible downgrade following its definitive agreement
to merge with Lucent Technologies (rated B1).  The ratings
placed on review include Alcatel's senior, unsecured Eurobonds,
convertible bonds, Euro-medium term notes, its EUR1.0 billion
revolving credit facility and its corporate family rating, all
at Ba1 currently.  Alcatel's rating for short-term debt was
affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


AMC ENTERTAINMENT: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed Marquee Holdings, Inc.'s B1 Corporate Family
Rating.

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

   Issuer: Marquee Holdings, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   12% Sr. Discount
   Notes Due 2014        Caa1      B3      LGD6        95%

   Issuer: AMC Entertainment, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility        Ba3      Ba1     LGD2        11%

   Sr. Secured
   Term Loan              Ba3      Ba1     LGD2        11%

   Sr. Floating Rate
   Notes Due 2010         B2       Ba3     LGD3        35%

   8-5/8% Sr. Notes
   Due 2012               B2       Ba3     LGD3        35%

   9-7/8% Sr. Sub.
   Notes Due 2012         B3       B3      LGD5        81%

   11% Sr. Sub.
   Notes Due 2016         B3       B3      LGD5        81%

   9-1/2% Sr. Sub.
   Notes Due 2011         B3       B3      LGD5        81%

   8% Sr. Sub.
   Notes Due 2014         B3       B3      LGD5        81%

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%).

                    About Marquee Holdings Inc.

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.  
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.

                    About AMC Entertainment Inc.

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is a worldwide leader in the   
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States,
France, Portugal, Spain and the United Kingdom.


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


METROMEDIA INT'L: Filing Ch. 11 Plan to Consummate Asset Sale
-------------------------------------------------------------
Metromedia International Group Inc. has received an offer to
acquire all of the Company's business interests in Georgia for a
cash price of US$480 million from an investment group comprised
of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

In response to the offer, the Company entered into an agreement
with the Offering Group providing for exclusivity in
negotiations with the Company during a 60-day due diligence
period and setting forth intended terms of a binding sale and
purchase agreement to be executed within such exclusivity period
and upon conclusion of the Offering Group's due diligence.  The
Company will be obligated to reimburse certain due diligence
expenses of the Offering Group, if the Company subsequently
elects not to proceed with the proposed sale.

If a binding sale and purchase agreement were to be executed
with the Offering Group, the Company intends to undertake the
sale through a court-supervised auction conducted in accordance
with Section 363 of 11 U.S.C, in a case to be filed in the U.S.
Court for the District of Delaware.

Given the purchase price proposed by the Offering Group, the
terms of certain agreements concluded with preferred
stockholders as described later herein, and present management
estimates of certain costs and liability settlements, holders of
the Company's common stock would likely receive approximately
US$1.60 per share and holders of preferred stock approximately
US$71.00 per share in the Wind-Up.

The Company and the Offering Group presently expect that a
binding sale and purchase agreement could be executed in early
December 2006.  At the time of its filing, the Company also
intends to immediately file a chapter 11 plan.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.  

In this connection, the Company announced that it has entered
into a lock-up, support and voting agreement with
representatives of holders of approximately 80% of its 4.1
million outstanding shares of preferred stock committing the
Preferred Representatives to support a plan in the Wind-Up
providing essentially to distribute to preferred stockholders
US$68 for each preferred share from Net Distributable Cash up to
US$420 million and to distribute pro rata to each preferred
share one-half of Net Distributable Cash in excess of US$420
million.  The remaining balance of Net Distributable Cash would
be distributed pro rata to each common share.

                        The Offer Agreement

The Offering Group proposes to acquire the Company's sole
ownership interest in Metromedia International
Telecommunications, Inc., which indirectly owns 50.1% of the
Georgian mobile telephony operator Magticom, 21% of Telecom
Georgia, a provider of international long distance calling
services in Georgia, and 26% of Telenet, a Georgian provider of
high-speed data communication and internet access services.

The Offering Group proposes to acquire all of the outstanding
capital stock of MITI for US$480 million cash payment due at
closing.  The Company has committed to exclusively negotiating
binding terms for acquisition of these assets with the Offering
Group for a sixty-day period, during which the Offering Group
will complete its remaining due diligence work.

The parties have agreed on basic terms of a binding share
purchase agreement, which they presently expect to execute
following the completion of the Offering Group's due diligence
procedures.  The parties further agreed that Magticom could
distribute to its shareholders up to US$30 million in dividends
prior to the sale without effect on the proposed purchase price
for MITI, of which MIG anticipates the receipt of approximately
US$13.5 million for its 50.1% economic interest in Magticom.

The Offering Group has commenced discussions with Mark Hauf, the
Company's Chairman and Chief Executive Officer, to explore with
him the possibility of continuation of his services with the
Offering Group or one of its members or their respective
affiliates.

Concerning the Offering Group's proposal, Mark Hauf, the
Company's Chairman and CEO commented: "Although it has not been
the Company's active intention to divest its remaining operating
units, we have remained open to considering compelling purchase
proposals.  The current offer, in the opinion of the Board,
represents such a proposal.  It affords an opportunity to
monetize for our stockholders the value developed in the Company
through the preceding three years of restructuring.  Seizing
this opportunity to liquidate on attractive terms also
acknowledges the extreme difficulties and significant costs the
Company has faced and will continue to face in its efforts to
meet reporting obligations as a U.S. publicly traded registrant
with all of its operations conducted in foreign emerging
markets.  It also acknowledges the practical limits the Company
faces in raising additional funds to fuel material expansion of
our foreign operations without very substantially diluting the
interests of our present stockholders.  In all, it is the
judgment of the Board that acting on the present offer
represents the best opportunity readily available to maximize
value for our stockholders."

                      The Preferred Agreement

The Preferred Representatives have agreed to support a
chapter 11 plan in the Wind-Up pursuant to which holders of the
Company's preferred stock would receive US$68 per share from Net
Distributable Cash of US$420 million or less, and one-half of
any Net Distributable Cash in excess of US$420 million,
allocated equally among the preferred shares.  The balance of
Net Distributable Cash would be allocated equally among the
outstanding common shares.

Since the Preferred Representatives represent holders of more
than two-thirds of the presently outstanding preferred stock, if
such a plan is approved by the Court, the plan would be binding
on all preferred stockholders.  

Net Distributable Cash will consist of the cash proceeds of the
intended MITI sale plus the Company's portion of dividends
received from Magticom prior to the sale and all headquarters
cash on hand at sale closing less:

     a) any taxes arising out of the sale of assets;

     b) payments of all allowed claims in the Wind-Up case;

     c) necessary reserves for the final liquidation of the
        Company and its subsidiaries;

     d) professional fees connected with the MITI sale and
        pursuit of the Wind-Up; and

     e) Board-approved bonuses or similar payments to Company
        directors, management and employees which in an
        aggregate amount are presently estimated to equal
        approximately 5% of the MITI sale proceeds.

The Company presently estimates that Net Distributable Cash
following consummation of a US$480 million MITI sale in first
quarter of 2007 and essential conclusion of the Wind-Up by the
end of first half 2007 will range from US$440-450 million.

Pursuant to the plan of distribution agreed with the Preferred
Representatives, this would result in distribution of US$70.42
to US$71.62 for each preferred share and US$1.58 to US$1.63 for
each common share.  By the end of first half 2007, the combined
face value plus accumulated unpaid dividends that would
otherwise be due to the preferred stockholders would be in
aggregate approximately US$325 million or US$78.50 per preferred
share outstanding.

Concerning the distribution arrangements agreed between the
Company and the Preferred Representatives, Mr. Hauf further
commented: "There has been longstanding disagreement among
holders of the Company's two classes of stock concerning the
claim each might have on enterprise value generated through
resolution of the Company's earlier financial difficulties.  In
reaching this agreement with preferred stockholders, we
acknowledged the priority nature of their rapidly increasing
claim in the event the Company faced liquidation of its
remaining assets.  Given the practical limitations imposed by
the Company's present and historical condition on raising
significant additional investment capital, the prospect of the
eventual sale of foreign operating assets rather than their
continued aggressive development has been ever present.  If
undertaken without some concession by the preferred
stockholders, such sale would result in distributions to our
common stockholders of materially less than market trading
price.  The opportunity presented by the Offering Group's
acquisition proposal and the concessions agreed with the
Preferred Representatives enable the Company to wrap up its
operations while still delivering to our common stockholders an
amount exceeding the Company's ninety calendar day average
trading price for the common stock."

                   Effect on Georgian Operations

Concerning the Offering Group's proposed purchase of MITI, a
spokesperson for the Offering Group stated: "We are very
enthusiastic about this opportunity.  We are confident about
Georgia's investment climate and its potential for further
economic growth.  Magticom is a great company with an excellent
track record of growth, profitability and client service.  We
plan to actively build on this track record."

                        About Metromedia

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.


METROMEDIA INT'L: Magticom Earns US$63.4 Million in Fiscal 2005
---------------------------------------------------------------
Metromedia International Group Inc. has released the preliminary
unaudited financial results, for the fiscal year ended Dec. 31,
2005, for its principal Georgian business, Magticom Limited.

Highlights for the full-year 2005 vs. full-year 2004 include:

   -- revenues of US$146.1 million, an improvement of 43%
      compared to US$102 million generated in the prior year;

   -- Net income of US$63.4 million, as compared to US$50.3
      million of net income earned in 2004; and

   -- EBITDA of US$97.8 million vs. US$73.3 million in 2004

Commenting on this announcement, Ernie Pyle, the Company's Chief
Financial Officer, said: "This press release contains the
preliminary unaudited financial results for Magticom and as such
this financial information is subject to adjustment until such
time that the Company files its respective periodic reports with
the United States Securities and Exchange Commission."

Mr. Pyle further stated: "We anticipate that Magticom will
realize the full year 2006 EBITDA of approximately US$115
million projected in Magticom's 2006 Business Plan as approved
by its shareholders.  Such information, together with the 2004-
2005 financial performance results of Magticom, included herein,
should enable the Company's stakeholders to evaluate the
attractiveness of the proposed sale of substantially all of the
assets of MIG, as discussed in a parallel press release
distributed [Mon]day."

Magticom, the leading mobile telephony operator in Tbilisi,
Georgia, in which the Company presently owns a 50.1% ownership
interest, operates a wireless communications network and markets
mobile voice communication services to private and commercial
users nationwide in the country of Georgia.  Magticom's network
offers services using GSM standards in both the 900 MHz and 1800
MHz spectrum range and has recently launched 3rd Generation GSM
mobile voice, data and video services using the 2.1 GHz radio
frequency spectrum.  Prior to mid-February 2005, the Company had
a 34.5% ownership interest in Magticom.

                      About Metromedia

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
=============


AVIPA GMBH: Claims Registration Ends October 16
-----------------------------------------------
Creditors of Avipa GmbH have until Oct. 16 to register their
claims with court-appointed provisional administrator Gordon
Rapp.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 232
         2nd Floor
         West Wing
         Schloss
         68149 Mannheim, 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 Mannheim opened bankruptcy proceedings
against Avipa GmbH on Aug. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Avipa GmbH
         Attn: Petra Weiss, Manager
         Emil-Heckel-Str. 19
         68163 Mannheim, Germany

The administrator can be contacted at:

         Gordon Rapp
         Gaisbergstr. 6
         69115 Heidelberg, Germany
         Tel: 06221/97370


BENTIEN-BAU: Claims Registration Ends October 13
------------------------------------------------
Creditors of Bentien-Bau Bauwerksanierung GmbH have until
Oct. 13 to register their claims with court-appointed
provisional administrator Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Nov. 17 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against MHB Mobile Hilfe fuer Behinderte GmbH on Aug. 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bentien-Bau Bauwerksanierung GmbH
         Billstrasse 28
         20539 Hamburg, Germany

         Attn: Werner Bentien, Manager
         Sueldsberg 6
         21439 Marxen, Germany

The administrator can be contacted at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg, Germany
         Tel: 040/350060


CARASYN PLASTICS: Claims Registration Ends October 15
-----------------------------------------------------
Creditors of Carasyn Plastics GmbH have until Oct. 15 to
register their claims with court-appointed provisional
administrator Wolfgang Bilgery.

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 Tuebingen
         Hall 208
         2nd Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen, 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 Tuebingen opened bankruptcy proceedings
against Carasyn Plastics GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Carasyn Plastics GmbH
         Attn: Ralph and Tobias Rauber, Managers
         Hoelzlestr. 6
         72768 Reutlingen, Germany

The administrator can be contacted at:

         Dr. Wolfgang Bilgery
         Humboldtstr. 16
         70178 Stuttgart, Germany


E. INSELSBERGER: Claims Registration Ends October 9
---------------------------------------------------
Creditors of E. Inselsberger GmbH & Co. KG have until
Oct. 9 to register their claims with court-appointed provisional
administrator Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting at 2:25 p.m. on Nov. 9 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Fuerth opened bankruptcy proceedings
against E. Inselsberger GmbH & Co. KG on Aug. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         E. Inselsberger GmbH & Co. KG
         Rudolf-Breitscheid-Str. 10
         90762 Fuerth, Germany

The administrator can be contacted at:

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


FE-TUER GMBH: Claims Registration Ends October 10
-------------------------------------------------
Creditors of Fe-Tuer GmbH - Innenausbau und Modernisierung have
until Oct. 10 to register their claims with court-appointed
provisional administrator Carsten Cervera.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Nov. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Fe-Tuer GmbH - Innenausbau und
Modernisierung on Sept. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Fe-Tuer GmbH - Innenausbau und Modernisierung
         Elisenhof 5
         15366 Neuenhagen, Germany

The administrator can be contacted at:

         Carsten Cervera
         Creasing Route 9-10
         10117 Berlin, Germany
         

FSG-FEUERSCHUTZGERATE: Claims Registration Ends October 10
----------------------------------------------------------
Creditors of FSG-Feuerschutzgerate GmbH have until Oct. 10 to
register their claims with court-appointed provisional
administrator Henrik Schmoll.

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 Heidelberg
         Hall 12
         Ground Floor
         Kurfuerstenanlage 21
         69115 Heidelberg, 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 Heidelberg opened bankruptcy proceedings
against FSG-Feuerschutzgerate GmbH on Sept. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         FSG-Feuerschutzgerate GmbH
         Attn: Ingrid Mannschott, Manager
         Kreuzwiesen 3
         69250 Schoenau, Germany

The administrator can be contacted at:

         Henrik Schmoll
         Blumenstr. 17
         69115 Heidelberg, Germany
         Tel: 06221/911825
         Fax: 06221/23128


GHZ GMBH: Claims Registration Ends October 14
---------------------------------------------
Creditors of GHZ GmbH have until Oct. 14 to register their
claims with court-appointed provisional administrator Dirk
Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Nov. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duisburg opened bankruptcy proceedings
against GHZ GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         GHZ GmbH
         Wilfriedstr. 9
         47169 Duisburg, Germany

         Attn: Erich Kerps, Manager
         Schloss 1
         47551 Bedburg-Hau-Moyland, Germany

The administrator can be contacted at:

         Dirk Hammes
         William Yard Avenue 75
         47800 Krefeld, Germany


GUENTHER MESSNER: Claims Registration Ends October 12
-----------------------------------------------------
Creditors of Guenther Messner Metallbaubetrieb GmbH have until
Oct. 12 to register their claims with court-appointed
provisional administrator Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln, 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 Hameln opened bankruptcy proceedings
against Guenther Messner Metallbaubetrieb GmbH on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Guenther Messner Metallbaubetrieb GmbH
         Attn: Rainer Messner, Manager
         Bleiche 38
         31848 Bad Muender, Germany

The administrator can be contacted at:

         Dr. Steffen Koch
         Sophienstr 1
         30159 Hanover, Germany
         Tel: 0511/353991-0
         Fax: 0511/353991-10
         Web: http://www.hww-kanzlei.de/


HEIZUNGS- UND LUEFTUNGSBAU: Claims Registration Ends October 12
---------------------------------------------------------------
Creditors of Heizungs- und Lueftungsbau Pieper GmbH have until
Oct. 12 to register their claims with court-appointed
provisional administrator Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duisburg opened bankruptcy proceedings
against Heizungs- und Lueftungsbau Pieper GmbH on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Heizungs- und Lueftungsbau Pieper GmbH
         Lingelmannstr. 204
         46539 Dinslaken, Germany

         Attn: Martina Pieper, Manager
         Oststr. 33
         46539 Dinslaken, Germany

The administrator can be contacted at:

         Dr. Gerrit Hoelzle
         Rhine Route 75
         47623 Kevelaer, Germany


INTAKT FREIZEIT: Claims Registration Ends October 11
----------------------------------------------------
Creditors of Intakt Freizeit Verwaltungs GmbH have until Oct. 11
to register their claims with court-appointed provisional
administrator Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Essen opened bankruptcy proceedings
against Intakt Freizeit Verwaltungs GmbH on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Intakt Freizeit Verwaltungs GmbH
         European Route 20
         45968 Gladbeck, Germany

         Attn: Erna Schnater, Manager
         Hermannstrasse 8
         45964 Gladbeck, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Graf-Adolf-Place 15
         40213 Duesseldorf, Germany
         Tel: 0211/540680192
         Fax: 0211 540680199


JAFRA WORLDWIDE: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its Ba3
Corporate Family Rating for Jafra Worldwide Holdings and
upgraded its B2 rating on Jafra Cosmetics International, Inc.'s
US$130 million senior subordinated notes to B1.  Additionally,
Moody's assigned an LGD4 rating to the notes, suggesting
noteholders will experience a 60% 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 Westlake Village, California, Jafra Worldwide
Holdings, Inc. sells fragrances, color cosmetics, skin and body
care products, and other personal care items through a network
of over 470,000 self-employed consultants.  Jafra's parent
company, Vorwerk & Co. KG, is a family-owned direct seller of
household appliances, carpets, industrial and financial
services, based in Wuppertal, Germany.


JOSEF KRINGS: Claims Registration Ends October 16
-------------------------------------------------
Creditors of Josef Krings Verwaltungsgesellschaft mbH have until
Oct. 16 to register their claims with court-appointed
provisional administrator Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 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 Josef Krings Verwaltungsgesellschaft mbH on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Josef Krings Verwaltungsgesellschaft mbH
         Attn: Dieter Ryhsen, Manager
         Weidenhof 8
         52525 Heinsberg, Germany

The administrator can be contacted at:

         Heinrich C. Friedhoff
         Viktoriastrasse 73-75
         52066 Aachen, Germany


K.-H. BECKER: Claims Registration Ends October 9
------------------------------------------------
Creditors of K.-H. Becker GmbH Hoch- und Tiefbau have until
Oct. 9 to register their claims with court-appointed provisional
administrator Jan Janssen.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Hall 009
         Ground Floor
         Principal Establishment
         Berliner Road 21-22
         57072 Siegen, 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 Siegen opened bankruptcy proceedings
against K.-H. Becker GmbH Hoch- und Tiefbau on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         K.-H. Becker GmbH Hoch- und Tiefbau
         Alte Poststr. 55
         57258 Freudenberg, Germany

         Attn: Siegmar Steinseifer, Manager
         Alte Poststr. 43
         57258 Freudenberg, Germany

The administrator can be contacted at:

         Dr. Jan Janssen
         Hauptmarkt 23
         57076 Siegen, Germany


LENTZ KG: Claims Registration Ends October 16
---------------------------------------------
Creditors of Lentz KG have until Oct. 16 to register their
claims with court-appointed provisional administrator Juergen
Dernbach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 22 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Heidelberg
         Hall 12
         Ground Floor
         Kurfuerstenanlage 21
         69115 Heidelberg, 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 Heidelberg opened bankruptcy proceedings
against Lentz KG on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Lentz KG
         Attn: Hermjoerg Lentz, Manager
         Neulandstr. 38
         74889 Sinsheim, Germany

The administrator can be contacted at:

         Juergen Dernbach
         Breitspiel 9
         69126 Heidelberg, Germany
         Tel: 06221/31130
         Fax: 06221/311311


NGT NORDDEUTSCHE: Claims Registration Ends October 12
-----------------------------------------------------
Creditors of NGT Norddeutsche Getranketransporte GmbH have until
Oct. 12 to register their claims with court-appointed
provisional administrator Manuel Sack.

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

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Palace Garden 4
         38518 Gifhorn, 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 Gifhorn opened bankruptcy proceedings
against NGT Norddeutsche Getranketransporte GmbH on Aug. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         NGT Norddeutsche Getranketransporte GmbH
         Attn: Olaf Meyer, Manager
         Ilseder Str. 54
         31226 Peine, Germany

The administrator can be contacted at:

         Manuel Sack
         c/o Rechtsanwalte Brinkmann & Partner
         Theaterstr. 3
         30159 Hanover, Germany


XNA GMBH: Claims Registration Ends October 16
---------------------------------------------
Creditors of xna GmbH have until Oct. 16 to register their
claims with court-appointed provisional administrator Gerhard
Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 16 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 Tuebingen
         Hall 208
         2nd Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen, 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 Tuebingen opened bankruptcy proceedings
against xna GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         xna GmbH
         Attn: Thorsten Beckmann, Manager
         Konrad-Adenauer-Str. 15
         72072 Tuebingen, Germany

The administrator can be contacted at:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen, Germany


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


NOMOS CAPITAL: Moody's Rates Loan Participation Notes at B1
-----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the Loan
Participation Notes to be issued by the Irish company, Nomos
Capital Plc, for the sole purpose of granting a subordinated
loan to Nomos-Bank (Russia).  The amount and the tenor of the
Notes have yet to be determined.  The outlook for the rating is
stable.

Moody's notes that the B1 rating assigned to the Notes is based
on the fundamental credit quality of the underlying obligor,
Nomos-Bank, rated at Ba3/NP/D- (stable), and does not factor in
any support from the bank's shareholders or the Russian
financial authorities.  

Moreover, the rating also reflects the subordination of the
notes to the bank's senior unsecured obligations.  The bank's
obligations under the loan received from Nomos Capital Plc will
rank at least pari passu in right of payment with all other
unsecured and subordinated obligations of Nomos (whether actual
or contingent), except as otherwise provided by mandatory
provisions of applicable Russian law, and there is no interest
deferral clause in the loan agreement.

Moody's notes that Russia's banking system generally favors
individual depositors, which may reduce the recovery rates for
bondholders, especially if such deposits were to represent a
sizeable proportion of the bank's liabilities in the event of
liquidation.

According to the terms and conditions of the loan agreement,
Nomos-Bank must maintain on a consolidated basis (reported under
IFRS) a Tier-I capital adequacy ratio of at least 10% as well as
comply with the Central Bank's capital regulations and with a
number of other covenants such as negative pledge, limitations
on mergers and disposals, and transactions with affiliates.

The rating agency notes that, while the likelihood of any of the
above-mentioned covenants being triggered is relatively low, any
such occurrence could potentially have adverse liquidity
implications for the bank and, if accompanied at that time by a
deterioration in the bank's credit standing, might exert
additional downward pressure on its ratings.

Headquartered in Moscow, Russian Federation, Nomos-Bank reported
total unaudited consolidated assets of RUB101.89 billion
(US$ 3.76 billion) -- in accordance with IFRS -- as at
June 30, 2006.  Nomos Capital Plc is the bank's special purpose
vehicle domiciled in Ireland.


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


ALITALIA SPA: State Council Restarts Bidding Process for Volare
---------------------------------------------------------------
Italy's State Council, the highest appellate court for
administrative affairs, has ordered the government to restart
the auction process for Volare Group S.p.A. within 60 days, AFX
News says.

The State Council, in its Sept. 29 ruling, annulled with
finality Alitalia's EUR38-million takeover of Volare.  The
ruling, Reuters reports, takes effect immediately but is not
definitive since the State Council has yet to cite the merits of
the case.

Volare confirmed the court ruling but denied to furnish more
details.

As reported in TCR-Europe on July 7, Autorita Garante della
Concorrenza e del Mercato, Italy's anti-trust authority,
approved Alitalia's takeover of Volare.  As condition to the
takeover, the competition watchdog, however, said Alitalia must:

   -- give up two Volare slots at Milan Linate Airport; and
   -- yield two of its Linate-to-Paris flight slots.

Autorita Garante said an Alitali-Volare merger would control the
market for the Linate-Paris route, leaving would-be sole rival
easyJet a 25%-30% share and two slots, Reuters relates.

As reported in TCR-Europe on May 31, Autorita Garante opened a
probe into national carrier Alitalia takeover of discount
airline Volare.  The competition commission said it would look
into the impact of the acquisition on flights from Milan Linate
to Bari, Brindisi, Lamezia, Catania, Naples, and Paris.

Italy's State Council blocked Alitalia's EUR38 million takeover
bid of rival Volare on May 24 due to certain flaws in the sale
process.

Air One, which made the second highest bid for Volare, claims
that Alitalia is an unfair competitor and that it lacks the
conditions to buy another airline following a near-bankruptcy
miss in 2005, the Associated Press reports.  

Air One is reportedly eyeing the carrier's prized slots at
Milan's Linate Airport -- the closest commercial airport to the
city.  Alitalia had said it wanted to penetrate the low-cost
market more effectively and develop leisure routes in the Milan
and Lombardy regions through Volare.

In February, Alitalia managing director Giancarlo Cimoli warned
the Senate that the state carrier might lose EUR125 million if
it fails to acquire Volare S.p.A.

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company   
that controls Volare Airlines S.p.A. and Air Europe since 2001.  
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital
to expand its fleet.  

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in   
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked net losses of EUR520 million in
2003; EUR813 million in 2004; and EUR168 million in 2005.


FIAT SPA: Buys Back Commerzbank's Ferrari Stake for EUR260 Mln
--------------------------------------------------------------
Fiat S.p.A. raised its stake in Ferrari S.p.A. to 93.4% after
Commerzbank AG sold its 8.4% stake on Ferrari to Fiat for about
EUR260 million, Bloomberg reports.

According to the report, Commerzbank bought from Mediobanca
S.p.A. a 10% stake in Ferrari for EUR228 million in July 2002.  
Commerzbank spokeswoman Beate Schlosser declined to comment on
the size of the bank's gain from the sale.

As reported in TCR-Europe on Oct. 4, Fiat bought back Sept. 29
from Mediobanca and other members of the consortium 2.3 million
Ferrari shares or 28.63% of the share capital, raising its stake
on Ferrari to 85%.  The call option was provided for by the
agreements signed on the occasion of the sale, which took place
in 2002.

Fiat will repurchase the Ferrari shares through the use of
available cash resources, without resort to the capital markets
for new financing.  

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As reported in TCR-Europe on Oct. 4, Fitch Ratings affirmed Fiat
S.p.A.'s Issuer Default and senior unsecured ratings at BB- and
Short-term rating at B.  This follows Fiat's exercise of its
call option to buy back 29% of Ferrari's capital from a
consortium led by Mediobanca.  The Outlook is Positive.

On Aug. 8, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Fiat S.p.A. to 'BB' from 'BB-'.  
At the same time, Standard & Poor's affirmed its 'B' short-term
rating on Fiat.  S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

On Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to
Positive from Stable.  Its Issuer Default rating and senior
unsecured rating are affirmed at BB-.  The Short-term rating is
affirmed at B. Around EUR6 billion of debt is affected by this
rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.


REVLON CONSUMER: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B3
Corporate Family Rating for Revlon Consumer Products
Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$160 million
   Revolver             B2       Ba3      LGD2     11%

   US$800 million
   Term Loan            B1       B2       LGD3     34%

   US$387 million
   Senior Notes         Caa2     Caa1     LGD4     61%

   US$217 million
   Sr. Sub. Notes       Caa3     Caa2     LGD6     93%

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

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

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

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a   
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The Company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The Company's brands include
Revlon(R),Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), andMitchum(R).  Revlon Consumer Products Corporation is
Revlon, Inc.'s wholly-owned operating subsidiary.


VOLARE GROUP: State Council Orders New Bidding Process
------------------------------------------------------
Italy's State Council, the highest appellate court for
administrative affairs, has ordered the government to restart
the auction process for Volare Group S.p.A. within 60 days, AFX
News says.

The State Council, in its Sept. 29 ruling, annulled with
finality Alitalia S.p.A.'s EUR38-million takeover of Volare.  
The ruling, Reuters reports, takes effect immediately but is not
definitive since the State Council has yet to cite the merits of
the case.

Volare confirmed the court ruling but denied to furnish more
details.

As reported in TCR-Europe on July 7, Autorita Garante della
Concorrenza e del Mercato, Italy's anti-trust authority,
approved Alitalia's takeover of Volare.  As condition to the
takeover, the competition watchdog, however, said Alitalia must:

   -- give up two Volare slots at Milan Linate Airport; and
   -- yield two of its Linate-to-Paris flight slots.

Autorita Garante said an Alitali-Volare merger would control the
market for the Linate-Paris route, leaving would-be sole rival
easyJet a 25%-30% share and two slots, Reuters relates.

As reported in TCR-Europe on May 31, Autorita Garante opened a
probe into national carrier Alitalia takeover of discount
airline Volare.  The competition commission said it would look
into the impact of the acquisition on flights from Milan Linate
to Bari, Brindisi, Lamezia, Catania, Naples, and Paris.

Italy's State Council blocked Alitalia's EUR38 million takeover
bid of rival Volare on May 24 due to certain flaws in the sale
process.

Air One, which made the second highest bid for Volare, claims
that Alitalia is an unfair competitor and that it lacks the
conditions to buy another airline following a near-bankruptcy
miss in 2005, the Associated Press reports.  

Air One is reportedly eyeing the carrier's prized slots at
Milan's Linate Airport -- the closest commercial airport to the
city.  Alitalia had said it wanted to penetrate the low-cost
market more effectively and develop leisure routes in the Milan
and Lombardy regions through Volare.

In February, Alitalia managing director Giancarlo Cimoli warned
the Senate that the state carrier might lose EUR125 million if
it fails to acquire Volare S.p.A.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in   
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked net losses of EUR520 million in
2003; EUR813 million in 2004; and EUR168 million in 2005.

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company   
that controls Volare Airlines S.p.A. and Air Europe since 2001.  
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital
to expand its fleet.  


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


ALB FINANCE: Fitch Assigns Upcoming Eurobond Expected BB- Rating
----------------------------------------------------------------
Fitch Ratings assigned ALB Finance B.V.'s upcoming KZT issue,
payable in USD, an expected Long-term BB- rating.  Proceeds from
the notes will be deposited with Alliance Bank, rated Issuer
Default BB-/Stable, Short-term B, Individual D, and Support 3.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

At the same time, Fitch has assigned ALB's US$350 million issue
of 9.25% notes, due September 2013 a final Long-term BB- rating.

Both issues of notes are under the bank's US$1.5 billion global
medium-term note program.  Alliance will unconditionally and
irrevocably guarantee the timely and full repayment of both
issues of notes.  ALB is a Netherlands-domiciled subsidiary of
Alliance.

Alliance's guarantees of the notes will rank at least equally
with all present or future unsecured senior obligations of the
bank, save those preferred by relevant provisions of law and of
general application.  Under Kazakhstani law, the claims of
retail depositors rank above those of other senior unsecured
creditors.  At end-H106, retail deposits accounted for 11% of
Alliance's total liabilities, according to the bank's
International Financial Reporting Standards accounts.

Alliance was founded in 1993 and was the fourth largest bank in
Kazakhstan by assets at end-H106.


ATYRAU-LOGISTIC: Creditors Must File Claims by Oct. 27
------------------------------------------------------
LLP Atyrau-Logistic (RNN 150100226099) has declared insolvency.
Creditors have until Oct. 27 to submit written proofs of claim.

Inquiries can be addressed to 8 (3122) 45-71-25.


BAS: East Kazakhstan Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Bas on
Aug. 22.


FOSTER ALLIANCE: Creditors Must File Claims by Oct. 27
------------------------------------------------------
LLP Foster Alliance Kazakhstan has declared insolvency.  
Creditors have until Oct. 27 to submit written proofs of claim
to:

         LLP Foster Alliance Kazakhstan
         Jambyl Str. 11-7
         Karakastek
         Jambyl District
         Almaty Region
         Kazakhstan


HADIS-A: Proof of Claim Deadline Slated for Oct. 27
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Hadis-A insolvent on Aug. 3.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Oct. 27 to submit written proofs of claim
to:

         LLP Hadis-A
         Micro District 28, 35-25
         Aktau
         Mangistau Region  
         Kazakhstan
         Tel: 8 (3292) 40-21-53
              8 (3005) 22-81-61


INVAR-PLUS: Proof of Claim Deadline Slated for Oct. 27
------------------------------------------------------
LLP Invar-Plus has declared insolvency.  Creditors have until
Oct. 27 to submit written proofs of claim to:
         
         LLP Invar-Plus
         Stroitelnaya Str. 70-59
         Ekibastuz
         Pavlodar Region
         Kazakhstan


KASKOR INVEST: Claims Registration Ends Oct. 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Kaskor Invest insolvent on Aug. 3.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Oct. 27 to submit written proofs of claim
to:

         LLP Kaskor Invest
         Micro District 14, 24-6
         Aktau
         Mangistau Region
         Kazakhstan  
         Tel/Fax: 8 (3292) 31-00-46
                  8 (3292) 42-81-60


SHTRIH GROUP: Claims Registration Ends Oct. 27
----------------------------------------------
LLP Shtrih Group Service has declared insolvency.  Creditors
have until Oct. 27 to submit written proofs of claim to:

         LLP Shtrih Group Service
         Jambyl Str. 11-7
         Karakastek
         Jambyl District
         Almaty Region
         Kazakhstan


SP-TOMAKS: Creditors' Claims Due Oct. 27
----------------------------------------
LLP SP-Tomaks (RNN 451500231612) has declared insolvency.  
Creditors have until Oct. 27 to submit written proofs of claim
to:

         LLP SP-Tomaks
         Suvorov Str. 79/1
         Pavlodar
         Pavlodar Region
         Kazakhstan


TOGJAN: Creditors' Claims Due Oct. 27
-------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Togjan insolvent on Aug. 7 without the
introduction of the bankruptcy proceedings.

Creditors have until Oct. 27 to submit written proofs of claim
to:

         LLP Togjan
         Jahaev Str. 71
         Kyzylorda
         Kyzylorda Region
         Kazakhstan


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


BEST ONE: Claims Registration Ends Nov. 12
------------------------------------------
LLC Best One Company has declared insolvency.  Creditors have
until Nov. 12 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 54-31-83.


DELIVER: Proof of Claim Deadline Slated for Nov. 12
---------------------------------------------------
LLC Deliver has declared insolvency.  Creditors have until
Nov. 12 to submit written proofs of claim to:

         LLC Deliver
         Shopokov Str. 89
         Bishkek, Kyrgyzstan


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


NORTEL NETWORKS: Partners with Golden West in Wireline Deal
-----------------------------------------------------------
Golden West Telecom and Venture Communications Cooperative, both
independent telecommunications companies servicing South Dakota,
will deliver new converged communications services in small
towns and rural areas throughout South Dakota with Nortel
Networks Corporation.

By deploying Nortel's Carrier VoIP solution, the two carriers
will evolve their wireline networks to packet-based
infrastructure that reduce operation costs by leveraging SIP
technology to deliver a wide range of advanced communication
services such as VoIP, Centrex IP business services and next-
generation multimedia communications.

Golden West serves approximately 47,000 subscribers and has been
a Nortel customer for nearly three decades.  As part of this
deployment Nortel is expanding its role in Golden West's network
by displacing a competitor's solution.

Nortel has been a key supplier to Venture Communication's
network since 1980.  Venture Communications provides
communications services to more than 13,500 subscribers.

Golden West and Venture Communications will deploy Nortel's IMS-
ready Communications Server (CS 1500), which builds on Nortel's
leadership position in SIP and VoIP, to allow carriers to
support the traditional voice services needed today while laying
the foundation for future IMS-based multimedia services
tomorrow.  Nortel is also providing engineering, installation,
project management, security assessment, and network support
services from the Nortel Global Services portfolio.

                         About Golden West

Golden West Telecom -- http://www.goldenwest.com/-- is the  
largest independent telecommunications company serving South
Dakota.  The company and its subsidiaries provide telephone,
paging, and Internet services to over 60,000 customers.

                   About Venture Communications

Based in Highmore, South Dakota, Venture Communications
Cooperative -- http://www.venturecomm.net/-- is an independent  
telecommunications provider servicing central and northeastern
South Dakota.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries including
Luxembourg and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
$2 billion notes.  The outlook is stable.


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


ECHOSTAR COMMS: Fitch Rates Unit's US$500-Mln Sr. Notes at BB-
--------------------------------------------------------------
Fitch Ratings assigned a 'BB-' rating to Echostar DBS
Corporation's US$500 million offering of 7% senior notes due
2013.  The notes will rank equally with the other debt
outstanding at Echostar DBS Corp.  Proceeds from the note
offering will be used to fund the early redemption of the
company's floating rate senior notes due 2008 on Oct. 1, 2006.

Echostar DBS Corp. is a wholly owned subsidiary of Echostar
Communications Corp.  The Issuer Default Rating for Echostar and
Echostar DBS Corporation is 'BB-'.  The Rating Outlook is
Stable.

Fitch's ratings incorporate Echostar's lack of revenue and
service diversity as well as the increasing business risks
connected to Echostar's credit profile stemming from the intense
competition for subscriber market share with cable multiple
systems operators.

Fitch anticipates that the competitive environment will only
intensify as the cable MSOs' voice over Internet protocol
telephony service gains scale and the telephone companies
continue with the introduction of video service.

From Fitch's perspective, the lack of revenue and service
diversity, primarily stemming from the limitations inherent with
Echostar's satellite infrastructure, weakens the company's
competitive position and ability to respond to the changing and
riskier operating environment.

Fitch's ratings also reflect:

   * the operating leverage derived from Echostar's size and
     scale as the fourth largest multichannel video programming
     distributor in the United States;

   * the company's solid liquidity position, and

   * expectation for continued free cash flow generation.

Fitch's Stable Rating Outlook reflects the consistent subscriber
economic trends as well as the positive EBITDA and free cash
flow prospects expected over the near term balanced with the
very competitive operating environment.  

Outside of the announced share repurchase authorization; Fitch
views the use of cash for shareholder friendly actions as an
erosion of financial flexibility that could result in pressure
on the ratings or an Outlook revision.

Additionally, Fitch has concerns related to the uncertainty
surrounding the company's broadband strategy and the potential
cash requirements to launch a wireless broadband service.


HARBOURMASTER CLO 6: Fitch Keeps BB Ratings on EUR25.3-Mln Notes
----------------------------------------------------------------
Fitch Ratings affirmed Harbourmaster CLO 6 B.V.'s EUR474 million
notes due 2020:

   -- EUR327.6 million Class A1 floating-rate notes: AAA;
   -- EUR71 million Class A2 floating-rate notes: AAA;
   -- EUR32 million Class A3 floating-rate notes: AA;
   -- EUR4.5 million Class A4E floating-rate notes: A;
   -- EUR8 million Class A4F notes: A;
   -- EUR15.6 million Class B1 floating-rate notes: BBB;
   -- EUR15.3 million Class B2 floating-rate notes: BB;
   -- EUR5 million Class S1 combination notes: BB;
   -- EUR10 million Class S2 combination notes: A;
   -- EUR10 million Class S3 combination notes: AAA;
   -- EUR10 million Class S4 combination notes: BBB;
   -- EUR3 million Class S5 combination notes: BBB+; and
   -- EUR5 million Class S6 combination notes: BB.

The affirmation reflects the transaction's consistent
performance to date.  As of the July 2006 trustee report, the
transaction is in compliance with all the portfolio guidelines
and coverage tests.  

There have been no defaults in the portfolio to date and no
assets rated CCC+ or below.  The Weighted Average Fitch Factor
stayed within the same rating category but has slightly improved
to 25.5 from 26.0 in November 2005.

The ratings of the Class A1 and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For all other rated Classes of notes, the
ratings address ultimate payment of principal and interest,
including deferred interest, at maturity.  

The ratings assigned to the S1, S2, S3 and S5 combination notes
address the ultimate payment of principal from funds received on
their respective components of A1 to the unrated C notes, while
for the S4 and S6 combination notes, the ratings address the
ultimate payment of principal and interest on the remaining
outstanding rated balance at a coupon rate of EURIBOR.

The transaction constitutes a securitization of primarily senior
secured and unsecured loans.  Harbourmaster CLO 6 B.V. is a
limited liability company incorporated under the laws of the
Netherlands.  It issued various Classes of fixed- and floating-
rate notes, using the proceeds to purchase a EUR503 million
portfolio of loans.  As of the closing date, the issuer had
purchased 62.2% of the target portfolio.

The transaction completed the ramp-up period in March 2006.  The
transaction is in the re-investment period, which ends in
January 2011.  As of the July trustee report, the portfolio
notional stands at EUR476 million with a cash balance of EUR23
million.  The transaction is the seventh collateralized debt
obligation managed by Harbourmaster Capital Limited.


MONASTERY 2006-I: Moody's Rates Class E Notes at (P)Ba2
-------------------------------------------------------  
Moody's Investors Service assigned these provisional long-term
credit ratings to the Notes to be issued by Monastery 2006-I
B.V.:

   -- EUR[140,000,000] Senior Class A1 Mortgage-Backed Notes
      due 2044: (P)Aaa;

   -- EUR[663,600,000] Senior Class A2 Mortgage-Backed Notes
      due 2044: (P)Aaa;

   -- EUR[28,000,000] Mezzanine Class B Mortgage-Backed
      Notes  due 2044: (P) Aa2;

   -- EUR[28,700,000] Mezzanine Class C Mortgage-Backed
      Notes due 2044: (P) A2;

   -- EUR[9,500,000] Junior Class D Notes due 2044: (P) Baa3;
      and
      
   -- EUR[5,200,000] Subordinated Class E Notes due 2044:
     (P) Ba2.

Class E is not backed by mortgage principal, but excess margin
from the interest payments from the mortgage loans.

                   Transaction Structure

Monastery 2006-I is the third securitization transaction backed
by residential mortgages originated by DSB Bank N.V. the renamed
former DSB Groep N.V.

A new feature in this transaction in comparison to the two
previous RMBS transactions of DSB is the application of the new
Dutch law (in effect since Oct. 1, 2004).  Under this new Dutch
law the perfection of legal title to the loan receivables may be
achieved without notifying each individual borrower but through
the registration of a Deed of Assignment with either a Dutch
notary or the Dutch tax authorities.  The originator will
transfer the loans using this silent assignment.

The Issuer will finance the acquisition of the mortgage loan
portfolio with funds to be raised through the issuance of notes.
The total initial purchase price of the mortgage loan
receivables will be equal to the net proceeds received from the
issue of the rated classes of Notes, excluding the Class E
Notes.  The Reserve Fund will be partially financed from the
issuance of the Class E Notes; the remaining balance will be
funded out of available excess spread until the target level of
[1.25]% of the pool balance is reached.

Any repayments received under the mortgage loans will be used to
redeem the notes on a sequential basis in order of seniority
starting with the Class A1 Notes up to the first optional
redemption date.  On and after the first optional redemption
date in [May 2012], all Notes will redeem on a pro-rata and pari
passu basis subject to certain target amortization criteria,
which must be met:

   -- the subordination below Class A Notes is 2.5 times
      the initial subordination;  

   -- the Reserve Fund must be at its target level;

   -- no debit balance on any Principal Deficiency Ledger;

   -- no outstanding drawings on the liquidity facility; and

   -- arrears over 60 days must be less than 1.5% of the
      current outstanding balance of Notes.

To the extent any of these criteria are not met, the
amortization will revert back to a sequential redemption
structure.

Any Excess Margin available in the transaction after all other
obligations, including interest payments on Class E notes and
replenishment of the Reserve Fund, have been met in full, will
be used to redeem the Class E Notes until fully redeemed.

The Issuer may also at its option redeem all Notes outstanding
at the First Optional Redemption Date or on any payment date
thereafter.  An interest rate step up mechanism is used to
create an incentive for the issuer to redeem all of the notes on
the optional redemption date at their outstanding principal
balance.  While reviewing this transaction, Moody's has not
taken into account such redemption given the optional nature
thereof.

The Issuer is a special purpose vehicle incorporated under the
laws of the Netherlands with limited liability as a "besloten
vennootschap met beperkte aansprakelijkheid" (B.V.).  The shares
of the Issuer are owned by a foundation established under the
laws of the Netherlands: Stichting Administratiekantoor
Monastery.

                Strengths of the Transaction

   -- the excess spread of [0.5]% p.a. in the transaction
      guaranteed via the interest rate swap provided by a
      counterparty rated in compliance with Moody's criteria;

   -- the availability of a reserve fund with a target level of
      [1.25]% of the notes' initial balance partially funded at
      closing through the issue of the Class E notes (0.6%) and
      further sourced by available excess spread;

   -- protection against losses to senior notes through
      subordination of more junior notes;

   -- the liquidity facility provided by a counterparty rated
      in compliance with Moody's criteria equal to [3.5]% of
      the balance of the Notes;

   -- availability of a committed back-up servicer (Stater
      Nederland B.V.);

   -- the transaction does not involve a replenishment period;

   -- none of the pool debtors is self-employed;

   -- the originator provided "months current" data;

   -- the pool is regionally well diversified;

   -- comparatively low set-off risk;

               Weaknesses and Mitigants

Securitization is a major funding source for the originator and
hence the pool has limited seasoning; the inherent higher risk
is reflected in Moody's analysis but also by the generally good
performance of outstanding transactions and by fact that DSB
began originating mortgages for third parties in 1996 and
consumer loans since 1991.

Originator and Servicer, DSB Bank N.V., is not rated; the
uncertainty regarding its credit standing is mitigated by its
nature as regulated entity, its operational capabilities as
servicer and the availability of a back-up servicer.

The underlying mortgage pool has a relatively high LTFV.  The
associated risk and the therefore necessary credit enhancement
have been reflected in the pool analysis and the cash flow
modeling.  The ratings assigned reflect the resulting expected
loss of each tranche.

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

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.


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


POLSKA TELEFONIA: Moody's Withdraws Low-B Ratings
-------------------------------------------------
Moody's Investors Service has withdrawn a Ba1 corporate family
rating and a Ba3 Issuer rating of Polska Telefonia Cyfrowa SP.
zo.o. at the request of the company and for business purposes.  
PTC does not have any rated debt outstanding.

PTC is one of the leading mobile operators in Poland.


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


ASPHALT-CONCRETE 2: Bankruptcy Hearing Slated for Oct. 2
--------------------------------------------------------
The Arbitration Court of Khabarovsk Region will convene at 10:30
a.m. on Oct. 2 to hear the bankruptcy supervision procedure on
LLC Asphalt-Concrete Factory 2 (TIN 2727027658).  The case is
docketed under Case No. A73-6942/2006-36.

The Temporary Insolvency Manager is:

         A. Krylov
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia
         Tel/Fax: 34-70-60

The Debtor can be reached at:

         LLC Asphalt-Concrete Factory 2
         Severnoye Shosse 6
         Komsomolsk-na-Amure
         Russia


DIARY: Krasnodar Court Names B. Fridman as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. B.
Fridman as Insolvency Manager for LLC Diary (TIN 2349020919).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-11165/2006-1/399-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Diary
         Pimenko Str. 17 a
         Petrovskaya St.
         Slavyansk-na-Kubani
         353560 Krasnodar Region
         Russia


DVINSKIYE LESOPROMYSHLENNIKI: Assets Sale Slated for Oct. 13
------------------------------------------------------------
Mr. E. Bagretseva, Insolvency Manager and Bidding Organizer for
OJSC Dvinskiye Lesopromyshlenniki (TIN 29080000224), opens for
public auction the company's properties at noon on Oct. 13 at:

         Office 408
         Uritskogo Str. 17
         163002 Arkhangelsk Region
         Russia

To participate, bidders should deposit an amount equivalent to
10% of the starting price on or before Oct. 10 to:

         OJSC Dvinskiye Lesopromyshlenniki
         Settlement Account 4070281090401010976
         Arkhangelskoye OSB 8637
         Arkhangelsk BIK 041117601
         Correspondent Account 30101810100000000601

As reported in the TCR-Europe on March 10, the Arbitration Court
of Arkhangelsk region has commenced bankruptcy supervision on
open joint stock company Dvinskiye Lesopromyshlenniki.  The case
is docketed as A05-100/2006-28.  Ms. E. Bagretseva has been
appointed temporary insolvency manager.

The Debtor can be reached at:

         OJSC Dvinskiye Lesopromyshlenniki
         Lesnaya Str. 21
         Dvinskoy
         Verkhnetoemskiy Region
         165502 Arkhangelsk Region
         Russia


GAZPROM OAO: Doubles First-Quarter Earnings to RUR191 Billion
-------------------------------------------------------------
OAO Gazprom released its unaudited consolidated interim
financial results for the quarter ended March 31, 2006.

Gazprom posted RUR190.9 billion in net profit on RUR585.8
billion in revenues for the first quarter of 2006, compared with
RUR92.7 billion in net profit on RUR339.2 billion in revenues
for the same period in 2005.

Net sales of natural gas increased by RUR131.5 billion, or 47%,
to RUR413.6 billion, primarily due to higher European and FSU
prices for gas as well as higher volumes of sold gas.

Net sales of natural gas to Europe increased by RUR75.8 billion,
or 50%, to RUR228.3 billion, primarily due to higher average
prices for gas to European customers and the four-percent
increase in the volume of sold gas.

Net sales of natural gas to FSU countries increased by RUR37.1
billion, or 153%, to RUR61.2 billion, due to higher average
realized prices and higher sale volumes.

Net sales of natural gas in the domestic market increased by
RUR18.7 billion, or 18%, to RUR124.1 billion, primarily due to
increased average domestic price for gas set up by the Federal
Tariff Service, and increased volumes.

For the quarter ended March 31, 2006, net sales of crude oil and
gas condensate increased by RUR42.914 billion, due to the
inclusion of Gazprom Neft Group in the consolidated financial
information of Gazprom Group.

                        About Gazprom

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

                        *     *     *

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

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

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


KOLYMA-GOLD: Court Names G. Chmutina as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Magadan Region appointed Ms. G.
Chmutina as Insolvency Manager for CJSC Kolyma-Gold.  She can be
reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-1364/06-4b.

The Debtor can be reached at:

         CJSC Kolyma-Gold
         Karla Marksa Str. 33/15.
         685000 Magadan Region
         Russia


KOLYMSKIY: Magadan Court Names G. Chmutina as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Magadan Region appointed Ms. G.
Chmutina as Insolvency Manager for LLC Meat Combine Kolymskiy.  
She can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-1098/06-5 B.

The Debtor can be reached at:

         LLC Meat Combine Kolymskiy
         Koltsevaya Str. 3
         685000 Magadan Region
         Russia


METROMEDIA INT'L: Filing Ch. 11 Plan to Consummate Asset Sale
-------------------------------------------------------------
Metromedia International Group Inc. has received an offer to
acquire all of the Company's business interests in Georgia for a
cash price of US$480 million from an investment group comprised
of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

In response to the offer, the Company entered into an agreement
with the Offering Group providing for exclusivity in
negotiations with the Company during a 60-day due diligence
period and setting forth intended terms of a binding sale and
purchase agreement to be executed within such exclusivity period
and upon conclusion of the Offering Group's due diligence.  The
Company will be obligated to reimburse certain due diligence
expenses of the Offering Group, if the Company subsequently
elects not to proceed with the proposed sale.

If a binding sale and purchase agreement were to be executed
with the Offering Group, the Company intends to undertake the
sale through a court-supervised auction conducted in accordance
with Section 363 of 11 U.S.C, in a case to be filed in the U.S.
Court for the District of Delaware.

Given the purchase price proposed by the Offering Group, the
terms of certain agreements concluded with preferred
stockholders as described later herein, and present management
estimates of certain costs and liability settlements, holders of
the Company's common stock would likely receive approximately
US$1.60 per share and holders of preferred stock approximately
US$71.00 per share in the Wind-Up.

The Company and the Offering Group presently expect that a
binding sale and purchase agreement could be executed in early
December 2006.  At the time of its filing, the Company also
intends to immediately file a chapter 11 plan.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.  

In this connection, the Company announced that it has entered
into a lock-up, support and voting agreement with
representatives of holders of approximately 80% of its 4.1
million outstanding shares of preferred stock committing the
Preferred Representatives to support a plan in the Wind-Up
providing essentially to distribute to preferred stockholders
US$68 for each preferred share from Net Distributable Cash up to
US$420 million and to distribute pro rata to each preferred
share one-half of Net Distributable Cash in excess of US$420
million.  The remaining balance of Net Distributable Cash would
be distributed pro rata to each common share.

                        The Offer Agreement

The Offering Group proposes to acquire the Company's sole
ownership interest in Metromedia International
Telecommunications, Inc., which indirectly owns 50.1% of the
Georgian mobile telephony operator Magticom, 21% of Telecom
Georgia, a provider of international long distance calling
services in Georgia, and 26% of Telenet, a Georgian provider of
high-speed data communication and internet access services.

The Offering Group proposes to acquire all of the outstanding
capital stock of MITI for US$480 million cash payment due at
closing.  The Company has committed to exclusively negotiating
binding terms for acquisition of these assets with the Offering
Group for a sixty-day period, during which the Offering Group
will complete its remaining due diligence work.

The parties have agreed on basic terms of a binding share
purchase agreement, which they presently expect to execute
following the completion of the Offering Group's due diligence
procedures.  The parties further agreed that Magticom could
distribute to its shareholders up to US$30 million in dividends
prior to the sale without effect on the proposed purchase price
for MITI, of which MIG anticipates the receipt of approximately
US$13.5 million for its 50.1% economic interest in Magticom.

The Offering Group has commenced discussions with Mark Hauf, the
Company's Chairman and Chief Executive Officer, to explore with
him the possibility of continuation of his services with the
Offering Group or one of its members or their respective
affiliates.

Concerning the Offering Group's proposal, Mark Hauf, the
Company's Chairman and CEO commented: "Although it has not been
the Company's active intention to divest its remaining operating
units, we have remained open to considering compelling purchase
proposals.  The current offer, in the opinion of the Board,
represents such a proposal.  It affords an opportunity to
monetize for our stockholders the value developed in the Company
through the preceding three years of restructuring.  Seizing
this opportunity to liquidate on attractive terms also
acknowledges the extreme difficulties and significant costs the
Company has faced and will continue to face in its efforts to
meet reporting obligations as a U.S. publicly traded registrant
with all of its operations conducted in foreign emerging
markets.  It also acknowledges the practical limits the Company
faces in raising additional funds to fuel material expansion of
our foreign operations without very substantially diluting the
interests of our present stockholders.  In all, it is the
judgment of the Board that acting on the present offer
represents the best opportunity readily available to maximize
value for our stockholders."

                      The Preferred Agreement

The Preferred Representatives have agreed to support a
chapter 11 plan in the Wind-Up pursuant to which holders of the
Company's preferred stock would receive US$68 per share from Net
Distributable Cash of US$420 million or less, and one-half of
any Net Distributable Cash in excess of US$420 million,
allocated equally among the preferred shares.  The balance of
Net Distributable Cash would be allocated equally among the
outstanding common shares.

Since the Preferred Representatives represent holders of more
than two-thirds of the presently outstanding preferred stock, if
such a plan is approved by the Court, the plan would be binding
on all preferred stockholders.  

Net Distributable Cash will consist of the cash proceeds of the
intended MITI sale plus the Company's portion of dividends
received from Magticom prior to the sale and all headquarters
cash on hand at sale closing less:

     a) any taxes arising out of the sale of assets;

     b) payments of all allowed claims in the Wind-Up case;

     c) necessary reserves for the final liquidation of the
        Company and its subsidiaries;

     d) professional fees connected with the MITI sale and
        pursuit of the Wind-Up; and

     e) Board-approved bonuses or similar payments to Company
        directors, management and employees which in an
        aggregate amount are presently estimated to equal
        approximately 5% of the MITI sale proceeds.

The Company presently estimates that Net Distributable Cash
following consummation of a US$480 million MITI sale in first
quarter of 2007 and essential conclusion of the Wind-Up by the
end of first half 2007 will range from US$440-450 million.

Pursuant to the plan of distribution agreed with the Preferred
Representatives, this would result in distribution of US$70.42
to US$71.62 for each preferred share and US$1.58 to US$1.63 for
each common share.  By the end of first half 2007, the combined
face value plus accumulated unpaid dividends that would
otherwise be due to the preferred stockholders would be in
aggregate approximately US$325 million or US$78.50 per preferred
share outstanding.

Concerning the distribution arrangements agreed between the
Company and the Preferred Representatives, Mr. Hauf further
commented: "There has been longstanding disagreement among
holders of the Company's two classes of stock concerning the
claim each might have on enterprise value generated through
resolution of the Company's earlier financial difficulties.  In
reaching this agreement with preferred stockholders, we
acknowledged the priority nature of their rapidly increasing
claim in the event the Company faced liquidation of its
remaining assets.  Given the practical limitations imposed by
the Company's present and historical condition on raising
significant additional investment capital, the prospect of the
eventual sale of foreign operating assets rather than their
continued aggressive development has been ever present.  If
undertaken without some concession by the preferred
stockholders, such sale would result in distributions to our
common stockholders of materially less than market trading
price.  The opportunity presented by the Offering Group's
acquisition proposal and the concessions agreed with the
Preferred Representatives enable the Company to wrap up its
operations while still delivering to our common stockholders an
amount exceeding the Company's ninety calendar day average
trading price for the common stock."

                   Effect on Georgian Operations

Concerning the Offering Group's proposed purchase of MITI, a
spokesperson for the Offering Group stated: "We are very
enthusiastic about this opportunity.  We are confident about
Georgia's investment climate and its potential for further
economic growth.  Magticom is a great company with an excellent
track record of growth, profitability and client service.  We
plan to actively build on this track record."

                        About Metromedia

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.


METROMEDIA INT'L: Magticom Earns US$63.4 Million in Fiscal 2005
----------------------------------------------------------------
Metromedia International Group, Inc., has released the
preliminary unaudited financial results, for the fiscal year
ended Dec. 31, 2005, for its principal Georgian business,
Magticom Limited.

Highlights for the full-year 2005 vs. full-year 2004 include:

   -- revenues of US$146.1 million, an improvement of 43%
      compared to US$102 million generated in the prior year;

   -- Net income of US$63.4 million, as compared to US$50.3
      million of net income earned in 2004; and

   -- EBITDA of US$97.8 million vs. US$73.3 million in 2004

Commenting on this announcement, Ernie Pyle, the Company's Chief
Financial Officer, said: "This press release contains the
preliminary unaudited financial results for Magticom and as such
this financial information is subject to adjustment until such
time that the Company files its respective periodic reports with
the United States Securities and Exchange Commission."

Mr. Pyle further stated: "We anticipate that Magticom will
realize the full year 2006 EBITDA of approximately US$115
million projected in Magticom's 2006 Business Plan as approved
by its shareholders.  Such information, together with the 2004-
2005 financial performance results of Magticom, included herein,
should enable the Company's stakeholders to evaluate the
attractiveness of the proposed sale of substantially all of the
assets of MIG, as discussed in a parallel press release
distributed [Mon]day."

Magticom, the leading mobile telephony operator in Tbilisi,
Georgia, in which the Company presently owns a 50.1% ownership
interest, operates a wireless communications network and markets
mobile voice communication services to private and commercial
users nationwide in the country of Georgia.  Magticom's network
offers services using GSM standards in both the 900 MHz and 1800
MHz spectrum range and has recently launched 3rd Generation GSM
mobile voice, data and video services using the 2.1 GHz radio
frequency spectrum.  Prior to mid-February 2005, the Company had
a 34.5% ownership interest in Magticom.

                      About Metromedia

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.


MIKHAYLOVSKAYA SEL-KHOZ-TEKHNIKA: S. Roshin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. S. Roshin
as Insolvency Manager for OJSC Mikhaylovskaya Sel-Khoz-Tekhnika.  
He can be reached at:

         S. Roshin
         Post User Box 45
         690105 Vladivostok-105
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-6005\06\15-142B.

The Debtor can be reached at:

         OJSC Mikhaylovskaya Sel-Khoz-Tekhnika
         Mikhaylovka 1st Block 2
         Primorye Region
         Russia


NAKHODKINSKIY FISH-FACTORY: V. Minkina to Manage Assets
-------------------------------------------------------
The Arbitration Court of Primorye Region appointed Ms. V.
Minkina as Insolvency Manager for CJSC Nakhodkinskiy Fish-
Factory.  She can be reached at:

         V. Minkina
         Post User Box 110
         Artem
         692760 Primorye Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-8709/06 9-236.

The Debtor can be reached at:

         CJSC Nakhodkinskiy Fish-Factory
         Nakhodkinskiy Pr. 69
         Nakhodka
         Primorye Region
         Russia


NOVOTORYALSKIY BUTTER: N. Smyshlyaev to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. N.
Smyshlyaev as Insolvency Manager for OJSC Novotoryalskiy Butter
Factory.  He can be reached at:

         N. Smyshlyaev
         Post User Box 75
         Yoshkar-Ola
         424007 Mariy El Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-184-11/94-2006.

The Debtor can be reached at:

         OJSC Novotoryalskiy Butter Factory
         Kolkhoznaya Str. 42 A
         Novyj Toryal
         425430 Mariy El Republic
         Russia


PROMSVYAZBANK: Moody's Rates Loan Participation Notes at Ba3
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 foreign currency debt
rating to the Loan Participation Notes to be issued on a limited
recourse basis by PSB Finance S.A. for the sole purpose of
funding a loan to Promsvyazbank.  The outlook for the rating is
stable.

Moody's Ba3 debt rating is based on the fundamental credit
quality of Promsvyazbank.  The holders of the notes will be
relying for repayment solely and exclusively on the ability of
Promsvyazbank to make payments under the loan agreement.

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

The loan agreement contains a negative pledge clause and a
cross-acceleration clause, as well as covenants that limit
mergers, disposals and transactions with affiliates.  Moreover,
it stipulates that the total capital ratio calculated in
accordance with Basel requirements should not fall below 11%.
Moody's cautions that, in the event of the capital adequacy
ratio approaching 11%, the bank's ratings would become unstable
and significant downward pressures may ensue.

Headquartered in Moscow, Russia, Promsvyazbank had total IFRS-
consolidated assets of US$3.9 billion as of Dec. 31, 2005.


ROSBANK OJSC: Stake Acquisition Cues S&P to Lift Ratings to B+/B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty
credit ratings on Russia-based Rosbank OJSC to 'B+/B' from
'B/C'.  At the same time, the ratings were removed from
CreditWatch where they had been placed with positive
implications on June 8 following the announcement that the
French bank Societe Generale was acquiring a 10% stake and
aiming to increase its holding in Rosbank to 20%.  Additionally,
Standard & Poor's raised its Russia national scale rating on the
bank to 'ruAA-' from 'ruA-'.  The outlook is positive.
     
"The upgrade reflects SocGen's acquisition of an additional 10%
stake in Rosbank in September 2006 (bringing its ownership to
20% less one share), and is driven by SocGen's expected
operational and managerial support to be provided to Rosbank,"
said Standard & Poor's credit analyst Eugene Tarzimanov.

SocGen also acquired a call option for an additional 30% stake
plus two shares in Rosbank maturing end-2008.  Although SocGen's
commitment to Rosbank is fairly limited at this stage,
Standard & Poor's considers that--barring major macroeconomic
problems in The Russian Federation--SocGen is likely to acquire
a controlling ownership at Rosbank in the medium term.  If and
when this happens, a significant rating uplift on Rosbank should
follow.
     
The positive outlook reflects Standard & Poor's expectation that
SocGen's operational and managerial support will intensify in
the medium term, positively affecting Rosbank in such areas as
funding, risk management, and IT.  The rating agency also
expects that Rosbank will continue its rapid expansion in line
with strategic goals.

"We would consider raising the ratings if SocGen acquires a
controlling ownership, or if Rosbank demonstrates its ability to
better withstand competitive pressure on profitability and
maintains good asset quality," added Mr. Tarzimanov.

A negative rating or outlook pressure might follow if SocGen's
support is not significant; if Rosbank is unable to control the
quality of its rapidly growing loan portfolio; or if it fails to
reap financial benefits from an enlarged network.


ROSNEFT OIL: Aims to Borrow US$20-Bln Loan to Buy Yukos Assets
--------------------------------------------------------------
OAO Rosneft Oil Co. plans to borrow at least US$15 billion to
purchase the assets of bankrupt OAO Yukos Oil Co., which were to
be sold at auction before August 2007, Kommersant Daily reports.

Rosneft has reportedly approached its Western creditor banks,
which include Deutsche Bank, to organize between US$15 million
and US$20 billion in loans.

Harry Wilson and Nick Clark of Financial News Online reports
that five international banks are preparing to fund the loan to
Rosneft.  According to Russian market sources, the banks, which
lent US$7.5 billion to Rosneft in 2005, include:

         -- ABN Amro
         -- Barclays Capital
         -- Dresdner Kleinwort
         -- JP Morgan
         -- Morgan Stanley

Financial News cited an unidentified source as saying that
Rosneft was likely to be looking for about eight banks to back
the loan.  

A spokesman for Deutsche Bank confirmed to Dow Jones Newswires
that the bank "is involved with Rosneft" but declined to confirm
the size of the facility and whether it had received a firm
mandate for a loan, MarketWatch relates.

Rosneft First Vice President Nikolai Borisenko confirmed its
interest in Yukos assets saying that the company will have to
resort to loans for the acquisition.  According to Kommersant,
MDM-bank analyst Andrey Gromadin estimated the assets to be
worth about US$20-US$23 billion; Alfa-bank analyst Konstantin
Batunin estimates them at around US$15 billion.

As reported in TCR-Europe on Sept. 19, Rosneft Vice President
Peter O'Brian said the company might buy some assets from Yukos
to optimize the balance between oil refining and production.  He
said that the company had no plans to purchase assets abroad,
but indicated plans to swap some assets for oil refineries in
China.  The company, however, was ready to consider purchasing
oil assets in the Bashkortostan Republic if the move proved to
be economically expedient.

Some 20 creditors asserted up to US$16.2 billion in claims
against Yukos, including, among others:

         Yuganskneftegas
           (now owned by Rosneft)       US$4.07 billion
         Federal Tax Service            US$11.6 billion
         OAO Rosneft Oil Co.            US$482 million

                       Stock Flotation

On July 14, Rosneft closed the books on Russia's biggest
flotation and the world's fifth largest, placing 1.4 billion
ordinary shares in Moscow and London worth US$10.4 billion.

Mr. O'Brian said the company has no plans to float additional
shares.

Rosneft expects to use proceeds from the IPO to pay off a US$7.5
billion syndicated bank loan that helped finance the state
buyback of a 10.7% stake in Gazprom.

Rosneft president Sergei Bogdanchikov, who acquired 0.0013% of
shares worth about US$1 million, previously disclosed that three
strategic investors had subscribed for US$3 billion of the
company's shares.  He also cited subscriptions from, among
others:

         Investors                        Subscriptions
         ---------                        -------------
         BP Plc                           US$1 billion
         Petronas                         US$1.5 billion
         China National Petroleum Corp.   US$500 million
         Private Russian investors        US$755 million

Rosneft top executives acquired a 0.0179% stake in the company
with Hans-Jorg Rudloff, a member of the board of directors,
acquiring the largest stake at 0.0071%.

                         About Yukos

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

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

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

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

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

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

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum  
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned BB ratings to Rosneft's long-term and
local foreign issuer credit in 2006, while Fitch assigned BB+
ratings to the Company's foreign currency and local currency
long-term debt in 2005.


SLAVINVESTBANK: Moody's Assigns B1 Rating on Stake Purchase Plan
----------------------------------------------------------------
Moody's Investors Service assigned a positive outlook to the
B1 long-term foreign currency deposit rating of Slavinvestbank
(Russia) and upgraded its national scale rating from A2.ru to
A1.ru.  All other ratings have been affirmed with a stable
outlook.

Moody's notes that the rating action reflects a high likelihood
of Bank TuranAlem acquiring a controlling stake in
Slavinvestbank by end-2007.  

BTA has recently announced its new strategy of acquiring
controlling stakes in its partner banks, a project that BTA's
shareholders are going to support by an external capital
contribution of US$400 million.  In addition, an official
statement from BTA said that it intends to increase its share in
Slavinvestbank from the current 15.63% to a controlling stake.  
The acquisition remains subject to regulatory approval, and
still needs to be formally sealed by shareholders' and
participants' meetings of both banks. Slavinvestbank is likely
to serve as a platform for BTA to develop its business in
Russia.

Successful acquisition of the controlling stake by BTA is likely
to lead to an upgrade in Slavinvest's long-term foreign currency
deposit rating.  An improvement in franchise along with growing
market shares and improved financial fundamentals would
constitute positive factors for its BFSR but it is not expected
in the short term.

Moody's added that the positive outlook is likely to be restored
to stable if the transaction fails to be completed successfully.
The foreign currency deposit rating is likely to be downgraded
in case of BTA chooses to loosen its currently strong ties with
Slavinvestbank if no significant improvements in financial
fundamentals occur at that time.  A negative rating action on
the BFSR is not very likely in the short-to-medium term unless a
significant asset or liquidity problem occurs.

Headquartered in Moscow, Russia, Slavinvestbank reported under
IFRS unaudited consolidated total assets of US$650 million and
total equity of US$65 million as at 30 June 2006.

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


SOUVENIR: Mariy El Court Names E. Dunaev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. E.
Dunaev as Insolvency Manager for OJSC Company Souvenir.  He can
be reached at:

         E. Dunaev
         Karla Marksa Str. 110
         Yoshkar-Ola
         424000 Mariy El Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-718-11/122-2006.

The Debtor can be reached at:

         OJSC Company Souvenir
         Eshpaya Str. 150
         Yoshkar-Ola
         Mariy El Republic
         Russia


SPETS-MONTAGE-STROY: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region commenced
bankruptcy supervision procedure on OJSC Spets-Montage-Stroy.  
The case is docketed under Case No. A43-5376/2006 24-90.

The Temporary Insolvency Manager is:

         A. Ershov
         Chkalova Pr. 27
         Dzerzhinsk
         606000 Nizhniy Novgorod Region Russia

The Debtor can be reached at:

         OJSC Spets-Montage-Stroy
         Oktyabrskaya Str. 82.
         Dzerzhinsk
         Nizhniy Novgorod Region
         Russia


TENKINSKOYE TRANSPORT: Creditors Must File Claims by Nov. 2
-----------------------------------------------------------
Creditors of OJSC Tenkinskoye Transport Enterprise have until
Nov. 2 to submit written proofs of claim to:

         N. Alekseeva, Insolvency Manager
         Office 81
         Proletarskaya Str. 12
         685000 Magadan Region
         Russia

The Arbitration Court of Magadan Region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-37-422/06-13B.

The Debtor can be reached at:

         OJSC Tenkinskoye Transport Enterprise
         Klubnaya Str. 13.
         Transportnyj
         Tenkinskiy Region
         Magadan Region
         Russia


TRUST: Court Names A. Trenkler as Insolvency Manager
----------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed A. Trenkler as Insolvency Manager for CJSC Joint-Stock
Insurance Company Trust.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-19832/2006.

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 Joint-Stock Insurance Company Trust
         Nevskiy Pr. 1
         St. Petersburg Region
         Russia


UCHALINSKIY FEED: Creditor Must File Claims by November 2
---------------------------------------------------------
Creditors OJSC Uchalinskiy Feed Mill of have until Nov. 2 to
submit written proofs of claim to:

         A. Validova, Insolvency Manager
         Mashinostroiteley Str. 4-82
         Kumertau
         453303 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A07-40269/
05-G-ADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Uchalinskiy Feed Mill Ust
         Vosstaniya Str. 119A
         Kazan
         453731 Bashkortostan Republic
         Russia


URALVNESHTORGBANK: Merger Spurs Moody's to Review B2 Rating
-----------------------------------------------------------
Moody's Investors Service placed the B2 long-term deposit rating
of Russia's Uralvneshtorgbank on review for possible upgrade.
UVTB's E+ financial strength rating and its Not Prime short-term
deposit rating have been affirmed.  The outlook for the bank's
FSR is stable.  At the same time, Moody's Interfax Rating Agency
has affirmed UVTB's A3.ru long-term national scale rating.

Moody's notes that the rating action reflects the high
likelihood that SibAcademBank will merge with UVTB by the end of
2006.  Following the merger UVTB and SAB will cease to be
separate legal entities.  A new merged bank named URSA Bank will
be headquartered in Novosibirsk, the largest city in Siberia,
where SAB's head office is currently located.

Headquartered in Ekaterinburg, Russia, UVTB reported
consolidated total assets of RUB18.4 billion (US$679 million)
and total equity of RUB2.0 billion (US$73 million) under IFRS as
at 30 June 2006.

SAB reported total consolidated assets of RUB46.8 billion
(US$1.7 billion) and total shareholders' equity of RUB3.4
billion (US$127 million) under IFRS as at June, 30 2006.  As at  
June 30, 2006, SAB ranked as the 31st largest Russian bank in
terms of assets and one of the largest banks headquartered
outside Moscow, while UVTB ranked as the 70th largest bank in
Russia in terms of total assets.


VERKHOVSKIY CONCENTRATED: Bankruptcy Hearing Slated for Nov. 2
--------------------------------------------------------------
The Arbitration Court of Orel Region will convene at 2:00 p.m.
on Nov. 22 to hear the bankruptcy supervision procedure on OJSC
Verkhovskiy Concentrated Milk Combine.  The case is docketed
under Case No. A48-3114/06-16b.

The Temporary Insolvency Manager is:

         A. Yastrebov
         Post User Box 12
         115597 Moscow 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 Verkhovskiy Concentrated Milk Combine
         Lenina Str. 1
         Verkhovye
         303720 Orel Region
         Russia


WOODWORKING COMPANY: Kirov Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Kirov Region commenced bankruptcy
supervision procedure on LLC Woodworking Company.
The case is docketed under Case No. A28-296/05-245/6.

The Temporary Insolvency Manager is:

         A. Danilov
         Udmurtskaya Str. 304
         Izhevsk
         426034 Udmurtiya Republic
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         LLC Woodworking Company
         Rechnaya Str. 2
         Kobra
         Nagorskiy Region
         Kirov Region
         Russia


YUKOS OIL: Rosneft Taps Banks for US$20-Bln Loan to Buy Assets
--------------------------------------------------------------
OAO Rosneft Oil Co. plans to borrow at least US$15 billion to
purchase the assets of bankrupt OAO Yukos Oil Co., which were to
be sold at auction before August 2007, Kommersant Daily reports.

Rosneft has reportedly approached its Western creditor banks,
which include Deutsche Bank, to organize between US$15 million
and US$20 billion in loans.

Harry Wilson and Nick Clark of Financial News Online reports
that five international banks are preparing to fund the loan to
Rosneft.  According to Russian market sources, the banks, which
lent US$7.5 billion to Rosneft in 2005, include:

         -- ABN Amro
         -- Barclays Capital
         -- Dresdner Kleinwort
         -- JP Morgan
         -- Morgan Stanley

Financial News cited an unidentified source as saying that
Rosneft was likely to be looking for about eight banks to back
the loan.  

A spokesman for Deutsche Bank confirmed to Dow Jones Newswires
that the bank "is involved with Rosneft" but declined to confirm
the size of the facility and whether it had received a firm
mandate for a loan, MarketWatch relates.

Rosneft First Vice President Nikolai Borisenko confirmed its
interest in Yukos assets saying that the company will have to
resort to loans for the acquisition.  According to Kommersant,
MDM-bank analyst Andrey Gromadin estimated the assets to be
worth about US$20-US$23 billion; Alfa-bank analyst Konstantin
Batunin estimates them at around US$15 billion.

As reported in TCR-Europe on Sept. 19, Rosneft Vice President
Peter O'Brian said the company might buy some assets from Yukos
to optimize the balance between oil refining and production.  He
said that the company had no plans to purchase assets abroad,
but indicated plans to swap some assets for oil refineries in
China.  The company, however, was ready to consider purchasing
oil assets in the Bashkortostan Republic if the move proved to
be economically expedient.

Some 20 creditors asserted up to US$16.2 billion in claims
against Yukos, including, among others:

         Yuganskneftegas
           (now owned by Rosneft)       US$4.07 billion
         Federal Tax Service            US$11.6 billion
         OAO Rosneft Oil Co.            US$482 million

                       Stock Flotation

On July 14, Rosneft closed the books on Russia's biggest
flotation and the world's fifth largest, placing 1.4 billion
ordinary shares in Moscow and London worth US$10.4 billion.

Mr. O'Brian said the company has no plans to float additional
shares.

Rosneft expects to use proceeds from the IPO to pay off a US$7.5
billion syndicated bank loan that helped finance the state
buyback of a 10.7% stake in Gazprom.

Rosneft president Sergei Bogdanchikov, who acquired 0.0013% of
shares worth about US$1 million, previously disclosed that three
strategic investors had subscribed for US$3 billion of the
company's shares.  He also cited subscriptions from, among
others:

         Investors                        Subscriptions
         ---------                        -------------
         BP Plc                           US$1 billion
         Petronas                         US$1.5 billion
         China National Petroleum Corp.   US$500 million
         Private Russian investors        US$755 million

Rosneft top executives acquired a 0.0179% stake in the company
with Hans-Jorg Rudloff, a member of the board of directors,
acquiring the largest stake at 0.0071%.

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum  
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                         About Yukos

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

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

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

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

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

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


YUKOS OIL: Court Orders US$1.6-Bln Payment of 2004 Tax Fines
------------------------------------------------------------
The Moscow Arbitration Court has ordered OAO Yukos Oil Co. to
pay RUR42 billion (US$1.6 billion) in tax fines for 2004,
upholding a claim filed by the Federal Tax Service in March, RIA
Novosti reports.

The ruling also upheld a decision of the tax authorities to
impose an additional RUR108 billion (US$4 billion) in taxes on
Yukos for 2004.

On March 17, the Federal Tax Service claimed that Yukos owed
RUR108 billion (US$4billion) in back taxes for 2004.  On
June 14, a court ruling found the 2004 claim legitimate and
declared that the claim should be included in the list of
creditors' claims against Yukos.

According to the Russian news and information service, the debt
and interest penalty have been charged from Yukos in an extra-
judicial manner, while over RUR42 billion (US$1.57 billion) in
fines will be charged via the arbitration court.  

As reported in TCR-Europe on Aug. 15, the Arbitration Appeal
Court in Moscow reduced the tax regulator's claims against Yukos
from RUR353.8 billion (US$13.2 billion) to RUR$311.8 billion
(US$11.6 billion).

Up to US$16.2 billion in claims have been asserted against the
company by 20 creditors, among others:

         Yuganskneftegas        US$4.07 billion
         Federal Tax Service    US$11.6 billion
         OAO Rosneft Oil Co.    US$482 million

                         About Yukos

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

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

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

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

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

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


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


AFFILIATED COMPUTER: Stock Option Probe Delays Form 10-K Filing
---------------------------------------------------------------
Affiliated Computer Services Inc. disclosed 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.

ACS is conducting an internal investigation into its historical
stock option practices during the period 1994 to date and
related disclosure in its Form 10-Q, filed May 15, 2006, in
response to a pending informal investigation by the U.S.
Securities and Exchange Commission and a grand jury subpoena
issued by the United States Attorney for the Southern District
of New York.  The internal investigation is ongoing, and is
expected to be completed in the Company's second fiscal quarter.  
The Company will not be in a position to determine the timing
for the filing of its Form 10-K until the investigation is
complete and the Company's independent auditors have had the
opportunity to review the investigation's findings.

The Company has notified the New York Stock Exchange, Inc., that
the Company failed to file its Form 10-K in a timely manner,
and, as a result, the Company is subject to the procedures
specified in the NYSE's listed company manual.  As a result,
among other things, the NYSE will monitor the Company and the
filing status of the Form 10-K.  If the Company has not filed
its Form 10-K within six months of its filing due date, the NYSE
will determine whether the Company should be given up to an
additional six months to file its Form 10-K or may instead
commence suspension and delisting procedures.  The Company
expects to receive a letter from the NYSE regarding these
procedures.

In addition, 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.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides  
business process outsourcing and information technology
solutions to commercial and government clients.

                        *     *     *

As reported in TCR-Europe on Oct. 4, Moody's Investors Service
placed the Ba2 ratings of Affiliated Computer Services on review
for possible downgrade.  The review for downgrade was prompted
by the company's ongoing independent investigation into
historical stock option practices, which has resulted in the
company's delay in filing its 10-K for its fiscal year ended
June 2006.  The company has received certain waivers from credit
facility lenders through Dec. 31 related to the options matter.

The review will examine the company's access to internal and
external sources of liquidity as well as the prospects for
filing the June 10-K and subsequent financial statements with
the SEC by Dec. 31.  As part of this review, Moody's will assess
the company's acquisition plans and contract commitments.  If
the company becomes current in the filing of its financial
statements by Dec. 31 and any restatement is unlikely to result
in a material cash outflow, the ratings will likely be confirmed
at Ba2.

Ratings Placed on Review for Possible Downgrade:

    * Ba2 Senior Secured Term Loan Rating
    * Ba2 Senior Secured Revolving Credit Facility Rating
    * Ba2 Senior Notes Rating ($500 Million due 2010 and 2015)
    * Ba2 Corporate Family Rating


AFFILIATED COMPUTER: Form 10-K Filing Delay Cues S&P's Downgrade
----------------------------------------------------------------
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, 2006.

"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 December 31 deadline approaches.  
Standard & Poor's 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.


AMC ENTERTAINMENT: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed Marquee Holdings, Inc.'s B1 Corporate Family
Rating.

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

   Issuer: Marquee Holdings, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   12% Sr. Discount
   Notes Due 2014        Caa1      B3      LGD6        95%

   Issuer: AMC Entertainment, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility        Ba3      Ba1     LGD2        11%

   Sr. Secured
   Term Loan              Ba3      Ba1     LGD2        11%

   Sr. Floating Rate
   Notes Due 2010         B2       Ba3     LGD3        35%

   8-5/8% Sr. Notes
   Due 2012               B2       Ba3     LGD3        35%

   9-7/8% Sr. Sub.
   Notes Due 2012         B3       B3      LGD5        81%

   11% Sr. Sub.
   Notes Due 2016         B3       B3      LGD5        81%

   9-1/2% Sr. Sub.
   Notes Due 2011         B3       B3      LGD5        81%

   8% Sr. Sub.
   Notes Due 2014         B3       B3      LGD5        81%

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%).

                    About Marquee Holdings Inc.

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.  
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.

                    About AMC Entertainment Inc.

Headquartered in Kansas City, Missouri, AMC Entertainment Inc.
-- http://www.amctheatres.com/-- is a worldwide leader in the   
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States,
France, Portugal, Spain and the United Kingdom.


ECHOSTAR COMMS: Fitch Rates Unit's US$500-Mln Sr. Notes at BB-
--------------------------------------------------------------
Fitch Ratings assigned a 'BB-' rating to Echostar DBS
Corporation's US$500 million offering of 7% senior notes due
2013.  The notes will rank equally with the other debt
outstanding at Echostar DBS Corp.  Proceeds from the note
offering will be used to fund the early redemption of the
company's floating rate senior notes due 2008 on Oct. 1, 2006.

Echostar DBS Corp. is a wholly owned subsidiary of Echostar
Communications Corp.  The Issuer Default Rating for Echostar and
Echostar DBS Corporation is 'BB-'.  The Rating Outlook is
Stable.

Fitch's ratings incorporate Echostar's lack of revenue and
service diversity as well as the increasing business risks
connected to Echostar's credit profile stemming from the intense
competition for subscriber market share with cable multiple
systems operators.

Fitch anticipates that the competitive environment will only
intensify as the cable MSOs' voice over Internet protocol
telephony service gains scale and the telephone companies
continue with the introduction of video service.

From Fitch's perspective, the lack of revenue and service
diversity, primarily stemming from the limitations inherent with
Echostar's satellite infrastructure, weakens the company's
competitive position and ability to respond to the changing and
riskier operating environment.

Fitch's ratings also reflect:

   * the operating leverage derived from Echostar's size and
     scale as the fourth largest multichannel video programming
     distributor in the United States;

   * the company's solid liquidity position, and

   * expectation for continued free cash flow generation.

Fitch's Stable Rating Outlook reflects the consistent subscriber
economic trends as well as the positive EBITDA and free cash
flow prospects expected over the near term balanced with the
very competitive operating environment.  

Outside of the announced share repurchase authorization; Fitch
views the use of cash for shareholder friendly actions as an
erosion of financial flexibility that could result in pressure
on the ratings or an Outlook revision.

Additionally, Fitch has concerns related to the uncertainty
surrounding the company's broadband strategy and the potential
cash requirements to launch a wireless broadband service.


PYME BANCAJA: Moodys Assigns (P)C Rating on EUR28.8-Mln Notes
-------------------------------------------------------------
Moody's Investors Service assigned these following definitive
ratings to the debt to be issued by Spain's PYME Bancaja 5,
Fondo de Titulizacion de Activos:

   -- EUR260 million Series A1 notes: (P)Aaa;
   -- EUR185.0 million Series A2 notes: (P)Aaa;
   -- EUR618.2 million Series A3 notes: (P)Aaa;
   -- EUR62.7 million Series B notes: (P)A2;
   -- EUR24.1 million Series C notes: (P)Baa3; and
   -- EUR28.8 million Series D notes: (P)C.

The definitive ratings address the expected loss posed to
investors by the legal final maturity (Feb. 14, 2039).  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 on Classes A/B/C, and for
ultimate payment of interest and principal at par on or before
the rated final legal maturity date on Class D.  

The ratings do not address full redemption of the Notes on the
expected 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 a significant effect on
yield to investors.

PYME Bancaja 5, FTA is a securitization fund created with the
aim of purchasing a pool of loans granted by Caja de Ahorros de
Valencia, Castellon y Alicante to Spanish small- and medium-
sized enterprises.

Strong features within this deal include among others:

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

   -- an 18-month artificial write-off mechanism;

   -- the fact that the management company will elect the
      loans from the provisional pool that will result in
      the least concentrated securitised pool; and

   -- good performance of Bancaja's previous FTPYME deals.

The deal's weaker features include:

   -- interest rate risk only partially hedged;

   -- pro rata amortization of the notes;

   -- geographical concentration in the region of Valencia;

   -- the negative impact of the interest deferral trigger
      on the subordinated series; and

   -- 66% of the portfolio is concentrated in Building and
      Real Estate sector according to Moody's
      industry classification.  

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets was 1,276,186,875 as
of Aug. 31, 2006.  The loans were originated between 2001 and
April 2006, with a weighted average seasoning of 1.01 years and
a weighted average remaining term of 6.68 years.  The loan with
the longest duration matures in December 2035.  Around 56.71% of
the pool enjoys a grace period on principal payments with an
average length of five quarters.  Around 77% of the outstanding
of the portfolio is secured by a mortgage guarantee over
different types of properties.  The remaining 22% is secured by
personal guarantee.  Geographically the pool is concentrated in
Valencia (50.86%), Madrid (16.81%) and Catalonia (9.08%).

Moody's based the definitive ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

   -- the swap agreement partially hedging the interest
      rate risk;

   -- the credit enhancement provided through the
      Guaranteed Investment Contract account, the pool
      spread, the reserve fund and the subordination of
      the notes; and

   -- the legal and structural integrity of the transaction.

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


REVLON CONSUMER: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B3
Corporate Family Rating for Revlon Consumer Products
Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$160 million
   Revolver             B2       Ba3      LGD2     11%

   US$800 million
   Term Loan            B1       B2       LGD3     34%

   US$387 million
   Senior Notes         Caa2     Caa1     LGD4     61%

   US$217 million
   Sr. Sub. Notes       Caa3     Caa2     LGD6     93%

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

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

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

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a   
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The Company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The Company's brands include
Revlon(R),Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), andMitchum(R).  Revlon Consumer Products Corporation is
Revlon, Inc.'s wholly-owned operating subsidiary.


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


AFFILIATED COMPUTER: Stock Option Probe Delays Form 10-K Filing
---------------------------------------------------------------
Affiliated Computer Services Inc. disclosed 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.

ACS is conducting an internal investigation into its historical
stock option practices during the period 1994 to date and
related disclosure in its Form 10-Q, filed May 15, 2006, in
response to a pending informal investigation by the U.S.
Securities and Exchange Commission and a grand jury subpoena
issued by the United States Attorney for the Southern District
of New York.  The internal investigation is ongoing, and is
expected to be completed in the Company's second fiscal quarter.  
The Company will not be in a position to determine the timing
for the filing of its Form 10-K until the investigation is
complete and the Company's independent auditors have had the
opportunity to review the investigation's findings.

The Company has notified the New York Stock Exchange, Inc., that
the Company failed to file its Form 10-K in a timely manner,
and, as a result, the Company is subject to the procedures
specified in the NYSE's listed company manual.  As a result,
among other things, the NYSE will monitor the Company and the
filing status of the Form 10-K.  If the Company has not filed
its Form 10-K within six months of its filing due date, the NYSE
will determine whether the Company should be given up to an
additional six months to file its Form 10-K or may instead
commence suspension and delisting procedures.  The Company
expects to receive a letter from the NYSE regarding these
procedures.

In addition, 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.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides  
business process outsourcing and information technology
solutions to commercial and government clients.

                        *     *     *

As reported in TCR-Europe on Oct. 4, Moody's Investors Service
placed the Ba2 ratings of Affiliated Computer Services on review
for possible downgrade.  The review for downgrade was prompted
by the company's ongoing independent investigation into
historical stock option practices, which has resulted in the
company's delay in filing its 10-K for its fiscal year ended
June 2006.  The company has received certain waivers from credit
facility lenders through Dec. 31 related to the options matter.

The review will examine the company's access to internal and
external sources of liquidity as well as the prospects for
filing the June 10-K and subsequent financial statements with
the SEC by Dec. 31.  As part of this review, Moody's will assess
the company's acquisition plans and contract commitments.  If
the company becomes current in the filing of its financial
statements by Dec. 31 and any restatement is unlikely to result
in a material cash outflow, the ratings will likely be confirmed
at Ba2.

Ratings Placed on Review for Possible Downgrade:

    * Ba2 Senior Secured Term Loan Rating
    * Ba2 Senior Secured Revolving Credit Facility Rating
    * Ba2 Senior Notes Rating ($500 Million due 2010 and 2015)
    * Ba2 Corporate Family Rating


AFFILIATED COMPUTER: Form 10-K Filing Delay Cues S&P's Downgrade
----------------------------------------------------------------
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, 2006.

"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 December 31 deadline approaches.  
Standard & Poor's 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
===========


DENIZBANK A.S.: Turkish Bank Regulator Approves Dexia's Takeover
----------------------------------------------------------------
Turkey's Banking Regulation and Supervision Agency approved
Dexia S.A.'s takeover of Denizbank A.S., Reporter.gr reports.

According to the report Dexia agreed to buy a 75% stake in
Denizbank from Zorlu Holding for US$2.44 billion in May 31.

Dexia S.A. -- http://www.dexia.com/-- is a leader in public  
sector financing and financial services for the local public
sector, a major retail bank in Belgium and Luxembourg, a
recognized provider of investment management services.

Headquartered in Turkey, Denizbank A.S. --
http://www.denizbank.com.tr/-- is 75%-owned by Zorlu Holding -  
a large Turkish conglomerate active in home textiles,
electronics and consumer durables, energy production and
distribution, as well as finance -- with 25% publicly-traded.  

The bank focuses on SME and retail clients, ranking as Turkey's
seventh-largest private bank at end-2005.  It has 244 branches
nationwide, owns banks in Austria and Russia and is engaged in
investment, brokerage, leasing and factoring.

                        *     *     *

As reported in TCR-Europe on June 28, Fitch Ratings affirmed
Turkey-based Denizbank A.S.'s ratings as:

   -- Foreign Currency Issuer Default Rating: BB-;
   -- Short-term foreign and local currency: B; and
   -- Individual Rating: C/D.

The Outlook on the foreign currency IDR is Positive.  At the
same time, Fitch confirms that the Rating Watch Positive status
remains in place for the bank's local currency Issuer Default of
BB-, National Long-term A and Support rating of 4.  The RWP was
initiated following the announcement on May 31 from Belgium-
based Dexia that it is planning to acquire 75% of the bank from
Zorlu Holding.


YAPI VE KREDI: Fitch Upgrades Individual Rating to D on Merger
--------------------------------------------------------------
Fitch Ratings upgraded Yapi ve Kredi Bankasi AS's Individual
rating to D from D/E and removed it from Rating Watch Positive.  
This action follows the shareholder and regulatory approvals to
merge Kochbank A.S.'s into YKB effective Oct. 2.

YKB's other ratings are affirmed at foreign currency Issuer
Default BB, local currency Issuer Default BB+, Short-term B,
National Long-term AA, and Support 3.  The Outlooks on both the
foreign and local currency Issuer Default ratings are Positive
and the Outlook on the National rating is Stable.  

The agency has affirmed Kocbank A.S.'s ratings at foreign
currency Issuer Default BB with Positive Outlook, local currency
Issuer Default BB+ with Positive Outlook, Short-term B, National
Long-term AA with Stable Outlook, Support 3 and Individual D and
simultaneously withdrawn them.

The Individual rating of YKB had been on RWP since Oct. 5, 2005,
following the acquisition of the majority of YKB shares by
Kocbank on Sept. 28, 2005.  Kocbank is 99.8%-owned by Koc
Financial Services.  KFS is a 50-50 joint venture between Koc
Holding and UniCredito Italiano.  Prior to the merger Kocbank
owned 67.31% of YKB and the rest was publicly traded.

The upgrade of YKB's Individual rating reflects a further
improved franchise after the merger, an already strong retail
franchise, a stable core deposit base and improved asset
quality.  It also reflects a restructuring of YKB's risk
management systems and procedures in line with UCI's principles,
and improved access to longer-term and cheaper sources of
funding.  

These benefits are balanced by continued pressure on margins
from intensifying competition, low efficiency, and an improved,
albeit still weak, capitalization in a potentially volatile
operating environment.

YKB provides a full range of corporate, commercial, retail and
SME banking services.  The merged bank will rank among the top
four banks in Turkey in terms of asset size that corresponds to
approximately 10% of market share.  

Management estimates that the new bank has a capital adequacy
ratio in the range of 10% at the time of the merger and by end-
2008 aims to reach a CAR above 12%, a return on equity of above
20% and a cost/income ratio of better than 50%.  The ratios are
similar to Kocbank's initial targets after the Koc-UCI
partnership, all of which have been attained as planned.


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


INFA DONETSK: Creditors Must File Claims by October 8
-----------------------------------------------------
Creditors of LLC Infa Donetsk (code EDRPOU 32991357) have until
Oct. 8 to submit written proofs of claim to:

         Fedor Fedorchuk, Liquidator/Insolvency Manager
         Zhukov Str. 56
         83049 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Aug. 23.  The case is docketed under Case No. 27/142 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Infa Donetsk
         Cheluskintsiv Str. 202 a
         Donetsk Region
         Ukraine


INTEM: Kyiv Court Names Olena Zolotoverh as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Olena Zolotoverh as
Liquidator/Insolvency Manager for LLC Innovational Scientific-
Production Firm Intem (code EDRPOU 16473775).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 29.  The case is docketed
under Case No. 201/2 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:

         LLC Innovational Scientific-Production Firm Intem
         Igoreva Str. 15
         Kalinivka
         Brovari District
         07443 Kyiv Region
         Ukraine


KURS: Sevastopol Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Sevastopol Region commenced bankruptcy
supervision procedure on Production Complex Kurs (code EDRPOU
24691977).  The case is docketed under Case No. 20-5/165.

The Temporary Insolvency Manager is:

         Maksim Majnitskij
         Nekrasov Str. 65/20
         Sevastopol
         99016 AR Krym Region
         Ukraine

The Economic Court of Sevastopol Region is located at:

         Pavlichenko Str. 5
         Sevastopol
         99011 AR Krym Region
         Ukraine

The Debtor can be reached at:

         Production Complex Kurs
         Chajkina Str. 78
         Sevastopol
         99053 AR Krym Region
         Ukraine


PARITET: Court Names Ludmila Karpachova as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Donetsk Region appointed Ludmila
Karpachova as Liquidator/Insolvency Manager for LLC PARITET
(code EDRPOU 31688196).  She can be reached at:

         Ludmila Karpachova
         Cheluskintsiv Str. 196/70
         Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 23.  The case is docketed
under Case No. 27/72 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Paritet
         Tichina Str. 3
         Makiyivka
         96131 Donetsk Region
         Ukraine


SILSKIJ GOSPODAR: Court Names Igor Hlibejchuk as Liquidator
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Igor
Hlibejchuk as Liquidator/Insolvency Manager for LLC Silskij
Gospodar Gorodenkivshini (code EDRPOU 31727575).  He can be
reached at:

         Igor Hlibejchuk
         Miru Str. 10
         Dragomirchani
         Tismenitskij District
         77454 Ivano-Frankivsk Region
         Ukraine

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

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

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         LLC Silskij Gospodar Gorodenkivshini
         Budivelna Str. 6
         Gorodenka
         78100 Ivano-Frankivsk Region
         Ukraine


SPETSBUD: Sumi Court Names Artem Oskorbin as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Sumi Region appointed Artem Oskorbin as
Liquidator/Insolvency Manager for OJSC Spetsbud (code EDRPOU
01273792)

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 14.  The case is docketed
under Case No. 8/366-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Spetsbud
         Shishkarivska Str. 11
         40030 Sumi Region
         Ukraine


STROMATSEMENT: Court Names Vitalij Paterilov as Liquidator
----------------------------------------------------------
The Economic Court of Donetsk Region appointed Vitalij Paterilov
as Liquidator/Insolvency Manager for LLC Stromatsement (code
EDRPOU 31426859).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
15/116 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Stromatsement
         Dzerzhinskij Str. 22/28
         Makiyivka
         86100 Donetsk Region
         Ukraine


UKRTEHSERVICE: Poltava Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on CJSC Ukrtehservice (code EDRPOU
30486194).  The case is docketed under Case No. 10/11-7/59.

The Temporary Insolvency Manager is:

         Oleksandr Tereshenko
         Nezalezhnosti Square 1-B
         36003 Poltava Region
         Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         CJSC Ukrtehservice
         Chervonoarmijska Str. 3
         36000 Poltava Region
         Ukraine


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


A L SOLUTIONS: Names Stephen John Burkinshaw Liquidator
-------------------------------------------------------
Stephen John Burkinshaw was appointed Liquidator of
A L Solutions Ltd. (t/a Cybercall) on Sept. 20 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         A L Solutions Ltd.
         Flat 19
         Fernside Court
         Holders Hill Road
         London NW4 1JT
         United Kingdom
         Tel: 020 8242 6111   


ABC DEMOLITION: Names Administrator from K.J. Watkin
----------------------------------------------------
C.H.I. Moore of K.J. Watkin & Co. was appointed administrator of
ABC Demolition (U.K.) Ltd. (Company Number 3280569) on Sept. 18.

The administrator can be reached at:

         K. J. Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         West Midlands WS9 8PH
         United Kingdom
         Tel: 01922 452881
         Fax: 01922 450525
         E-mail: chim@kjwatkin.co.uk

Headquartered in Birmingham, United Kingdom, ABC Demolition
(U.K.) Limited are wrecking and demolition contractors.


AMARANTH ADVISORS: Losses Prompt SEC to Probe Hedge Funds
---------------------------------------------------------
The U.S. Securities and Exchange Commission is investigating the
reason behind Amaranth Advisors' big losses, Hartford Courant
reports citing a top SEC official.

According to the report, the probe centers on whether Amaranth,
whose losses resulted from bad bets on natural gas prices,
misled its investors.

The DailyFX relates that Amaranth's investors saw the value of
their investment decline by 35% after being up as much as 20%
this year -- an overall draw down of 50% all in a remarkably
short period of time.  Some institutional clients like San Diego
County Employees Retirement Association were badly hurt.

SDCERA, which oversees more than US$7 billion for its retirees
and employees, invested US$175 million in Amaranth last year.  
But with Amaranth down about 35% so far in 2006, SDCERA may have
lost more than US$50 million on its investment this year alone,
DailyFX reveals.

SEC Commissioner, Annette L. Nazareth said, "From an enforcement
perspective, it's really whether investors received misleading
information."  Ms. Nazareth, added that SEC is not focused on
the roles of big United States banks that did business with
Amaranth in the months leading up to its disclosure last week of
about US$6 billion in losses.

"The banks and broker-dealers don't seem to have been exposed to
those losses and have done a good job managing their risk.  SEC
is interested in further oversight of hedge funds because of
concerns that major implosions could pose systemic risks.  In
the Amaranth case, however, any such risks appear to have been
contained," Ms. Nazareth said.

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

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


AMARANTH ADVISORS: Retains Fortress Investment as Sub-Advisor
-------------------------------------------------------------
Amaranth Advisors has retained Fortress Investment Group LLC, a
New York based US$24 billion alternative asset manager, as a
sub-advisor to the Amaranth multi-strategy funds.  Fortress will
assist the Amaranth team in facilitating the orderly disposition
of the funds' investment assets.

Amaranth announced on Friday that its multi-strategy funds had
suspended redemptions to allow for the sale of their investment
assets in an orderly fashion so as to generate liquidity for
investors.  Terms of the sub-advisory agreement were not
disclosed, but Amaranth indicated that the economic burden of
the fees associated with this arrangement will be borne by
Amaranth and not the Amaranth funds.

"We look forward to bringing together talented professionals
from both Amaranth and Fortress with the goal of maximizing
value for our investors.  Fortress is highly regarded in the
investor community and will provide the Amaranth team with an
independent perspective, as well as potential strategic
support," said Nick Maounis, Amaranth's Chief Executive Officer.

Peter L. Briger, Jr., principal of Fortress added, "Fortress
expects to provide strategic and tactical advice to Amaranth
with the objective of maximizing value for investors, and will
work with Nick and the Amaranth team to preserve the value of
the platform that they have created."

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

                           *     *     *

Amaranth faces multiple regulatory probes and possible lawsuits
after disclosing in September that it had lost 35%, or
approximately US$6 billion, of the value of its natural gas bets
due to a dramatic move in gas prices.  Amaranth transferred its
energy portfolio to Citadel Investment Group and J.P. Morgan
Chase & Co. following the loss announcement.


AMBROSDEN COURT: Creditors' Meeting Slated for October 9
--------------------------------------------------------
Creditors of Ambrosden Court Limited (Company Number 969279)
will meet at 3:00 p.m. on Oct. 9 at:

         Baker Tilly
         Floor 1
         5 Old Bailey
         London EC4 7AF
         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. 6 at:

         M. D. Rollings, G. Carton-Kelly, and A. Lovett
         Joint Administrative Receivers
         Baker Tilly
         Floor 1
         5 Old Bailey
         London EC4 7AF
         United Kingdom

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


ASSURED CATERING: Appoints Liquidator from Poppleton & Appleby
--------------------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed Liquidator of
Assured Catering Services Limited on Sept. 21 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Assured Catering Services Limited
         Crown House 31 33
         Warwick Street
         Leamington Spa
         Warwickshire CV325JX
         United Kingdom
         Tel: 01926 332 443


BERLIN LIMITED: Appoints Administrators from Moore Stephens
-----------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint administrators of Berlin (Project) Ltd. (Company Number
04327302) on Sept. 13.

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

Berlin (Project) Ltd. can be reached at:

         BPL House
         The Runnings
         Kingsditch Trading Estate
         Cheltenham
         Gloucestershire GL51 9NJ
         United Kingdom


BRAUNSTONE MOTOR: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Braunstone Motor Project Limited confirmed
Sept. 20 the appointment of Situl Devji Raithatha of
Springfields Business Recovery & Insolvency Ltd. as the
company's Liquidator.

Headquartered in Leicester, U.K., Braunstone Motor Project
Limited provides training in driving and car repair for
disaffected young people in inner-city areas.


BRITISH UNITED: Brings In P&A to Administer Assets
--------------------------------------------------
Christopher Michael White and Andrew Philip Wood of The P&A
Partnership were appointed joint administrators of British
United Shoe Machinery Ltd. (Company Number 04079445) on
Sept. 18.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the  
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.  

Headquartered in Leicester, United Kingdom, British United Shoe
Machinery Ltd. manufactures shoe machinery.


CHANCELLORS MILLER: Claims Filing Period Ends Dec. 8
----------------------------------------------------
Creditors of Chancellors Miller Limited have until Dec. 8 to
send their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any)
to appointed Liquidator Paul Stanley at:

         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester M3 3BP
         United Kingdom

The company can be reached at:

         Chancellors Miller Limited
         56 Bradshawgate
         Bolton
         Lancashire BL1 1DW
         United Kingdom
         Tel: 01204 525 252


CHRISTIES WHOLESALE: Concept Store Up for Sale
----------------------------------------------
The Joint Administrators, Fraser J. Gray and Andrew J. Pepper,
offer for sale as a going concern the business and assets of
Christies Wholesale Limited (in Administration), which is
trading as Christies 99p Stores.

The assets for sale features:

   -- one of the original 99p concept stores;

   -- 21 outlets including prime leasehold sites across       
      Scotland;

   -- turnover approximately GBP9 million;

   -- large warehousing, office and showroom facility in
      Cumbernauld

   -- approximately 150 employees; and

   -- well-established reputation and brand.

Inquiries can be addressed to:

         Liz Mackay
         Tel: 0141 248 1250
         Fax: 0141 248 1262
         E-mail: emackay@kroll.com

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.


COLLINS & AIKMAN: Taps Hilco to Appraise Williamston Equipment
--------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates notify the U.S.
Bankruptcy Court for the Eastern District of Michigan and
parties-in-interest that they have further expanded Hilco
Appraisal Services, LLC's scope of services.

The Court has previously approved the Debtors' request to retain   
Hilco as their personal property appraiser.    

At the Debtors' request, Hilco will physically appraise the
machinery and equipment of Collins & Aikman Corporation, at 845
Progress Court and 1560 Noble Road, in Williamston, Michigan.

Hilco will provide the Debtors with a detailed Orderly
Liquidation Value and Forced Liquidation Value appraisal for the
assets.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  


COLLINS & AIKMAN: Inks Pact Regarding GM's Lift-Stay Request
------------------------------------------------------------
General Motors Corp., Collins & Aikman Corp. and its debtor-
affiliates have agreed to certain discovery procedures in
connection with GM's amended request to recover certain tooling.  
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan has approved these discovery
procedures.

GM is seeking to lift the automatic stay to take possession of
certain tooling in which it asserts an ownership interest.  The
Official Committee of Unsecured Creditors appointed in the
Debtors' cases has filed an objection to that request and the
Debtors have sought to take discovery of GM.

                        Parties Stipulate

In a Court-approved stipulation, the Debtors and General Motors
Corporation agree that the automatic stay will continue in full
forced and effect through the earlier of:

   (1) the conclusion of an October 12, 2006, hearing on GM's
       amended tooling request and the Court's entry of a final
       order regarding that request; and

   (2) any emergency hearing on the Amended GM Request and the
       Court's entry of a final order regarding that request.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  


COMPASS INTERMEDIARIES: Claims Registration Ends Dec. 19
--------------------------------------------------------
Creditors of Compass Intermediaries Limited have until Dec. 19
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidators Anthony Hyams and Kevin Brown at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0AH
         United Kingdom

Headquartered in Portsmouth, U.K. -- http://www.cmil.co.uk/--  
Compass Intermediaries Limited is a provider of risk solutions
and insurance services.  The company operates internationally
and concentrates its efforts on Marine and Aviation business
areas.


CUPPA VENDING: PwC Selling Vending Machine Operator
---------------------------------------------------
The Joint Administrators, Rob Hunt and Mark Hopkins, offer for
sale the business and assets of Cuppa Vending Limited.

The group, headquartered in Stourbridge, sells, hires and
services drink-and-snack vending machines.

The assets for sale features:

   -- annual turnover of GBP1.8 million;
   -- established local customer base;
   -- operates more than 700 vending machines; and
   -- 48 employees.

Inquiries can be addressed to:

         Julie Skelly
         PricewaterhouseCoopers LLP
         Donington Court
         Pegasus Business Park
         Castle Donington
         East Midlands LE74 2UZ
         Tel: 01509 604194
         Fax: 01509 604035
         E-mail: Julie.a.skelly@uk.pwc.com

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.  


DEEJAY SERVICES: Taps Tenon Recovery as Joint Administrators
------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Deejay Services Ltd. (Company Number
3128964) on Sept. 15.

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

Deejay Services Ltd. can be reached at:

         Unit 11
         Mount Road
         Hanworth
         Feltham
         Middlesex TW13 6AR
         United Kingdom
         Tel: 020 8893 4971  


EASTMAN KODAK: Names Frank Sklarsky as Chief Financial Officer
--------------------------------------------------------------
Eastman Kodak Company has named Frank S. Sklarsky to succeed
Robert H. Brust as the company's Chief Financial Officer.

Sklarsky, 49, is Executive Vice President and CFO of ConAgra
Foods Inc.  He will join Kodak on Oct. 30 as Executive Vice
President, and will become the CFO effective Nov. 13, subsequent
to the company's filing of its Third-Quarter Form 10-Q with the
Securities and Exchange Commission.  Sklarsky will report to
Kodak Chairman and Chief Executive Officer Antonio M. Perez.

Brust, 63, announced in January his intention to retire on
Feb. 1, 2007.  During this interim, he will remain with the
company as an Executive Vice President, and will assist Sklarsky
in his transition.

At ConAgra, one of North America's leading packaged food
companies, Sklarsky implemented a new financial organization,
significantly strengthened the balance sheet, and played a major
role in building credibility with the investment community.  He
also helped expand profit margins at the US$14 billion company.
Prior to ConAgra, which he joined as CFO in 2004, Sklarsky was a
senior financial executive at DaimlerChrysler and Dell Inc.  In
his 26-year career, he has developed a reputation for improving
the financial operations, as well as the overall financial
performance, of the companies he has served.

At Kodak, as with ConAgra, Sklarsky will be responsible for
worldwide financial operations, including Financial Reporting
and Analysis, Treasury, Audit, Controllership, Tax, and Investor
Relations.  Sklarsky also will have responsibility for
Information Technology functions, Purchasing and Global Shared
Services.

"Frank is exactly the right CFO at this moment in Kodak's
historic transformation," Perez said.  "Frank was a key player
in the financial and operational improvements achieved by
ConAgra, as he was at DaimlerChrysler and Dell.  He understands
the challenges of large, complex companies that are going
through great change, and he also understands the speed and
urgency demanded by digital markets.  I am confident that Frank
will build on the significant contributions of Bob Brust as we
work together to extend Kodak's leadership in digital markets."

Sklarsky, a native of Buffalo, New York, is a 1978 graduate of
the Rochester Institute of Technology.  He received an MBA from
Harvard Business School in 1983.

"I am thrilled to be joining the company at this exciting time
in its transformation," Sklarsky said.  "I was attracted to
Kodak's innovative portfolio of commercial and consumer imaging
products, all of which contribute to making life richer and more
enjoyable for our customers.  The combination of a global iconic
brand and powerful intellectual property further positions Kodak
to achieve sustained success in digital markets.  The company
has significant opportunities to achieve margin expansion in
those markets, and I consider it a privilege to be given the
responsibility to help pursue those opportunities with Antonio
and the world-class team he has assembled."

Sklarsky was recruited by ConAgra in late 2004 from
DaimlerChrysler, where he was Vice President, Product Finance, a
position he held between 2001 and 2004.  Prior to that, he spent
more than one year as Vice President, Corporate Finance, and
Vice President of Dell's US$5 billion consumer business.  
Sklarsky left Dell when DaimlerChrysler recruited him back to
assist with the company's turnaround efforts.

Sklarsky first joined DaimlerChrysler in 1983, and held a series
of increasingly responsible finance positions before leaving for
Dell in 2000.  At the time of his departure for Dell, he was
DaimlerChrysler's Vice President, Corporate Financial
Activities. He also had financial responsibility for
procurement, product quality, cost management and worldwide
manufacturing during his tenure.

Prior to DaimlerChrysler, Sklarsky, a certified public
accountant, served as a Senior Accountant at Ernst & Young
International from 1978 to 1981.

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Co. --
http://www.kodak.com/-- engages in the development,  
manufacturing, and marketing of digital and traditional imaging
products, services, and solutions to consumers, businesses, the
graphic communications market, the entertainment industry,
professionals, healthcare providers, and other customers.

                        *     *     *

As reported in TCR-Europe on Aug. 11, Moody's Investors Service
placed Eastman Kodak Company on review for possible downgrade.  
Ratings under review include the Company's B1 Corporate Family
Rating; B2 Senior Unsecured Rating; and Ba3 rating on the Senior
Secured Credit Facilities.

Moody's review continues to focus on the company's potential
sale of the Kodak Health Group as well as the fundamental
operating performance of the company.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


ENRON CORP: Distributes US$3.4 Billion to Creditors
---------------------------------------------------
Enron Corp. disclosed its twelfth distribution to creditors of
Enron Corp. and its affiliated debtor companies on Oct. 3, 2006.

The distribution to holders of allowed general unsecured claims
and allowed guaranty claims totals US$3,371,700,000, consisting
of US$3,337,300,000 in cash and shares of Portland General
Electric Company stock valued at US$34,400,000.  Since November
2004, Enron has returned US$9,396,900,000 to Creditors in twice-
yearly distributions, in April and October, as well as in
"catch-up" distributions paid on an interim basis every two
months.

"[The] distribution is another very significant amount delivered
to Creditors and represents a tremendous financial outcome for
the Enron estate," said John Ray, President and Chairman of the
Board.  "The total amounts distributed with respect to Enron
Corp. and Enron North America Corp. represent a return to
Creditors to date of 26.0% and 29.0%, respectively, as compared
to Disclosure Statement total return estimates of 17.4% and
20.1%.  Our mission going forward is to bring to settlement or
trial the remaining litigation with those institutions which
assisted in the downfall of Enron, to liquidate the remaining
assets held for sale, and to continue to pursue a course which
maximizes distributable value to Creditors and improve upon the
returns to date."

The distribution included 1,639,046 shares of PGE, which, when
added to prior distributions of 27,957,266 shares (and 53,037 of
PGE shares returned and held for further distribution),
cumulatively represents approximately 47% of PGE's 62,500,000
issued and outstanding shares. Pursuant to Sections 21.3 and
32.1 of the Plan, the number of shares of PGE Common Stock
distributed in October 2006 is less than the distribution in
April 2006, reflecting the necessity to reserve significant
shares of PGE Common Stock to maintain a balanced mix of Plan
Currency by Plan Class and provide for potential additional cash
inflows to the estates from litigation, asset sales and other
resources.

Accordingly, certain creditors are receiving no additional
shares of PGE Common Stock in the October 2006 distribution.  
The remaining 32,850,651 PGE shares will be held by the Disputed
Claims Reserve, which is not affiliated with Enron, for future
distribution to creditors of Enron by the Bankruptcy Court in
accordance with Enron's Chapter 11 Plan.  The Disputed Claims
Reserve currently consists of approximately US$6,067,900,000 in
cash and US$690,100,000 PGE share value.

A full-text-copy of the Notice of Distribution for October is
available for free at http://ResearchArchives.com/t/s?12e2

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP and Brian
S. Rosen, Esq., at Weil, Gotshal & Manges LLP represent the
Debtor.  Jeffrey K. Milton, Esq., at Milbank, Tweed, Hadley &
McCloy LLP represents the Official Committee of Unsecured
Creditors.


FLORISTS ONLINE: Taps Colin Burke to Liquidate Assets
-----------------------------------------------------
Colin Burke of Milner Boardman & Partners was appointed
Liquidator of Florists Online Limited on Sept. 20 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Florists Online Limited
         7 Waddington Road
         St. Albans
         Hertfordshire AL3 5EX
         United Kingdom
         Tel: 017 2776 0498


FORD MOTOR: Improvement to Show in 2007 Second Half, Says CFO
-------------------------------------------------------------
Ford Motor Company expects to show improvement when its cost
cutting measures take effect and production ramps up in the
second half of 2007, The Wall Street Journal reports.

The Journal article quoted Don Leclair, Ford's chief financial
officer, as saying that the effect of the cost cuts will not be
immediately visible because of lower production in the first
half of 2007 and declining market share that is seen to continue
until 2008.

In early September, Ford unveiled a revised version of its "Way
Forward" turnaround plan that is seen to further reduce its
capacity and work force and accelerate new product
introductions.  Ford expects ongoing annual operating cost
reductions of approximately US$5 billion from its restructuring
efforts.  Ford's actions include buyout offers for all 75,000 of
its U.S. hourly workers, a 30% reduction in salaried staff, and
the suspension of quarterly dividends.

As reported in the Troubled Company Reporter on Aug. 21, 2006,
the revised plan will also cut fourth-quarter production by 21%
-- or 168,000 units -- compared with the fourth quarter a year
ago, and reduce third-quarter production by approximately 20,000
units.

                         About Ford Motor

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

                         *     *     *

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

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

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

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


GENERAL MOTORS: Amends Bylaws & Corporate Governance Policies
-------------------------------------------------------------
General Motors Corp.'s Board of Directors voted to amend the
Company's Bylaws and corporate governance policies to address
stockholder views raised at this year's Annual Meeting.  The
changes include adoption of the majority-voting standard for the
election of directors and a stronger policy to recover unearned
incentive compensation from executive officers in cases of
fraud, misconduct, or negligence.

The amendments are effective immediately.

"Earlier this year, our stockholders expressed a desire for
change surrounding the election of directors and a more defined
policy of accountability for senior officers," GM chairman and
chief executive officer Rick Wagoner said.  "We listened to
their views, and after careful consideration, the Board voted to
make changes to certain Bylaws and corporate governance policies
that are in line with stockholders' input."

The Board agreed to adopt a majority-voting standard in
uncontested elections of directors, when the number of nominees
does not exceed the number of directors to be elected.  Majority
voting requires that nominees to the Board receive more than 50%
of the votes cast to be elected.  Abstentions will not be
included towards counting a majority.  Directors were previously
elected by plurality in uncontested elections.

In accordance with the majority-voting Bylaw, the Board will
require director nominees to submit irrevocable resignations as
a condition to being nominated.  The Board could accept these
resignations if a director do not receive a majority of the
votes cast.  Under a related governance policy, the Board will
accept the resignation of an unsuccessful incumbent absent a
compelling reason to reject the resignation, in accordance with
criteria set out in the policy.  The Bylaws were also amended to
fix the number of directors at the current level of 12, subject
to future change by the Board.

The majority-voting standard received 59% of the affirmative
vote at GM's Annual Meeting in June.  Shortly after the meeting,
the Delaware Legislature amended the state's corporation law to
better facilitate majority voting.

The Board chose not to adopt cumulative voting, which was the
subject of a stockholder proposal that was supported by 54% of
votes cast.  The Board believes that a director has the
fiduciary duty to represent all stockholders and is concerned
that cumulative voting could lead to the election of
constituency directors who feel a duty to the electorate forming
their constituency.  Also, in a company with majority voting,
the addition of cumulative voting would raise the possibility of
accumulating "withhold" or "against" votes.  This could create
the potential for small groups of stockholders to overcome the
interests of the majority.

The Board also adopted a corporate policy under which the
company may require reimbursement of bonus or incentive
compensation that may have been paid to executive officers in
the event it is later determined that fraud, misconduct, or
negligence significantly contributed to a restatement of
financial results that led to the awarding of unearned incentive
compensation.  A stockholder proposal on this issue was
supported by 42% of the shares voted at the Annual Meeting.  
Although this proposal did not receive majority support, the
Board voted to respond to the stockholders desire to see a
policy that reflects the robust manner in which GM has and would
deal with such circumstances.

In addition to these governance actions, the Board has amended
the Bylaws to specify the procedures applicable to consent
solicitations initiated by stockholders, which complements the
existing procedures for stockholder initiatives at meetings.  
These changes also provide a framework for the conduct of
solicitations in accordance with Delaware law.

The amended Bylaws and corporate governance policies will be
filed with the U.S. Securities and Exchange Commission.

                       About General Motors

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

                           *     *     *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed March 29,
2006.

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

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

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


GENERAL MOTORS: Nissan COO Says Talks Will End in Mid-October
-------------------------------------------------------------
Possible tie-up talks among General Motors Corp., Renault SA,
and Nissan Motor Co. will end by mid-October, Toshiyuki Shiga,
Nissan's chief operating officer, said.  Chris Gallagher at
MarketWatch reported that Mr. Shiga did not comment on the
possibility that the talks will extend beyond the Oct. 15
deadline.

Reports say that GM chairman and chief executive officer Rick
Wagoner is willing to consider the alliance beyond the deadline.

Renault has a 44% stake in Nissan, which in turn owns a 15%
stake in the French automaker.

The billionaire Kirk Kerkorian who owns Tracinda Corp is
pressuring Mr. Wagoner to consider the three-way alliance.  Mr.
Kerkorian said that Tracinda may buy 12 million shares of GM,
increasing its stake from 9.9% to 12%.

                       About General Motors

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

                           *     *     *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed March 29,
2006.

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

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

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


GROVE RESTAURANTS: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Grove Restaurants Limited confirmed on Sept. 21 the
resolutions for the company's voluntary liquidation.  The
appointment of Stephen Evans of Pure Recovery LLP as Liquidator
was also ratified on the same day.

The company can be reached at:

         Grove Restaurants Limited
         188 Westbourne Grove
         Kensington And Chelsea
         London W11 2RH
         United Kingdom
         Tel: 020 7727 0060
         Fax: 020 7727 0069


HAMMERKOP LIMITED: Joint Liquidators Take Over Operations
---------------------------------------------------------
John Kelmanson and Elias Paourou of The Kelmanson Partnership
were appointed Joint Liquidators of Hammerkop Limited (formerly
Masianoke (The Lightning Bird) Limited) on Aug. 22 for the
creditors' voluntary winding-up procedure.

Headquartered in Orpington, U.K., Hammerkop Limited provides
hardware consultancy and PC maintenance services.


HARBOURMASTER CLO 2: Fitch Affirms BB Rating on EUR8-Mln Notes
--------------------------------------------------------------
Fitch Ratings upgraded Harbourmaster CLO 2 Limited's Class S
combination notes and affirmed the others, following a
satisfactory performance review:

   -- EUR589.2 million Class A1 floating-rate notes
      (ISIN XS0138853972): AAA;

   -- EUR6 million Class A2 fixed-rate notes
      (ISIN XS0138855241): AAA;

   -- EUR39 million Class B1 floating-rate notes
      (ISIN XS0138865125): A;

   -- EUR2 million Class B2 floating-rate notes
      (ISIN XS0138866875): A;

   -- EUR9.2 million Class C1 floating-rate notes
      (ISIN XS0138867683): BBB;

   -- EUR8 million Class C2 fixed-rate notes
      (ISIN XS0138867840): BBB;

   -- EUR5 million Class D floating-rate notes
      (ISIN XS0138872501): BB; and

   -- EUR9.7 million Class S combination notes
      (ISIN XS0138885230) upgraded to AA- from A.

The upgrade reflects the reduced rated amount of the notes
outstanding and the continued good performance of the
constituent parts of the notes.  To date, the principal and
interest distributions to the notes have reduced the rated
balance to EUR6.7 million from the original amount of EUR10
million.  The rating of the Class S combination notes addresses
the ultimate return of principal.

The affirmation of the remaining notes is due to stable
portfolio performance.  There have been no defaults since mid-
2002.  As of the Sept. 30 reporting date, the weighted average
Fitch Factor is 41.8 compared to a maximum test level of 47%.
The weighted average spread is stable at 2.43%.

The transaction is in compliance with all coverage tests and
portfolio quality tests.  Fitch has found the credit enhancement
for all the above listed Classes of notes to be sufficient to
withstand the agency's stress tests at their current rating
levels.

The ratings of the Class A1 and A2 notes address the timely
payment of interest and the ultimate payment of principal at
maturity.  The Classes B1, B2, C1, C2 & D are rated for ultimate
payment of interest and principal.

In November 2001 Harbourmaster CLO 2 Limited, a limited
liability company incorporated under the laws of Jersey, issued
EUR703.5 million of various Classes of floating- and fixed-rate
notes and invested the proceeds in a portfolio of senior secured
loans.  The transaction is managed by Harbourmaster Capital
Limited. The portfolio was fully ramped up as of its effective
date on June 15, 2002.


HOOK ME: Appoints Robert Gibbons to Liquidate Assets
----------------------------------------------------
Robert Gibbons of Arrans was appointed Liquidator of Hook Me Up
Limited on Aug. 16 for the creditors' voluntary winding-up
procedure.

Headquartered in Swadlincote, U.K., Hook Me Up Limited provides
computer-related services.


I P NETWORKS: Hires Peter Nottingham to Liquidate Assets
--------------------------------------------------------
Peter Nottingham of Nottingham Watson Ltd. was appointed
Liquidator of I P Networks Limited on Sept. 21 for the
creditors' voluntary winding-up procedure.

Headquartered in Birmingham, U.K., I P Networks Limited provides
telecommunication services.


INLINE SALES: Robert Day Leads Liquidation Procedure
----------------------------------------------------
Robert Day of Robert Day and Company Limited was appointed
Liquidator of Inline Sales Limited on Sept. 21 for the
creditors' voluntary winding-up procedure.

Headquartered in London, U.K., Inline Sales Limited --
http://www.inline-sales.com/uk/-- provides market strategies,  
sales management and outsourcing solutions for start-ups and
large companies.


ISLE OF CAPRI: 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 Gaming, Lodging & Leisure sector, the rating
agency downgraded Isle of Capri Black Hawk L.L.C.'s Corporate
Family Rating to B2 from B1.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Sr. Secured Revolver       B1     B1      LGD3        34%
   Sr. Secured Term Loan      B1     B1      LGD3        34%

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%).

Isle of Capri Black Hawk, L.L.C., is a 57% wholly owned,
unrestricted subsidiary of Isle of Capri Casinos, Inc. (Ba3/On
review for possible downgrade) Nevada Gold & Casinos, Inc., owns
the remaining 43% ownership interest in ICBH.

Based in Biloxi, Miss., Isle of Capri Casinos, Inc. (Nasdaq:  
ISLE) -- http://www.islecorp.com/-- a developer and owner of   
gaming and entertainment facilities, operates 16 casinos in 14  
locations.  The Company owns and operates riverboat and dockside  
casinos in Biloxi, Vicksburg, Lula and Natchez, Miss.; Bossier  
City and Lake Charles (two riverboats), La.; Bettendorf,  
Davenport and Marquette, Iowa; and Kansas City and Boonville,  
Mo.  The Company also owns a 57% interest in and operates land-
based casinos in Black Hawk (two casinos) and Cripple Creek,  
Colorado.  Isle of Capri's international gaming interests  
include a casino that it operates in Freeport, Grand Bahama, and  
a 2/3 ownership interest in casinos in Dudley, Walsal and  
Wolverhampton, England.  The company also owns and operates  
Pompano Park Harness Racing Track in Pompano Beach, Fla.


J HARPER: Calls In Liquidator from O'Hara & Co.
-----------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of J
Harper & Sons Limited on Aug. 18 for the creditors' voluntary
winding-up procedure.

Headquartered in Doncaster, U.K., J Harper & Sons Limited is a
coal merchant.


K.C. ELECTRONICS: Taps Liquidators from Begbies Traynor
-------------------------------------------------------
Peter A. Blair and Richard A. B. Saville of Begbies Traynor were
appointed Joint Liquidators of K.C. Electronics Limited on
Aug. 14 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         K.C. Electronics Limited
         Old Brickyard
         Nottingham
         Nottinghamshire NG3 6PB
         United Kingdom
         Tel: 0115 940 4007


KERBVALE LIMITED: Names David William Tann Liquidator
-----------------------------------------------------
David William Tann of The Norton Practice (Insolvency Services)
Limited was appointed Liquidator of Kerbvale Limited on Aug. 17
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Kerbvale Limited
         Unit 8 Mill La Trading Est
         Mill Lane
         Croydon
         Surrey CR0 4AA
         United Kingdom
         Tel: 020 8688 9688


KOG INTERNATIONAL: Hires Joint Administrators from Menzies
----------------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of KOG
International Logistics Ltd. (Company Number 05346752) on
Sept. 21.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.  MRI, which is
ranked 8th among the leading international accounting
associations, achieved global revenues of US$1,800 million in
2003.

Headquartered in Horsham, United Kingdom, KOG International
Logistics Ltd. is engaged in freight forwarding.


KWIK CARS: Brings In Liquidator from Haines Watts
-------------------------------------------------
Timothy Calverley of Haines Watts was appointed Liquidator of
Kwik Cars Limited on Aug. 10 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Kwik Cars Limited
         Transport House
         Scotts Road
         Middlesbrough
         Cleveland TS2 1QH
         United Kingdom
         Tel: 01642 224 466


LOXLEY CIVILS: Liquidators Set Dec. 31 Claims Bar Date
------------------------------------------------------
Creditors of Loxley Civils Limited have until Dec. 31 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any)
to appointed Joint Liquidators Peter A. Blair and
Richard A. B. Saville at:

         Begbies Traynor
         Regency House
         21 The Ropewalk
         Nottingham NG1 5DU
         United Kingdom

Headquartered in Newark, U.K., Loxley Civils Limited is a civil
engineering and utilities contractor.


MALEHURST TIMBER: Hires Liquidator from Rooney Associates
---------------------------------------------------------
Gerard Keith Rooney of Rooney Associates was appointed
Liquidator of Malehurst Timber & Doors Limited on Aug. 16 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Malehurst Timber & Doors Limited
         Minsterley
         Shrewsbury
         Shropshire SY5 0BX
         United Kingdom
         Tel: 01743 791 450
         Fax: 01588 650 589


MEARS CONSTRUCTION: Appoints Liquidators from RMT
-------------------------------------------------
A. A. Josephs and L. A. Farish of RMT were appointed Liquidators
of Mears Construction (Northern) Limited on Aug. 11 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Mears Construction (Northern) Limited
         The Old Boathouse
         Riverside
         Morpeth
         Northumberland NE611PW
         United Kingdom
         Tel: 01670 503 200


MORELAND FREIGHT: Names Jeremy N. Bleazard as Administrator
-----------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Ltd. was named
administrator of Moreland Freight Services Ltd. (Company Number
5140664) on Sept. 18.

The administrator can be reached at:

         XL Business Solutions Limited
         1st Floor
         2-4 Market Street
         Cleckheaton BD19 5AJ
         United Kingdom
         Fax: 01274 870606
         Tel: 01274 870101
         E-mail: enquiries@xlbs.co.uk
                 jbleazard@xlbs.co.uk

Moreland Freight Services Ltd. can be reached at:

         Unit 12 Appleby Business Centre
         Appleby Street
         Blackburn
         Lancashire BB1 3BL
         United Kingdom
         Tel: 01254 265 730


NG BARS: Brings In Vantis Redhead as Administrators
---------------------------------------------------
J. S. French and G. Mummery of Vantis Redhead French Ltd. were
appointed joint administrators of NG Bars Ltd. (Company Number
05201895) on Sept. 8.

The administrators can be reached at:

         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex RM11 2JX
         United Kingdom
         Tel: 01708 458211
         Fax: 01708 442308

NG Bars Ltd. can be reached at:

         43 South Molton Street
         City of Westminster
         London W1K 5RS
         United Kingdom


NORTEL NETWORKS: Partners with Golden West in Wireline Deal
-----------------------------------------------------------
Golden West Telecom and Venture Communications Cooperative, both
independent telecommunications companies servicing South Dakota,
will deliver new converged communications services in small
towns and rural areas throughout South Dakota with Nortel
Networks Corporation.

By deploying Nortel's Carrier VoIP solution, the two carriers
will evolve their wireline networks to packet-based
infrastructure that reduce operation costs by leveraging SIP
technology to deliver a wide range of advanced communication
services such as VoIP, Centrex IP business services and next-
generation multimedia communications.

Golden West serves approximately 47,000 subscribers and has been
a Nortel customer for nearly three decades.  As part of this
deployment Nortel is expanding its role in Golden West's network
by displacing a competitor's solution.

Nortel has been a key supplier to Venture Communication's
network since 1980.  Venture Communications provides
communications services to more than 13,500 subscribers.

Golden West and Venture Communications will deploy Nortel's IMS-
ready Communications Server (CS 1500), which builds on Nortel's
leadership position in SIP and VoIP, to allow carriers to
support the traditional voice services needed today while laying
the foundation for future IMS-based multimedia services
tomorrow.  Nortel is also providing engineering, installation,
project management, security assessment, and network support
services from the Nortel Global Services portfolio.

                         About Golden West

Golden West Telecom -- http://www.goldenwest.com/-- is the  
largest independent telecommunications company serving South
Dakota.  The company and its subsidiaries provide telephone,
paging, and Internet services to over 60,000 customers.

                   About Venture Communications

Based in Highmore, South Dakota, Venture Communications
Cooperative -- http://www.venturecomm.net/-- is an independent  
telecommunications provider servicing central and northeastern
South Dakota.

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries including
Luxembourg and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
$2 billion notes.  The outlook is stable.


OAKWOOD UTILITIES: Claims Filing Period Ends Dec. 31
----------------------------------------------------
Creditors of Oakwood Utilities Limited have until Dec. 31 to
send their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any)
to appointed Joint Liquidators Peter A. Blair and
Richard A. B. Saville at:

         Begbies Traynor
         Regency House
         21 The Ropewalk
         Nottingham NG1 5DU
         United Kingdom

The company can be reached at:

         Oakwood Utilities Limited
         The Old Farmhouse
         Back Lane
         Halam
         Newark
         Nottinghamshire NG22 8AG
         United Kingdom
         Tel: 01636 813690   


PARADIGM DESIGN: Creditors' Claims Due Oct. 17
----------------------------------------------
Creditors of Paradigm Design Services Ltd. have until Oct. 17 to
send in their full names, their addresses, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Helen Phillips of Phillips & Co. at:

         Helen Timothe Phillips
         Phillips & Co.
         21-23 Station Road
         Gerrards Cross
         Buckinghamshire SL9 8ES
         United Kingdom

The company can be reached at:

         Paradigm Design Services Ltd.
         9 Wycombe Road
         Ministry Wharf
         Saunderton
         High Wycombe
         Buckinghamshire HP144HW
         United Kingdom
         Tel: 01494 562 711


PARSONS TRUCK: Brings In KPMG to Administer Assets
--------------------------------------------------
Richard Dixon Fleming and Howard Smith of KPMG LLP were
appointed joint administrators of Parsons Truck Centre Ltd.
(Company Number 514351) on Sept. 20.

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

Headquartered in Cleveland, United Kingdom, Parson Truck Centre
Ltd. sells new and used motor vehicles.


PHOENIX LARGE: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------
Creditors of Phoenix Large Limited confirmed on Sept. 19 the
appointment of S. J. Parker and T. J. Binyon of Tenon Recovery
as the company's Joint Liquidators.

Headquartered in London, U.K., Phoenix Large Limited is a
lighting consultant.


Q4 SYNERGY: Hires Joint Liquidators from BDO Stoy Hayward
---------------------------------------------------------
Martha H. Thompson and Christopher K. Rayment of BDO Stoy
Hayward were appointed Joint Liquidators of Q4 Synergy Limited
(formerly Q4 Solutions Limited) on Aug. 16 for the creditors'
voluntary winding-up proceeding.

Headquartered in Reading, U.K., Q4 Synergy Limited provides IT
maintenance and support services.


RANGE SERVICE: Nominates Ashok K. Bhardwaj as Liquidator
--------------------------------------------------------
Ashok K. Bhardwaj was nominated Liquidator of Range Service
Limited on Aug. 22 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Range Service Limited
         Tenterden
         Kent TN307LZ
         United Kingdom
         Tel: 0845 230 0002


REVLON CONSUMER: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B3
Corporate Family Rating for Revlon Consumer Products
Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$160 million
   Revolver             B2       Ba3      LGD2     11%

   US$800 million
   Term Loan            B1       B2       LGD3     34%

   US$387 million
   Senior Notes         Caa2     Caa1     LGD4     61%

   US$217 million
   Sr. Sub. Notes       Caa3     Caa2     LGD6     93%

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

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

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

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a   
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The Company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The Company's brands include
Revlon(R),Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), andMitchum(R).  Revlon Consumer Products Corporation is
Revlon, Inc.'s wholly-owned operating subsidiary.


RICHPORT SERVICES: Creditors' Meeting Slated for October 11
-----------------------------------------------------------
Creditors of Richport Services Limited (Company Number 2715815)
will meet at 10:30 a.m. on Oct. 11 at:

         Vantis Business Recovery
         67 Butts Green Road
         Hornchurch
         Essex RM11 2JS
         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. 10 at:

         G. Mummery
         Joint Administrator
         Vantis Business Recovery
         43-45 Butts Green Road
         Hornchurch
         Essex RM11 2JX
         United Kingdom
         Tel: 01708 458211
         Fax: 01708 442308

Headquartered in West Sussex, Vantis PLC --
http://www.vantisplc.com/-- provides accounting, business and  
tax advisory services in the United Kingdom.


ROBERT ABBOTT: Brings In Joint Liquidators from Berg Kaprow
-----------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed Joint Liquidators of Robert Abbott
Continuous Limited on Aug. 11 for the creditors' voluntary
winding-up proceeding.

Headquartered in Rochester, U.K., Robert Abbott Continuous
Limited manufactures paper stationery products.


SCOTTISH RE: Faces Securities Fraud Lawsuits in New York
--------------------------------------------------------
Scottish Re Group, Ltd., is a defendant in several purported
securities fraud class actions filed in the U.S. District Court
for the Southern District of New York.

On Aug. 2 and Aug. 7, 2006, putative class actions were filed
against:

     -- the company,  
     -- Glenn Schafer, the chairman of its board of directors;
     -- Dean E. Miller, chief financial officer;
     -- Scott E. Willkomm, former chief executive officer; and  
     -- Seth Vance, former chief executive officer - North  
        America

on behalf of a putative class consisting of investors who
purchased publicly traded securities between Dec. 16, 2005 and
July 28, 2006.  

On or about Aug. 7, 2006, a related class action was filed
against the company, Mr. Miller, Mr. Willkomm, and Elizabeth A.
Murphy, former chief financial officer, in the Southern District
of New York on behalf of a putative class consisting of
investors who purchased publicly traded securities between Feb.
17, 2005 and July 28, 2006.  

Each of the complaints allege that the defendants made
materially false and misleading statements and/or omissions
concerning the company's business and operations, thereby
causing investors to purchase the company's securities at
artificially inflated prices, in violation of Sections 10(b) and
20(a) of the U.S. Securities Exchange Act of 1934, as amended,
and Rule 10b-5 promulgated under the 1934 Act.  

Two of the complaints allege, among other things, that the
defendants made false and misleading statements that it was
poised for future profitable growth, even though the defendants
allegedly knew that it had failed to control expenses and manage
its investment and liquidity risk.   

The third complaint alleges, among other things, that the
defendants made positive statements about the company and its
financial strength that were lacking in any reasonable basis at
the time they were made, and that the defendants failed to
disclose, among other things, that the defendants had improperly
valued allowances on deferred tax assets and that the company
lacked adequate internal controls.  

Each of the class actions filed seek an unspecified amount of
damages, as well as other forms of relief.   

The first identified complaint is "Michael Zuckerman, et al. v.  
Scottish Re Group Ltd., et al., Case No. 06-CV-5853," filed in
the U.S. District Court for the Southern District of New York
under Judge Shira A. Scheindlin.

Plaintiff firms in this or similar case:
  
     (1) Abbey Spanier Rodd Abrams & Paradis, LLP, 212 East 39th  
         Street, New York, NY, 10016, Phone: 212-889-3700, Fax:  
         212-684-519, E-mail: info@abbeyspanier.com
  
     (2) Brower Piven, The World Trade Center-Baltimore, 401  
         East Pratt Street, Suite 2525 , Baltimore, MD,  

     (3) Federman & Sherwood, 120 North Robinson, Suite 2720,  
         Oklahoma City, OK, 73102, Phone: 405-235-1560, E-mail:
         wfederman@aol.com;

     (4) Kahn Gauthier Swick, LLC, 650 Poydras St., Suite 2150,  
         New Orleans, LA, 70130, Phone: (504) 455-1400, E-mail:
         lewis.kahn@kglg.com;
  
     (5) Kirby McInerney & Squire, LLP, 830 Third Avenue 10th  
         Floor, New York Ave, NY, 10022, Phone: 212.317.2300;  

     (6) Murray, Frank & Sailer, LLP, 275 Madison Ave., 34th  
         Flr., New York, NY, 10016, Phone: 212.682.1818, Fax:
         212.682.1892, E-mail: email@murrayfrank.com;
  
     (7) Paskowitz & Associates, 60 East 42nd Street, 46th  
         Floor, New York, NY, 10165, Phone: 212.685.0969, Fax:
         212.685.2306, E-mail: classattorney@aol.com;
  
     (8) Pomerantz Haudek Block Grossman & Gross, LLP, 100 Park  
         Avenue, 26th Floor, New York, NY, 10017-5516, Phone:
         212.661.1100, Fax: 212.661.8665, E-mail:  
         info@pomerantzlaw.com;
  
     (9) Wechsler Harwood, LLP, 488 Madison Avenue 8th Floor,  
         New York, NY, 10022, Phone: 212.935.7400, E-mail:
         info@whhf.com; and
  
    (10) Wolf Haldenstein Adler Freeman & Herz, LLP, 270 Madison  
         Avenue, New York, NY, 10016, Phone: 212.545.4600, Fax:
         212.686.0114, E-mail: newyork@whafh.com.

                        About Scottish Re

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

                        *     *     *

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

Moody's Rates Scottish Re Group Limited as:

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

In August, Fitch Ratings also initiated these rating actions:

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

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

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

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

Fitch said all ratings remain on Rating Watch Negative.

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

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


SCOTTISH RE: Props Up Liquidity with US$120-Mln Reinsurance Deal
----------------------------------------------------------------
Scottish Re Group Limited reports that subject to finalization
of customary treaty terms, it has completed a reinsurance
transaction with an independent third party that will provide
the Company with additional liquidity of up to US$120 million.

"On September 11, 2006, we announced our plans to raise between
US$150 million to US$250 million to reduce near term liquidity
pressure under a combination of reinsurance arrangements and
credit facilities" Paul Goldean, President and Chief Executive
Officer, said.  "I am pleased to report the completion of this
reinsurance transaction which represents an important step
forward towards addressing the Company's near term liquidity
requirements."

                        About Scottish Re

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

                        *     *     *

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

Moody's Rates Scottish Re Group Limited as:

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

In August, Fitch Ratings also initiated these rating actions:

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

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

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

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

Fitch said all ratings remain on Rating Watch Negative.

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

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


SEMGROUP L.P.: Moody's Rates US$250-Mln Add-On Notes at B1  
----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to SemGroup,
L.P.'s US$250 million of 8.75% senior unsecured add-on notes and
affirmed the existing B1 rated US$350 million of 8.75% senior
unsecured notes due 2015.

Moody's affirmed these ratings:

SemGroup

    * Ba3 corporate family rating;

SemCrude, L.P.

    * Ba2 rated US$1.475 billion secured working
      capital borrowing base facility;

    * Ba2 rated US$200 million revolving credit facility;

    * Ba2 rated US$150 million secured Term Loan B due 2010; and

SemCams Holding

    * Ba2 rated US$175 million Canadian Term Loan.  

The subsidiaries guarantee SemGroup debt and SemGroup guarantees
subsidiary debt.

The notes will fund the US$85 million Dornick Hills Midstream
Ltd. acquisition, pre-fund roughly US$100 million of remaining
2006 capital spending, and partially repay revolver debt.
Dornick owns a 170-mile natural gas gathering system with 2,700
horsepower of compression plus a refrigerated lean oil
processing plant.  SemGroup estimates in the range of
US$633 million in 2006 acquisitions and capital spending.

Moody's has not completed a midstream ratings methodology,
though its SemGroup rating rationale matches the methods and
rationale employed for the other oil and gas midstream firms
Moody's rates.  SemGroup's scale, diversification, and
underlying core earnings power have a profile in the Ba rating
range.  This is offset by a large minority portion of earnings
generated by volatile, high volume, thin margin, and less
durable merchant and hedged trading activity and attendant
credit intensive high working capital and margin deposit needs.
The ratings also reflect acquisition and funding risk. The
volatile cash flow sources, leverage, and event risk render a
high single B rating profile.

To date, SemGroup has been a prudent acquirer while expanding
its midstream petroleum businesses and building a balanced
business portfolio for rising, falling, and seasonal petroleum
markets.  However, its ratings reflect an ongoing aggressive
growth plan to capitalize on mid-stream opportunities it views
are still emerging from changing North American crude oil,
refined product, and natural gas sourcing and consumption
patterns.  It also considers further international growth after
acquiring the Milford Haven (U.K.) refined products terminal and
storage complex that it leases to third parties.  As well, as a
private firm it is more difficult to assume that its
shareholders will be willing or able to consistently fund
acquisitions with sufficient equity funding to support the
ratings.

Specifically, SemGroup's ratings are supported by:

   -- increasingly large scale;

   -- geographic and product diversification across
      midstream asset categories, multiple oil and natural
      gas producing basins, refining centers, and
      marketing regions;

   -- resulting gross margin protection so far across
      volatile markets;

   -- the advantages of regional MidContinent intensity;

   -- a sound performance outlook over the next twelve
      months; and

   -- moderate core leverage measured to core
      non-merchant EBITDA.

The firm holds strategic MidContinent pipeline, storage, and
terminal assets; its important growing storage capacity at
Cushing, Oklahoma exposes it to rising U.S. imported crude oil
volume; and it displays sound record to date of effective
hedging, of adherence to hedge policy, and effective back office
controls in the merchant marketing and hedged trading activity.
SemGroup's access to date to private equity from sector-
knowledgeable Carlyle/Riverstone is also supportive.

The ratings are restrained by:

   -- SemGroup's comparatively high, though recently
      reducing, proportion of volatile earnings sources
      from merchant activity;

   -- the highly working capital intensive, credit
      intensive, and market confidence sensitive nature of
      its merchant activity; very large liquidity
      requirements for margin deposits and to fund
      working capital during surging oil, natural gas
      liquids, refined product, and natural gas
      markets (consuming virtually all cash flow after
      capital spending in first half 2006); and very
      high balance sheet leverage.

Moody's notes that very high balance sheet leverage partly
reflects unrealized mark-to-market commodity derivative loss
deductions from equity, as well as debt funding for acquisitions
whose cash flow would reduce attendant incurred debt.  Moody's
also notes that SemGroup may realize cash from declining working
capital and margin deposits, both seasonally and during
sustained falling hydrocarbon prices.

SemGroup's June 30, 2006 pro-forma balance sheet displays
US$441 million in equity, (US$862 million before unrealized
mark-to-market derivatives losses) and US$1.520 billion in debt.
Debt included US$433 million in secured hedged contango
inventory bank debt, US$177 million in secured bank revolver
debt, a US$145.6 million term loan, a US$173 million-equivalent
Canadian term loan, and US$595 million of 8.75% senior notes.
Moody's adds US$97 million in capitalized operating leases and
US$7 million in unfunded pension liabilities to calculate
adjusted debt, rendering Adjusted Debt/Adjusted Capital 78% (64%
before unrealized mark-to-market derivative losses).

Before extraordinary items, year ended June 30, 2006 EBITDA was
US$553 million or approximately US$563 million pro-forma for
Dornick Hills.  Moody's estimates that approximately 61% of
EBITDA was generated by durable core activities, with the
remainder from the volatile credit intensive merchant function.
Following a series of 2005 and 2006 acquisitions and storage
expansions, SemGroup states that it believes core EBITDA of
roughly US$320 million will rise to roughly US$425 million in
2007.

Moody's does not grant material long-term debt capacity to
SemGroup's volatile, working capital intensive, and credit-
sensitive hedged crude oil, refined product, and natural gas
trading and marketing segments.  Moody's also notes that a
significant portion of SemGroup's pipeline and storage
throughput volumes are generated by its own pro-active
hydrocarbon middleman sourcing and marketing activity.

SemGroup's outlook and ratings would be vulnerable to material
acquisitions if not accompanied by ample equity funding.  The
ratings would also not have supported materially higher levels
of contango borrowings beyond 2006 levels, though forward market
conditions that drove activity of that scale have moderated.  
The ratings are also sensitive to SemGroup's ability to
consistently successfully market, trade, and effectively hedge
its activity through volatile spot and forward markets as well
as execute a profitable marketing business in backwardated,
transition, and contango markets.

Moody's notes that the nature of SemGroup's business and assets,
and the interests of its private equity owners, appear to make
it likely that it may go public in the form of a master limited
partnership (MLP).  Heretofore, the ratings have benefited by
the fact that SemGroup is not an MLP with very high cash
distributions to unit holders.

SemGroup is headquartered in Tulsa, Oklahoma.


SEMGROUP L.P.: Fitch Assigns B+/RR3 Rating to US$250 Mln Notes
--------------------------------------------------------------
Fitch Ratings assigned the rating of B+/RR3 to SemGroup, L.P.'s
proposed offering of US$250 million of senior unsecured notes
due 2015.  The notes are an add-on to the November 2005 offering
of US$350 million of 8.75% notes.  

Proceeds from the offering will be used to pre-fund acquisitions
and capital expenditures planned for the fourth quarter of 2006.  
The company is also considering upsizing the offering to US$300
million.

In addition, Fitch has affirmed these ratings with a Stable
Outlook:

SemGroup, L.P.

   -- Issuer Default Rating B; and
   -- Senior unsecured notes due 2015 B+/RR3.

SemCrude, L.P.

   -- IDR B;
   -- Secured working capital facility due August 2010 BB/RR1;
   -- Senior secured term loan B due March 2011 BB-/RR1; and
   -- Secured revolving credit facility due August 2010 BB-/RR1.

SemCams Midstream Co.

   -- IDR B;
   -- Senior secured term loan due March 2011 BB-/RR1.

Despite the additional debt, the affirmation reflects Fitch's
expectations that consolidated credit ratios will remain in line
with SemGroup's current ratings, as earnings should continue to
benefit from the current commodity price environment.  

SemGroup's ratings are also supported by the increase in size
and scope of the company's physical asset base in recent years,
which has significantly diversified the partnership's business
risk and provided a more predictable source of third-party cash
flow.  The company's traditional crude oil and refined product
segments own and operate a portfolio of strategically positioned
pipeline and terminal assets, including significant storage
capacity at the Cushing, Oklahoma delivery hub.

Overall, the company's storage capacity has increased to 34
million barrels at June 30, 2006 from 13.9 million barrels at
the end of 2004.  These assets should also continue to generate
a considerable level of third-party cash flow in the event
SemGroup were to significantly scale back or exit the marketing
business.

The company's aggressive growth strategy, however, also comes
with some risks, notably those inherent to acquisitions - the
ability to integrate new assets, the accuracy and thoroughness
of due diligence, the ability to analyze the markets and drivers
for new business segments, etc.  While each of SemGroup's assets
is related to energy, the various assets are often only remotely
related requiring an expertise across sectors and limiting
economies of scale for some of its operations.  

Given the nature of SemGroup as a private company, of additional
concern is the continued use of debt as the primary source of
funding for the company's growth strategy as equity infusions
and retained earnings have only funded a limited level of the
company's growth.  The strong earnings have, however, thus far
mitigated this risk as leverage has remained relatively constant
at under 2.5 times (x) debt to EBITDA over the recent years.

SemGroup also continues to derive a significant percentage of
its gross margin through its commodity marketing and logistics
business, which focuses on the purchase of crude oil, refined
products, natural gas liquids, and natural gas and entering into
corresponding sales transactions with third-party customers.

As part of this process, SemGroup utilizes its physical asset
base, including company owned pipelines, storage tanks, and
terminals, to capture value from changes in time, location, and
quality.  Profits have grown significantly over the past few
years, driven primarily by increased capacity under the
company's working capital credit facility and favorable
commodity market conditions, especially contango conditions.

While a reversal to backwardation in crude markets appears
unlikely given current geo-political conditions, a flattening of
the futures curve could significantly reduce profits for the
company.

Fitch also continues to believe that SemGroup management has
instituted an appropriate level of emphasis on risk management,
controls, and internal procedures given the overall level of
commodity risk assumed by SemGroup in its day-to-day business
activities.  

SemGroup marks to market its commodity positions on a daily
basis and has imposed conservative daily and cumulative stop-
loss limits.  SemGroup's marketing activities are further
governed by the credit agreement, which restricts the
partnership to conducting covered or 'back-to-back' trades only
and limits open commodity positions to specific levels as
approved by the bank group.

The assignment of the B+ rating for the proposed offering
reflects the subordination of the unsecured notes to SemGroup's
outstanding secured term loans and revolving credit facilities.
Recovery prospects for the existing secured term loans and
revolver remain high due to the stronger earnings power of the
company's increased asset base.

Given the mechanics of the borrowing base, asset coverage for
the working capital line will continue to remain outstanding
with the 1st lien on working capital assets.  With its second
lien on fixed assets, the working capital line also benefits
from any residual fixed asset value after the term loan
obligations are satisfied.

Hence the higher rating is assigned to the working capital line
than the term loans and revolver.  Although overall recovery
prospects remain strong, the partnership's senior unsecured
notes are the most vulnerable due to potentially reduced
recovery prospects from the added unsecured notes.


SHARMA GROUP: Appoints Gerard Keith Rooney as Liquidator
--------------------------------------------------------
Gerard Keith Rooney of Rooney Associates was appointed
Liquidator of The Sharma Group PLC on Aug. 21 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         The Sharma Group PLC
         75 Strand Road
         Bootle
         Merseyside L20 4BB
         United Kingdom
         Tel: 0151 922 4422
         Fax: 0151 933 0503


SITE BUILDING: I. D. Holland Leads Liquidation Procedure
--------------------------------------------------------
I. D. Holland of Ian Holland & Co. was appointed Liquidator of
Site Building Control Limited on Aug. 18 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Site Building Control Limited
         Swakeleys Road
         Uxbridge
         Middlesex UB108DF
         Tel: 01895 676 755
         Fax: 01895 676 756


SOLUTIA INC: Extends Pharmacia & Monsanto Bar Date to Feb. 2007
---------------------------------------------------------------
Solutia Inc. and its debtor-affiliates, Monsanto Company and
Pharmacia Corporation agree to further extend the deadline for
Monsanto and Pharmacia to amend their initial proofs of claim,
or file additional claims, through and including Feb. 1, 2007.

The Debtors clarify that the stipulation constitutes a
compromise between the parties with respect to the procedure for
filing proofs of claim in their Chapter 11 cases and is not a
determination of the merits of the claims of Monsanto or
Pharmacia.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.  
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  
(Solutia Bankruptcy News, Issue No. 70; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


SOLUTIA INC: Can Implement 2006 Annual Incentive Program
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Solutia Inc. and its debtor-affiliates to implement
the 2006 Incentive Program provided that any incentive program
for 2007 will include, for the chief executive officer and
certain of his direct reports, a metric related to the Debtors'
emergence from bankruptcy protection.

Solutia said in a filing with the U.S. Securities and Exchange
Commission that awards will be paid within two and one-half
months following the end of the 2006 calendar year.  The
Executive Compensation and Development Committee of Solutia's
board of directors will administer the 2006 Incentive Program.

As reported in the Troubled Company Reporter on Sept. 7, 2006,
Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
relates that the annual incentive plan is the Debtors' only
broad-based compensation program and is a key tool by which they
drive operational and financial performance throughout the
organization.

If the 2006 Incentive Program is paid at target levels, Solutia
projects awards will be approximately US$25,200,000, excluding
overhead.

The 2006 Incentive Program is similar to the Court-approved
annual incentive plans the Debtors implemented in 2004 and 2005,
Mr. Henes says.  With respect to financial measures and payout
points for 2006, the Debtors' senior management team made
recommendations to the Executive Compensation and Development
Committee of Solutia's board of directors based on actual
financial results for 2005, the 2006 budget and the key drivers
and focus areas for each of business units.

After the terms of the 2006 Incentive Program were approved by
the ECDC, the Debtors presented it to the Official Committee of
Unsecured Creditors, the Ad Hoc Trade Claims Committee, the Ad
Hoc Committee of Solutia Noteholders, Monsanto Company and the
Official Committee of Equity Security Holders.

The Debtors tailored the 2006 Incentive Program to place
emphasis on the performance of the Integrated Nylon, Saflex,
CPFilms, Chemicals, and Plastic Products business units as well
as the business core group that provides support services to the
entire company.

In designing the 2006 Incentive Program, the Debtors established
specific performance targets for each business unit so they can
meet or exceed the 2006 budget.  The size of the incentive bonus
pools available for awards to employees is based on actual
performance relative to these targets.

Each Business Unit has up to three financial measures depending
on its key drivers and focus areas.  The three measures selected
are EBITDA(R), Free Cash Flow and Gross Margin.

The funding of each Business Unit Incentive Pool and the Core
Incentive Pool will be 90% of the aggregate target bonuses for
individuals assigned to the Pool multiplied by the weighted
average of pre-established funding factor for achievement of
specific objective performance parameters relative to a targeted
performance.

     Unit               Measure                     Weight
     ----               -------                     ------
     Core               Enterprise EBITDAR           45%
                        Free Cash Flow               55%

     Integrated Nylon   EBITDA                       50%
                        Free Cash Flow               50%

     Saflex             EBITDA                       33.3%
                        Free Cash Flow               33.3%
                        Gross Margin %               33.3%

     CPFilms            EBITDA                       50%
                        Free Cash Flow               50%

     Chemicals          Free Cash Flow              100%

     Plastic Products   Free Cash Flow              100%

In addition, an overall corporate discretionary bonus pool will
be funded by the enterprise-level EBITDAR performance relative
to a pre-established target performance.  The funding of the
Enterprise Discretionary Incentive Pool will be 10% of the
aggregate target bonuses multiplied by a pre-established funding
factor.

Targeted performance levels and funding factors have been
established by the ECDC.

A full-text copy of the Debtors' 2006 Incentive Program is
available for free at http://ResearchArchives.com/t/s?112d

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.  
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  
(Solutia Bankruptcy News, Issue No. 70; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


SOUND MONSTERS: Appoints David R. Elliott to Administer Assets
--------------------------------------------------------------
David R. Elliott of Moore Stephens LLP was appointed
administrator of Sound Monsters Ltd. (Company Number 4281009) on
Sept. 21.

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

Headquartered in Kent, United Kingdom, Sound Monsters Ltd. is
engaged in audio dubbing, tracklay and editing facilities.


STREETVISION LIMITED: Taps Filippa Connor to Liquidate Assets
-------------------------------------------------------------
Filippa Connor of B & C Associates was appointed Liquidator of
Streetvision Limited on Sept. 19 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Streetvision Limited
         68 Venn Street
         Lambeth
         London SW4 0AT
         United Kingdom
         Tel: 020 7627 5777


TAMS GROUP: Pottery Business Up for Sale
----------------------------------------
Bob Young and Ian Rose, Joint Administrative Receivers, offer
for sale the business and assets of Tams Group Limited.

The assets for sale features:

   -- well respected brand names including Tams, Royal Grafton;

   -- loyal and experienced workforce;

   -- three leasehold trading sites in Stoke on Trent;

   -- licensed products including Disney, Buckingham Palace,
      Mark Spain and Warner Bros;

   -- factory shop;

   -- trading as Tams since 1870;

   -- supplier to multiples including Tesco, Sainsbury,
      Morrisons, Asda, Woolworths and Disney.

Inquiries can be addressed to:

         Bob Young
         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent ST3 6HP
         Tel: 01782 394500
         Fax: 01782 395200
         E-mail: stoke@begbies-traynor.com

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


TEMPORARY COMPANY: Taps Leonard Curtis as Joint Administrators
--------------------------------------------------------------
N. A. Bennett and A. Poxon of Leonard Curtis were appointed
joint administrators of Temporary Company Ltd. (formerly Extreme
Retail Limited) (Company Number 3752205) on Sept. 19.

Headquartered in London, Leonard Curtis --
http://www.leonardcurtis.co.uk/-- is a firm of chartered  
accountants whose origins date back to 1947 when Leonard Curtis
established his practice in central London, specializing in
insolvency work.  The firm currently has four partners.

Headquartered in Chichester, United Kingdom, retails clothing
and extreme sports accessories.


UVINE.COM LIMITED: Elwell Watchorn Selling Fine Wine Exchange
-------------------------------------------------------------
The Joint Administrators offer for sale the business and assets
of Uvine.Com Limited, a global fine wine exchange with
headquarters in London.

The assets for sale features:

   -- established membership of over 4,000 persons;
   -- many high net worth individuals as members; and
   -- potential synergy with similar business.

Inquiries can be addressed to:

         Elwell Watchorn & Saxton LLP
         Tel: 01733 236391

         Graham Wolloff
         Tel: 01733 235 253

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.


VIMORI RACING: Calls In Liquidator from Begbies Traynor
-------------------------------------------------------
Peter Sargent of Begbies Traynor was appointed Liquidator of
Vimori Racing Products Limited on Sept. 21 for the creditors'
voluntary winding-up proceeding.

Headquartered in Halifax, U.K., Vimori Racing Products Limited
-- http://www.vimoriracing.com/-- supplies a range of  
motorcycle racing products including race fairings, chain
guards, Dzus fixings, screens, rearsets, levers, exhausts, and
helmets.


WORDMAP LIMITED: BDO Stoy Hayward Selling Software Firm
-------------------------------------------------------
Simon Girling and Mark Roach, Joint Administrators, offer for
sale the business and assets of Wordmap Limited, an independent
software vendor.

Features:

   -- U.S.-based Fortune 100 and U.K. Government customers; and

   -- leading edge software for navigation, tagging and
      taxonomy.

Inquiries can be addressed to:

         Katie Say
         BDO Stoy Hayward
         Tel: 0117 930 1561
         E-mail: katie.say@bdo.co.uk

BDO Stoy Hayward -- http://www.bdo.co.uk/-- provides services  
that include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.


WYKES LIMITED: RSM Robson Rhodes Selling Yarn Manufacturer
----------------------------------------------------------
The Joint Administrators, Gerald Smith and John Whitfield, offer
for sale the business and assets of Wykes Limited.

Inquiry can be addressed to:

         Kerry Stewart
         RSM Robson Rhodes LLP
         Centre City Tower
         7 Hill Street
         Birmingham B5 4UU
         United Kingdom
         Tel: 0121 697 6000
         Fax: 0121 697 6112
         E-mail: kerry.stewart@rsmi.co.uk

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--  
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

Headquartered in Leicester, UK, Wykes Limited manufactures
elastomeric and other specialist yarns.  It has an established
blue chip customer base both in the U.K. and export, and has
about 100 skilled and dedicated work force.  The company posted
annual turnover of around GBP9 million.

                           *********

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, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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