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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, October 6, 2006, Vol. 7, No. 199

                            Headlines


A U S T R I A

EURENO: Creditors to Recover 1.1% of Claims
FRAR: Creditors' Meeting Slated for November 7
FREGATO: Creditors' Meeting Slated for November 7
GREMAG: Creditors' Meeting Slated for October 17
STANOJEVIC DANICA: Claims Registration Period Ends October 19


B E L G I U M

ARMSTRONG WORLD: Armstrong Holdings Forms Commte for AWI Claims
CHIQUITA BRANDS: Eyes Organizational Changes for Global Growth


B U L G A R I A

BULGARIAN POST: Fitch Affirms Individual C/D Rating on DZI Deal


D E N M A R K

DIGITAL LIGHTWAVE: Has US$58-Mln Equity Deficit at June 30


F I N L A N D

FLEXTRONICS INT'L: Moody's Assigns Loss-Given-Default Ratings
RADNOR HOLDINGS: Hires KPMG LLP as Accountant and Tax Advisor
RADNOR HOLDINGS: Meeting of Creditors Continued to Oct. 23


G E R M A N Y

ADVANCED MICRO: Moody's Rates US$2.5-Bln Credit Facility at Ba3
ADVANCED MICRO: Improved Business Spurs S&P to Affirm B+ Rating
AMERICAN AXLE: S&P Affirms BB Ratings on Attrition Program
ASS GMBH: Claims Registration Ends October 13
BORRMANN GMBH: Claims Registration Ends October 17

DSA MARKETING: Claims Registration Ends October 17
GREINER UND PARTNER: Claims Registration Ends October 16
HEIZBAU LOTZ: Claims Registration Ends October 15
JAN LEIN: Claims Registration Ends October 16
MILLENNIUMCONCEPT GMBH: Claims Registration Ends October 16

OPTI-Z GMBH: Claims Registration Ends October 17
PROVIDE GEMS: Fitch Junks EUR33-Mln Class D & E Tranches
SERA BAUDEKORATION: Claims Registration Ends October 13
VOLKSWAGEN AG: Expects Flat U.S. Sales for Next Year
WILHELM KLETT: Claims Registration Ends October 16


G R E E C E

DIGITAL LIGHTWAVE: Has US$58-Mln Equity Deficit at June 30


I R E L A N D

NOMOS CAPITAL: Fitch Places B- Rating on Upcoming Debt Issue
PRIDE INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
RADNOR HOLDINGS: Hires KPMG LLP as Accountant and Tax Advisor
SANMINA-SCI CORP: Moody's Assigns Loss-Given-Default Ratings


K A Z A K H S T A N

ASKO KURYLYS: Creditors Must File Claims by Oct. 27
ESBE COMPANY: Karaganda Court Opens Bankruptcy Proceedings
HANSULTAN: Proof of Claim Deadline Slated for Oct. 27
KAZ MET: Creditors Must File Claims by Oct. 27
NOVYI VEK: Proof of Claim Deadline Slated for Oct. 27

ORION: Claims Registration Ends Oct. 27
PANORAMA SHYMKENT: Creditors' Claims Due Oct. 27
PRIDE INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
PROGNOZ: Claims Registration Ends Oct. 27
SULU MADINE: Karaganda Court Starts Bankruptcy Procedure


K Y R G Y Z S T A N

EDGAR CONSULTING: Proof of Claim Deadline Slated for Nov. 12
KOBYZ: Creditors Must File Claims by Nov. 12


L U X E M B O U R G

NORTEL NETWORKS: Inks Multi-Year Agreement With Videotron Ltd.
NORTEL NETWORKS: Moody's Assigns Loss-Given-Default Ratings


N E T H E R L A N D S

ECHOSTAR COMMS: Can Continue Selling DVRs, Appellate Court Rules
HEAD NV: Improved Credit Metrics Spur Moody's to Affirm Rating


N O R W A Y

FALCONBRIDGE LTD: Xstrata Needs US$5 Billion to Fund Takeover


P O L A N D

AMERICAN AXLE: S&P Affirms BB Ratings on Attrition Program


P O R T U G A L

INTERTAPE POLYMER: S&P Places B+ Rating on CreditWatch Negative


R O M A N I A

CELESTICA INT'L: Moody's Assigns Loss-Given-Default Ratings


R U S S I A

ABATSKOYE: Tyumen Court Starts Bankruptcy Supervision
AKBUZAT: Court Names N. Valiakhmetova as Insolvency Manager
AKSAYSKIY GLASS: Rostov Court Commences Reorganization Process
ALFA BANK: Completes US$400-Million Three-Year Eurobond Issue
ARKTUR: Court Names V. Fedichev as Insolvency Manager

BOKSITOGORSKIY FACTORY: Court Names B. Ilyukhin to Manage Assets
CERAMIC FACTORY: Bankruptcy Hearing Slated for Oct. 23
CLINIC ITUS: Court Names A. Zhadnov as Insolvency Manager
DALI CAPITAL: Moody's Rates RUR5-Bln Series 23 Notes at Ba3
GOLDEN RING: Court Names S. Kuznetsov as Insolvency Manager

GRANITE: Court Names S. Suvorov as Insolvency Manager
JUSTAS INFORM: Court Names A. Sorokin as Insolvency Manager
KAREL-TRUST: Court Names S. Ryzhkov as Insolvency Manager
LIQUEUR-VODKA FACTORY: Bankruptcy Hearing Slated for Nov. 22
MODIZ: Leningrad Court Names A. Zhadnov as Insolvency Manager

NOMOS CAPITAL: Fitch Places B- Rating on Upcoming Debt Issue
NOVOLIPETSK STEEL: Discloses Poll Results for 1st Half Dividend
OKA: Bankruptcy Hearing Slated for January 24
ORLOVSKIY: Orel Court Starts Bankruptcy Supervision
PROD-RESOURCE: Orel Court Starts Bankruptcy Supervision

PROMSVYAZBANK JSC: Fitch Upgrades Issuer Default Rating to B+
PSB FINANCE: Fitch Rates Upcoming Subordinated Debt Issue at B-
PSB FINANCE: Fitch Assigns B+ Rating on Upcoming Sr. Debt Issue
RYB-PLEM-KHOZ GORYACHIY: Court Starts Bankruptcy Supervision
SAMOS INVEST: Court Names S. Kuznetsov as Insolvency Manager

SEVER-WOOD-EXPORT: Court Names P. Tarasov as Insolvency Manager
TASHLINSKIY: Court Names V. Zaytsev as Insolvency Manager
TERNOVKA-AGRO-SERVICE: Bankruptcy Hearing Slated for Dec. 7
TMK OAO: To Create Joint Venture with India's Welspun Gujarat
URAL-INVEST: Court Names O. Ilyin as Insolvency Manager

VERSHININSKAYA: Court Names T. Gorlova as Insolvency Manager
VIKING: Court Names Mr. I. Borzov as Insolvency Manager
VOST-SIB-OIL-GAS: Court Names S. Suvorov as Insolvency Manager
WHEAT POKROVSKAYA: Bankruptcy Hearing Slated for Nov. 8
WHEAT ZMIEVSKAYA: Court Names L. Titova as Insolvency Manager

YAREGA-PAINT: Komi Court Starts Bankruptcy Supervision
ZAGORODNYJ SPIRIT: Asset Sale Slated for October 17


S P A I N

AFFILIATED COMPUTER: Buys Systech Integrators for US$65 Million
FONDO DE TITULIZACION: Fitch Junks EUR19.8-Million Class E Notes
FONDO DE TITULIZACION: S&P Junks EUR19.8 Million Class E Notes
SANYO ELECTRIC: Mulls Further Job Cuts Under Restructuring Plan
SANMINA-SCI CORP: Moody's Assigns Loss-Given-Default Ratings

TDA IBERCAJA: S&P Junks EUR10.5 Million Class F Notes


S W E D E N

ARMSTRONG WORLD: Armstrong Holdings Forms Commte for AWI Claims


S W I T Z E R L A N D

AFFILIATED COMPUTER: Buys Systech Integrators for US$65 Million


T U R K E Y

YAPI VE: Merger Cues Moody's to Lift Financial Strength Rating


U K R A I N E

DRUZHBA: Chernigiv Court Starts Bankruptcy Supervision
GALICH AUTO: Court Names Galina Kovalko as Insolvency Manager
KRAYAN: Odessa Court Starts Bankruptcy Supervision Procedure
MAHARINTSI SUGAR: Court Names Ruslan Gorbatuk as Liquidator
MODERN HUMANITARIAN: Marina Muzhdabayeva to Liquidate Assets

OPTIMA: Kyiv Court Starts Bankruptcy Supervision Procedure
UKRINMET: Court Names Volodimir Kozachenko as Insolvency Manager
VTORMET: Court Names Vira Chugunova as Insolvency Manager


U N I T E D   K I N G D O M

47210 LIMITED: Claims Filing Period Ends Nov. 10
ADVANCE MECHANICAL: Appoints Liquidator from Findlay James
AFOS LIMITED: Creditors' Meeting Slated for October 17
ALAN H GOODRICK: Creditors Confirm Liquidators' Appointment
ALLSORTS DISCOUNTS: Creditors' Claims Due Dec. 20

ALPINE COOLING: Liquidator Sets Oct. 20 Claims Bar Date
ANGLIATRON LTD: David Field Leads Liquidation Procedure
AOK PRINTERS: Creditors Confirm Liquidator's Appointment
AUTOMATIC BRAIDING: Hires Joint Administrators from F A Simms
BRAVINGTONS LIMITED: Appoints Kikis Kallis to Administer Assets

BRAYZIERS ARCHITECTURAL: Names Alan H. Tomlinson Liquidator
CABLE & WIRELESS: Government Opposes Bid to Acquire KeyTech
CAPE SYSTEMS: June 30 Balance Sheet Upside-Down by US$24 Million
CELESTICA INT'L: Moody's Assigns Loss-Given-Default Ratings
COCKTAIL CATERING: Appoints Liquidator from Butcher Woods

DEDICATED HOLIDAYS: Taps Liquidators from PricewaterhouseCoopers
DOLLAR FINANCIAL: Refinancing Spurs Moody's to Affirm B3 Rating
DOLLAR FINANCIAL: Debt Refinancing Prompts S&P to Lift Rating
ERSSER & PARTNERS: Calls In Liquidator from Begbies Traynor
FALCONBRIDGE LTD: Xstrata Needs US$5B to Fund Takeover of Firm

FEDERAL MOGUL: Court OKs Entry Into Hercules Payment Agency Pact
FINE FINISHERS: Brings In Shaw & Co. as Administrator
FLEXTRONICS INT'L: Moody's Assigns Loss-Given-Default Ratings
FLOWSERVE CORP: S&P Affirms BB- Rating on Delayed SEC Filings
GATEWAY AUTOS: Names Jonathan Avery Gee as Administrator

GENERAL MOTORS: Ends Alliance Talks with Nissan & Renault
GENERAL MOTORS: US Units Deliver 338,380 Vehicles In September
GENERAL TRAILERS: Hires Liquidators from PricewaterhouseCoopers
GENES LIMITED: Creditors' Meeting Slated for October 11
GRAYSTOKE HOMES: Appoints Joint Administrators from PKF

H & L MAINTENANCE: Claims Registration Ends Oct. 24
INDIGO CITY: Creditors' Meeting Slated for October 10
ISLE OF CAPRI: Stake Purchase Cues S&P to Put Rating on Watch
J & H BODY: Appoints Tenon Recovery as Administrators
K.G. SEWELL: Taps Baker Tilly to Administer Assets

LANSDOWNE STUDIO: Names William Paxton as Administrator
LASSO LIMITED: Taps Robert Day to Liquidate Assets
LEYFIELD COMMERCIAL: Taps BDO Stoy as Joint Administrators
OLDBURY RECYCLING: Creditors Confirm Liquidator's Appointment
OLIVER CHARLES: Brings In Liquidators from Line Henry

POSITIVE IMAGES: Appoints Solomon Cohen as Liquidator
POWER GROUP: Claims Filing Period Ends Nov. 10
PUMA SECURITY: Hires Liquidators from Begbies Traynor
RAISBECK AND REASON: Creditors' Claims Due Oct. 18
RANK GROUP: Cancels One Million Shares in Buy Back Program

REFCO INC: Settlement with Creditors Worries Administrator
REFCO INC: Chapter 7 Trustee Wants to Pay Net Equity Claims
REFCO INC: Albert Togut Wants to Transfer Excess Funds
SANYO ELECTRIC: Mulls Further Job Cuts Under Restructuring Plan
SECUNDA INT'L: Extends Tender Offer Expiration Until Oct. 12

SHREWSBURY MEDICAL: Lloyd Biscoe Leads Liquidation Procedure
SPIRIT AEROSYSTEMS: Inks Distribution Agreement with Aviall
STRAND OVERSEAS: Creditors' Meeting Slated for October 11
SUTTON STAFF: Names Liquidators from Wilson Field
TIMKEN CO: Invests Over US$12 Mil. for New Tech Center in AZ

TOWER DEVELOPMENTS: Hires D. R. Acland to Liquidate Assets
VISTEON CORP: Production Concerns Cue Moody's to Review Ratings
WATERSIDE RESTAURANTS: Joint Liquidators Take Over Operations
WBM RESTORATION: Calls In Liquidator from Butcher Woods
WILSON SIGNS: Appoints Joint Liquidators to Wind Up Business

WORLD GAMING: Directors Say Technical Default Possible

* BOOK REVIEW: The Failure of The Franklin National Bank:
               Challenge to the International Banking System

                            *********

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


EURENO: Creditors to Recover 1.1% of Claims
-------------------------------------------
The Land Court of Wiener Neustadt approved Aug. 29 the final
decision on allocation of Felix Wallner, the court-appointed
property manager of LLC Eureno (FN 169359h).

Under the property manager's project by final allocation,
creditors will recover 1.1% of their claims.

Headquartered in Guenselsdorf, Austria, the Debtor declared
bankruptcy on May 17, 2004 (Bankr. Case No. 11 S 44/04p).
Gerald Hegenbart represents the Debtor in the bankruptcy
proceedings.

The property manager can be reached at:

         Mag. Felix Wallner
         Kaiser Franz Ring 2
         2500 Baden bei Vienna, Austria
         Tel: 02252/206310
         Fax: 02252/259326
         E-mail: ra.felix.wallner@aon.at


FRAR: Creditors' Meeting Slated for November 7
----------------------------------------------
Creditors owed money by LLC Frar (FN 231403z) are encouraged to
attend the creditors' meeting at 10:45 a.m. on Nov. 7 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 30 (Bankr. Case No. 4 S 60/06k).  Andrea Prochaska
serves as the court-appointed property manager of the bankrupt
estate.  Christoff Beck represents Mag. Prochaska in the
bankruptcy proceedings.

The property manager and her representative can be reached at:

         Mag. Andrea Prochaska
         c/o Mag. Christoff Beck
         Wassergasse 33/12
         1030 Vienna, Austria
         Tel: 718 77 50
         Fax: 718 77 50 15
         E-mail: kanzlei@andrea-prochaska.at


FREGATO: Creditors' Meeting Slated for November 7
-------------------------------------------------
Creditors owed money by LLC Fregato (FN 244497f) are encouraged
to attend the creditors' meeting at 10:45 a.m. on Nov. 7 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 4, 2005 (Bankr. Case No. 4 S 84/05p).  Peter Zens serves
as the court-appointed property manager of the bankrupt estate.
Norbert Schopf represents Dr. Zens in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Peter Zens
         c/o Dr. Norbert Schopf
         Reichsratsstrasse 7
         1010 Vienna, Austria
         Tel: 534 90
         Fax: 534 90 - 50
         E-mail: office@leonlaw.at


GREMAG: Creditors' Meeting Slated for October 17
------------------------------------------------
Creditors owed money by LLC Gremag (FN 89904m) are encouraged to
attend the creditors' meeting at 11:00 a.m. on Oct. 17 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 24, 2005 (Bankr. Case No. 4 S 133/05v).  Gerhard Bauer
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 97 06
         Fax: 512 97 05-20
         E-mail: ra-g.bauer@aon.at


STANOJEVIC DANICA: Claims Registration Period Ends October 19
-------------------------------------------------------------
Creditors owed money by KEG Stanojevic Danica (FN 231138i) have
until Oct. 19 to file written proofs of claims to court-
appointed property manager Edmund Roehlich at:

         Dr. Edmund Roehlich
         c/o Dr. Richard Proksch
         Heumarkt 9/I/11
         1030 Vienna, Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 Aug. 29 (Bankr. Case No. 5 S 122/06k).


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


ARMSTRONG WORLD: Armstrong Holdings Forms Commte for AWI Claims
---------------------------------------------------------------
The Board of Directors of Armstrong Holdings, Inc., at a meeting
on September 16, appointed a special committee of the Board to
address the issues with Armstrong World Industries, Inc.

The committee will determine how AHI should deal with its Claim
of the Debtor and AHI's interest in utilizing the Armstrong
group's tax losses, as well as any other issues that may arise
between AHI and the Debtor.  The committee intends to pursue a
joint resolution of the issues with the Debtor.  The special
committee is comprised of AHI Board members Jerre Stead and
Edward Sellers.  Neither of the directors is a current or
prospective director or officer of the Debtor.  The special
committee appointed the law firm of McDermott, Will & Emery to
advise them in connection with the matters.

The Debtor, pursuant to its "Fourth Amended Plan of
Reorganization, as Modified," dated Feb. 21, 2006, ownership by
AHI ended upon the Debtor's emergence from Chapter 11.

All of the Debtor's stock owned by AHI has been cancelled.

On Aug. 23, AHI announced that it has a pending claim in the
Debtor's Chapter 11 case.  The AHI Claim relates to intercompany
charges and credits between the companies.  If and to the extent
the AHI Claim or any part of it is allowed in the Debtor's
Chapter 11 case, AHI would recover on such claim on the same
basis as other creditors of the Debtor will recover under the
Plan of Reorganization.

AHI, on Aug. 23, also disclosed that the Armstrong group of
companies, including AHI and the Debtor, may be entitled to
receive a tax refund based upon a carry back of a portion of the
group's tax losses to prior years, which may include a
substantial ordinary income loss by AHI as a result of
cancellation of AHI's ownership in the Debtor.  A study is
underway to determine the amount of that loss.  Depending on the
size of the loss, AHI may also be entitled to additional
benefits from carrying forward any balance of its tax loss and
the use of its tax loss to recover estimated taxes paid by the
Armstrong group of companies in 2006.  The Armstrong group's tax
losses may be utilized in different ways, which may benefit AHI
and the Debtor differently, and AHI's and the Debtor's
respective preferences for utilization of the group's tax losses
may conflict.

In addition, on Oct. 2, Judith Haberkorn, Ruth Owades, Jesse
Arnelle, James Marley and John Roberts resigned from the AHI
Board.  Messrs. Stead, Sellers and Michael D. Lockhart, as
Chairman, remain as Directors.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world including Belgium and Sweden.

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

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

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  (Armstrong
Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2006
Standard & Poor's Ratings Services assigned its 'BB' bank loan
rating to the proposed US$1.1 billion senior secured bank
facility of Armstrong World Industries Inc., based on
preliminary terms and conditions.

At the same time, Standard & Poor's assigned a '2' recovery
rating, indicating the likelihood of a substantial (80%-100%)
recovery of principal in the event of a payment default.

A Standard & Poor's credit analyst said  "We expect the outlook
to be stable."

Moody's Investors Service has rated Armstrong World Industries,
Inc. new credit facility Ba2 and assigned a Corporate Family
Rating of Ba2.  Moody's said the ratings outlook is stable.


CHIQUITA BRANDS: Eyes Organizational Changes for Global Growth
--------------------------------------------------------------
Chiquita Brands International Inc. disclosed a number of
organizational changes designed to foster further innovation and
growth in its key product segments, bananas and value-added
salads, as well as leverage cold-chain management as a core
global capability.

"The changes announced [Wednes]day are part of our objective to
build a high-performance organization, and are designed to help
us take advantage of market growth opportunities," said Fernando
Aguirre, chairman and chief executive officer.

"First, having two proven senior-level executives focusing on
our key product segments across all geographies will help us
apply best-practices throughout the organization, develop a
sustainable pipeline of innovative products for each segment,
and develop a growth platform for our key products on a global
basis.  Second, as our supply chain becomes more complex, it is
critical that we focus on creating efficiency and ensuring that
cold-chain management remains a core capability.  We believe the
changes announced today will further strengthen our business in
these two critical areas and position us to achieve our goals."

       Focusing on Global Product Growth and Execution

The company has named Jeff Filliater and Scott Komar to newly
created global product leader positions.  Filliater becomes vice
president, global strategies for bananas, reporting to Bob
Kistinger, president and chief operating officer of Chiquita
Fresh, and Komar becomes vice president, global strategies for
salads, reporting to Tanios Viviani, president of Fresh Express.

Filliater, who previously served as senior vice president of
Chiquita Fresh North America, is responsible for developing
Chiquita's banana business worldwide, including establishing the
growth platform and innovation pipeline for higher-margin,
value-added banana products and applying best practices across
geographies.  As the global product leader for the salads,
Komar, who previously served as vice president of operations at
Fresh Express, is responsible for the company's growth strategy
in the value-added salads category, including developing a
business model by geography to extend the company's salad
business to new markets.

Aguirre commented, "We believe providing global product support
will enable our organization to better capitalize on growth
opportunities and advance our global leadership position in
these two key categories.  We are confident that Jeff and
Scott's experience and leadership will enable them to deliver
tangible benefits to our organization in their new roles."

As Filliater moves into his new role, Richard M. Continelli, a
veteran with nearly 25 years of experience in the consumer
packaged goods arena, has been hired as president of Chiquita
Fresh North America, reporting to Kistinger.  In this role,
Continelli will be responsible for profitability and all
operations of the Chiquita Fresh business in the North American
market.

"Rick's experience in senior sales and marketing roles for
several leading consumer packaged goods companies fits nicely
with our objective of becoming a consumer-driven, innovative and
high-performance organization," said Aguirre.  "His expertise in
customer, channel and category management and his outstanding
leadership qualities will be assets in helping expand our North
American business through new products, channels and customer
relationship management.  I am confident that Rick will continue
the momentum that Jeff and the North American team have
generated to help Chiquita Fresh North America reach its goals."

For the last seven years, Continelli worked for Mars, Inc., most
recently as vice president of sales for the Masterfoods U.S.A. -
- Snackfood subsidiary in New Jersey.  While at Mars, Continelli
was responsible for sales, share and profit targets in all
channels.  He launched a new collaborative planning process that
links top customers to Mars' innovation and activity-management
process.  In addition, he implemented a customer segmentation
process to provide differentiated services and created a new
customization framework that resulted in increased sales and
profitability.

Continelli's experience also includes two years as vice
president, field sales for Schering-Plough Healthcare Products
and nine years with RJR/Nabisco where he held positions of
increasing responsibility ranging from division sales manager to
vice president of sales for the Central United States.  His
responsibilities included the national SuperValu, Fleming and
Walgreen businesses.  At Nabisco, he had expensive experience in
marketing new products, national/regional trade strategies and
category management programs.  He began his career with Nestle
Frozen and Refrigerated Food Co. as a retail sales
representative, and advanced to Chicago district sales manager.
Continelli graduated cum laude from Boston University with a
bachelor of arts degree.

              Leveraging Cold-Chain Management

As part of the company's strategic emphasis on excelling in
cold-chain management, Waheed Zaman, senior vice president,
global supply chain organization and procurement, will focus
full time on leading the company's global supply chain.
Previously, Zaman had served as CIO in addition to his supply
chain responsibilities.  Zaman's initial priorities include
achieving in-market transportation and logistics efficiencies,
creating a comprehensive network capacity plan and supporting
co-manufacturing initiatives, focusing first on combining some
supply chain activities that are conducted separately today in
the North American market, later to expand to other geographies.

As a result of Zaman's focus on the global supply chain, Manjit
Singh, who joined the company in April as vice president,
corporate information technology, has been promoted to chief
information officer.  In his new role, Singh will serve on the
company's management committee, reporting to Aguirre, and be
responsible for all facets of Chiquita's global commercial and
innovations systems, infrastructure and applications services,
master planning and architecture, web applications and
information delivery.

"Having both world-class information technology and superior
cold-chain management is critical to our success.  As such, we
are pleased to have two proven professionals who will be focused
on leading us forward in each of these areas," Aguirre said.
"Under Manjit's leadership, IT will continue to play a crucial
role in facilitating our innovation, growth and cost-saving
initiatives.  Further, we are pleased to have Waheed's full
focus on driving supply chain efficiency and ensuring cold-chain
management remains a core competency."

Singh came to Chiquita from Gillette in Singapore where he
served as director, Asia Pacific business systems and regional
chief information officer for four years.  He combined three
independent IT organizations into a single unit responsible for
all Asia Pacific IT operations.  In addition, he developed a
regional project management office and drove the creation of a
project development and approval process tailored to Asia
Pacific needs and which incorporated Six Sigma concepts while
also leading the regional SAP, JDE, and Fourth Shift enterprise
resource planning teams.

Before joining Gillette, Singh worked in Cincinnati as chief
information officer of a company whose operations were acquired
by Broadwing, an organization that provided fixed line,
wireless, Internet, e-commerce and hosting services across the
United States.  He joined Broadwing subsidiary ZoomTown, serving
as director of strategic alliances, where his responsibilities
included directing a venture capital investment fund and
handling mergers and acquisitions.

Prior to that, Singh worked for Procter & Gamble in Cincinnati,
where he served in positions ranging from systems analyst to
section manager. Among his accomplishments was the launch of the
first official P&G corporate worldwide web site and set up of
that company's initial Internet e-commerce and marketing
efforts.  He earned a bachelor of science in mathematics and
computer science at the State University of New York at
Binghamton and a master of science in computer science from
Indiana University.

                   About the Company

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

                     *     *     *

As previously reported in TCR-Europe on Oct. 3, Moody's
Investors Service affirmed all ratings for Chiquita Brands
L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating
atB2), but changed the outlook to negative from stable.  This
action follows the company's announcement that its operating
performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit
supply.

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

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

   Issuer: Chiquita Brands LLC

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

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

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

   Issuer: Chiquita Brands International, Inc.

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

Sr. Global Notes
Due 2015                  B3      Caa1     LGD5        89%


In September 2006, Standard & Poor's Ratings Services placed its
'B+' corporate credit and other ratings on Cincinnati, Ohio-
based Chiquita Brands International Inc. on CreditWatch with
negative implications, meaning that the ratings could be lowered
or affirmed following the completion of our review.  Total debt
outstanding at the company was about US$992 million as of
June 30, 2006.


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


BULGARIAN POST: Fitch Affirms Individual C/D Rating on DZI Deal
---------------------------------------------------------------
Fitch Ratings affirmed EFG Eurobank Ergasias's ratings at Issuer
Default A-, Short-term F2, Individual B/C and Support 2.  The
Outlook of the Issuer Default rating is Positive.

This follows Eurobank's announcement that it has agreed with DZI
Life Insurance A.D. and some minority shareholders to acquire a
74.26% stake in Bulgaria-based DZI Bank, the 10th largest bank
in Bulgaria by total assets at end-June 2006.

At the same time, Fitch has affirmed Eurobank's 99.7%-owned
subsidiary Bulgarian Post Bank's ratings at Issuer Default BBB+
with Positive Outlook, Short-term F2, Individual C/D, and
Support 2.

Although the transaction is subject to regulatory approvals in
Bulgaria, Greece and Switzerland, the interested parties expect
the transaction to be completed in Q406.  Eurobank also
announced that its objective is to combine DZI and BPB in order
to strengthen its leading position in the rapidly growing
Bulgarian market and achieve economies of scale.

In line with this, it is Fitch's view that there is a high
probability that the integration of the two entities will go
ahead in the near term.

"A potential merger with DZI would strengthen BPB's position in
the Bulgarian banking sector, boosting it to third place by
total assets compared with its current standalone seventh
place," Francesca Vasciminno, Associate Director in Fitch's
Financial Institutions Group disclosed.  "However, at this
stage, we do not expect this to be sufficient to result in an
upgrade in the Individual rating," she added.

"At the same time, although certain key issues remain unknown
and there will be operational risks associated with a merger,
Fitch does not expect this to result in a downgrade of the
Individual rating." Ms. Vasciminno concluded.

Fitch will be monitoring the progress of any merger carefully
and would review its effects on the banks should any substantial
risks arise.

Fitch notes that while the transaction will have no significant
impact on Eurobank's financial fundamentals, capitalization and
risk profile given the relatively small size of DZI, it will
reinforce Eurobank's franchise in Bulgaria, a strategically
important market for the group.

The IDR, Short-term and Support ratings for BPB reflect the
support it is likely to receive from Eurobank, its shareholder,
in case of need, as well as the bank's close integration and
cooperation with its parent.  The Positive Outlook on the IDR
reflects that of its parent.

Eurobank was the second largest bank in Greece by total assets
with leading market shares in the Greek retail lending market.
It provides a full range of retail, commercial and investment
banking services.  It has also established a reasonable presence
in South-eastern Europe where it sees growth potential.

BPB has been part of Eurobank since July 2004 and is important
to the latter's expansion strategy in Eastern Europe.  BPB
provides a broad range of banking services through its domestic
branch network.


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


DIGITAL LIGHTWAVE: Has US$58-Mln Equity Deficit at June 30
----------------------------------------------------------
At June 30, 2006, Digital Lightwave Inc.'s balance sheet showed
US$58,504,000 in total stockholders' deficit from total assets
of US$6,394,000 and total liabilities of US$64,898,000.

The company's balance sheet at June 30, 2006 also showed
strained liquidity resulting from total current assets of
US$6,162,000 and total current liabilities of US$64,564,000.

For the three months ended June 30, 2006, the company's net loss
decreased to US$4,862,000 from net loss of US$8,090,000 in the
three months ended June 30, 2005.

The company's net sales for the quarter ended June 30, 2006 also
decreased to US$1,992,000 from net sales of US$2,670,000 in the
same period last year.

A full-text copy of the company's financial report for the three
months ended June 30, 2006 is available for free at:

               http://researcharchives.com/t/s?119e

Based in Clearwater, Florida, Digital Lightwave Inc. designs,
develops and markets products for installing, maintaining and
monitoring fiber optic circuits and networks.  The company's
product lines include: Network Information Computers, Network
Access Agents, Optical Test Systems, and Optical Wavelength
Managers.  The company's wholly owned subsidiaries are Digital
Lightwave (UK) Limited, Digital Lightwave Asia Pacific Pty,
Ltd., and Digital Lightwave Latino Americana Ltda.  The company
has presence in Australia, Canada, Denmark, France, Greece, Hong
Kong, India, Indonesia, Korea, Mexico, Malaysia, Singapore,
Thailand, among others.


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


FLEXTRONICS INT'L: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba1 Corporate
Family Rating for Flextronics International Ltd.

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$500m 6.25%
   Senior Subor.
   Notes due 2014         Ba2      Ba2     LGD5       85%

   US$400m 6.5%
   Senior Subor.
   Notes due 2013         Ba2      Ba2     LGD5       85%

   US$7.7m 9.875%
   Senior Subor.
   notes due 2010         Ba2      Ba2     LGD5       85%

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

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

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

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.


RADNOR HOLDINGS: Hires KPMG LLP as Accountant and Tax Advisor
-------------------------------------------------------------
The Honorable Peter J. Walsh of the U.S. Bankruptcy Court for
the District of Delaware gave Radnor Holdings Corporation and
its debtor-affiliates permission to employ KPMG LLP as their
accountant and tax financial advisor, nunc pro tunc to
Aug. 21, 2006.

As reported in the Troubled Company Reporter on Sept. 14, 2006,
KPMG will provide appropriate and feasible accounting and tax
financial advisory services in the course of the Debtors'
Chapter 11 cases.  The services include tax compliance, tax
provision assistance and tax advisory services, including advice
and assistance on the tax consequences of a Chapter 11 Plan.

The hourly rates currently charged by KPMG's professionals are:

     Designation                          Hourly Rate
     -----------                          -----------
     Partner                              US$625 - US$750
     Managing Director / Sr. Manager       475 - 650
     Manager                               325 - 500
     Senior                                250 - 500
     Staff                                 225 - 300

To the best of the Debtors' knowledge, KPMG does not hold any
interest adverse to their estates and 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.  Donald J.
Detweiler, Esq., and Victoria Watson Counihan, Esq., at
Greenberg Traurig, LLP, serves the Official Committee of
Unsecured Creditors.  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: Meeting of Creditors Continued to Oct. 23
----------------------------------------------------------
The U.S. Trustee for Region 3 will continue the meeting of
Radnor Holdings Corporation and its debtor-affiliates' creditors
at 1:00 p.m., on Oct. 23, 2006, at the U.S. District Court, Room
2112, 844 King St., in Wilmington, Delaware.

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

Headquartered in 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.  Donald J.
Detweiler, Esq., and Victoria Watson Counihan, Esq., at
Greenberg Traurig, LLP, serves the Official Committee of
Unsecured Creditors.  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.


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


ADVANCED MICRO: Moody's Rates US$2.5-Bln Credit Facility at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Advanced
Micro Devices Inc.'s US$2.5 billion senior secured bank facility
while confirming the Ba3 corporate family rating and Ba3 rating
on the company's US$390 million senior notes due 2012.

The ratings reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of Ba3, and a loss
given default of LGD3 for both the new bank facility and the
US$390 million senior notes both of which will share the same
collateral/security package.  The rating outlook is stable.

This rating action concludes Moody's review that was triggered
by AMD's announcement of its US$6 billion acquisition of ATI
Technologies on July 24.  The transaction will be financed with
the newly rated bank facility in addition to US$1.7 billion of
common stock and US$1.8 billion of cash balances.  The
acquisition still remains subject to the approval of ATI
shareholders and other customary approvals and consents but is
expected to be completed prior to the end of Oct. 2006.

MD's Ba3 corporate family rating reflects:

   -- the continued strength of AMD's product portfolio
      and roadmap, which has resulted in profitable market
      share gains and an expansion of its customer base that
      now includes all major personal computer manufacturers;

   -- its improved financial flexibility as a result of
      its strong operational performance and previous
      balance sheet strengthening actions;

   -- the strategic benefits that the acquisition should have
      on AMD's microprocessor technology roadmap, as well as
      the expanded revenue opportunities and
      diversification that ATI's complementary product set
      and consumer end-market is likely to provide; and

   -- AMD's ability to reduce acquisition debt over
      the intermediate term through a combination of non
      core asset sale proceeds as well as free cash flow.

The rating also considers the notable business risks in the
capital intensive and highly competitive microprocessor segment,
including:

   -- the significant product and price competition from a
      much larger competitor, Intel Corporation, which
      could periodically pressure profitability and cash flow;

   -- the large capital expenditure requirements and
      execution risk to meet capacity needs of a
      growing customer base and to consistently transition
      to new technology nodes and manufacturing capabilities
      for microprocessors; and

   -- the higher debt levels pro forma the ATI
      acquisition, which could limit AMD's flexibility
      in dealing with unexpected shocks to its business.

The Ba3 rating of the US$2.5 billion senior secured credit
facility reflects an LGD3 loss given default assessment as this
facility is secured by:

   -- a perfected security interest in accounts receivable
      of AMD and its US based sales subsidiary,

   -- a stock pledge of restricted domestic subsidiaries and
      66% of foreign subsidiaries but excluding AMD's Fab 36
      in Germany, as well as

   -- any proceeds from the sale of AMD's equity interests
      in its recently spun off flash memory business, Spansion.

The Ba3 rating of the US$390 million previously unsecured notes
also reflects an LGD3 loss given default as the notes will
become secured and share in the same collateral package as the
term loan.  However, it is important to note that were total
secured debt to decline to below US$2.5 billion, the new
security package benefiting the US$390 million senior note
holders may be released.  Absent any other change, this would
cause the ratings on these notes to decline by up to two
notches, reflecting its then junior position in AMD's capital
structure.

Ratings/assessments assigned:

    * US$2.5 billion senior secured term loan due 2013 at Ba3
     (LGD3, 47%)

Ratings/assessments confirmed:

    * Corporate family rating Ba3;

    * Probability-of-default rating Ba3;

    * US$390 million secured notes due Aug. 2012 at Ba3
     (LGD3, 47%)

Advanced Micro Devices, Inc., headquartered in Sunnyvale,
California, designs and manufactures microprocessors and other
semiconductor products.


ADVANCED MICRO: Improved Business Spurs S&P to Affirm B+ Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, Calif.-based Advanced Micro Devices
Inc.  Standard & Poor's removed the rating from CreditWatch
negative where it had been placed on July 24, 2006, following
the announced acquisition of unrated ATI Technologies Inc.  The
ratings outlook is negative.

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.   The rating agency also raised its rating on the
company's US$600 million (US$390 million outstanding) senior
notes to 'B+' from 'B', because the company plans to withdraw
its shelf registration which structurally subordinated the
notes.

Concurrent with the closing of the new bank loan and pursuant to
a debt incurrence test in the indenture for the notes, the notes
will become pari passu to the bank loan and the note rating will
become 'BB-' with a '1' recovery rating.  Ratings on the
company's US$1.1 billion shelf registration are withdrawn,
following the company's plan to cancel the shelf.

"The ratings on AMD reflect its improving business and financial
profile, notwithstanding aggressive competition from dominant
supplier Intel Corp.," said Standard & Poor's credit analyst
Bruce Hyman.

AMD has bolstered its operating profitability through an
enriched product line and improved manufacturing performance,
and has reduced its exposure to the commodity memory industry
through the late-2005 IPO of its Spansion Inc. subsidiary.  The
acquisition of Markham, Ontario-based ATI brings its strengths
in graphics processors and chipsets, which are expected to
enhance the combined company's position in the commercial and
mobile computing segments and in the rapidly-growing consumer
electronics market.

The negative outlook reflects the possibility that the company's
microprocessor market share gains over the past year could be
stressed by Intel Corp.'s recently refreshed product line, as
well as the possibility that competitive responses to the
acquisition of ATI could be disruptive to AMD's planned
integration strategies of the two businesses.  To the extent
that AMD successfully addresses these factors, the outlook would
likely be revised to stable in the next few quarters.


AMERICAN AXLE: S&P Affirms BB Ratings on Attrition Program
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit ratings on American Axle & Manufacturing Inc. and parent
company American Axle & Manufacturing Holdings Inc.  The
affirmation follows the company's announcement that it will
offer a costly special attrition program that will initially
raise debt levels but should also rapidly and permanently reduce
the company's cost structure.

The ratings outlook is negative.  The company has about US$1.1
billion million of debt, including the present value of
operating leases and US$425 million of underfunded employee
benefit liabilities.

American Axle's special attrition program will be offered to all
6,000 of its United Auto Worker employees at the company's five
master agreement facilities in the U.S.  The program includes a
range of early retirement incentives, buy-outs, and educational
assistance.  American Axle will undertake additional
restructuring actions to align its production capacity and cost
structure with current business conditions.

Total costs for the attrition program and restructuring actions
will range between US$150 million and US$250 million in 2006.  A
significant portion of these costs will be cash charges, causing
debt levels to rise, depending on the level of acceptance by the
company's UAW employees.

Credit protection measures have been satisfactory for the
ratings, but they will weaken this year as retirement incentives
and buyout payments are made near year-end with little-to-no
offsetting savings.  Nevertheless, American Axle should see a
meaningful reduction in its labor costs in 2007, resulting in
higher earnings and cash flow even if currently difficult
industry conditions persist.


ASS GMBH: Claims Registration Ends October 13
---------------------------------------------
Creditors of ASS GmbH have until Oct. 13 to register their
claims with court-appointed provisional administrator Burghard
Wegener.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B 11
         Maschmuehlenweg 11
         37073 Göttingen, 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 Goettingen opened bankruptcy proceedings
against ASS GmbH on Aug. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ASS GmbH
         Attn: Stefan Seeckts, Manager
         Benzstrasse 5
         37083 Goettingen, Germany

The administrator can be contacted at:

         Burghard Wegener
         Upper Karspuele 36
         D-37073 Goettingen, Germany
         Tel: 0551/5085920
         Fax: 0551/5085921


BORRMANN GMBH: Claims Registration Ends October 17
--------------------------------------------------
Creditors of Borrmann GmbH have until Oct. 17 to register their
claims with court-appointed provisional administrator Christian
Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Weilheim
         Meeting Room E 020
         Weilheim, 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 Weilheim opened bankruptcy proceedings
against Borrmann GmbH on Oct. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Borrmann GmbH
         Karl-Theodor-Str. 14
         82343 Poecking, Germany

The administrator can be contacted at:

         Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich, Germany
         Tel: 089/120260
         Fax: 089/12026127


DSA MARKETING: Claims Registration Ends October 17
--------------------------------------------------
Creditors of DSA Marketing u. Service GmbH have until Oct. 17 to
register their claims with court-appointed provisional
administrator Peter Hilgarth.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Aschaffenburg
         Meeting Room 5.103
         1st Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg, 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 Aschaffenburg opened bankruptcy
proceedings against DSA Marketing u. Service GmbH on Aug. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DSA Marketing u. Service GmbH
         Behringstr. 7
         63768 Hoesbach, Germany

The administrator can be contacted at:

         Peter Hilgarth
         Johann-Dahlem-Str. 21
         63814 Mainaschaff, Germany
         Tel: 06021/7950
         Fax: 06021/795111


GREINER UND PARTNER: Claims Registration Ends October 16
--------------------------------------------------------
Creditors of Greiner und Partner Ltd. & Co KG have until Oct. 16
to register their claims with court-appointed provisional
administrator Robert Schiebe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach, 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 Bad Kreuznach opened bankruptcy
proceedings against Greiner und Partner Ltd. & Co KG on Aug. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Greiner und Partner Ltd. & Co KG
         Attn: Lutz Greiner, Manager
         Grafenbachstr. 56
         55595 Dalberg, Germany

The administrator can be contacted at:

         Dr. Robert Schiebe
         Lauterenstrasse 37
         55116 Mainz, Germany
         Tel: 06131/693040
         Fax: 06131/6930411
         E-mail: r.schiebe@brinkmann-partner.de


HEIZBAU LOTZ: Claims Registration Ends October 15
-------------------------------------------------
Creditors of Heizbau Lotz Nievern GmbH have until Oct. 15 to
register their claims with court-appointed provisional
administrator Peter G. Theile.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 31 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 Koblenz
         Hall 111
         Main Law Courts
         Karmeliterstrasse 14
         56068 Koblenz, 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 Koblenz opened bankruptcy proceedings
against Heizbau Lotz Nievern GmbH on Aug. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Heizbau Lotz Nievern GmbH
         Attn: Aloysius Josef Luss, Manager
         Nieverner Str. 55 a
         56130 Bad Ems, Germany

The administrator can be contacted at:

         Dr. Peter G. Theile
         Chapel Road 7
         65555 Limburg, Germany
         Tel: 06431/7799-00
         Fax: 06431/7799-035


JAN LEIN: Claims Registration Ends October 16
---------------------------------------------
Creditors of Jan Lein Beteiligungs-GmbH have until Oct. 16 to
register their claims with court-appointed provisional
administrator Tanja Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Nov. 6 at which time the
administrator will present her 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 Jan Lein Beteiligungs-GmbH on Aug. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Jan Lein Beteiligungs-GmbH
         Attn: Jan Lein, Manager
         Moeddericherstr. 43
         46238 Bottrop, Germany

The administrator can be contacted at:

         Tanja Bueckmann
         Lindnerstr. 165
         46149 Oberhausen, Germany
         Tel: 0208 6205050
         Fax: 0208 2997022


MILLENNIUMCONCEPT GMBH: Claims Registration Ends October 16
-----------------------------------------------------------
Creditors of Millenniumconcept GmbH have until Oct. 16 to
register their claims with court-appointed provisional
administrator Jan Markus Plathner.

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 Giessen
         Hall 408
         4th Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen, 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 Giessen opened bankruptcy proceedings
against Millenniumconcept GmbH on Aug. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Millenniumconcept GmbH
         Gottlieb-Daimler-Road 5
         35423 Lich, Germany

         Attn: Dieter Krone, Manager
         Flachsrotten 15
         31171 Nordstemmen, Germany

The administrator can be contacted at:

         Dr. Jan Markus Plathner
         c/o Rae Brinkmann und Kollegen
         Lyoner Road 14
         60528 Frankfurt/Main, Germany
         Tel: 069/9623340
         Fax: 069/96233422


OPTI-Z GMBH: Claims Registration Ends October 17
------------------------------------------------
Creditors of Opti-Z GmbH have until Oct. 17 to register their
claims with court-appointed provisional administrator Sebastian
Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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 Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany

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

The District Court of Dortmund opened bankruptcy proceedings
against Opti-Z GmbH on Aug. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Opti-Z GmbH
         Westring 207
         44575 Castrop-Rauxel, Germany

         Attn: Marita Traeger, Manager
         Shamrockstr. 58
         44623 Herne, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund, Germany


PROVIDE GEMS: Fitch Junks EUR33-Mln Class D & E Tranches
--------------------------------------------------------
Fitch Ratings affirmed Provide Gems 2002-1 plc following a
satisfactory performance review.  The rating actions are:

   -- EUR147,019 Class A+ (ISIN XS0145700398) affirmed at AA+;

   -- EUR32,000,000 Class A (ISIN XS0145700471) affirmed at AA;

   -- EUR46,000,000 Class B (ISIN XS0145701289) affirmed at A;

   -- EUR38,000,000 Class C (ISIN XS0145701792) affirmed at BB+;

   -- EUR29,000,000 Class D (ISIN XS0145701875) affirmed at CCC
      distressed rating affirmed at DR5; and

   -- EUR14,000,000 Class E (ISIN XS0145702170) affirmed at CC
      distressed rating affirmed at DR6.

The affirmation needs to be viewed in the context of the current
ratings, previously downgraded in 2005, and Fitch's methodology
for assessing distressed and defaulted securities.  To date,
EUR9.9 million of loss has already crystallized, accounting for
0.94% of the initial portfolio at end-September 2006, compared
to 0.86% the previous quarter.

This has reduced the size of the outstanding threshold amount
providing credit protection to all Classes to just over EUR10
million from EUR20 million at origination.  While Fitch has
affirmed the outstanding tranches, it is important to note that
the extent of losses crystallizing each quarter is expected to
result in a significant loss to Class D and Class E noteholders.

The underlying reference portfolio of the Gems transaction has
stabilized in recent quarters.  Delinquent loans, defined as
over three months in arrears stood at EUR72.4 million at the
September 2006 payment date.  This represents 10.61% of the
outstanding portfolio.  These delinquent loans have been stable
rather than increasing over recent quarters and as a result, the
senior tranches have seen marginal improvement due to the effect
of prepayment.

However, it is amortizing relatively slowly compared to other
German RMBS transactions, with an average annualized principal
payment rate of 9.25%.  This means the deal has not de-leveraged
as quickly as other deals over the 4.5 years since closing and
credit enhancement for the senior notes has built relatively
slowly.  Since December 2005, the PPR has been increasing and is
at its highest level since close at 12.84%. Overall 65% of note
principal has redeemed to date.

With regards to the junior rated tranches, the high losses are
having a negative impact on credit enhancement levels.
Consequently, in April 2006, Fitch assigned distressed recovery
ratings to the Class D and Class E notes.

DRs are designed to estimate recoveries on a forward-looking
basis while taking into account all interest and principal
payments and the time value of money.  In the case of Gems,
there has been sufficient credit deterioration to expect that
the rated securities might be at risk of loss of principal or
interest.

The underlying portfolio of Gems has a high proportion of loans
secured on properties that Fitch considers to be key drivers of
default.  According to the latest investor report, 23.61% of the
portfolio is secured on multi-family housing and 39.18% is
secured on investment properties.

Further, 100% of the portfolio is second-lien loans; this will
have a significant impact on loss severities.  All first liens
must be paid in full before any recovery proceeds can flow to
the second-lien.  Given that second-lien claims rank junior to
the first lien, in terms of the distribution of enforcement
proceeds, lower recoveries and higher loss severities can be
expected.

The transaction will be subject to frequent reviews and close
surveillance.


SERA BAUDEKORATION: Claims Registration Ends October 13
-------------------------------------------------------
Creditors of SERA Baudekoration GmbH have until Oct. 13 to
register their claims with court-appointed provisional
administrator Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E09
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, Germany

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

The District Court of Hanau opened bankruptcy proceedings
against SERA Baudekoration GmbH on Aug. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         SERA Baudekoration GmbH
         Attn: Wolfgang Ramb, Manager
         Wuerzburger Str. 18 a
         63517 Rodenbach, Germany

The administrator can be contacted at:

         Karl-Heinz Trebing
         Hanauer Landstr. 287-289
         60314 Frankfurt/Main, Germany
         Tel: 069/15051530
         Fax: 069/15051400


VOLKSWAGEN AG: Expects Flat U.S. Sales for Next Year
----------------------------------------------------
Volkswagen AG expected U.S. sales to remain unchanged until
2008, when they introduced new models to the market, Bloomberg
reports.

"We are expecting a fairly flat 2007 compared with this year,"
Adrian Hallmark, Volkswagen's chief in U.S. told Bloomberg last
week.  "It's going to be tough," he added.

According to the report, Volkswagen brand chairman Wolfgang
Bernhard aimed to bring 20 new vehicles to market in the next
five years.  The first batch of the new models will be displayed
in showrooms in 2008, including the compact sport-utility Tiguan
and a minivan for the U.S. market built with DaimlerChrysler AG.

"The U.S. is an intractable problem from Volkswagen," Stephen
Cheetham, an analyst at Sanford C. Bernstein in London told
Bloomberg.  "They are still in serious trouble in the U.S. and
they won't be making money there for the conceivable future.
Flat sales in 2007 looks like an ambitious target," he added.

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

                        *    *    *

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

The potential job cuts represent about a third of the carmaker's
workforce and three times higher than initial estimates made by
Mr. Pischetsrieder and Volkswagen brand head, Wolfgang Bernhard.

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

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


WILHELM KLETT: Claims Registration Ends October 16
--------------------------------------------------
Creditors of Wilhelm Klett GmbH have until Oct. 16 to register
their claims with court-appointed provisional administrator
Hansjoerg Wanner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Wilhelm Klett GmbH on Aug. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Wilhelm Klett GmbH
         Attn: Eve-Marie Klett, Manager
         Albstr. 14
         72144 Dusslingen, Germany

The administrator can be contacted at:

         Hansjoerg Wanner
         Reutlinger Str. 105
         72800 Eningen, Germany


===========
G R E E C E
===========


DIGITAL LIGHTWAVE: Has US$58-Mln Equity Deficit at June 30
----------------------------------------------------------
At June 30, 2006, Digital Lightwave Inc.'s balance sheet showed
US$58,504,000 in total stockholders' deficit from total assets
of US$6,394,000 and total liabilities of US$64,898,000.

The company's balance sheet at June 30, 2006 also showed
strained liquidity resulting from total current assets of
US$6,162,000 and total current liabilities of US$64,564,000.

For the three months ended June 30, 2006, the company's net loss
decreased to US$4,862,000 from net loss of US$8,090,000 in the
three months ended June 30, 2005.

The company's net sales for the quarter ended June 30, 2006 also
decreased to US$1,992,000 from net sales of US$2,670,000 in the
same period last year.

A full-text copy of the company's financial report for the three
months ended June 30, 2006 is available for free at:

               http://researcharchives.com/t/s?119e

Based in Clearwater, Florida, Digital Lightwave Inc. designs,
develops and markets products for installing, maintaining and
monitoring fiber optic circuits and networks.  The company's
product lines include: Network Information Computers, Network
Access Agents, Optical Test Systems, and Optical Wavelength
Managers.  The company's wholly owned subsidiaries are Digital
Lightwave (UK) Limited, Digital Lightwave Asia Pacific Pty,
Ltd., and Digital Lightwave Latino Americana Ltda.  The company
has presence in Australia, Canada, Denmark, France, Greece, Hong
Kong, India, Indonesia, Korea, Mexico, Malaysia, Singapore,
Thailand, among others.


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


NOMOS CAPITAL: Fitch Places B- Rating on Upcoming Debt Issue
------------------------------------------------------------
Fitch Ratings placed NOMOS Capital S.A.'s upcoming issue of
limited recourse loan participation notes with a 10-year
maturity an expected Long-term B- rating and an expected
Recovery Rating RR6.

The notes are to be used solely for financing a subordinated
loan to Russia's NOMOS Bank, rated Issuer Default B+/Stable,
Short-term B, Support 5, Individual D, and National Long-term A-
/Stable.  The final ratings are contingent on receipt of final
documents conforming materially to information already received.

NOMOS Capital S.A., an Ireland-domiciled special purpose
vehicle, will only pay noteholders amounts, if any, received
from NOMOS under the subordinated loan agreement.  The claims of
NOMOS Capital S.A. in relation to the repayment of the
subordinated loan will be junior to all senior claims and will
rank at least equally with the claims of other subordinated
creditors of NOMOS.

The interest rate will be fixed, with a step-up after five
years.  NOMOS will also have the right to prepay the
subordinated loan after five years in case of change of
regulations relating to the capital treatment of subordinated
debt that will allow prepayment of subordinated loans.

Covenants under the subordinated loan agreement stipulate a
minimum Tier 1 capital adequacy ratio of 10%, as calculated in
accordance with BIS guidelines.  They also limit restructurings,
mergers and disposals by NOMOS.

In addition, covenants specify that the terms of all
transactions with affiliated entities must be no less favorable
for NOMOS than those of transactions with non-related parties.
They also limit dividends to 50% of NOMOS's consolidated IFRS
net profit in any fiscal year.

NOMOS is ranked among the 20 largest Russian banks by total
assets.  It is primarily a corporate bank, but is also active in
precious metals and securities trading and is developing retail
banking to a limited extent.


PRIDE INTERNATIONAL: 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 oilfield service and refining and marketing
sectors last week, the rating agency confirmed its Ba1 Corporate
Family Rating for Pride International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.375% Sr. Unsec.
   Global Notes
   Due 2014               Ba2     Ba2      LGD5       71%

   Sr. Sec.
   Revolving Credit
   Facility Due 2009      Ba1    Baa2      LGD2       13%

   Multiple Seniority
   Shelf (Senior
   Unsecured)           (P)Ba2  (P)Ba2     LGD5       71%

   Multiple Seniority
   Shelf (Subordinate)  (P)Ba3  (P)Ba2     LGD6       97%

   Multiple Seniority
   Shelf (Preferred)    (P)B1   (P)Ba2     LGD6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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 Houston, Texas, Pride International Inc. --
http://www.prideinternational.com/-- provides onshore and
offshore contract drilling and related services to oil and gas
companies worldwide including France and Kazakhstan.


RADNOR HOLDINGS: Hires KPMG LLP as Accountant and Tax Advisor
-------------------------------------------------------------
The Honorable Peter J. Walsh of the U.S. Bankruptcy Court for
the District of Delaware gave Radnor Holdings Corporation and
its debtor-affiliates permission to employ KPMG LLP as their
accountant and tax financial advisor, nunc pro tunc to
Aug. 21, 2006.

As reported in the Troubled Company Reporter on Sept. 14, 2006,
KPMG will provide appropriate and feasible accounting and tax
financial advisory services in the course of the Debtors'
Chapter 11 cases.  The services include tax compliance, tax
provision assistance and tax advisory services, including advice
and assistance on the tax consequences of a Chapter 11 Plan.

The hourly rates currently charged by KPMG's professionals are:

     Designation                          Hourly Rate
     -----------                          -----------
     Partner                              US$625 - US$750
     Managing Director / Sr. Manager       475 - 650
     Manager                               325 - 500
     Senior                                250 - 500
     Staff                                 225 - 300

To the best of the Debtors' knowledge, KPMG does not hold any
interest adverse to their estates and 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.  Donald J.
Detweiler, Esq., and Victoria Watson Counihan, Esq., at
Greenberg Traurig, LLP, serves the Official Committee of
Unsecured Creditors.  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.


SANMINA-SCI CORP: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default
rating methodology, the rating agency confirmed its Ba2
Corporate
Family Rating for Sanmina-SCI Corp.

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$600 million 8.125%
   Senior Subordinated
   Notes due 2016          B1      Ba3     LGD4       67%

   US$400 million 6.75%
   Senior Subordinated
   Notes due 2013          B1      Ba3     LGD4       67%

   US$525 million 3%
   Convertible Subor.
   Notes due 2007          B1      B1      LGD6       92%

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 San Jose, California, Sanmina-SCI Corporation
(Nasdaq: SANM) -- http://www.sanmina-sci.com/-- is an
electronics contract manufacturing services companies providing
a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain.


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


ASKO KURYLYS: Creditors Must File Claims by Oct. 27
---------------------------------------------------
LLP Asko Kurylys has declared insolvency.  Creditors have until
Oct. 27 to submit written proofs of claim to:

         LLP Asko Kurylys
         Micro District Avangard, 3-49
         Atyrau
         Atyrau Region
         Kazakhstan


ESBE COMPANY: Karaganda Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Esbe Company
(RNN 302000056829).

LLP Esbe Company is located at:

         Erubaev Str. 45-4
         Karaganda
         Karaganda Region
         Kazakhstan


HANSULTAN: Proof of Claim Deadline Slated for Oct. 27
-----------------------------------------------------
LLP Hansultan has declared insolvency.  Creditors have until
Oct. 27 to submit written proofs of claim to:

         LLP Hansultan
         Lenin Str. 10a
         Otegen baatyr
         Ilyi District
         Akmola Region
         Kazakhstan


KAZ MET: Creditors Must File Claims by Oct. 27
----------------------------------------------
LLP Kaz Met Taraz has declared insolvency.  Creditors have until
Oct. 27 to submit written proofs of claim to:

         LLP Kaz Met Taraz
         Aiteke bi Str. 2-36
         Taraz
         Jambyl Region
         Kazakhstan


NOVYI VEK: Proof of Claim Deadline Slated for Oct. 27
-----------------------------------------------------
LLP Novyi Vek has declared insolvency.  Creditors have until
Oct. 27 to submit written proofs of claim to:

         LLP Novyi Vek
         3rd km.
         Ilyi Highway
         Almaty, Kazakhstan


ORION: Claims Registration Ends Oct. 27
---------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Firm Orion insolvent.

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

         LLP Orion
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


PANORAMA SHYMKENT: Creditors' Claims Due Oct. 27
------------------------------------------------
LLP Panorama Shymkent has declared insolvency.  Creditors have
until Oct. 27 to submit written proofs of claim to:

         LLP Panorama Shymkent
         Respublika Ave. 6a
         Shymkent
         South Kazakhstan Region
         Kazakhstan


PRIDE INTERNATIONAL: 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 oilfield service and refining and marketing
sectors last week, the rating agency confirmed its Ba1 Corporate
Family Rating for Pride International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.375% Sr. Unsec.
   Global Notes
   Due 2014               Ba2     Ba2      LGD5       71%

   Sr. Sec.
   Revolving Credit
   Facility Due 2009      Ba1    Baa2      LGD2       13%

   Multiple Seniority
   Shelf (Senior
   Unsecured)           (P)Ba2  (P)Ba2     LGD5       71%

   Multiple Seniority
   Shelf (Subordinate)  (P)Ba3  (P)Ba2     LGD6       97%

   Multiple Seniority
   Shelf (Preferred)    (P)B1   (P)Ba2     LGD6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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 Houston, Texas, Pride International Inc. --
http://www.prideinternational.com/-- provides onshore and
offshore contract drilling and related services to oil and gas
companies worldwide including France and Kazakhstan.


PROGNOZ: Claims Registration Ends Oct. 27
-----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Production-Commercial Firm Prognoz
insolvent.

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

         LLP Prognoz
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


SULU MADINE: Karaganda Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Sulu Madine
(RNN 240200003727).

LLP Sulu Madine is located at:

         Krasnaya Polyana
         Shet District
         Karaganda Region
         Kazakhstan


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


EDGAR CONSULTING: Proof of Claim Deadline Slated for Nov. 12
------------------------------------------------------------
LLC Edgar Consulting Ltd. has declared insolvency.  Creditors
have until Nov. 12 to submit written proofs of claim to:

         LLC Edgar Consulting Ltd.
         Free Economic Zone Bishkek
         Ak-Chiy
         Bishkek, Kyrgyzstan


KOBYZ: Creditors Must File Claims by Nov. 12
--------------------------------------------
LLC Kobyz has declared insolvency.  Creditors have until Nov. 12
to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 42-69-90, 54-08-37.


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


NORTEL NETWORKS: Inks Multi-Year Agreement With Videotron Ltd.
--------------------------------------------------------------
Nortel Networks Corporation has signed a multi-year agreement
with Videotron Ltd.

Videotron is a cable operator and integrated communications
supplier in Quebec.  Nortel Networks will become Videotron's
primary VoIP technology and professional services provider to
expand full-featured telephony services to its 1.5 million
customers.

Nortel is providing Videotron with a complete, end-to-end VoIP
solution incorporating Nortel IMS-ready technology and Nortel
Global Services.  This includes project management, multi-vendor
integration and testing, security assessment, and deployment to
help ensure a smooth end-to-end network implementation.  Nortel
is also providing technical support, emergency recovery and
repair services to enhance ongoing reliability.

"Nortel has powerful momentum in the cable VoIP market by
helping cable providers rapidly and cost-effectively offer new
voice, video and data services," said Tom Buttermore, general
manager, Global Cable Solutions, Nortel.  "The strength and
experience of our Global Services gives Vidéotron a powerful
ally in expanding cable telephony offer across their service
area."

Originally launched in January 2005, Videotron's cable telephone
service had 283,000 subscribers on June 30, an increase of
120,000 in the first half of 2006.  Videotron's cable telephony
service is available in 74% of its total service area.

                        About Videotron

Videotron Ltd. -- http://www.videotron.com/-- a wholly owned
subsidiary of Quebecor Media Inc., is an integrated
communications company engaged in cable television, interactive
multimedia development, Internet access services, residential
telephone service and wireless phone service.  Videotron
provides new technologies with its illico interactive television
system and its broadband network, which supports high-speed
cable Internet access, analog and digital cable television, and
other services.

                     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.

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
US$2 billion notes.  The outlook is stable.


NORTEL NETWORKS: 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, the rating agency upgraded its B3 Corporate
Family Rating for Nortel Networks Corp. to B2.

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$1.8 billion 4.25%
   Convertible Senior
   Notes 2008              B3      B3      LGD4       67%

   US$200 million 6.875%
   Senior Notes
   due 2023                B3      B3      LGD4       67%

   US$450 million 10.75%
   Senior Notes
   due 2016                B3      B3      LGD4       67%

   US$550 million 10.125%
   Senior Notes
   due 2013                B3      B3      LGD4       67%

   US$1 billion Floating
   Rate Senior
   Notes 2011 (L+425)      B3      B3      LGD4       67%

   US$150 million 7.875%
   Senior Notes
   due 2026                B3      B3      LGD4       67%

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 Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative 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.


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


ECHOSTAR COMMS: Can Continue Selling DVRs, Appellate Court Rules
----------------------------------------------------------------
The Honorable William C. Bryson of the U.S. Court of Appeals for
the Federal Circuit allows EchoStar Communications Corp. and its
subsidiaries to continue selling digital video recorders while
an appeal against rival TiVo Inc.'s victory in a patent case is
still pending before the court.

Tivo alleged that EchoStar willfully infringe U.S. Patent No.
6,233,389, entitled "Multimedia Time Warping System," by making
and selling digital video recording devices, digital video
recording device software, and personal television services in
the United States.  On April 13, 2006, the jury in the U.S.
District Court for the Eastern District of Texas suit rendered a
verdict in favor of the Company in the amount of approximately
US$74 million.

On Aug. 17, 2006, the District Court granted TiVo's motion for
permanent injunction to prevent EchoStar from making, using, and
selling DVRs in the U.S.  The District Court also ordered
EchoStar to pay TiVo approximately US$74 million in damages as
awarded by the jury, prejudgment interest at the prime rate
through July 31, 2006, of approximately US$5.6 million, and
supplemental damages for infringement through July 31, 2006, in
the amount of approximately US$10.3 million.  The District Court
denied TiVo's request for enhanced damages and attorney's fees
and costs.  The District Court also denied EchoStar's request to
stay the injunction pending appeal.

The Court of Appeals temporarily stayed the District Court's
injunction on Aug. 18, 2006.  The Court of Appeals said that the
temporary stay was not based on a consideration of the merits of
EchoStar's request.

EchoStar Communications Corporation serves more than 12.46
million satellite TV customers through its DISH NetworkTM, and
provides advanced digital television services.  DISH Network's
services include hundreds of video and audio channels,
Interactive TV, HDTV, sports and international programming,
together with professional installation and 24-hour customer
service.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Moody's Investors Service affirmed all ratings including the Ba3
corporate family and SGL-1 liquidity rating for EchoStar
Communications Corporation and its subsidiary EchoStar DBS
Corporation following the company's announcement of a proposed
$500 million of EDBS notes.

At the same time, Standard & Poor's Ratings Services assigned a
'BB-' rating to Echostar DBS Corp.'s aggregate US$500 million
senior notes with maturities of 2013 and 2016.


HEAD NV: Improved Credit Metrics Spur Moody's to Affirm Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Head N.V.'s corporate family
rating of B2 and the senior unsecured B3 rating on the notes
issued by HTM Sport- und Freizeitgerate AG and changed the
outlook on all ratings from negative to stable.

The rating action reflects the improvement in Head's credit
metrics and Moody's expectation that the company will be in a
better position to weather adverse market conditions going
forward.

Head's B2 Corporate Family Rating reflects the company's leading
position in the sporting goods market and its global presence,
achieved thanks to strong brand recognition and good reputation
in product innovation and technological edge.  These strengths
would position the company above the single-B rating category.

Given the nature of its products, however, Head's businesses are
highly seasonal and volatile, due to the link between revenues
and product launches and/or weather conditions.  These
characteristics, together with currently weak market conditions,
represents a key credit challenge for Head which weigh on the
company's rating and offsets the improvement in credit
strengths, positioning the company solidly as a mid single-B
company.

In Moody's opinion, volumes volatility in conjunction with high
seasonality in the company's businesses requires stronger credit
metrics to support the rating category.

Moody's acknowledges that key credit metrics of Head have showed
an improving trend over the last few years, with financial
leverage (adjusted for operating leases and pension liabilities)
reducing to 4.5x as at FYE Dec. 05 from 6.9x a year before and
cash flow coverage measures improving from 1.6% to 12.2% on a
RCF to Debt basis.

In addition Moody's expects the company to be able to maintain
relatively stable top line and be successful in further reducing
operating costs by increasing production in Eastern European
countries, although part of the benefits could be eroded by
increasing raw material prices.

The B3 senior unsecured rating on the bond issued by HTM Sport-
und Freizeitgerate AG reflects its subordinated position in the
capital structure relative to approximately USD 32 million of
secured debt located at some of Head's operating companies.

The stable outlook reflects Moody's opinion that the company is
now better positioned to face the challenging market conditions
as current credit metrics allow for a degree of flexibility to
absorb pressure on the company's top line and margins in case of
weakness in Head's core markets.

Significant improvement in operating margin and cash flow
generation that would result in a marked and sustained reduction
in leverage around 4.0x together with a recovery in core
operating markets are likely to place upward pressure on the
ratings.  On the contrary deterioration in leverage ratio (i.e.
lease-adjusted Total Debt/EBITDAR ratio over 6.0x) or lack of
free cash flow generation are likely to result in downward
rating pressure.

Ratings affirmed:

Head N.V.

    * B2 Corporate Family Rating

HTM Sport- und Freizeitgerate AG

    * B3 Senior unsecured rating on the EUR135 million
      notes due 2014

Incorporated under Dutch Law, Head N.V. is a leading global
manufacturer of branded sporting goods focusing on winter,
diving and racquet sports.  For the financial year ended
Dec. 31, 2005, the company reported consolidated revenues and
EBITDA of US$458 million and US$39.6 million, respectively.


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


FALCONBRIDGE LTD: Xstrata Needs US$5 Billion to Fund Takeover
-------------------------------------------------------------
Xstrata PLC told the Canadian Press that it will raise about
US$5.47 billion in a special equity offering to help fund its
takeover of Falconbridge Ltd.

As reported in the Troubled Company Reporter-Europe on Sept. 19,
Xstrata mailed a notice of compulsory acquisition to all
remaining holders of Falconbridge common shares.  Following
Xstrata's offer to acquire all of the Common Shares it has not
owned, the company beneficially holds 97.1% of the issued and
outstanding Common Shares on a fully diluted basis.  Holders of
more than 90% of the Common Shares accepted Xstrata's offer.

Xstrata said in a statement that its shareholders will be given
the chance to purchase one new share for every three they own at
US$23.73 each.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada. Xstrata holds a 97% stake in Falconbridge.

                      About Falconbridge

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

                          *    *    *

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


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


AMERICAN AXLE: S&P Affirms BB Ratings on Attrition Program
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit ratings on American Axle & Manufacturing Inc. and parent
company American Axle & Manufacturing Holdings Inc.  The
affirmation follows the company's announcement that it will
offer a costly special attrition program that will initially
raise debt levels but should also rapidly and permanently reduce
the company's cost structure.

The ratings outlook is negative. The company has about US$1.1
billion million of debt, including the present value of
operating leases and US$425 million of underfunded employee
benefit liabilities.

American Axle's special attrition program will be offered to all
6,000 of its United Auto Worker employees at the company's five
master agreement facilities in the U.S.  The program includes a
range of early retirement incentives, buy-outs, and educational
assistance.  American Axle will undertake additional
restructuring actions to align its production capacity and cost
structure with current business conditions.

Total costs for the attrition program and restructuring actions
will range between US$150 million and US$250 million in 2006.  A
significant portion of these costs will be cash charges, causing
debt levels to rise, depending on the level of acceptance by the
company's UAW employees.

Credit protection measures have been satisfactory for the
ratings, but they will weaken this year as retirement incentives
and buyout payments are made near year-end with little-to-no
offsetting savings.  Nevertheless, American Axle should see a
meaningful reduction in its labor costs in 2007, resulting in
higher earnings and cash flow even if currently difficult
industry conditions persist.


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


INTERTAPE POLYMER: S&P Places B+ Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
its 'B+' corporate credit rating, on Intertape Polymer Group
Inc. on CreditWatch with negative implications.  The CreditWatch
placement follows the company's recent announcement that its
Board of Directors will initiate a process to explore various
strategic and financial alternatives.  The nature of options
being explored and the timeline of the exercise have not been
announced, but the culmination of such an exercise could result
in a change of ownership.

Standard & Poor's also notes that the company's operations
appear to have weakened somewhat because of softening of demand
in the third quarter of 2006, especially related to the North
American housing market.  As a result, the company anticipates
that it may not be in compliance with certain financial
covenants under its credit agreement when it reports its third
quarter results.  At June 30, 2006, total debt (including
present value of operating leases) was approximately
US$360 million.

The company has engaged TD Securities Inc. as its financial
advisor in the strategic and financial review process.  Standard
& Poor's will monitor the progress of this review, and the
company's attempt to seek any required amendment of covenants
under its debt and credit agreements.

"We could lower the ratings in the near term if the review
process results in outcomes that could lead to increased debt
levels, such as the sale of the company to a financial buyer or
another highly leveraged company," said Standard & Poor's credit
analyst Paul Kurias.  "Ratings could also be lowered if
appropriate amendments to bank agreements are not put in place,
or if operations deteriorate further."

With annual sales of more than US$800 million, St. Laurent,
Quebec-based Intertape is a manufacturer of paper and film
pressure-sensitive tapes, polyolefin films, and packaging
systems.  Carton sealing tape and masking tape generate the
majority of Intertape's sales.  Most of the company's demand
growth relates to industrial activity and GDP growth rates,
which also makes demand susceptible to economic cycles.

The rating agency will continue to monitor the company's efforts
to improve its operating performance and to amend its credit
facilities, and will resolve the CreditWatch after evaluating
additional information related to the pending strategic review.


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


CELESTICA INT'L: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Celestica International.

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$500m 7.875%
   Senior Subor.
   Notes due 2011          B2       B2     LGD5        87%

   US$250m 7.5%
   Senior Subor.
   Notes due 2013          B2       B2     LGD5        87%

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

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

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

Celestica -- http://www.celestica.com/-- provides electronics
manufacturing services. The Company operates electronic networks
in Asia, Europe and the United States.  In Europe, the company
maintains operations in the Czech Republic, Ireland, Italy,
Romania, Spain, Switzerland and the United Kingdom.


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


ABATSKOYE: Tyumen Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Tyumen Region has commenced bankruptcy
supervision procedure on LLC Agrarian Enterprise Abatskoye.
The case is docketed as A-70-5952/3-2006.

The Temporary Insolvency Manager is:

         A. Klykov
         Shirotnaya Str. 122
         625046 Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         LLC Agrarian Enterprise Abatskoye
         Kirova Str. 16a
         Abatskoye
         Tyumen Region
         Russia


AKBUZAT: Court Names N. Valiakhmetova as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Ms. N.
Valiakhmetova as Insolvency Manager for LLC Agro Company Akbuzat
(TIN 0251004850).  She can be reached at:

         N. Valiakhmetova
         Suvorova Str. 40
         Tuymazy
         452754 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-31018/05-G-FLE.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Agro Company Akbuzat
         Pervomayskaya Str. 62
         Sharan
         Sharanskiy Region
         452630 Bashkortostan Republic
         Russia


AKSAYSKIY GLASS: Rostov Court Commences Reorganization Process
--------------------------------------------------------------
The Arbitration Court of Rostov Region commenced external
management bankruptcy procedure on CJSC Aksayskiy Glass Factory.
The case is docketed as A53-2547/2006-S2-36.

The External Insolvency Manager is:

         V. Lopatkin
         Lenina Str. 219
         355017 Stavropol Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Aksayskiy Glass Factory
         Naberezhnaya Str. 1
         Aksay
         346700 Rostov Region
         Russia


ALFA BANK: Completes US$400-Million Three-Year Eurobond Issue
-------------------------------------------------------------
Alfa Bank successfully closed a US$400 million 3-year Eurobond
transaction.

This is the fourth and largest draw down to date under the US$1
billion EMTN (Euro Medium Term Notes) Program that Alfa-Bank
established in June 2004.  The issue matures on Oct. 10, 2009,
and pays a coupon of 7.875%.  The offering was priced at 100%.
The bonds are listed on the London Stock Exchange and cleared
through Euroclear/Clearstream.

The size of the issue is higher than the previously announced
target of US$300 million as a consequence of substantial
interest received from bond investors.  The initial order book
exceeded US$800 million, supported by strong diversified demand
from over 130 Asian and European investors.

"Alfa-Bank is well-known in the capital markets as being a
leader in offering its debt instruments to international
investors," Andrew Baxter, Chief Financial Officer of Alfa-Bank,
said.  "The impressive performance and focused strategy of the
bank, combined with Russia's sustained economic growth, have
contributed towards the success of this transaction.

"The fourth issue under the EMTN Program represents the largest
Eurobond issue of Alfa-Bank so far, and we are proud of the fact
that investor confidence in our bank is increasing.  We are also
pleased to see the depth and diversity of the investor base who
participated in this deal, which underlines Alfa-Bank as one of
the key players on the market."

UBS and JPMorgan acted as Lead Managers and Joint Bookrunners on
the deal.

The issue is rated BB- by S&P and Ba2 by Moody's. The proceeds
will be used for general corporate purposes.

                         About Alfa Bank

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

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

                        *     *     *

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

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

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

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


ARKTUR: Court Names V. Fedichev as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. V. Fedichev as Insolvency Manager for CJSC Oil
Company Arktur (TIN 780181685).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A56-21597/
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 Oil Company Arktur
         103050 St. Petersburg and Leningrad Region
         Russia


BOKSITOGORSKIY FACTORY: Court Names B. Ilyukhin to Manage Assets
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. B. Ilyukhin as Insolvency Manager for LLC
Boksitogorskiy Factory of Reinforced Concrete Goods.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A56-13399/
2006.

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

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

The Debtor can be reached at:

         LLC Boksitogorskiy Factory of Reinforced Concrete Goods
         Pesochaya Str. 1
         Boksitogorsk
         187650 Leningrad Region
         Russia


CERAMIC FACTORY: Bankruptcy Hearing Slated for Oct. 23
------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene at 11:00
a.m. on Oct. 23 to hear the bankruptcy supervision procedure on
LLC Ceramic Factory.  The case is docketed under Case No.
A32-6204/06-38/106-B.

The Temporary Insolvency Manager is:

         D. Luchkov
         Post User Box 957
         Armavir
         352913 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Ceramic Factory
         Oktyabrskaya Str. 143
         Armavir
         Krasnodar Region
         Russia


CLINIC ITUS: Court Names A. Zhadnov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Zhadnov as Insolvency Manager for CJSC Clinic
Itus.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A56-17248/
06.

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

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

The Debtor can be reached at:

         CJSC Clinic Itus
         Tambasova Str. 21
         St. Petersburg Region
         Russia


DALI CAPITAL: Moody's Rates RUR5-Bln Series 23 Notes at Ba3
-----------------------------------------------------------
Moody's assigned a definitive rating of Ba3 to the Series 23
RUR5 billion Secured Fixed Rate Notes due Sept. 30, 2009, issued
by DALI Capital plc, a special-purpose vehicle.

The Notes issued by the SPV are used to purchase the whole
sub-participation in a loan made by Barclays Bank PLC to ROSBANK
(OJSC JSCB), a bank established under the laws of the Russian
Federation.  The ruble-denominated loan between Barclays Bank
PLC and ROSBANK is rated Ba3 by Moody's.

The Ba3 rating of the Notes is based primarily on:

   -- the integrity of the structure;

   -- the ability of ROSBANK, the ultimate obligor in respect
      of payments under the Notes, to make timely payments
      of interest and ultimate payment of principal on
      the Loan;  and

   -- the ability of Barclays Bank PLC to act as Lender.

Dali Capital plc, is a special purpose company located in
Ireland and established for the purpose of repackaging debt
securities.


GOLDEN RING: Court Names S. Kuznetsov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Kuznetsov as
Insolvency Manager for CJSC Company Golden Ring (TIN
77107033691).  He can be reached at:

         S. Kuznetsov
         125009 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-34465/06-44-505B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Company Golden Ring
         Likhov Per. 6
         129344 Moscow
         Russia


GRANITE: Court Names S. Suvorov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Granite.  He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-40652/06-44-838B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Granite
         Voronrtsovskaya Str. 23
         Moscow Region
         Russia


JUSTAS INFORM: Court Names A. Sorokin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Sorokin as
Insolvency Manager for CJSC Law Firm Justas Inform (TIN
7710362294).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A40-32702/
06-103-676B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Law Firm Justas Inform
         Degtyarnyj Per. 5
         103050 Moscow Region
         Russia


KAREL-TRUST: Court Names S. Ryzhkov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Murmansk Region appointed Mr. S.
Ryzhkov as Insolvency Manager for CJSC Karel-Trust.  He can be
reached at:

         S. Ryzhkov
         Knipovicha Str. 23
         183039 Murmansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A42-4841/
2006.

The Arbitration Court of Murmansk Region is located at:

         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         CJSC Karel-Trust
         Portovyj Pr. 2
         Murmansk Region
         Russia


LIQUEUR-VODKA FACTORY: Bankruptcy Hearing Slated for Nov. 22
------------------------------------------------------------
The Arbitration Court of Kursk Region will convene at 10:00 a.m.
on Nov. 22 to hear the bankruptcy supervision procedure on OJSC
Liqueur-Vodka Factory Of Lgov City.  The case is docketed under
Case No. A35-5082/06 g.

The Temporary Insolvency Manager is:

         Y. Zvyagintseva
         Room 106
         Dzerzhinskogo Str. 68
         305001 Kursk Region
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Liqueur-Vodka Factory Of Lgov City
         Chernyakhovskogo Str. 18
         Lgov
         Lgovskiy Region
         Kursk Region
         Russia


MODIZ: Leningrad Court Names A. Zhadnov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Zhadnov as Insolvency Manager for CJSC Garment
Factory Modiz.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A56-4552/
06.

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

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

The Debtor can be reached at:

         CJSC Garment Factory Modiz
         6th location 40
         Tikhvin
         187500 Leningrad Region
         Russia


NOMOS CAPITAL: Fitch Places B- Rating on Upcoming Debt Issue
------------------------------------------------------------
Fitch Ratings placed NOMOS Capital S.A.'s upcoming issue of
limited recourse loan participation notes with a 10-year
maturity an expected Long-term B- rating and an expected
Recovery Rating RR6.

The notes are to be used solely for financing a subordinated
loan to Russia's NOMOS Bank, rated Issuer Default B+/Stable,
Short-term B, Support 5, Individual D, and National Long-term A-
/Stable.  The final ratings are contingent on receipt of final
documents conforming materially to information already received.

NOMOS Capital S.A., an Ireland-domiciled special purpose
vehicle, will only pay noteholders amounts, if any, received
from NOMOS under the subordinated loan agreement.  The claims of
NOMOS Capital S.A. in relation to the repayment of the
subordinated loan will be junior to all senior claims and will
rank at least equally with the claims of other subordinated
creditors of NOMOS.

The interest rate will be fixed, with a step-up after five
years.  NOMOS will also have the right to prepay the
subordinated loan after five years in case of change of
regulations relating to the capital treatment of subordinated
debt that will allow prepayment of subordinated loans.

Covenants under the subordinated loan agreement stipulate a
minimum Tier 1 capital adequacy ratio of 10%, as calculated in
accordance with BIS guidelines.  They also limit restructurings,
mergers and disposals by NOMOS.

In addition, covenants specify that the terms of all
transactions with affiliated entities must be no less favorable
for NOMOS than those of transactions with non-related parties.
They also limit dividends to 50% of NOMOS's consolidated IFRS
net profit in any fiscal year.

NOMOS is ranked among the 20 largest Russian banks by total
assets.  It is primarily a corporate bank, but is also active in
precious metals and securities trading and is developing retail
banking to a limited extent.


NOVOLIPETSK STEEL: Discloses Poll Results for 1st Half Dividend
---------------------------------------------------------------
OJSC Novolipetsk Steel disclosed the results of voting on the
resolution proposed at the Extraordinary General Meeting held on
Sept. 29.

The resolution to approve the dividends for the first half of
2006 in the amount of RUR1.5 per common share was put to NLMK's
shareholders on a poll.

Results:

   Votes For       Votes Against    Votes Abstained    Results
   ---------       -------------    ---------------    -------
   5,521,839,828   580,897          36,036             Carried

Further to the Dividend Declaration on Aug. 16, the Board of
Directors approved a record date for the half-yearly dividend of
Aug. 16, 2006 (00:00).

NLMK transfers funds for dividend payments on Global Depositary
Shares to the depositary bank on Nov. 23.  Depositary bank sets
payment date no later than five days after receipt of funds.
Dividends on GDSs will be paid, by default, in U.S. dollars
based on US$/RUR spot F/X rate on the day of currency conversion
by the depositary bank.

                       About the Company

Headquartered in the Lipetsk Region of the Russian Federation,
Novolipetsk Steel (LSE: NLMK), a Russian open joint-stock
company, was established as a state owned enterprise in 1931 and
was privatized in 1993, as part of the Russian privatization
program.  NLMK is the fourth largest Russian steel producer in
terms of tonnage.  It operates an integrated plant with complete
metallurgical cycle with a total crude steel output of 9.1
million tons (in 2004).  About 73% of NLMK's output is exported,
mainly to South East Asia (representing 21% of exports), the
European Union (29%) and North America (23%).

                        *     *     *

As reported in TCR-Europe on July 14, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russia-
based steelmaker OJSC Novolipetsk Steel to 'BB+' from 'BB'.  S&P
said the outlook is stable.  The Russia national scale rating
was also raised to 'ruAA+' from 'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.


OKA: Bankruptcy Hearing Slated for January 24
---------------------------------------------
The Arbitration Court of Tula Region will convene on Jan. 24 to
hear the bankruptcy supervision procedure on CJSC Oka (TIN
7116005956).  The case is docketed under Case No. A68-402/B-06.

The Temporary Insolvency Manager is:

         O. Trynkova
         Post User Box 499
         Post Office 12
         300012 Tula Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         CJSC Oka
         Komsomolskaya Str. 36/14
         Novomoskovsk
         301650 Tula Region
         Russia


ORLOVSKIY: Orel Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Orel Region has commenced bankruptcy
supervision procedure on OJSC Cheese-Making Combine Orlovskiy.
The case is docketed as A48-685/06-16b.

The Temporary Insolvency Manager is:

         B. Latyshev
         Leskova Str. 19
         302040 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Cheese-Making Combine Orlovskiy
         Leskova Str. 19
         302040 Orel Region
         Russia


PROD-RESOURCE: Orel Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Orel Region commenced bankruptcy
supervision procedure on CJSC Prod-Resource.  The case is
docketed under Case No. A48-2324/06-20B.

The Temporary Insolvency Manager is:

         N. Titov
         Apartment 153
         Zvezdnaya Str. 13/2
         398035 Lipetsk Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         JSC Prod-Resource
         Naugorskoye Shosse 5
         302000 Orel Region
         Russia


PROMSVYAZBANK JSC: Fitch Upgrades Issuer Default Rating to B+
-------------------------------------------------------------
Fitch Ratings upgraded Russia-based JSC Promsvyazbank's Issuer
Default rating to B+ from B.  The other ratings are affirmed at
Short-term B, Individual D and Support 5; Stable Outlook.  Fitch
has also assigned an expected Long-term rating of B+ to PSB's
upcoming senior unsecured eurobond and an expected Long-term
rating of B- to its upcoming subordinated debt issue.

The upgrade reflects the broadening of PSB's franchise and
regional coverage, improved funding profile and reduced related-
party exposures and non-core assets, as well as improvements in
the Russian operating environment.  The ratings are also
supported by the bank's acceptable profitability and asset
quality to date.  However, concentrations in PSB's balance sheet
are still substantial, and ongoing rapid growth entails high
credit risks and may put pressure on its liquidity and
capitalization.

In September 2006, PSB received regulatory approval for an
equity issue, which is intended to be purchased by German-based
Commerzbank.  As a result, Commerzbank is set to acquire a 15%
stake in PSB, and, as Fitch understands, would seek to obtain a
majority stake in the mid-term.

Fitch notes that the purchase by Commerzbank of a 15% stake
would likely result in a change in PSB's Outlook to Positive,
while the acquisition of a controlling stake could result in a
significant upgrade of PSB's IDR, possibly to investment grade,
reflecting the greater probability of support being made
available to PSB in case of need.

Purchase of the upcoming share issue by Commerzbank would also
help to support PSB's capitalization, with the total BIS capital
ratio having fallen to a moderate 14.1% at end-H106 due to rapid
lending growth.  In the longer-term, Commerzbank's shareholding
could benefit PSB's stand-alone financial strength through a
strengthening of corporate governance and further
diversification of the funding profile.

PSB's rapid growth is mainly driven by large corporate
customers; however, from 2005 the bank has also focused on mass
retail and SME customers, which at end-H106 accounted for 7% and
14% of loan portfolio, respectively, and are forecast by PSB to
grow further.  The branch network has been actively expanded
from 2004 and now comprises over 120 points-of-sales across
Russia, with around 45% of loans and some 36%% of customer
deposits originated outside of the Moscow region at end-H106.

PSB is majority-owned by the Ananiev brothers, who are well-
connected businessmen with joint interests in the IT, media,
insurance and manufacturing sectors and investment property.  At
end-H106, it was one of the six largest privately held Russian
banks.


PSB FINANCE: Fitch Rates Upcoming Subordinated Debt Issue at B-
---------------------------------------------------------------
Fitch Ratings assigned PSB Finance S.A.'s upcoming subordinated
notes issue, expected to be at least US$100 million and due May
2012, expected ratings of Long-term B- and Recovery RR6.  The
final ratings of the issue are contingent on receipt of final
documentation conforming materially to information already
received.

Separately, PSB's Issuer Default rating has been upgraded to B+
from B.  The expected B- rating of the subordinated notes is in
line with Fitch's standard notching practice for subordinated
instruments of issuers with IDRs of B+ or below.  Fitch has also
assigned a Long-term rating of B+ to PSB's upcoming senior
unsecured eurobond.

The proceeds are to be used for redeeming the outstanding
principal of US$45 million notes, which finance an existing
subordinated loan to Russia-based Promsvyazbank and for
financing a new subordinated loan to PSB.

The terms and conditions of the existing and new subordinated
loans are principally the same, although the new loan, and
therefore the notes, will carry a fixed interest rate, whereas
the existing loan and private placement notes carry a floating
rate.

PSB Finance will only pay noteholders amounts received from PSB
under the loan agreements.

The claims of PSB Finance in relation to the subordinated loans
will be junior to those of all senior creditors of PSB and will
rank at least equally between themselves and with the claims of
other subordinated creditors of PSB.

PSB has regulatory approval for the inclusion of the existing
subordinated loan in the bank's Tier 2 capital base, although
PSB has the right to repay both the existing and new
subordinated loan agreements, should regulatory changes lead to
the subordinated loans ceasing to qualify as Tier 2 capital.

PSB is one of the six largest Russian privately held banks.  It
is majority owned by the Ananiev brothers, who are well-
connected businessmen.

Germany's Commerzbank has received approval for the acquisition
of a 15% stake in PSB and may seek to gain control over the bank
in the medium term.  PSB mainly serves large and mid-sized
corporate clients.  It has built a network of over 120 points-
of-sale across Russia to facilitate an ongoing regional
diversification and franchise expansion into the retail and SME
segments.


PSB FINANCE: Fitch Assigns B+ Rating on Upcoming Sr. Debt Issue
---------------------------------------------------------------
Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes
issue expected ratings of Long-term B+ and Recovery RR4.  The
issue is to be used solely for financing a loan to Russia-based
JSC Promsvyazbank, which has been upgraded to Issuer Default
rating B+ from B.  Fitch has also assigned an expected Long-term
rating of B- to the bank's upcoming subordinated debt issue.

PSB Finance will only pay noteholders amounts received from PSB
under the loan agreement.  The final rating of the issue is
contingent on receipt of final documentation conforming
materially to information already received.

PSB Finance's claims under the loan with PSB will rank at least
equally with the claims of other senior unsecured creditors,
save those preferred by relevant laws.  Under Russian law, the
claims of retail depositors rank above those of other senior
unsecured creditors.  At end-H106, retail deposits accounted for
13% of PSB's total liabilities, according to the bank's
International Financial Reporting Standards accounts reviewed by
auditors.

The loan agreement contains covenants restricting mergers and
disposals by PSB and its subsidiaries as well as transactions
between the bank and its affiliates.  It also contains a
negative pledge clause, which allows for a certain degree of
securitization by PSB and its subsidiaries.  Were such
transactions to be undertaken, Fitch comments that the nature
and extent of any over-collateralization would be assessed by
the agency for any potential impact on unsecured creditors.

PSB has also covenanted to maintain the volume of operations
with related parties below 20% of consolidated assets and to
maintain the total capital adequacy, calculated under the Basle
Accord, above 11%.

PSB is one of the six largest Russian privately held banks.  It
is majority-owned by the Ananiev brothers, who are well-
connected businessmen.  Germany's Commerzbank has received
approval for the acquisition of a 15% stake in PSB and may seek
to gain control over the bank in the medium term.

PSB mainly serves large and mid-sized corporate clients.  It has
built a network of over 120 points-of-sale across Russia to
facilitate an ongoing regional diversification and franchise
expansion into the retail and SME segments.


RYB-PLEM-KHOZ GORYACHIY: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Krasnodar Region has commenced
bankruptcy supervision procedure on OJSC RYB-Plem-Khoz Goryachiy
Klyuch.  The case is docketed under Case No. A32-16026/2006-46/
947-B.

The Temporary Insolvency Manager is:

         A. Shepin
         Montazhnikov Str. 1
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Ryb-Plem-Khoz Goryachiy Klyuch
         Yaroslavskogo Str. 117
         Goryachiy Klyuch
         353293 Krasnodar Region
         Russia


SAMOS INVEST: Court Names S. Kuznetsov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. S.
Kuznetsov as Insolvency Manager for CJSC Samos Invest Company
(TIN 7713085232).  He can be reached at:

         S. Kuznetsov
         To be called for Mr. S. Kuznetsov
         125009 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-34071/06-44-490B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Samos Invest Company
         Apartment 289
         Building 1
         Keramicheskiy Pr. 69
         127591 Moscow Region
         Russia


SEVER-WOOD-EXPORT: Court Names P. Tarasov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. P. Tarasov as Insolvency Manager for OJSC
International Commercial and Industrial Concern Sever-Wood-
Export Factory.  He can be reached at:

         P. Tarasov
         Post User Box 19
         OPS-100
         160100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-28175/2006.

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

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg

The Debtor can be reached at:

         OJSC International Commercial and Industrial Concern
         Sever-Wood-Export
         Galernaya Str. 69
         St. Petersburg Region
         Russia


TASHLINSKIY: Court Names V. Zaytsev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. V.
Zaytsev as Insolvency Manager for LLC Meat Combine Tashlinskiy.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A47-15331/
2005-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         LLC Meat Combine Tashlinskiy
         Tashla
         Orenburg Region
         Russia


TERNOVKA-AGRO-SERVICE: Bankruptcy Hearing Slated for Dec. 7
-----------------------------------------------------------
The Arbitration Court of Penza Region will convene at 10:30 a.m.
on Dec. 7 to hear the bankruptcy supervision procedure on OJSC
Ternovka-Agro-Service (TIN 5829011211).  The case is docketed
under Case No. A49-3841/2006-370b/26.

The Temporary Insolvency Manager is:

         B. Sander
         Office 002
         Pushkina Str. 2
         Penza Region
         Russia

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Ternovka-Agro-Service
         Ternovskogo Str. 222A
         Penza Region
         Russia


TMK OAO: To Create Joint Venture with India's Welspun Gujarat
-------------------------------------------------------------
OAO TMK's Volzhsky Pipe Plant and Welspun Gujarat Stahl Rohren
(Weslpun), India's largest manufacturer of high-end large-
diameter pipes for oil and gas industry, have signed an MOU and
agreed to set up a joint venture.  A 60% stake in the joint
venture will belong to VTZ and 40% will belong to Welspun.

The new capacities are intended for the production of double
submerged arc welded (DSAW) longitudinal pipes with 20"(508mm)
to 56" (1420 mm) diameter with one seam, up to 40 millimeters
wall thickness and up to 18 meters in length and spiral welded
pipes.  On completion of the DSAW plant, the joint venture's
capacity in the production of large-diameter welded pipes is
expected to be more than 1.2 million tons per annum.

The start-up of large-diameter longitudinal welded pipe
production is scheduled for Q4 2007.

Large-diameter welded pipes are used in the construction of oil
and gas trunk pipelines.  Russia's largest consumers of these
products are Gazprom and Transneft.  TMK also sells 56" line
pipes to Kazakhstan, Uzbekistan and other countries of CIS and
Caspian region.

"The TMK-Welspun joint venture enables the Company to expand its
participation in pipeline projects not only in Russia and the
CIS but beyond," Konstantin Semerikov, TMK's General Director,
said.  "The high quality of product offering coupled with unique
production facilities that enable TMK to execute large-scale
orders will contribute to the development of the oil and gas
industry as well as strengthening of energy security of Russia."

"We look forward to consolidating our global presence through
the formation of this joint venture," B.K. Goenka, Welspun's
Vice Chairman and Managing Director, said.  "This partnership
will leverage our high-quality, submerged arc weld production
capabilities with TMK's strong regional presence and extensive
sales and marketing expertise, allowing us to provide a wide
array of products for onshore and offshore line pipe
requirements to our customers.  We have already done most
challenging projects like supplying pipes for the world's
deepest pipeline in the Gulf of Mexico and this JV will give us
the opportunity to cater to the needs of the burgeoning oil and
gas industry of Russia."

                           About TMK

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

                        *     *     *

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

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


URAL-INVEST: Court Names O. Ilyin as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. O.
Ilyin as Insolvency Manager for CJSC Ural-Invest (TIN
0277045523).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A07-12096/
06-G-MOG.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC Ural-Invest
         Mira Str. 22
         Ufa
         Bashkortostan Republic
         Russia


VERSHININSKAYA: Court Names T. Gorlova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Ms. T. Gorlova
as Insolvency Manager for CJSC Agro Company Vershininskaya.  She
can be reached at:

         T. Gorlova
         405
         Koroleva Str. 40
         Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-6131/06.

The Debtor can be reached at:

         CJSC Agro Company Vershininskaya
         Vershinino
         Tomsk Region
         Russia


VIKING: Court Names Mr. I. Borzov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
I. Borzov as Insolvency Manager for LLC Furniture Factory
Viking.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as A43-9258/
2006-27-399.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         LLC Furniture Factory Viking
         N. Suslovoy 13/1 -15
         Nizhniy Novgorod Region
         Russia


VOST-SIB-OIL-GAS: Court Names S. Suvorov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Vost-Sib-Oil-Gas.  He can be reached
at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-38151/06-74-711B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Vost-Sib-Oil-Gas
         Spasonalivkovskiy Per. 6
         Moscow Region
         Russia


WHEAT POKROVSKAYA: Bankruptcy Hearing Slated for Nov. 8
-------------------------------------------------------
The Arbitration Court of Orel Region will convene on Nov. 8 to
hear the bankruptcy supervision procedure on OJSC Wheat
Pokrovskaya.  The case is docketed under Case No. A48-3235/
06-16B.

The Temporary Insolvency Manager is:

         V. Sinegubkin
         Office 29
         Gorkogo Str. 45
         302028 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Wheat Pokrovskaya
         Oktyabrskaya Str. 82
         Dzerzhinsk
         Orel Region
         Russia


WHEAT ZMIEVSKAYA: Court Names L. Titova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Orel Region appointed Ms. L. Titova as
Insolvency Manager for OJSC Wheat Zmievskaya (TIN 5722033100).
She can be reached at:

         L. Titova
         Komsomolskaya Str. 386
         302010 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-1573/06-166.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Wheat Zmievskaya
         Morozovskiy
         Sverdlovskiy Region
         303320 Orel Region
         Russia


YAREGA-PAINT: Komi Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Komi Republic has commenced bankruptcy
supervision procedure on OJSC Yarega-Paint.  The case is
docketed under Case No. A29-5873/06-3B.

The Temporary Insolvency Manager is:

         R. Gaynutdinov
         Ordzhonikidze Str. 49A
         167982 Syktyvkar Region
         Russia

The Arbitration Court of Komi Republic can be reached at:

         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar Region
         Russia

The Debtor can be reached at:

         OJSC Yarega-Paint
         Nizhniy Domanik
         Ukhta
         Komi Republic
         Russia


ZAGORODNYJ SPIRIT: Asset Sale Slated for October 17
---------------------------------------------------
Mr. N. Safronov, Insolvency Manager and Bidding Organizer for
OJSC Zagorodnyj Spirit Distillery, set for public auction the
company's properties at 11:00 a.m. on Oct. 17 at:

         Nizhne-Trubezhnaya Str. 3
         390000 Ryazan Region
         Russia

The starting price for the assets is set at RUR12,550,000.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to:

         OJSC Zagorodnyj Spirit Distillery
         settlement account 40702810000000002294
         Prio-Vneshtorgbank OJSC
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Zagorodnyj Spirit Distillery
         Nizhne-Trubezhnaya Str. 3
         390000 Ryazan Region
         Russia


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


AFFILIATED COMPUTER: Buys Systech Integrators for US$65 Million
---------------------------------------------------------------
Affiliated Computer Services, Inc., has acquired Systech
Integrators, Inc., an information technology solutions company
offering an array of SAP services.  The terms of the acquisition
specify a purchase price of US$65 million plus contingent
payments based on future financial performance.  The transaction
will be funded with a combination of cash on hand and borrowings
under ACS' existing credit facility.

ACS will leverage this acquisition to increase its stronghold as
a provider of SAP-based solutions, and solidify its market
position with FORTUNE 1000 and mid-market companies.  Systech's
services include SAP consulting services, systems integration,
and custom application development and maintenance.  ACS will
also leverage Systech's SAP footprint to further enhance its BPO
offerings and offshore-based consulting services specific to SAP
solutions.

"The acquisition of Systech furthers ACS' ability to offer cost-
effective, end-to-end IT outsourcing to the rapidly expanding
mid-market," said Ann Vezina, Group President of ACS Commercial
Solutions.  "By augmenting our existing SAP solutions with
advanced systems integration, strategic consulting, onshore &
offshore custom application development, and robust hosting
capabilities, we will enhance our position as a comprehensive
provider of SAP services across numerous markets."

Ms. Vezina also cited Systech's strong relationship with SAP as
a deciding factor in the acquisition.  Systech has long been a
premier partner of SAP America, and is one of the few U.S. IT
services firms focusing exclusively on SAP services.  ACS will
build on Systech's success in shaping what is considered SAP's
most responsive and resourceful consulting alliance.

"Systech Integrators has been an outstanding partner of SAP
America.  Together, we have helped many mid-market customers
achieve increased efficiency and business value," said Greg
Tomb, SAP Executive Vice President Field Services - Americas.
"The combined strengths of Systech and ACS create an attractive
alternative for end-to-end system integration services in the
market."

"ACS is committed to expanding the market for SAP services.
Systech's services, clients, and affiliation with SAP have
created a solid foundation for ACS to offer a full spectrum of
SAP solutions that will generate ongoing opportunities with
existing customers and success in new markets," said Gary Gauba
and Sam Tyagi, Co-CEOs of Systech Integrators.  "The addition of
our client base and employees will help ACS build upon its
already growing reputation in SAP, and broaden its overall
capabilities as a pioneer in IT outsourcing."

                          About Systech

Systech Integrators, Inc. -- http://www.systechi.com/-- is a
global IT solutions and services company that offers SAP
solutions in ERP, CRM, BI, SCM, SEM, SRM and Enterprise Portals,
among others, with an emphasis on NetWeaver and emerging
technologies. Systech has offices across the U.S. and
development centers in San Jose and India, and is a Premier
Services, Offshore and Channel Partner for SAP Americas

                   About Affiliated Computer

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 (US$500 Million due 2010 and 2015)
    * Ba2 Corporate Family Rating

At the same time, 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.


FONDO DE TITULIZACION: Fitch Junks EUR19.8-Million Class E Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Fondo de Titulizacion
de Activos, UCI 16 EUR1.82 billion mortgage-backed floating-rate
notes due in June 2049 as:

   -- EUR430 million Class A1: AAA;
   -- EUR1.25 billion Class A2: AAA;
   -- EUR72 million Class B: A;
   -- EUR41.4 million Class C: BBB;
   -- EUR9 million Class D: BB+; and
   -- EUR19.8 million Class E: CCC.

The final ratings are contingent upon receipt of final documents
conforming to information already received.

This transaction is a cash flow securitization of a EUR1.8
billion static pool of first- and second-ranking residential
mortgages loans and personal loans granted to individuals in
Spain to finance the purchase of a residential property by Union
de Creditos Inmobiliarios E.F.C. S.A., who will continue to
service the collateral.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the legal and financial structure
of the deal, the underwriting and servicing of the collateral
and the Santander de Titulizacion S.A. S.G.F.T.'s administrative
capabilities.  The ratings on the Class A1 to D notes address
payment of interest on the notes according to the terms and
conditions of the documentation, subject to a deferral trigger
on the Class B, C and D notes, as well as the repayment of
principal by the legal final maturity for each note.

The Class E notes will be issued to finance the cash reserve
fund. The Class D notes are ultimately likely to default, and
their ratings are supported by the expected recovery rate for
noteholders, that is, the amounts investors are likely to
receive during the life of the transaction.

UCI 16 will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform a portfolio of mortgage participations, mortgage
certificates and personal loans into fixed-income securities.
The fund will be legally represented and managed by Santander de
Titulizacion S.A. S.G.F.T., a limited liability company
incorporated under Spanish law, whose activities are limited to
the management of securitization funds.

Of the global pool by value, 28.8% benefits from a mortgage
insurance guarantee provided by Genworth Financial Mortgage
Insurance Limited.

This is UCI's 15th securitization and the third rated by Fitch.
UCI is an established monoline mortgage lending company, equally
owned by Banco Santander Central Hispano and BNP Paribas.  As in
previous transactions, the collateral incorporates variable-rate
loans with features such as initial fixed interest rates, lower
initial installments and payment options.


FONDO DE TITULIZACION: S&P Junks EUR19.8 Million Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.82 billion floating-rate notes to be
issued by Fondo de Titulizacion de Activos UCI 16.

UCI 16, as the issuer, will acquire credit rights backed by
mortgage loan participations and possibly by an associated
personal or second-lien mortgage loan (with its first-liens
always in favor of Union de Creditos Inmobiliarios,
Establecimiento Financiero de Credito S.A. (UCI S.A.)

These rights are ultimately backed by a pool of first-ranking
mortgages secured over owner-occupied residential properties in
Spain and a pool of unsecured personal and second-lien mortgage
loans associated with the first-ranking mortgages from the
seller, UCI.  To fund this purchase, UCI 16 will issue five
classes of floating-rate notes.

The originator of the assets is UCI, which was incorporated in
1989 as a specialized mortgage lending company.  UCI is an
experienced originator and servicer of mortgage loans, with 14
previous RMBS transactions.  As of June 30, 2006, UCI managed
some EUR8.5 billion of assets in Spain, of which 62% has been
securitized through 14 Spanish RMBS transactions.

This transaction is similar to the previous mortgage
securitization undertaken by UCI in April 2006, Fondo de
Titulizacion de Activos UCI 15, both in terms of structure and
the type of assets being securitized.

The assets will be insulated from the insolvency of the
originator and "sociedad gestora" (fund manager).

                    RATINGS LIST
        Fondo de Titulizacion de Activos UCI 16
         EUR1,819.8 Million Floating-Rate Notes

                      Prelim.        Prelim.
       Class          rating         amount (Mil. EUR)
       -----          ------         ------
       A1             AAA             430.0
       A2             AAA           1,247.6
       B              A-               72.0
       C              BBB              41.4
       D              BB                9.0
       E              CCC-             19.8


SANYO ELECTRIC: Mulls Further Job Cuts Under Restructuring Plan
---------------------------------------------------------------
Sanyo Electric Company plans to cut another 500 to 1,000 jobs,
in line with its restructuring plan, Reuters reports, citing The
Sankei Daily.

The electronics maker has already trimmed 15% of its workforce,
on top of factory closures and streamlining of loss-making
operations, Reuters says.

A company spokesman told The Sankei that the company did not
have specific plans to further reduce its work force even though
the number of employees could fall naturally through retirements
and resignations.  He added that the company would announce any
additional restructuring schemes it draws up, but no time frame
has been set for any such plans.

Sanyo posted a large loss for the year ended in March because of
restructuring costs, asset write-downs and sluggish sales,
Reuters relates.   The company is also struggling to maintain
its hold in the battery market from competition such as
Matsushita Electric Industrial Co. and Sony Corp., who plan to
penetrate the lucrative market.

Meanwhile, the company is seeking to have its stock delisted
from the Sapporo Securities Exchange, the Nagoya Stock Exchange
and the Fukuoka Stock Exchange due to sluggish trading in its
shares, the Troubled Company Reporter - Asia Pacific reported on
September 1, 2006.

At about the same time, it will withdraw its American Depositary
Receipts from the United States' Nasdaq market while continuing
to have its shares traded on the Tokyo Stock Exchange and the
Osaka Securities Exchange, the TCR-AP added.  The company
expects the delisting to be completed by the end of the year.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

As reported in the Troubled Company Reporter - Asia Pacific on
May 25, 2006 Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on Sanyo Electric Co. Limited.  At the same time,
the ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


SANMINA-SCI CORP: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default
rating methodology, the rating agency confirmed its Ba2
Corporate Family Rating for Sanmina-SCI Corp.

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$600 million 8.125%
   Senior Subordinated
   Notes due 2016          B1      Ba3     LGD4       67%

   US$400 million 6.75%
   Senior Subordinated
   Notes due 2013          B1      Ba3     LGD4       67%

   US$525 million 3%
   Convertible Subor.
   Notes due 2007          B1      B1      LGD6       92%

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 San Jose, California, Sanmina-SCI Corporation
(Nasdaq: SANM) -- http://www.sanmina-sci.com/-- is an
electronics contract manufacturing services companies providing
a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain.


TDA IBERCAJA: S&P Junks EUR10.5 Million Class F Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.41 billion mortgage-backed floating-
rate notes to be issued by TDA Ibercaja 4 Fondo de Titulizacion
de Activos, a special purpose-entity.

In this transaction, the originator, Caja de Ahorros y Monte de
Piedad de Zaragoza, Aragon y Rioja (IBERCAJA) will securitize
part of its growing residential mortgage-lending book.  The
loans, mainly originated in Madrid, Aragon, and Catalonia,
represent first-ranking securities.

IBERCAJA focuses on low-risk residential mortgage lending to
individuals and this underpins the savings bank's good quality
asset track record.

This is the sixth securitization of IBERCAJA's residential
mortgage loans and the third where the reserve fund will be
funded with the issuance of a class of notes.  The structure of
the transaction is similar to the previous ones issued by
IBERCAJA.  Although the pool's credit quality is strong, this
pool presents a slightly higher risk profile than those in the
previous transactions, due to lower seasoning and a higher
proportion of loans with LTV ratio values above 90%.

As in other Spanish transactions, interest and principal from
the mortgages are combined into a single priority of payments,
with principal deficiency triggers in the payment of the
interest to protect senior noteholders.

                      Ratings List
     TDA Ibercaja 4 Fondo de Titulizacion de Activos
   EUR1,410.5 Million Mortgage-Backed Floating-Rate Notes

                           Prelim.        Prelim.
            Class          rating         amount (Mil. EUR)
            -----          ------         ------
            A1             AAA            250.0
            A2             AAA            819.4
            A3PAC          AAA            270.4
            B              AA              14.0
            C              A               28.0
            D              BBB             11.2
            E              BB               7.0
            F (1)          CCC-            10.5

   (1) The class F notes will be used to finance the
       reserve fund and are not backed by mortgage loans.


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


ARMSTRONG WORLD: Armstrong Holdings Forms Commte for AWI Claims
---------------------------------------------------------------
The Board of Directors of Armstrong Holdings, Inc., at a meeting
on September 16, appointed a special committee of the Board to
address the issues with Armstrong World Industries, Inc.

The committee will determine how AHI should deal with its Claim
of the Debtor and AHI's interest in utilizing the Armstrong
group's tax losses, as well as any other issues that may arise
between AHI and the Debtor.  The committee intends to pursue a
joint resolution of the issues with the Debtor.  The special
committee is comprised of AHI Board members Jerre Stead and
Edward Sellers.  Neither of the directors is a current or
prospective director or officer of the Debtor.  The special
committee appointed the law firm of McDermott, Will & Emery to
advise them in connection with the matters.

The Debtor, pursuant to its "Fourth Amended Plan of
Reorganization, as Modified," dated Feb. 21, 2006, ownership by
AHI ended upon the Debtor's emergence from Chapter 11.

All of the Debtor's stock owned by AHI has been cancelled.

On Aug. 23, AHI announced that it has a pending claim in the
Debtor's Chapter 11 case.  The AHI Claim relates to intercompany
charges and credits between the companies.  If and to the extent
the AHI Claim or any part of it is allowed in the Debtor's
Chapter 11 case, AHI would recover on such claim on the same
basis as other creditors of the Debtor will recover under the
Plan of Reorganization.

AHI, on Aug. 23, also disclosed that the Armstrong group of
companies, including AHI and the Debtor, may be entitled to
receive a tax refund based upon a carry back of a portion of the
group's tax losses to prior years, which may include a
substantial ordinary income loss by AHI as a result of
cancellation of AHI's ownership in the Debtor.  A study is
underway to determine the amount of that loss.  Depending on the
size of the loss, AHI may also be entitled to additional
benefits from carrying forward any balance of its tax loss and
the use of its tax loss to recover estimated taxes paid by the
Armstrong group of companies in 2006.  The Armstrong group's tax
losses may be utilized in different ways, which may benefit AHI
and the Debtor differently, and AHI's and the Debtor's
respective preferences for utilization of the group's tax losses
may conflict.

In addition, on Oct. 2, Judith Haberkorn, Ruth Owades, Jesse
Arnelle, James Marley and John Roberts resigned from the AHI
Board.  Messrs. Stead, Sellers and Michael D. Lockhart, as
Chairman, remain as Directors.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world including Belgium and Sweden.

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

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

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  (Armstrong
Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2006
Standard & Poor's Ratings Services assigned its 'BB' bank loan
rating to the proposed US$1.1 billion senior secured bank
facility of Armstrong World Industries Inc., based on
preliminary terms and conditions.

At the same time, Standard & Poor's assigned a '2' recovery
rating, indicating the likelihood of a substantial (80%-100%)
recovery of principal in the event of a payment default.

A Standard & Poor's credit analyst said  "We expect the outlook
to be stable."

Moody's Investors Service has rated Armstrong World Industries,
Inc. new credit facility Ba2 and assigned a Corporate Family
Rating of Ba2.  Moody's said the ratings outlook is stable.


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


AFFILIATED COMPUTER: Buys Systech Integrators for US$65 Million
---------------------------------------------------------------
Affiliated Computer Services, Inc., has acquired Systech
Integrators, Inc., an information technology solutions company
offering an array of SAP services.  The terms of the acquisition
specify a purchase price of US$65 million plus contingent
payments based on future financial performance.  The transaction
will be funded with a combination of cash on hand and borrowings
under ACS' existing credit facility.

ACS will leverage this acquisition to increase its stronghold as
a provider of SAP-based solutions, and solidify its market
position with FORTUNE 1000 and mid-market companies.  Systech's
services include SAP consulting services, systems integration,
and custom application development and maintenance.  ACS will
also leverage Systech's SAP footprint to further enhance its BPO
offerings and offshore-based consulting services specific to SAP
solutions.

"The acquisition of Systech furthers ACS' ability to offer cost-
effective, end-to-end IT outsourcing to the rapidly expanding
mid-market," said Ann Vezina, Group President of ACS Commercial
Solutions.  "By augmenting our existing SAP solutions with
advanced systems integration, strategic consulting, onshore &
offshore custom application development, and robust hosting
capabilities, we will enhance our position as a comprehensive
provider of SAP services across numerous markets."

Ms. Vezina also cited Systech's strong relationship with SAP as
a deciding factor in the acquisition.  Systech has long been a
premier partner of SAP America, and is one of the few U.S. IT
services firms focusing exclusively on SAP services.  ACS will
build on Systech's success in shaping what is considered SAP's
most responsive and resourceful consulting alliance.

"Systech Integrators has been an outstanding partner of SAP
America.  Together, we have helped many mid-market customers
achieve increased efficiency and business value," said Greg
Tomb, SAP Executive Vice President Field Services - Americas.
"The combined strengths of Systech and ACS create an attractive
alternative for end-to-end system integration services in the
market."

"ACS is committed to expanding the market for SAP services.
Systech's services, clients, and affiliation with SAP have
created a solid foundation for ACS to offer a full spectrum of
SAP solutions that will generate ongoing opportunities with
existing customers and success in new markets," said Gary Gauba
and Sam Tyagi, Co-CEOs of Systech Integrators.  "The addition of
our client base and employees will help ACS build upon its
already growing reputation in SAP, and broaden its overall
capabilities as a pioneer in IT outsourcing."

                          About Systech

Systech Integrators, Inc. -- http://www.systechi.com/-- is a
global IT solutions and services company that offers SAP
solutions in ERP, CRM, BI, SCM, SEM, SRM and Enterprise Portals,
among others, with an emphasis on NetWeaver and emerging
technologies. Systech has offices across the U.S. and
development centers in San Jose and India, and is a Premier
Services, Offshore and Channel Partner for SAP Americas

                   About Affiliated Computer

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 (US$500 Million due 2010 and 2015)
    * Ba2 Corporate Family Rating

At the same time, 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.


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


YAPI VE: Merger Cues Moody's to Lift Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service upgraded the financial strength rating
of Yapi ve Kredi Bankasi to D- from E+ and the long-term local
currency deposit rating to A3 from Baa1, following the bank's
merger with Kocbank.  The outlook on the D- FSR is positive.

In upgrading the FSR to D-, Moody's recognizes the immediate
improvement in YKB's capitalization as a result of the merger
with Kocbank, and notes the ongoing de-risking of the bank's
balance sheet.  This balance-sheet restructuring was initiated
when Kocbank acquired a majority stake in YKB in September 2005
and involved the repayment of a significant part of the
outstanding loans to the Cukurova group, the sale of non-core
equity participations, the provisioning of unfunded pension fund
liabilities and the recognition and provisioning of other
impaired assets.

Moody's adds that the upgrade of the FSR also reflects the
significant progress that has been made with regard to the
operational integration of the YKB and Kocbank franchises.  The
merger has created the fourth-largest private sector bank in
Turkey, with leadership positions in credit cards and fund
management, and a deposit market share of about 10.3% (as of
Sept 15).

Moody's notes that the two banks have been managed as a single
entity since the first quarter of 2006 and a number of ongoing
projects have been aligning the two banks' IT infrastructure,
risk management and business development processes and strategy.
The positive outlook on the FSR reflects the expected
improvements in franchise strength and profitability as YKB
exploits synergies over the next two to three years.

Moody's explains that the upgrade of the LCDR reflects the
growing systemic importance of YKB within the Turkish banking
sector and the increased likelihood of support from the
financial authorities, in the event of need.  Moody's considers
banks with a deposit market share of around 10% or higher to be
too important to fail in Turkey.  The A3 LCDR is at the ceiling
for such deposits in Turkey and incorporates the bank's stand-
alone financial strength, as well as the likelihood of support
from its controlling shareholders and the Turkish financial
authorities.

As a result of the merger, Koc Financial Services (KFS) group
now owns 80.27% of YKB. Koc Holding and Unicredito Italiano SpA
each hold a 50% stake in KFS.  Moreover, the merger means that
Kocbank has ceased to exist as a separate legal entity and
Moody's has consequently withdrawn all the bank's ratings.
Kocbank's rights, receivables, obligations and liabilities have
been transferred to YKB.

Headquartered in Istanbul, Turkey, Yapi ve Kredi Bank reported
total assets of around YTL45.7 billion (US$29.2 billion) at the
end of September 2006.


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


DRUZHBA: Chernigiv Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
supervision procedure on LLC Druzhba.  The case is docketed
under Case No. 5/236 b.

The Temporary Insolvency Manager is:

         Svitlana Ryazanova
         Belov Str. 18/77
         14000 Chernigiv Region
         Ukraine

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         LLC Druzhba
         Nova Basan
         Bobrovitskij District
         17612 Chernigiv Region
         Ukraine


GALICH AUTO: Court Names Galina Kovalko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Lviv Region appointed Galina Kovalko as
Liquidator/Insolvency Manager for Autos Technical Service
Station of OJSC Galich Auto (code EDRPOU 22367095).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
6/128-4/211.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Autos Technical Service Station of OJSC Galich Auto
         Promislova Str. 3
         Chervonograd
         80100 Lviv Region
         Ukraine


KRAYAN: Odessa Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on OJSC Holding Company Krayan (code
EDRPOU 05769299).  The case is docketed under Case No.
5/297-06-7817.

The Temporary Insolvency Manager is:

         Svitlana Safronova
         Kosovska Str. 2
         65017 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         OJSC Holding Company Krayan
         Kosovska Str. 2
         65017 Odessa Region
         Ukraine


MAHARINTSI SUGAR: Court Names Ruslan Gorbatuk as Liquidator
-----------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Ruslan Gorbatuk
as Liquidator/Insolvency Manager for OJSC Maharintsi Sugar Plant
(code EDRPOU 00371713).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 30.  The case is docketed
under Case No. 10/6-05.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         OJSC Maharintsi Sugar Plant
         District Maharintsi
         Kozyatin
         22141 Vinnitsya Region
         Ukraine


MODERN HUMANITARIAN: Marina Muzhdabayeva to Liquidate Assets
------------------------------------------------------------
The Economic Court of AR Krym appointed Marina Muzhdabayeva as
Liquidator/Insolvency Manager for Modern Humanitarian Academy
(code EDRPOU 30545228).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 29.  The case is docketed
under Case No. 2-6/13249-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         Modern Humanitarian Academy
         Simferopol, Zhigalina Str. 6
         AR Krym
         Ukraine


OPTIMA: Kyiv Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Optima (code EDRPOU 31783341) on
Aug. 17.

The Temporary Insolvency Manager is:

         Viktor Denisenko
         Peremogi Avenue 57/1707
         03113 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Optima
         Kiyivska Str. 21
         Vishneve
         Kyiv Region
         Ukraine


UKRINMET: Court Names Volodimir Kozachenko as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Volodimir
Kozachenko as Liquidator/Insolvency Manager for LLC Ukrinmet
(code EDRPOU 30660426).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
B 24/146/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrinmet
         Mironov Str. 5/2
         49070 Dnipropetrovsk Region
         Ukraine


VTORMET: Court Names Vira Chugunova as Insolvency Manager
---------------------------------------------------------
The Economic Court of Lugansk Region appointed Vira Chugunova as
Liquidator/Insolvency Manager for JSCCT Vtormet (code EDRPOU
00191448).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 20.  The case is docketed
under Case No. 20/34 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         JSCCT Vtormet
         Linyova Str. 81 a
         91021 Lugansk Region
         Ukraine


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


47210 LIMITED: Claims Filing Period Ends Nov. 10
------------------------------------------------
Creditors of 47210 Limited (formerly DMWSL 209 Limited, Texon
International Limited and Texon International plc) have until
Nov. 10 to send their full names, address and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
David Rolph at:

         Moore Stephens LLP
         1 Snow Hill
         London EC1A 2DH
         United Kingdom

Headquartered in Leicester, U.K., 47210 Limited --
http://www.texon.com/-- manufactures cellulose (paperboard),
non-woven (synthetic fiber) and metallic footwear products.
It has 18 affiliate companies as well as agents and distributors
in over 90 countries throughout the world.


ADVANCE MECHANICAL: Appoints Liquidator from Findlay James
----------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed Liquidator of
Advance Mechanical Services Limited on Sept. 19 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Advance Mechanical Services Limited
         Carringtons Farm
         North Road
         Tollesbury
         Maldon
         Essex CM9 8RH
         United Kingdom
         Tel: 01621 869587


AFOS LIMITED: Creditors' Meeting Slated for October 17
------------------------------------------------------
Creditors of Afos Limited (Company Number 03659057) will meet at
11:00 a.m. on Oct. 17 at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester M3 2LF
         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. 16 at:

         Christopher Ratten and Martin Shaw
         Joint Administrative Receivers
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester M3 2LF
         United Kingdom
         Tel: 0161 834 3313
         Fax: 0161 827 8402
         E-mail: manchester@tenongroup.com

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.


ALAN H GOODRICK: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------------
Creditors of Alan H Goodrick Limited confirmed Sept. 21 the
appointment of Gordon Smythe Goldie and Allan David Kelly of
Tait Walker as the company's Joint Liquidators.

The company can be reached at:

         Alan H Goodrick Limited
         41-42
         Blackwellgate
         Darlington
         County Durham DL1 5HW
         United Kingdom
         Tel:01325 353234


ALLSORTS DISCOUNTS: Creditors' Claims Due Dec. 20
-------------------------------------------------
Creditors of Allsorts Discounts Limited have until Dec. 20 to
send in their names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidator Daniel Paul Hennessy at:

         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom

Headquartered in Chorley, U.K., Allsorts Discounts Limited
retails household goods and toiletries.


ALPINE COOLING: Liquidator Sets Oct. 20 Claims Bar Date
-------------------------------------------------------
Creditors of Alpine Cooling Systems Limited (formerly SCSI
Advanced Systems Limited and Wintech (GB) Limited) have until
Oct. 20 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator Martin C. Armstrong:

         Turpin Barker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey
         United Kingdom

Headquartered in London, U.K., Alpine Cooling Systems installs
air conditioning equipment and systems.


ANGLIATRON LTD: David Field Leads Liquidation Procedure
-------------------------------------------------------
David Field of Centrum Recovery was appointed Liquidator of
Angliatron Ltd. on Sept. 25 for the creditors' voluntary
winding-up procedure.

Headquartered in Norwich, U.K., Angliatron Ltd. is an electrical
work contractor.


AOK PRINTERS: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Creditors of AOK Printers Ltd. confirmed Sept. 14 the
appointment of Duncan R. Beat of Tenon Recovery as the company's
Liquidator.

Headquartered in London, U.K., AOK Printers Ltd. --
http://www.aokgroup.co.uk/-- provides litho printing, digital
printing and origination services.  The company also supplies
envelopes and tab dividers.


AUTOMATIC BRAIDING: Hires Joint Administrators from F A Simms
-------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners PLC were appointed joint administrators of Automatic
Braiding Ltd. (Company Number 1224146) on Sept. 14.

The administrators can be reached at:

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

Headquartered in Leicestershire, United Kingdom, Automatic
Braiding Ltd. manufactures elastics, cords and tapes.


BRAVINGTONS LIMITED: Appoints Kikis Kallis to Administer Assets
---------------------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed administrator of
Bravingtons Ltd. (Company Number 00197104) on Sept. 21.

The administrator can be reached at:

         Kallis & Co.
         Mountview Court
         1148 High Road
         Whetstone
         London N20 0RA
         United Kingdom
         Tel: 020 8446 6699
         Fax: 020 8492 6099

Bravingtons Ltd. can be reached at:

         75 Fleet St.
         London EC4Y 1HY
         United Kingdom
         Tel: 020 7353 3476


BRAYZIERS ARCHITECTURAL: Names Alan H. Tomlinson Liquidator
-----------------------------------------------------------
Creditors of Brayziers Architectural Services Limited confirmed
Sept. 19 the appointment of Alan H. Tomlinson of Tomlinsons as
the company's Liquidator.

The company can be reached at:

         Brayziers Architectural Services Limited
         1 Kay Street
         Openshaw
         Manchester
         Lancashire M11 2DX
         United Kingdom
         Tel: 0161 223 9651


CABLE & WIRELESS: Government Opposes Bid to Acquire KeyTech
-----------------------------------------------------------
The Bermudan government voiced out its opposition to Cable &
Wireless' proposal to acquire 100% of KeyTech Ltd.'s outstanding
share capital for BMD$205 million.  The state said that the
acquisition would establish a monopoly that other service
providers may have difficulty in competing with, the Royal
Gazette reports.

As reported in the TCR-Europe on July 24, the proposal values
each KeyTech share at BMD$17, equivalent to BMD$205 million
(approximately GBP113 million), and is payable in cash.  This
represents a premium of 35% over the 30 day weighted average
closing price of BMD$12.61.

"Such an acquisition would not be in the best interest of
Bermuda and would severely limit a sustainable, competitive
environment," Minister of Telecommunications Michael Scott told
the Royal Gazette.  "Such an acquisition would create a
telecommunications service provider that would have significant
market power and the potential for negative effects on a
telecommunications industry that has benefited from diversity."

According to the minister, Cable & Wireless' current position in
the industry enables it to have a major share of the market, as
it is one of two licensed providers of international
telecommunication services.  If and when Cable & Wireless is
merged with other companies that have corresponding substantial
shares in their markets such as BTC, M3 Wireless and Logic
Communications, a virtual monopoly is inevitable to happen,
making it hard for other service providers to compete with, the
Royal Gazette relates.

"The Government does not and will not support this acquisition.
The Ministry of Telecommunications and E Commerce will continue
to monitor any developments and we will respond appropriately to
events as they unfold," Minister Scott told the Royal Gazette.

Other service providers such as Digicel Ltd. and TeleBermuda
International Ltd. expressed their concern on the effects of
Cable & Wireless' buy-out on Keytech.

The Royal Gazette quoted Digicel as saying that the bid is
"monopolistic and not in the best interests of Bermuda."  The
company's regional CEO JD Buckley added, "It would be a bad day
for Bermuda if Cable & Wireless, a company steeped in a
tradition of monopoly and under-serving its customers, gained
access to Bermuda's fixed line, mobile and internet markets, in
addition to holding one of only two international licenses that
currently exist within the local telecommunication industry."

Meanwhile, TeleBermuda's president and CEO Greg Swan commented
to the Royal Gazette that, "Cable and Wireless is basically
positioning themselves to provide a complete end-to-end solution
for every customer and any competitor would be dependent on
Cable and Wireless for the provisioning of services in Bermuda.
The acquisition would clearly force the remaining carriers to
reassess how services are provisioned locally and at least
consider that possibility of consolidation." He added that his
company would prefer to maintain the current situation as it is
and leave it at that.

Cable & Wireless president and CEO Eddie Saints underlined that
these comments would not endanger its buy-out on KeyTech as it
is the shareholders and government's decision that will prevail
and not the judgments of the competition, the Royal Gazette
says.

However, according to the Royal Gazette, Cable & Wireless may be
facing a setback on its offer, as the government has not given
its nod on the proposal.  Also Keytech's board of directors
earlier urged shareholders to oppose the bid for it is "not in
the best interests of shareholders and does not reflect the
value of the company."

    Cable & Wireless Responds to Government's Comments

CEO Eddie Saints is urgently asking the Bermudan government to
meet with the company after the state blocked its proposed buy-
out of KeyTech.

"We have not had the opportunity to speak with Minister Scott.
The Minister requires a deeper understanding of our offering and
we will seek a meeting with him to clarify our position as soon
as possible," Mr. Saints told the Royal Gazette.  "We have been
working with the Ministry along with the other carriers for
months on the telecommunications market review and are
supportive of the measures being designed to protect consumers
against monopolies."

Mr. Saints told the Royal Gazette that the company's proposal
would not in anyway have negative effects on the
telecommunications industry and added that the creation of a
virtual monopoly is not going to happen.  He emphasized that the
company's proposal was based on its survey to consumers'
expectations on the country's telecommunications industry.  The
offer was a way for Cable & Wireless to support Bermuda's need
for the industry to develop, which it believes is within
jurisdiction.

"We are fully supportive of a regulatory framework which
encourages investment, and protects the consumer," Mr. Saints
related to theRoyal Gazette.  "Our vision for a combined KeyTech
and Cable & Wireless is to bring more affordable services for
consumers and more solutions for business and we look forward to
presenting this vision over the next few weeks."

However, Digicel CEO JD Buckley persisted on his opposition.  He
reiterated that the acquisition would bring Bermuda back to a
monopolistic scenario.  "Many of the industry's competitors,
especially the smaller ones, would be unable to compete.  In
effect, Bermuda would be set back 20 years and ultimately the
consumer will suffer through lack of choice, service and price
competitiveness," he told the Royal Gazette.

                      About KeyTech Limited

KeyTech Limted -- http://www.keytech.bm/-- is a diversified
telecommunications holding company focused largely on the
Bermuda market.  Its key business segments are Bermuda Telecom
Company Limited, M3 Wireless Ltd., Logic Communications Limited
and Bermuda Yellow Pages Limited.   For the financial year to
31st March 2006, KeyTech reported total revenues of BD$98.9
million and consolidated net income of BD$11.7 million.

                     About Cable & Wireless

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

                        *    *    *

On Aug. 10, 2006, Moody's Investors Services took these rating
actions on Cable & Wireless PLC:

   -- Corporate family rating affirmed at Ba3;

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

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


CAPE SYSTEMS: June 30 Balance Sheet Upside-Down by US$24 Million
----------------------------------------------------------------
Cape Systems Group Inc.'s balance sheet at June 30, 2006, showed
a US$24,480,000 total stockholders' deficit resulting from total
assets of US$2,398,000 and total liabilities of US$26,878,000.
The company's total stockholders' deficiency as of Sept. 30,
2005, stood at US$24,310,000.

The company's balance sheet at June 30, 2006, also showed
strained liquidity with US$1,082,000 in total current assets and
US$26,878,000 in total current liabilities.

For the three months ended June 30, 2006, the company incurred a
US$676,000 net loss on US$863,000 of revenues, compared to a
US$1,353,000 net loss on US$682,000 of revenues for the same
quarter last year.

Full-text copies of the company's financial statements for the
quarter ended June 30, 2006, is available for free
at http://researcharchives.com/t/s?12e8

Headquartered in South Plainfield, New Jersey, Cape Systems
Group Inc. -- http://www.vertexinteractive.com/-- provides
supply chain management technologies and services in North
America and the United Kingdom.  Its offerings include
enterprise software systems and applications, and software
integration solutions that enable customers to manage their
order inventory and warehouse management needs, consultative
services, and software and hardware service and maintenance.


CELESTICA INT'L: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Celestica International.

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$500m 7.875%
   Senior Subor.
   Notes due 2011          B2       B2     LGD5        87%

   US$250m 7.5%
   Senior Subor.
   Notes due 2013          B2       B2     LGD5        87%

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

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

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

Celestica -- http://www.celestica.com/-- provides electronics
manufacturing services. The Company operates electronic networks
in Asia, Europe and the United States.  In Europe, the company
maintains operations in the Czech Republic, Ireland, Italy,
Romania, Spain, Switzerland and the United Kingdom.


COCKTAIL CATERING: Appoints Liquidator from Butcher Woods
---------------------------------------------------------
Creditors of Cocktail Catering Limited confirmed on Sept. 20 the
appointment of Roderick Graham Butcher of Butcher Woods as the
company's Liquidator.

Headquartered in Worcester U.K., Cocktail Catering Limited
supplies fresh produce to the catering industry.


DEDICATED HOLIDAYS: Taps Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Creditors of Dedicated Holidays Group Limited confirmed Sept. 20
the appointment of Ian Oakley-Smith, Michael Gercke and Karen
Dukes of PricewaterhouseCoopers LLP as the company's Joint
Liquidators.

Headquartered in Crawley, U.K., Dedicated Holidays Group Limited
-- http://www.dedicatedholidays.co.uk/-- is a tour operator
offering package holidays to the Balearic Island of Mallorca and
Algarve in Portugal.


DOLLAR FINANCIAL: Refinancing Spurs Moody's to Affirm B3 Rating
---------------------------------------------------------------
Moody's Investors Service affirmed Dollar Financial Group,
Inc.'s B3 Corporate Family Rating, and assigned a B3 senior
secured rating to its new US$75 million U.S revolving credit
facility.

Moody's also assigned a first time rating of B3 to the US$295
million term loan and US$25 million revolving credit facilities
of National Money Mart Co., Dollar's Canadian subsidiary.
Finally, Moody's assigned a first time rating of B3 to the US$80
million senior secured term loan facility of Dollar Financial
U.K. Limited (DFUL), Dollar's U.K. subsidiary.  The rating
outlook remains positive.

The ratings relate to Dollar's plan to refinance its existing
senior unsecured notes and revolving credit facility and
concurrently acquire 82 of its Canadian franchise stores.  The
new credit facilities will fund the refinancing and acquisition.

Dollar's acquisition of the Canadian franchise stores will be
immediately accretive to earnings and contribute approximately
US$45 million to revenues and approximately US$19 million to
EBITDA.  Dollar also realizes several other benefits from this
transaction, such as lowering its consolidated tax burden,
reducing its cost of debt via the lower interest rate on the new
credit facilities, and freeing up territory in Canada for future
growth initiatives.

Dollar's tax burden will be reduced as a result of:

   -- interest expense at the foreign subsidiaries will
      rise, thus reducing their taxable income, and

   -- interest expense at the U.S. entity will decline and
      it will thereby become profitable, allowing it to
      begin utilizing its approximately US$100 million in
      net operating loss carryforwards.

As a result of the increased debt load from the refinancing and
acquisition, Dollar's leverage, as measured by adjusted debt to
EBITDAR (total debt plus capitalized operating lease rentals
divided by EBITDA plus lease rental expense), will worsen
relative to the recent improvement that had resulted from the
company's common equity issue and debt paydown.  Adjusted EBIT
to interest expense (EBIT plus 1/3 of rental expense divided by
interest expense plus 1/3 of rental expense) will also
deteriorate modestly.  Somewhat mitigating these developments
will be higher consolidated EBITDAR margins resulting from the
higher margin Canadian stores and anticipated improvement in
free cash flow to adjusted debt.

The credit facilities at Dollar, NMM, and DFUL are secured on
the assets of the respective entity.  The facilities at NMM and
DFUL are guaranteed by Dollar, and are also cross-guaranteed,
but for tax reasons Dollar's revolver has no upstream guarantees
from the foreign subsidiaries.  However, Dollar's facility does
have a pledge of the stock of the foreign subsidiaries.  In this
respect, Moody's considered the structural inferiority of the
Dollar credit facility to the facilities at the foreign
subsidiary level.  However, Moody's concluded that this factor
did not warrant a notching differential between the Dollar
credit facility and the facilities at the foreign subsidiary
level.

The maintenance of the positive ratings outlook reflects
Dollar's strong competitive position within the industry, which
Moody's believes is enhanced by the Canadian acquisition, as
well as the strong cash flow generating capability of the firm.

What Could Change The Rating -- Up:

The main source of upward pressure on the rating would be
improvement in the company's leverage profile and free cash
flow, and demonstration that improved levels are sustainable.

What Could Change The Rating -- Down:

   -- Increased leverage,

   -- material weakening in cash flows, and

   -- adverse developments in the political/regulatory
      framework that affect Dollar's business.

Ratings affirmed:

Dollar Financial Group, Inc.

    * Corporate Family Rating B3

New ratings assigned:

Dollar Financial Group, Inc.

    * Senior Secured Rating B3

National Money Mart Co.

    * Senior Secured Rating B3

Dollar Financial U.K. Limited

    * Senior Secured Rating B3

Moody's most recent rating action for Dollar occurred on
July 20, when Moody's affirmed Dollar's Corporate Family Rating
and senior unsecured rating of B3 and changed the outlook to
positive from stable.

Dollar Financial Group is a wholly owned subsidiary of Dollar
Financial Corp. (ticker symbol DLLR), a leading international
financial services company serving under-banked consumers.
Based in Berwyn, PA, Dollar reported total assets of US$551
million at fiscal year end June 30, 2006.


DOLLAR FINANCIAL: Debt Refinancing Prompts S&P to Lift Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Dollar Financial Group Inc. to
'BB-' from 'B+'.  The outlook is stable.

Standard & Poor's assigned a bank loan rating of 'BB-' and a
recovery rating of '3' to the senior secured bank loans borrowed
by Dollar subsidiaries National Money Mart Co. (US$295 million)
and Dollar Financial U.K. Ltd. (US$80 million), indicating a
meaningful (50%-80%) recovery of principal in the event of a
payment default.  The senior secured revolving credit facilities
of Dollar (US$75 million) and NMM (US$25 million) were also
rated 'BB-'.

"The refinancing of Dollar's existing senior debt into its
foreign subsidiaries drives the rating change, as substantial
interest tax shields will now be utilized to reduce the
company's high effective tax rate," said Standard & Poor's
credit analyst Rian M. Pressman, CFA.

Additionally, the reduction of Dollar's U.S. expense base
increases the probability that the company's substantial net
operating loss carry-forwards can finally be utilized.  The
reduction of Dollar's tax burden unleashes real value, as funds
that had formerly been dedicated to pay cash taxes can be
reinvested profitably or used to pay down outstanding debt.

Other factors supporting the rating change include:

   -- the continued strong performance of Dollar's core
      check-cashing/payday-lending franchise,

   -- the relatively low credit risk profile of its
      lending products, and

   -- its strong market position, especially in
      overseas markets.

Limiting rating factors include:

   -- Dollar's poor capitalization (negative tangible equity),

   -- high leverage, and

   -- moderate interest coverage.

Additionally, like all companies operating in this segment of
the consumer finance industry, legislative/regulatory risk
remains a factor.  Product and geographic diversification
mitigate this exposure, as do the significant resources the
company is able to dedicate to compliance and risk management
compared to its smaller competitors.

The stable outlook is based on Dollar's proven ability to
continue growing its franchise while successfully navigating the
legislative/regulatory and competitive environment in its key
markets.  Positive ratings action may occur if the company
significantly reduces leverage, improves profitability, and
maintains adequate credit quality metrics.  Upside potential is
limited by the lack of tangible equity.

Although Standard & Poor's recognizes that short-term cash
advances do not require as much equity support as term-lenders
or other long-term investors, the lack of tangible equity leaves
debt repayment entirely dependent on cash flow.  Negative
ratings actions could result from increased leverage, reduced
profitability, or adverse legislative/regulatory actions.


ERSSER & PARTNERS: Calls In Liquidator from Begbies Traynor
-----------------------------------------------------------
Wayne Macpherson of Begbies Traynor was appointed Liquidator of
Ersser & Partners Limited (formerly Rothschild Associates Ltd.,
GB Communications Services Ltd. and GB Porto-Units Ltd.) on
Sept. 20 for the creditors' voluntary winding-up procedure.

Headquartered in Rayleigh, U.K., Ersser & Partners Limited --
http://www.ersser.com/-- engages in international automotive
handling, storage and transport.  Its current operational market
sectors are corporate deliveries, dealer-to-dealer transfers and
express vehicle deliveries.


FALCONBRIDGE LTD: Xstrata Needs US$5B to Fund Takeover of Firm
--------------------------------------------------------------
Xstrata PLC told the Canadian Press that it will raise about
US$5.47 billion in a special equity offering to help fund its
takeover of Falconbridge Ltd.

As reported in the Troubled Company Reporter-Europe on Sept. 19,
Xstrata mailed a notice of compulsory acquisition to all
remaining holders of Falconbridge common shares.  Following
Xstrata's offer to acquire all of the Common Shares it has not
owned, the company beneficially holds 97.1% of the issued and
outstanding Common Shares on a fully diluted basis.  Holders of
more than 90% of the Common Shares accepted Xstrata's offer.

Xstrata said in a statement that its shareholders will be given
the chance to purchase one new share for every three they own at
US$23.73 each.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada. Xstrata holds a 97% stake in Falconbridge.

                      About Falconbridge

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

                          *    *    *

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


FEDERAL MOGUL: Court OKs Entry Into Hercules Payment Agency Pact
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted
the request made by Federal-Mogul Corporation, T&N Limited,
Ferodo America, Inc. and Gasket Holdings Inc., together with the
Official Committee of Asbestos Claimants and Professor Eric D.
Green, as the duly appointed legal representative for future
asbestos-related personal injury claimants, to enter into a
payment agency agreement relating to the Hercules asbestos
liability policy.

As reported in the Troubled Company Reporter on Aug. 23, 2006,
James E. O'Neill, Esq., at Pachulski Stang Ziehl Young Jones &
Weintraub LLP, in Wilmington, Delaware, says that the core of
the Hercules Agreement, is the provision of a mechanism for
distribution of recoveries obtained under the Hercules Policy
to:

   1. a trust to be established for the Debtors' U.K. and
      certain non-U.K. asbestos personal injury claimants; and

   2. a trust to be established for the Debtors' U.S. and
      certain non-U.S. asbestos personal injury claimants.

The distribution will be made in accordance with the division of
insurance recoveries that the Court previously approved as part
of the U.K. Global Settlement Agreement, Mr. O'Neill adds.

The Hercules Agreement is conditioned on the approval of the
U.K. Debtors' company voluntary arrangements that, among others,
establish the priority scheme of the distribution of the
Hercules Recoveries.
                         Hercules Policy

The Hercules Policy obligates the insurer to indemnify T&N for
all "Ultimate Net Loss" in excess of the retained limit, without
limitation, for claims made or brought on or after July 1, 1996,
that relate to the exposure of asbestos, asbestos products,
asbestos dust, or asbestos fibers that were mined, manufactured,
sold, installed or distributed prior to July 1, 1996.

The Policy covers liabilities of T&N as well as certain T&N
subsidiaries and subsidiary undertakings existing on July 1,
1996.  However, T&N is the sole policyholder and is the only
entity entitled to payment under the policy -- although it may
be the case that GHI and Ferodo are entitled to a certain
proportion of the Hercules Recoveries once they have been paid
to T&N.

The Hercules Policy has an aggregate limit of GBP500 million --
approximately US$895 million -- with a retained limit of
GBP690 million -- approximately US$1.235 billion.  The retained
limit has diminished to GBP361,802,160.  Thus, before either the
U.K. Asbestos Trust or the U.S. Asbestos Trust can access
coverage under the policy, the retention must be exhausted.

The Policy, purchased by T&N in 1996, is underwritten by T&N's
captive insurance company, Curzon Insurance, Ltd., and reinsured
by three reinsurance companies.

                 Hercules Payment Agency Agreement

The parties to the Hercules Agreement are:

   -- T&N

   -- the U.K. Administrators

   -- Phillip Rodney Sykes and Jeremy Mark Willmont;

   -- the T&N Asbestos Trustee Company Limited -- the U.K.
      Asbestos Trustee;

   -- the Asbestos Committee;

   -- the Futures Representative;

   -- Federal-Mogul; and

   -- Ferodo and GHI, potential additional beneficiaries.

Messrs. Sykes and Willmont will serve as payment agents under
the Hercules Agreement, acting solely as agents of T&N, the U.K.
Asbestos Trustee and the U.S. Asbestos Trust, once the U.S.
Asbestos Trustee has acceded to the Hercules Agreement.

The Hercules Agreement contemplates that after the creation of
the U.S. Asbestos Trust, the U.S. Asbestos Trustees will accede
to the Agreement.  Upon the trustee's accession, the U.S.
Asbestos Trust will be deemed to be a party in place of the
Asbestos Committee, the Futures Representative, Ferodo and GHI.

Even after they will be substituted by the U.S. Asbestos Trust,
the Asbestos Committee and the Futures Representative will
maintain rights to:

   a. consult with the Payment Agents and the U.K. Asbestos
      Trustee in determining an appropriate reserve to pay
      claims handling costs or costs associated with obtaining
      the Hercules Recoveries;

   b. act unanimously and instruct the Payment Agents in
      investing any funds held prior to the establishment of the
      U.S. Asbestos Trust;

   c. consult with the U.K. Asbestos Trustee regarding any
      remuneration to be paid to the Payment Agents;

   d. notify the Payment Agents if no further Hercules
      Recoveries will be paid; and

   e. together with T&N and the U.K. Asbestos Trustee, terminate
      either or both Payment Agent(s) and participate in the
      appointment of successor Payment Agents.

The competing interests of the U.S. and the U.K. Asbestos Trusts
and T&N in the Hercules Recoveries necessitate a structure where
the recoveries are administered and distributed by a third-
party, Mr. O'Neill tells the Court.  Pursuant to the terms of
the CVAs
-- and, after it comes into effect, the Debtors' Plan of
Reorganization -- Mr. O'Neill says T&N will hold in trust all
recoveries obtained under the Hercules Policy for the ultimate
benefit of asbestos personal injury claimants.  If T&N should
receive any Hercules Recoveries, those amounts will be held in
trust by T&N for the Payment Agents.  Any Hercules Recoveries
received by T&N will be held by T&N in an account in its name --
the Hercules Receipt Account -- from which the Payment Agents
will have sole authority to transfer or withdraw funds.

The Payment Agents will collect all Hercules Recoveries into an
account to be established jointly in the names of the U.K.
Asbestos Trustee and the U.K. Asbestos Trust -- the Hercules
Waterfall Account.  The Payment Agents will give instructions to
the bank at which the Hercules Receipt Account is maintained to
transfer all funds in the Hercules Receipt Account to the
Hercules Waterfall Account on the day the funds are received,
ensuring that Hercules Recoveries are aggregated as soon as
possible into the Hercules Waterfall Account.

              Agreement is Ministerial but Necessary

GHI and Ferodo are parties to the Hercules Agreement because
they may ultimately be determined to be entitled to a portion of
the Hercules Recoveries and, accordingly, have an interest in
preserving those recoveries pending the creation of the U.S.
Asbestos Trusts, Mr. O'Neill explains.

The Company will enter into the Agreement as the parent company
of all of the Debtors, and because it has certain
responsibilities and rights under the Agreement.

The Debtors assert that entering into the Hercules Agreement is
largely ministerial, but nonetheless necessary.  The Agreement
provides for fair, third-party control over the Hercules
Recoveries are allocated as contemplated in the U.K. Global
Settlement, the CVAs and, when effective, the Debtors' Plan of
Reorganization.

Because the Debtors believe that the U.K. Asbestos Trust will be
established before the U.S. Asbestos Trust, they believe it is
necessary for the parties to enter into the Hercules Agreement
now and provide for the possibility that T&N may receive
Hercules Recoveries before the U.S. Trust is established.
Hence, the Debtors, the Asbestos Committee and the Futures
Representative want to enter into the Agreement because it is
possible that the Hercules Recoveries will come into the Payment
Agents' control before the U.S. Asbestos Trust is established.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.
(Federal-Mogul Bankruptcy News, Issue No. 113; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FINE FINISHERS: Brings In Shaw & Co. as Administrator
-----------------------------------------------------
Clive Everitt of Shaw & Co. was appointed administrator of Fine
Finishers (Oxon) Ltd. (Company Number 05040195) on Sept. 15.

Headquartered in Oxford, United Kingdom, Shaw & Company --
http://www.shaw-and-co.com/-- provides business advice for both
owner-managed businesses, and small- and medium-sized
enterprises.

Fine Finishers (Oxon) Ltd can be reached at:

         35 Broadwaters Avenue
         Thame
         Oxfordshire OX9 2DU
         United Kingdom
         Tel: 01844 216 904


FLEXTRONICS INT'L: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba1 Corporate
Family Rating for Flextronics International Ltd.

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$500m 6.25%
   Senior Subor.
   Notes due 2014         Ba2      Ba2     LGD5       85%

   US$400m 6.5%
   Senior Subor.
   Notes due 2013         Ba2      Ba2     LGD5       85%

   US$7.7m 9.875%
   Senior Subor.
   notes due 2010         Ba2      Ba2     LGD5       85%

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

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

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

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.


FLOWSERVE CORP: S&P Affirms BB- Rating on Delayed SEC Filings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its short-term rating
on Flowserve Corp. to 'B-2' from 'B-3'.

All other ratings on the Irving, Texas-based engineered pumps
manufacturer, including its 'BB-' long-term corporate credit
rating, were affirmed.  The outlook is stable.

"The higher short-term rating reflects Flowserve's current
filing status and improving liquidity profile," said Standard &
Poor's credit analyst John R. Sico.  This profile includes
adequate cash, ample availability on its credit facility,
minimal maturities, and good free cash flow generation.

Flowserve has become current on all its required filings with
the SEC.  It has previously restated its financial results for
2000 through 2004.  These restatements primarily included
adjustments for inventory valuation, long-term contract
accounting, intercompany accounts, pension accruals,
intangibles, and income taxes.  The changes, in part, stemmed
from weaknesses cited by the company in its internal control
procedures, complicated by decentralized global operations with
multiple information systems--issues that the company is
addressing.

Flowserve reported that the cumulative net reduction in net
income for the periods restated was about US$36 million and that
the restatement primarily affected the years before 2004.
Importantly, the SEC has ended its investigation related to
Flowserve's restatements without recommending any enforcement
action.  The outcome of pending shareholder lawsuits is
uncertain; a significant negative outcome is not factored in the
rating.

The rating has been unaffected by these accounting issues, which
have not hurt cash flow and whose effects have otherwise been,
in our view, immaterial.  Flowserve's debt-reduction and
bookings trends also limit the effects of these restatements.
The company refinanced its debt in 2005 and reported that
bookings for 2005 increased about 14% from 2004.  This trend
continues into 2006 with first half bookings up 30% over the
prior year, and good business conditions exist in all of its
divisions.  Flowserve has won major project orders that may lead
to significant aftermarket business in the future.


GATEWAY AUTOS: Names Jonathan Avery Gee as Administrator
--------------------------------------------------------
Jonathan Avery Gee of Kay Johnson Gee was appointed
administrator of Gateway Autos (Manchester) Ltd. (Company Number
01332571) on Aug. 30.

The administrator can be reached at:

         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Salford, Manchester
         Greater Manchester M3 5EQ
         United Kingdom
         Tel: 0161 832 6221
         Fax: 0161 834 8479

Headquartered in Manchester, United Kingdom, Gateway Autos
(Manchester) Ltd. maintains and repairs motors.


GENERAL MOTORS: Ends Alliance Talks with Nissan & Renault
---------------------------------------------------------
General Motors Corp., Renault S.A. and Nissan Motor Co. have
agreed to terminate discussions regarding a proposed alliance
among them.

The parties mutually recognized that significant aggregate
synergies might result from the alliance.  However, the parties
did not agree on either the total amount of aggregate synergies
or the distribution of those benefits.

Based on its conclusions, GM had proposed that Renault and
Nissan provide compensation as part of a potential alliance and
for potentially precluding GM from entering other alliance
opportunities if Renault-Nissan had made a significant
investment in GM.

Renault and Nissan concluded that the principle of compensation
is contrary to the spirit of any successful alliance.

The three automakers had agreed to conduct a 90-day study of the
benefits of a possible alliance after GM shareholder Kirk
Kerkorian, who owns a 9.9% stake in the company, broached the
idea early this year.

Sarah Karush at the Associated Press reports that Kerkorian's
Tracinda Corp. was disappointed over the outcome of the Nissan-
Renault negotiations.

"We believe that General Motors' participation in a global
alliance with Renault and Nissan would have enabled GM to
realize substantial synergies and cost savings," AP quotes
Tracinda spokeswoman Carrie Bloom.

Mr. Kerkorian had tried to convince GM's Board to conduct an
independent review of the Nissan-Renault deal days before the
alliance negotiations.

                       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: US Units Deliver 338,380 Vehicles In September
--------------------------------------------------------------
General Motors Corp.'s dealers in the United States sold 338,380
new cars and trucks in September.  The company sold 1,385 more
retail vehicles in September than the year before.  Retail truck
sales, led by full-size pickups and utilities, were up 2%.
Retail car sales were down 12%, partly due to inventory
constraints of Chevrolet Aveo, Cobalt, and Malibu.  Retail sales
of 246,797 vehicles were down 3% on a sales day-adjusted basis.

"GM's truck business was boosted in September by our segment-
leading fuel economy and the addition of the industry's best
coverage, including the 5-year/100,000 mile warranty program,"
Mark LaNeve, General Motors North America vice president for
vehicle sales, service, and marketing, said.

GM continues to reduce its reliance on low-margin daily rental
sales.  Sales to daily rental companies were down 26% compared
with year-ago levels, while its commercial fleet business was up
12%.  This ongoing planned pull-down of low-margin daily rental
sales resulted in total September sales of 338,380 being down
6.8% compared with a year ago on a sales day-adjusted basis.

"Our retail business was solid in September and in line with
expectations.  Importantly, we continue to experience strong
customer demand for our launch products and industry-leading
lineup of fuel-efficient vehicles.  Having products like the
Chevrolet Cobalt, Malibu, and newly redesigned 2007 Aveo in such
high demand in the market place is gratifying," LaNeve said.

"We're on track to sell more than a million 2006 model year
vehicles this year that achieve 30 mpg or better on the highway.
We will go even further for the 2007 model year by increasing
the number of fuel-sipping vehicle models in the '30 mpg or Over
Club' by 9 vehicles, or more than 60%, to 23 models.  More
Americans every day are realizing we have a great story in fuel
economy.

"In addition to our great lineup of fuel efficient vehicles, we
have launched the best warranty coverage of any full-line
automaker with 5 years/100,000 mile powertrain, courtesy
transportation and roadside assistance for each of our 2007
models," Mr. LaNeve added.  "And, there is no deductible for the
warranty, which is fully transferable."

Due to the success of new products, and recent support of the
best warranty coverage of any full-line automaker, GM has seen
sales over the last few months above the targets set in the
North America Turnaround Plan.  GM market share has improved in
every quarter of 2006, and was at about 25% for the third
quarter 2006. Calendar year-to-date, GM's retail selling rate
remains above 3 million vehicles on an annualized basis and was
3.15 million in the third quarter.

Saab, Cadillac, Hummer, Buick, and GMC all saw retail sales
increases in September.  Saab led the pack with retail sales up
a powerful 45%, driven by 9-3 and 9-7X.  Cadillac sales are up
22% retail, with strong showings by DTS, STS, SRX, and the
entire Escalade lineup.  Hummer continued to show very positive
results with H3 sales up 19%, helping the division sport an
overall 10% retail hike.  Buick retail sales are up 4% led by
Lucerne, LaCrosse, Rainier, and Terraza.  GMC was up 3% retail,
with sales increases of the Sierra, Yukon, and Yukon XL.

"Customers are recognizing GM's leadership position when it
comes to products that offer outstanding value and fuel economy,
whether that's a small car or a full-size pickup," Mr. LaNeve
said.

"We just revealed our brand new 2007 Chevrolet Silverado and GMC
Sierra full size pickups at the State Fair of Texas -- two
vehicles that lead their segment in estimated highway fuel
economy and outstanding value."  GM has announced carry-over
pricing on the most popular versions of the all-new 2007
Chevrolet Silverado and GMC Sierra pickups.

                     Certified Used Vehicles

September sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were
45,948 units, up 11% from last September.  Total year-to-date
certified GM sales are 393,543 units, down 2% from the same
period last year.

GM Certified Used Vehicles, the industry's top selling certified
pre-owned brand, posted the highest September sales performance
ever for a certified brand with sales of 39,775 units, up over
12% percent from September 2005.  Year-to-date sales for GM
Certified Used Vehicles are 339,980 units, equivalent to the
same period last year.

Cadillac Certified Pre-Owned Vehicles posted 3,818 sales in
September, up 31% from last September.  Saturn Certified Pre-
Owned Vehicles sold 1,483 units, down 37%.  Saab Certified Pre-
Owned Vehicles sold 760 units, down 11%.  In its ninth month of
operation, HUMMER Certified Pre-Owned sold 112 units.

"GM Certified Used Vehicles, the industry's best-selling
manufacturer-certified brand, posted the segment's strongest
September sales performance ever, up more than 12% over
September 2005," Mr. LaNeve said.  "GM Certified continues to
lead the certified category in sales, as more consumers take
advantage of the quality, value and peace of mind offered by
top-quality used vehicles backed by GM."

GM North America Reports September and Third Quarter 2006
Production, 2006 Fourth Quarter Production Forecast Revised at
1.110 Million Vehicles

In September, GM North America produced 387,000 vehicles
(161,000 cars and 226,000 trucks).  This is down 67,000 units or
15% compared to September 2005 when the region produced 454,000
vehicles (165,000 cars and 289,000 trucks).  (Production totals
include joint venture production of 22,000 vehicles in September
2006 and 26,000 vehicles in September 2005.)

GM North America built 1.050 million vehicles (417,000 cars and
633,000 trucks) in the third quarter of 2006.  This is down
96,000 units, or 8%, compared with third quarter 2005 when the
region produced 1.146 million vehicles (423,000 cars and 723,000
trucks). Additionally, the region's 2006 fourth quarter
production forecast is revised at 1.110 million vehicles
(446,000 cars and 664,000 trucks), down 2% or 20,000 units from
last month's guidance.  In the fourth quarter of 2005, the
region produced 1.281 million vehicles.

GM also announced 2006 revised third and fourth quarter
production forecasts for its international regions.

GM Europe

GM Europe's 2006 third-quarter production forecast is revised at
374,000 vehicles, up 2,000 units from last month's guidance.  In
the third quarter of 2005 the region built 412,000 vehicles.
The region's 2006 fourth quarter production forecast is revised
at 445,000 units, down 6,000 units from last month's guidance.
In the fourth quarter of 2005 the region built 443,000 vehicles.

GM Asia Pacific

GM Asia Pacific's 2006 third-quarter production forecast is
revised at 430,000 vehicles, up 5,000 units from last month's
guidance.  In the third quarter of 2005 the region built 409,000
vehicles.  The region's 2006 fourth quarter production forecast
is revised at 496,000 units, down 28,000 units from last month's
guidance.  In the fourth quarter of 2005 the region built
420,000 vehicles.

GM Latin America, Africa, and the Middle East

The region's 2006 third-quarter production forecast is revised
at 216,000 vehicles, down 1,000 units from last month's
guidance.  In the third quarter of 2005 the region built 207,000
vehicles.  The region's 2006 fourth quarter production forecast
is revised at 215,000 units, up 4,000 from last month's
guidance.  In the fourth quarter of 2005 the region built
188,000 vehicles.

                       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 TRAILERS: Hires Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Creditors of General Trailers United Kingdom Limited confirmed
Sept. 19 the appointment of Stephen Mark Oldfield and Stephen
Andrew Ellis of PricewaterhouseCoopers LLP as the company's
Joint Liquidators.

The company can be reached at:

         General Trailers United Kingdom Limited
         West Bay Road
         Southampton
         Hampshire SO15 1HF
         United Kingdom
         Tel: 023-8023-7990


GENES LIMITED: Creditors' Meeting Slated for October 11
-------------------------------------------------------
Creditors of Genes (U.K.) Limited (Company Number 03570653) and
Genes Retail Limited (Company Number 05354596) will meet at
11:00 a.m. on Oct. 11 at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         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:

         Mark Bowen
         Joint Administrator
         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         United Kingdom
         Tel: 0121 233 2557
         Fax: 0121 200 2558

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.


GRAYSTOKE HOMES: Appoints Joint Administrators from PKF
-------------------------------------------------------
Kerry Franchina Bailey and Jonathan David Newell of PKF (U.K.)
LLP were appointed joint administrators of Graystoke Homes Ltd.
(Company Number 04801075) on Sept. 20.

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

Headquartered in York, United Kingdom, Graystoke Homes Ltd.
develops and sells real estate.


H & L MAINTENANCE: Claims Registration Ends Oct. 24
---------------------------------------------------
Creditors of H & L Maintenance and Manufacturing Limited have
until Oct. 24 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator Alison M. Byrne at:

         Byrne Associates
         Suite 3 Farleigh House
         Farleigh Court
         Old Weston Road
         Flax Bourton BS48 1UR
         United Kingdom

Headquartered in Ivybridge, U.K., H & L Maintenance and
Manufacturing Limited manufactures and wholesales window and
door making equipment.


INDIGO CITY: Creditors' Meeting Slated for October 10
-----------------------------------------------------
Creditors of Indigo City Blue Limited (Company Number 04640036)
will meet at 11:00 a.m. on Oct. 10 at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         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. 9 at:

         Nigel Price
         Joint Administrator
         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         United Kingdom
         Tel: 0121 233 2557
         Fax: 0121 200 2558

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.


ISLE OF CAPRI: Stake Purchase Cues S&P to Put Rating on Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating,
on CreditWatch with negative implications.

The CreditWatch listing follows the filing of a Schedule 13D by
Hayground Cove Asset Management LLC, disclosing its purchase of
5.53% of Isle's common shares outstanding and its view that Isle
should pursue equity alternatives to support its future growth.

"Given that Hayground now has a meaningful stake in Isle, we
believe that management will now be pressured to pursue
shareholder-enhancing leveraging transactions," said Standard &
Poor's credit analyst Peggy Hebard.

While ratings on Isle also consider the performance of Isle of
Capri Black Hawk LLC, an unrestricted subsidiary that is 57%-
owned by Isle, given its importance to the overall portfolio and
the Isle brand, the outlook at this time remains stable.

"We may revisit the ratings and/or outlook on Isle of Capri
Black Hawk if the credit quality for Isle of Capri weakens as a
result of an announced leveraging transaction," Ms. Hebard said.

Standard & Poor's will review its ratings on Isle when, and if,
a definitive leveraging transaction is announced and the
company's operating and financial objectives are evaluated.


J & H BODY: Appoints Tenon Recovery as Administrators
-----------------------------------------------------
Carl Stuart Jackson and Duncan Robert Beat of Tenon Recovery
were appointed joint administrators of J & H Body Repairs
(Mayfair) Ltd. (Company Number 01435549) on Sept. 15.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

Headquartered in Kent, United Kingdom, J & H Body Repairs
(Mayfair) Ltd. maintains and repairs vehicles.


K.G. SEWELL: Taps Baker Tilly to Administer Assets
--------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly were
appointed joint administrators of K.G. Sewell Contracts Ltd.
(Company Number 2628230) on Sept. 20.

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.

K.G. Sewell Contracts Ltd. can be reached at:

         Unit 4 Bracken Park
         Gelderd Road
         Morley
         Leeds
         West Yorkshire LS27 7JL
         United Kingdom
         Tel: 0113 238 1111
         Fax: 0113 238 1414


LANSDOWNE STUDIO: Names William Paxton as Administrator
-------------------------------------------------------
William Paxton of Robson Laidler LLP was named administrator of
Lansdowne Studio (Newcastle) Ltd. (Company Number 00893126) on
Sept. 21.

Headquartered in Newcastle, Robson Laidler --
http://www.robson-laidler.co.uk/-- offers a range of services
including audit and accountancy, tax planning and mitigation,
business strategy, corporate finance, personal financial
planning, recovery and insolvency.

Lansdowne Studio (Newcastle) Ltd. can be reached at:

         Unit 33C & 35
         Nelson Park
         Moorland Way
         Cramlington
         Northumberland NE23 1WE
         United Kingdom
         Tel: 016 7059 0011
         Fax: 016 7059 0144


LASSO LIMITED: Taps Robert Day to Liquidate Assets
--------------------------------------------------
Robert Day of Robert Day and Company Limited was appointed
Liquidator of Lasso Limited (formerly Lasso IT Limited) on
Sept. 22 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Lasso Limited
         Unit 2
         Kingsfield Road
         Biggleswade
         Bedfordshire SG188AT
         United Kingdom
         Tel: 01767 600 288


LEYFIELD COMMERCIAL: Taps BDO Stoy as Joint Administrators
----------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Leyfield Commercial
Services Ltd. (Company Number 01725548) on Sept. 18.

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

Leyfield Commercial Services Ltd. can be reached at:

         Ashville Way
         Sutton Weaver
         Runcorn
         Cheshire WA7 3EZ
         United Kingdom
         Tel: 01928 790 098
         Fax: 01928 790 254


OLDBURY RECYCLING: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Creditors of Oldbury Recycling Limited confirmed on Sept. 21 the
appointment of Roderick Graham Butcher of Butcher Woods as the
company's Liquidator.

Headquartered in Oldbury, U.K., Oldbury Recycling Limited
recycles aggregate waste.


OLIVER CHARLES: Brings In Liquidators from Line Henry
-----------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Oliver Charles Ltd. (t/a Ian Whittle) on
Sept. 22 for the creditors' voluntary winding-up procedure.

Headquartered in Altrincham, U.K., Oliver Charles Ltd. is a
menswear retailer.


POSITIVE IMAGES: Appoints Solomon Cohen as Liquidator
-----------------------------------------------------
Solomon Cohen was appointed Liquidator of Positive Images (U.K.)
Limited (formerly Sarachem Limited) on Sept. 20 for the
creditors' voluntary winding-up procedure.

Headquartered in Richmond, U.K., Positive Images (U.K.) Limited
-- http://www.positive-images.co.uk/-- is a photographic studio
and processing laboratory.


POWER GROUP: Claims Filing Period Ends Nov. 10
----------------------------------------------
Creditors of Power Group Limited (formerly Aarco 158 Limited)
have until Nov. 10 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 D.
Bailey and G. N. Lee at:

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

Headquartered in Neston, U.K., Power Group Limited provides non-
domestic ventilation services.


PUMA SECURITY: Hires Liquidators from Begbies Traynor
-----------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed Joint Liquidators of Puma
Security (U.K.) Limited on Sept. 21 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Puma Security (U.K.) Limited
         Basement Offices
         10 - 12 Church Square
         Leighton Buzzard
         Bedfordshire LU7 1AE
         Tel: (01525) 852550 / 374016
         Mobile: 07949 268217
         Fax: 01525 852106
         Web: http://www.pumasecurity.com/


RAISBECK AND REASON: Creditors' Claims Due Oct. 18
--------------------------------------------------
Creditors of Raisbeck and Reason Limited have until Oct. 18 to
send in their names and addresses, particulars of their debts or
claims, and the names and addresses of their Solicitors (if
any), to appointed Liquidator Duncan Roderick Morris at:

         The Till Morris Partnership
         2 Church Street
         Warwick CV34 4AB
         United Kingdom

Headquartered in Cheltenham, U.K., Raisbeck and Reason Limited
designs and retails furniture.


RANK GROUP: Cancels One Million Shares in Buy Back Program
----------------------------------------------------------
The Rank Group Plc purchased 1,000,000 Ordinary shares of 10
pence in the Company for cancellation at an average price of
231.56125 pence per share.

                      About Rank Group

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

                        *     *     *

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

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

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


REFCO INC: Settlement with Creditors Worries Administrator
----------------------------------------------------------
Marc Kirschner -- the court-appointed administrator of Refco
Capital Markets, Refco Inc.'s unit in Bermuda -- is worried that
a US$10 million lawsuit filed by a group of online foreign
exchange traders would crumble the firm's multibillion-dollar
settlement with creditors, Dow Jones Newswires reports.

Dow Jones underscores that the traders are retail clients of
Refco who have been pushed aside by bigger entities in a battle
to retrieve assets lost in Refco's collapse in 2005.

Under the Chapter 11 plan Refco filed in September, foreign
exchange client would get just 26 cents of every dollar they're
owed, Dow Jones says.

The traders demanded in their lawsuit the return of US$10.6
million, Dow Jones notes.  They also sought for a court order
that would designate US$83 million in assets held by Refco
Capital Markets as their property.

According to Dow Jones, Mr. Kirschner requested US Bankruptcy
Judge Robert Drain to set an accelerated trial schedule, which
would resolve the lawsuit by Oct. 31.

Dow Jones emphasizes that Refco Capital Markets, which holds at
least US$2.4 billion in cash and other assets, reached a
settlement with creditors in September.

Mr. Kirschner said in a court document that the settlement with
creditors could fail unless his request is granted.

Paul J. Battista, the legal representative of the foreign
exchange traders, told Dow Jones that the judge denied the
schedule request and instead set a trial for the traders'
lawsuit on Dec. 12.

The clients said in the court document that Mr. Kirschner's
request for a rapid trial was outrageous and unreasonable.

Mr. Kirschner's assertion that the entire settlement will fail
is nothing but a "red herring", Dow Jones states, citing the
clients.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO INC: Chapter 7 Trustee Wants to Pay Net Equity Claims
-----------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation
of Refco, LLC's estate, reports that customers filed
approximately US$367,000,000 in "net equity" claims pursuant to
Section 766(h) of the Bankruptcy Code against Refco LLC's estate
by the July 17, 2006, bar date.  Mr. Togut's review of other
proofs of claim also indicates that another US$10,000,000 in
claims possibly may be entitled to treatment as customer net
equity claims.

Mr. Togut believes that roughly US$377,000,000 in claims might
arguably be entitled to priority treatment as customer "net
equity" claims.

The Refco LLC Trustee, his counsel, and his financial advisors
have conducted a preliminary review of each of the Customer
Claims, and initially have determined that a handful of Customer
Claims seeking in the aggregate less than US$50,000 are valid
claims entitled to priority pursuant to Section 766(h) and,
therefore, should be allowed as filed.

The Refco LLC Trustee's initial review also indicates that the
remainder of the Customer Claims may be invalid, overstated or
not entitled to priority pursuant to Section 766(h), and in any
event require further review and analysis.

By this motion, Mr. Togut seeks the Court's authority to make
distributions on account of the Undisputed Priority Customer
Claims, and any Disputed Priority Customer Claim if and to the
extent any Disputed Claim is allowed in the future by a final
and non-appealable court order.

While distributions in Chapter 7 cases typically occur after
filing and approval of the trustee's final report under Section
704(a)(9), courts often authorize interim distributions in
appropriate circumstances, Vincent E. Lazar, Esq., at Jenner &
Block, LLP, in Chicago, Illinois, relates.  Mr. Lazar points
Judge Drain to these cases:

   * In re Harbor Fin. Group, Inc., 303 B.R. 124, 129-30 (Bankr.
     N.D. Tex. 2003) (authorizing interim pro rata distributions
     on unsecured claims);

   * In re Griffin Trading Co., 270 BR. 883, 904 (Bankr. N.D.
     Ill. 2001) (authorizing interim pro rata distributions on
     timely filed unsecured customer and non-customer claims),
     aff'd, 270 B.R. 905 (N.D. Ill. 2001);

   * In re Energy Coop., Inc., 173 B.R. 363, 372 (N.D. Ill.
     1994) (authorizing interim pro rata distributions on
     unsecured claims);

   * In re LAN Assoc. XI, L.P., 192 F.3d 109, 113 (3rd Cir.
     1999) (noting that the bankruptcy court had authorized
     interim distributions); and

   * In re Columbia Ribbon & Carbon Mfg. Co., Inc., 54 B.R. 714,
     716 n.4, 720 (Bankr. S.D.N.Y. 1985) (acknowledging that
     interim distributions may be made).

Mr. Lazar also tells the Court that the Bankruptcy Code and
Commodity Futures Trading Commission regulations applicable to
the Subchapter IV proceeding expressly contemplate an immediate
distribution to customers on account of customer net equity
claims if there are sufficient funds to pay the claims.

Mr. Lazar assures the Court that the proposed distributions on
account of the Undisputed Priority Customer Claims will not
prevent other claims of higher or equal priority from receiving
the full distribution to which they otherwise would be entitled
under Sections 726(a) and 766(h) if the proposed distributions
are not made.  Mr. Lazar notes that the Refco LLC Trustee holds
US$525,000,000 of "excess" funds in its customer-segregated
accounts, which is more than sufficient for the Trustee to:

   (a) pay all Undisputed Priority Customer Claims in full;

   (b) reserve payment in full for all Disputed Priority
       Customer Claims in their full face amount, including the
       Rogers Funds' claims; and

   (c) transfer funds to Refco Capital LLC to satisfy Refco
       Capital's outstanding loans to Refco LLC customers,
       aggregating US$120,539,124.

Mr. Togut believes that the Refco Capital loans would give rise
to a customer net equity claim if not satisfied.

There are no other claims with a higher priority than the
Customer Claims, other than administrative expenses under
Section 507(a)(2) that are attributable to the administration of
customer property pursuant to Section 766(h), Mr. Lazar says.
There will be sufficient customer property remaining after
payment of Undisputed Priority Customer Claims to pay allowed
administrative expenses, Mr. Lazar adds.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO INC: Albert Togut Wants to Transfer Excess Funds
------------------------------------------------------
Albert Togut, the Chapter 7 trustee for the estate of Refco LLC,
seeks the Court's authority to transfer to Refco Capital, LLC,
certain funds held as of the petition date in customer-
segregated accounts.

Refco LLC held approximately US$525,000,000 of "excess" funds in
customer-segregated accounts following consummation of the sale
of the Refco Debtors' regulated commodities trading business to
Man Financial, Inc.  Mr. Togut believes that the excess funds
constitute "customer property" to the extent any customer "net
equity" claims against Refco LLC's estate are allowed.

In the normal course of its prepetition business, Refco LLC
extended a limited amount of short-term credit to certain of its
customers, as permitted under Commodity Futures Trading
Commission regulations.  However, certain customers -- primarily
floor traders who maintained accounts at Refco LLC -- required
significant amounts of credit to meet margin calls and other
capital requirements related to trading in their accounts at the
Debtor.

To accommodate the credit needs of qualified customers, Refco
LLC arranged for certain customers to borrow funds from its
affiliate, Refco Capital, pursuant to written credit agreements.
The arrangement helped Refco LLC meet its own capital needs by
eliminating the reduction in its net capital that would have
been available to meet the CFTC's capital requirements had Refco
LLC made loans directly to the customers.

Because Refco Capital's extensions of credit materially exceeded
the roughly US$119,000,000 in "excess net capital" reported by
Refco LLC as of the end of September 30, 2005, Mr. Togut relates
that Refco LLC would have required additional operating capital
had it made significant loans directly to its customers.

Customer Loans made by Refco Capital typically were secured by
pledges to Refco Capital of the floor traders' commodity
exchange memberships and other collateral.  The repayment terms
of the Customer Loans varied from customer to customer.  In
almost all cases, the proceeds of Customer Loans were directly
credited to the applicable customer accounts maintained at Refco
LLC.

Customer Loans typically were repaid by customers using the
proceeds from trading in their accounts at Refco LLC or from
deposits made to their accounts at Refco LLC.  It facilitated
the repayment of the Customer Loans by directly transferring to
Refco Capital funds from the customers' accounts, as expressly
authorized by the Customer Credit Agreements and established by
the parties' course of dealing, without the need for any further
direction or consent of the customer.

Following public disclosure in Oct. 2005 of a US$430,000,000
receivable owed by an entity controlled by Phillip R. Bennett,
CEO and chairman of the board of directors of Refco, the CFTC
and the Chicago Mercantile Exchange contacted Refco LLC and
voiced concerns about transfers that might be made by Refco LLC
to other Refco entities from Refco LLC's customer-segregated
accounts.  Mr. Togut says the CFTC and CME's concerns were (i)
precipitated in large part by the lack of any clarity at the
time of the scope of the potential wrongdoing at Refco and
whether the wrongdoing extended to Refco LLC, and (ii) designed
to ensure that sufficient capital remained at Refco LLC for it
to honor all of its customer obligations.

In view of the CFTC and CME's concerns, Refco LLC suspended
making transfers to other Refco Entities, including Refco
Capital, until Refco LLC could receive adequate assurances from
the CFTC and CME that it could properly transfer funds to Refco
Capital.

Mr. Togut reports that from Oct. 11, 2005, through the Chapter 7
Petition Date, customers, primarily floor brokers, continued to
make deposits to their Refco LLC accounts to repay Customer
Loans that had been made to them by Refco Capital.  Refco LLC
issued customer account statements reflecting that
US$120,539,124 had been withdrawn from customer accounts for
purposes of repayment of and application to Customer Loans made
by Refco Capital.

Because of the CFTC and CME's concerns, Refco LLC did not
actually withdraw the Customer Funds from the customer-
segregated bank accounts and remit them to Refco Capital.  As a
result, the Customer Funds designated for the repayment of
Customer Loans were "trapped" in the segregated bank accounts
maintained for the benefit of Refco LLC's customers.  "Thus,
even though LLC's customer account statements reflect that
US$120,539,124 in funds were withdrawn from customer accounts to
repay Customer Loans made by Refco Capital, as of the Chapter 7
Petition Date those Customer Funds actually remained in LLC's
customer-segregated bank accounts and had not yet been remitted
to Refco Capital," Mr. Togut tells Judge Drain.

On the Chapter 7 Petition Date, all customer accounts maintained
at Refco LLC were transferred to Man in connection with the
sale.  Following the Chapter 7 Petition Date, customers
continued to make deposits to their customer accounts for
purposes of repaying the Customer, and Man Financial withdrew
funds from the applicable customer accounts for purposes of
remitting the funds to Refco Capital in repayment of Customer
Loans.  Because the CFTC and CME did not raise any issues with
respect to Man transferring funds from its customer-segregated
accounts to Refco Capital, however, those customer payments were
received by Refco Capital, Mr. Togut notes.

If the Refco LLC Trustee is not authorized to transfer the
Customer Funds to Refco Capital, Refco Capital could reverse the
provisional entries on its books and records reflecting
repayment of the Customer Loans, and then could demand repayment
of the Customer Loans from Refco LLC's customers, Vincent E.
Lazar, Esq., at Jenner & Block LLP, in Chicago, Illinois, points
out.  Refco Capital further could assert claims or causes of
action directly against Refco LLC's estate for turnover of the
Customer Funds.

Man could also assert claims against Refco LLC's estate if the
business sold to Man were to be negatively impacted by a failure
of Refco LLC's estate to remit Customer Funds withdrawn from
customer accounts to repay Customer Loans, and the failure
resulted in claims asserted by or against customers whose
accounts had been sold to Man, Mr. Lazar says.

The proposed fund transfer will not prejudice Refco LLC
customers that assert priority customer "net equity" claims
pursuant to Section 766(h) of the Bankruptcy Code, Mr. Lazar
assures the Court.  Mr. Lazar explains that the US$525,000,000
in excess funds held in Refco LLC's customer-segregated accounts
as of the Petition Date substantially exceeds the roughly
US$377,000,000 in customer claims filed in Refco LLC's case that
either specifically allege or arguably may be entitled to be
treated as customer "net equity" claims.  The Refco LLC Trustee
will still hold sufficient proceeds of funds previously held in
Refco LLC's customer-segregated accounts to satisfy in full any
priority customer net equity claims that are determined to be
valid, Mr. Lazar says.

                      About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


SANYO ELECTRIC: Mulls Further Job Cuts Under Restructuring Plan
---------------------------------------------------------------
Sanyo Electric Company plans to cut another 500 to 1,000 jobs,
in line with its restructuring plan, Reuters reports, citing The
Sankei Daily.

The electronics maker has already trimmed 15% of its workforce,
on top of factory closures and streamlining of loss-making
operations, Reuters says.

A company spokesman told The Sankei that the company did not
have specific plans to further reduce its work force even though
the number of employees could fall naturally through retirements
and resignations.  He added that the company would announce any
additional restructuring schemes it draws up, but no time frame
has been set for any such plans.

Sanyo posted a large loss for the year ended in March because of
restructuring costs, asset write-downs and sluggish sales,
Reuters relates.   The company is also struggling to maintain
its hold in the battery market from competition such as
Matsushita Electric Industrial Co. and Sony Corp., who plan to
penetrate the lucrative market.

Meanwhile, the company is seeking to have its stock delisted
from the Sapporo Securities Exchange, the Nagoya Stock Exchange
and the Fukuoka Stock Exchange due to sluggish trading in its
shares, the Troubled Company Reporter - Asia Pacific reported on
September 1, 2006.

At about the same time, it will withdraw its American Depositary
Receipts from the United States' Nasdaq market while continuing
to have its shares traded on the Tokyo Stock Exchange and the
Osaka Securities Exchange, the TCR-AP added.  The company
expects the delisting to be completed by the end of the year.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

As reported in the Troubled Company Reporter - Asia Pacific on
May 25, 2006 Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on Sanyo Electric Co. Limited.  At the same time,
the ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


SECUNDA INT'L: Extends Tender Offer Expiration Until Oct. 12
------------------------------------------------------------
Secunda International Ltd. disclosed that its pending tender
offer and consent solicitation for any and all of its US$125.0
million Senior Secured Floating Rate Notes due 2012 (CUSIP No.
81370FAB4) under the Offer to Purchase and Consent Solicitation
Statement of the company dated June 27, 2006, as amended and
supplemented by the Offer to Purchase and Consent Solicitation
Statement Supplement of the company dated Aug. 14, 2006, has
been extended to 5:00 p.m., New York City time, on Oct. 12.

The expiration time for the Tender Offer was previuosly set for
Oct. 3, 2006, at 5:00 p.m., New York City time.  The settlement
date for the tender offer will be promptly disclosed after the
expiration time and is expected to be the business day following
the expiration time.  In addition, the company may, in its sole
discretion, purchase any Notes that have been tendered (and not
validly withdrawn) at any time on or after Oct. 4, 2006, until
the expiration time.  The company is extending the tender offer
to accommodate the schedule for the company's pending financing.

As previously reported, 100.0% of the Notes were tendered prior
to the early tender time, which was 5:00 p.m., New York City
time on Aug. 25, 2006.  After receiving the approval of the
holders of at least a majority of the outstanding principal
amount of Notes, the company executed the supplemental indenture
to effect the proposed amendments to the Indenture governing the
Notes.  However, the supplemental indenture will become
operative only upon its purchase, pursuant to the Tender Offer,
of more than a majority in principal amount of the outstanding
Notes.  The proposed amendments to be effected by the
supplemental indenture, among other things, eliminate
substantially all of the restrictive covenants and certain
events of default in the indenture governing the Notes.  Notes
tendered prior to the early tender time may no longer be
withdrawn and consents delivered prior to the early tender time
may no longer be revoked.  Except for the extension of the
expiration time and the inclusion of the company's option to
purchase Notes on the early settlement date, all other terms and
conditions of the tender offer remain unchanged.

Holders who tendered (and did not validly withdraw) their Notes
prior to the early tender time will be entitled to receive the
total consideration of US$1,045 per US$1,000 principal amount of
the Notes on the applicable settlement date.  The total
consideration includes an early tender payment of US$30 per
US$1,000 principal amount of Notes.  In addition, holders who
validly tendered and did not validly withdraw Notes will be paid
accrued and unpaid interest, if any, from the last interest
payment date up to, but not including, the applicable settlement
date for the Notes accepted for purchase.

The tender offer is subject to the satisfaction of certain
conditions, including the receipt of tenders from holders of a
majority in principal amount of the outstanding Notes, entering
into a new credit facility or another financing vehicle that
provides the company with sufficient cash to fund the tender
offer, the successful pricing of the initial public offering of
the company's common shares in Canada, and satisfaction of
customary conditions.

Additional information concerning the tender offer may be
obtained by contacting:

          Banc of America Securities LLC
          High Yield Special Products
          Tel: (704) 388-4813 (collect)
               (888) 292-0070 (U.S. toll-free)

Headquartered in Nova Scotia, Secunda International Ltd.
-- http://www.secunda.com/-- is a wholly owned Canadian vessel
owner/operator with locations in the UK and Barbados.  Secunda
is the leading supplier of marine support services to oil and
gas companies in one of the world's harshest marine environments
-- off the East Coast of Canada.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
June 30, 2006, Standard & Poor's Ratings Services held its 'B-'
long-term corporate credit and senior secured debt ratings on
offshore support vessel provider Secunda International Inc. on
CreditWatch with positive implications, where they were placed
Sept. 29, 2005.


SHREWSBURY MEDICAL: Lloyd Biscoe Leads Liquidation Procedure
------------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Shrewsbury Medical Limited (formerly Primeground Limited) on
Sept. 14 for the creditors' voluntary winding-up procedure.

Headquartered in Shrewsbury, U.K., Shrewsbury Medical Limited --
http://www.shrewsburymedical.com/-- manufactures electrotherapy
equipment.


SPIRIT AEROSYSTEMS: Inks Distribution Agreement with Aviall
-----------------------------------------------------------
Spirit AeroSystems Inc. has entered into an agreement with
Aviall Services Inc. of Dallas, Texas, for international parts
distribution.  The contract covers all markets outside the
United States and Canada.

Under the terms of the agreement, Aviall will be responsible for
sales, marketing, forecasting and planning in support of Spirit
and its customers inside Aviall's coverage area.

Spirit designs and builds assemblies and components for
commercial aircraft, including the 737 fuselage, as well as
thrust reversers and nacelles for a number of Boeing models.

"The selection of Aviall to represent our products to
international customers was a natural," said Carolyn Harms,
Spirit AeroSystems Vice President and General Manager,
Aftermarket and Customer Support.  "Their distribution network
spans the breadth and depth of the marketplace, using a
combination of top-notch people, locations, inventory holdings
and technological competency to deliver the highest levels of
customer service."

As previously reported in TCR-Europe on Sept. 22,
The Boeing Company has concluded its purchase of Aviall Inc.
Aviall supports Boeing's strategy of providing a wide array of
value-added products and services that helps commercial and
military customers operate more efficiently.

Boeing has purchased Aviall for US$48 per share or US$1.7
billion, plus the assumption of debt, net of cash existing on
Aviall's balance sheet, of US$448 million.

                        About Aviall

Headquartered in Dallas, U.S.A., with customer service centers
located in North America, Europe and Asia, Aviall Inc.
(NYSE:AVL) -- http://www.aviall.com/-- is the world's largest
independent provider of new aviation parts and related
aftermarket services.

Aviall markets and distributes products for approximately 220
manufacturers and offers approximately 700,000 catalog items.
Aviall also offers a full line of aviation batteries, hoses,
wheels and brakes, and paint services.

                      About Spirit Aero

Headquartered in Wichita, Kansas, Spirit AeroSystems Inc. --
http://www.spiritaero.com/-- supplies commercial airplane
assemblies and components to The Boeing Company, Airbus and
Raytheon.  In addition to its Wichita facility, the company has
operations in Tulsa, Okla., McAlester, Okla., Prestwick,
Scotland and Samlesbury, England.

                        *     *     *

As previously reported in the Troubled Company Reported on
Oct. 3., In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology, the rating agency revised its Ba3
Corporate Family Rating for Spirit Aerosystems Inc. to B1.
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
   ----------           -------  -------  ------   ----------
   Sr. Secured
   Revolving Credit
   Facility due 2010      Ba3      Ba3     LGD3       31%

   Sr. Secured Term
   Loan B due 2011        Ba3      Ba3     LGD3       31%

In September 2006, Standard & Poor's Ratings Services assigned
its 'BB+' bank loan rating and '1' recovery rating, indicating
high expectations of full recovery of principal in the event of
a payment default, to Spirit AeroSystems Inc.'s
(BB-/Watch Pos/--) proposed, amended and restated US$983 million
bank financing.  These ratings are not on CreditWatch.


STRAND OVERSEAS: Creditors' Meeting Slated for October 11
---------------------------------------------------------
Creditors of Strand Overseas Holdings Limited (Company Number
03230254) will meet at 11:00 a.m. on Oct. 11 at:

         KPMG LLP
         8 Salisbury Square
         London EC4Y 8BB
         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:

         J. B. Moriarty and B. Nimmo
         Joint Administrative Receivers
         KPMG LLP
         PO Box 695
         8 Salisbury Square
         London EC4Y 8BB
         United Kingdom
         Tel: (020) 7311 1000
         Fax: (020) 7311 3311

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.


SUTTON STAFF: Names Liquidators from Wilson Field
-------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of Sutton Staff Agency Limited on Sept. 22 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Sutton Staff Agency Limited
         86 Burgoyne Road
         Sheffield
         South Yorkshire S6 3QB
         United Kingdom
         Business Directory
         Tel: 0114 281 3550
         Fax: 0114 281 3181


TIMKEN CO: Invests Over US$12 Mil. for New Tech Center in AZ
------------------------------------------------------------
The Timken Company is continuing to expand its capabilities for
the aerospace aftermarket with an investment of more than US$12
million for a new technology center in Mesa, Arizona.  The new
facility, which will include manufacturing and engineering
functions, more than doubles the capacity of Timken's previous
aftermarket operation in Gilbert, Arizona, which will be vacated
over the next several months.

The 85,000 sq. ft. manufacturing and technology center provides
critical new space for integrating Timken's specialized
engineering, manufacturing, reconditioning and service functions
for components and systems used for aviation maintenance, repair
and overhaul.  Parts Manufacturer Approval from the Federal
Aviation Administration covers many of these products.

"This vertical integration will help Timken strengthen its
position as a leading provider of PMA and repair/overhauled
parts and components," said Barry Stonehouse, general manager,
Timken aerospace aftermarket solutions. "It will increase our
ability to develop innovative solutions for worldwide aviation
customers through a broader selection of complex products,
integrated sub-systems and services."

The new Timken facility brings together, in one site, all the
key capabilities to support aerospace aftermarket customers.
The site will be a global product center for the application,
design and manufacturing process engineering for aerospace
aftermarket products.  The site will also house a broad range of
capabilities related to production, quality control, sales and
customer service.  It also will include overhaul and repair of
parts under FAA repair station authority (FAA repair station
VOTR933Y).  Other activities centered there will include the
stocking and distribution of components, transmissions and
engines, as well as helicopter airframes required to support the
U.S. Foreign Military Sales program.

The Timken facility joins a number of prominent aerospace
companies, including Boeing, Lockheed Martin and MD Helicopter,
already situated in the industrial district adjacent to Falcon
Field in Mesa.

The Timken aerospace aftermarket solutions group is a supplier
of direct replacement parts for gas turbine engines, components
and systems used in the aviation industry.  With principal
facilities in Mesa, Arizona, and Los Alamitos, California,
Timken continues to expand its in-house aerospace manufacturing
and repair capabilities, while increasing the scope of its
aircraft platform support.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The Company has
operations in 27 countries and employs 27,000 employees.

                           *     *     *

The Company's 7.16% Medium-Term Notes, Series A due 2027 carry
Moody's Investors Service's Ba1 rating.


TOWER DEVELOPMENTS: Hires D. R. Acland to Liquidate Assets
----------------------------------------------------------
D. R. Acland of Begbies Traynor was appointed Liquidator of
Tower Developments Limited on Sept. 21 for the creditors'
voluntary winding-up procedure.

Headquartered in Blackpool, U.K., Tower Developments Limited
provides general construction and engineering services.


VISTEON CORP: Production Concerns Cue Moody's to Review Ratings
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Visteon Corp.
under review for possible downgrade.  The action reflects
concern on the extent which lower North American production
volumes from Visteon's largest customer, Ford Motor Co., may
have on the company's performance and capital requirements in
2007 and afterwards.  Moody's also affirmed Visteon's
Speculative Grade Liquidity rating at SGL-3, representing
adequate liquidity over the coming year.

Ratings under review:

Visteon Corporation

    * Corporate Family rating, B2

    * Probability of default ratings, B2

    * Senior Secured Bank term loan, Ba2, LGD2, 22%

    * Senior Unsecured Notes, Caa1, LGD6, 91%

    * Shelf filings for unsecured, subordinated,
      and preferred; (P)Caa1, LGD6, 91%; (P)Caa1, LGD6, 97%; and

    * (P)Caa1, LGD6, 97% respectively

Visteon Capital

    * Trust preferred shelf, (P)Caa1, LGD6, 97%

Ratings affirmed:

    * Speculative Grade Liquidity, SGL-3

The last rating action was on Sept. 22 when ratings were revised
upon the implementation of Moody's Loss Given Default
methodology.

Ford's announced production cutbacks in North America for the
fourth quarter are approximately 21%.  In response, Visteon has
taken some initial actions to address those lower volumes and
mix changes.  In September, Ford announced the broad terms of
its accelerated Way Forward program.  This will involve many
steps; among which will be closure of certain plants to reduce
its North American capacity.

Moody's concern focuses on what the impact which potentially
lower Ford volumes in 2007 and beyond may have on Visteon's
financial performance, and any accelerated or additional
restructuring, which may be required in response to Ford's
September announcements beyond those identified at the time of
the 2005 Automotive Component Holdings agreement.

While Ford North America is a smaller percentage of Visteon's
revenues than prior to the 2005 ACH transaction, and was always
planned to become a smaller portion, the slope of that descent
may have steepened.  Given the level of fixed costs incumbent in
the industry and a supplier's sensitivity to changes in through-
put, expectations on Visteon's prospective performance and
capital requirements need to be reassessed.

In affirming the SGL-3 Speculative Grade Liquidity rating,
Moody's noted that Visteon retains approximately US$836 million
of balance sheet cash and US$553 million of combined unused
availability under its domestic revolving credit facility and
European securitization program (pro forma for US$97 million of
letter of credit issuance and initial borrowings of US$25
million under the domestic facility announced in August), which
will provide some degree of flexibility over the coming year.
Moreover, Visteon has access to a Ford funded escrow account to
cover the bulk of restructuring actions flowing from the ACH
agreement.  In addition, Ford has agreed to share on a 50-50
basis with Visteon the costs of certain restructuring actions.

Consequently, the review will analyze the net effect of any Ford
volume and mix assumptions and incremental Visteon management
plans, if any, to accelerate or supplement the company's
existing restructuring plans in response to changes in Ford
assumptions.  The review will also concentrate on the effect
those changes may have on Visteon's earnings, cash flows,
related coverage ratios and liquidity profile.

Visteon Corp., headquartered in Van Buren Township, MI, is a
global automotive supplier that designs, engineers and
manufactures climate control, interior, electronic and lighting
products for vehicle manufacturers and provides a range of
products and services to aftermarket customers.  The company has
more than 170 facilities in 24 countries and employs 49,000
people.


WATERSIDE RESTAURANTS: Joint Liquidators Take Over Operations
-------------------------------------------------------------
Creditors of Waterside Restaurants Limited (t/a Paris) confirmed
Sept. 11 the appointment of Nigel Price and Mark Elijah Thomas
Bowen of Moore Stephens LLP as the company's Joint Liquidators.

The company can be reached at:

         Waterside Restaurants Limited
         The Mailbox 61 63
         Wharfside Street
         Birmingham
         West Midlands B1 1XL
         United Kingdom
         Tel: 0121 632 1000


WBM RESTORATION: Calls In Liquidator from Butcher Woods
-------------------------------------------------------
Creditors of WBM Restoration Limited confirmed Sept. 22 the
appointment of Roderick Graham Butcher of Butcher Woods as the
company's Liquidator.

The company can be reached at:

         WBM Restoration Limited
         Unit 26
         Cobbett Road
         Zone 1
         Burntwood Business Park
         Burntwood
         Staffordshire WS7 3GL
         United Kingdom
         Tel: 01543 279444


WILSON SIGNS: Appoints Joint Liquidators to Wind Up Business
------------------------------------------------------------
John W. Lewis and Terry C. Evans, of J W Lewis Insolvency
Services Ltd. was appointed Liquidator of Wilson Signs (Bristol)
Ltd. on Sept. 20 for the creditors' voluntary winding-up
procedure.

Headquartered in Bristol, U.K., Wilson Signs (Bristol) Ltd. --
http://www.wilsonsigns.co.uk/-- manufactures vinyl graphics,
aluminum extrusions, shop fronts, and exhibition graphics.


WORLD GAMING: Directors Say Technical Default Possible
------------------------------------------------------
The Board of Directors of World Gaming plc disclosed that having
reviewed the Company's debt facilities agreement, the Directors
believe it may be in technical default of its loan conditions
due to a material adverse change in the circumstances of the
business, arising from proposed changes in legislation in the
United States.

The Company continues to operate at the current time and is in
discussion with its lenders.

                          Legislation

On Sept. 29 2006, the U.S. Congress passed legislation entitled
the Unlawful Internet Enforcement Act of 2006 that seeks to
prohibit the processing and acceptance of financial transactions
in connection with certain types of Internet gambling.  The
Legislation remains to be signed by the President of the United
States.

The Company's Board says it is not aware of the enactment date
of the Legislation but once enacted the Legislation may have a
material adverse impact respecting ongoing operations.  The
Group is monitoring the situation closely and is seeking legal
advice regarding the impact of the Legislation.

In addition, as a result of the passing of the Legislation, the
Boards of World Gaming and Sportingbet have discontinued
discussions in respect of Sportingbet making an all share offer
of certain of its shares for those of World Gaming.

World Gaming plc -- http://www.worldgaming.com/-- is a UK-based
holding company whose subsidiaries participate in Internet
gaming software licensing and operations.  The World Gaming
Group is an international developer, licensor, and provider of
online gaming products, including casino, sportsbook, and pari-
mutuel betting.

World Gaming's Ordinary Shares are traded on the London Stock
Exchange, Alternative Investment Market under the symbol WGP and
the Over The Counter Bulletin Board market in the U.S. under
symbol WGMGY.


* BOOK REVIEW: The Failure of The Franklin National Bank:
               Challenge to the International Banking System
------------------------------------------------------------
Author:     Joan E. Spero
Publisher:  Beard Books
Paperback:  235 Pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1893122344/internetbankrupt

In 1974 the international financial system faced its most
serious crisis since the 1930s.  The stresses and shocks of that
year, including the failure of the Franklin National Bank, led
to a crisis of confidence that brought the International banking
system dangerously close to disaster.  Franklin's failure forced
United States and foreign regulatory authorities to devise new
ways to avert an international banking crisis, and served as a
catalyst for later efforts to bring international banking under
public management.

The author's case study, first published in 1979 when events
were very fresh, examines the failure of the Franklin -- once
the twentieth largest bank in the United States -- within the
context of the bank crisis.  Franklin's collapse was both cause
and effect; changes in banking regulation and practice
contributed to the bank's problems, while its collapse forced
bank regulators and policymakers to address the new
international nature of banking and to cooperate in addressing
dramatic changes in international financial markets, and,
hopefully, avoiding a repeat of the crisis.

The book begins by reviewing the economic and political factors
that led to the internalization of American banks, as many banks
became multinational corporations.  This phenomenon surged
during the 1960s and 1970s, carrying the Franklin (which even
acquired a foreign owner, Italian financier Michele Sindona)
with it.  The work then examines the extent to which the
Franklin's demise was caused by its international activities
and, in turn, the manner in which Franklin's insolvency
threatened the international banking system.

After analyzing the crisis's antecedents, the book moves to a
discussion of United States regulatory responses to control it,
and explains how American authorities were forced to take
innovative steps to manage the international dimensions of the
Franklin crisis.  Those steps included a massive Federal Reserve
loan and the use of that loan to cover foreign branch outflows,
assistance in managing foreign exchange operations and the
eventual purchase of Franklin's foreign exchange book, and the
FDIC sale.

Not even those bold regulatory approaches sufficed to stem the
crisis, however, United States regulators were obliged to seek
assistance from other nations' financial authorities.  The
cooperative approach not only prevented the crisis from
devolving into a crash, but also laid groundwork for increased
cooperation in the future.  This achievement, the author
concludes, was the lasting (and beneficial) effect of the
failure of the Franklin National Bank.

The Franklin Episode, thus, revealed both the weaknesses and the
strengths of the United States' regulatory system as it applies
to international banking.

                           *********

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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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