TCREUR_Public/061009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, October 9, 2006, Vol. 7, No. 200

                            Headlines


A U S T R I A

ADIA: Property Manager Declares Insufficient Assets
ALL-TRUCK: Korneuburg Court Orders Business Shutdown
FABSITS & PARTNER: Claims Registration Ends October 24
HFP LLC: Creditors' Meeting Slated for October 18
KEA AUTOMATION: Creditors' Meeting Slated for October 10

LOOK EVENTMANAGEMENT: Vienna Court Orders Closing of Business
O-KONSULT: Claims Registration Period Ends October 25
RASCHIGER: Vienna Court Orders Business Shutdown
VIPRO: Claims Registration Period Ends October 23
WEST-OST-CONSULTING: Creditors' Meeting Slated for October 19


B E L G I U M

ARMSTRONG WORLD: Bankruptcy Exit Cues S&P to Lift Rating to BB


B U L G A R I A

* Moody's Withdraws B1 Rating on City of Varna


D E N M A R K

TDC A/S: Secures Statoil Thru New Electronic ID Cards


F R A N C E

NEWARK GROUP: Moody's Assigns Loss-Given-Default Ratings
SPANSION LLC: Moody's Cuts Rating on US$250-Mln Note to Caa1


G E R M A N Y

AKKORD BAUGESELLSCHAFT: Claims Registration Ends October 19
ALIXPARTNERS LLP: S&P Rates US$435 Million Sr. Facility at BB-
COGNIS GMBH: Fitch Places Issuer Default Rating at B
ELEKTRO-HANSEL: Claims Registration Ends October 18
GEISTERT GERUESTBAULOGISTIK: Creditors' Meeting Set for Oct. 20

GERHARD SCHAFER: Claims Registration Ends October 19
HANSEATISCHE FOOD: Claims Registration Ends October 18
JAN LEIN: Claims Registration Ends October 16
LANDESBANK BERLIN: Sells 10% Stake to DekaBank Deutsche
MACDERMID INC: Purchase Offer Prompts Moody's to Revise Outlook

MACDERMID INC: Stock Purchase Proposal Cues S&P's Negative Watch
METTERNICH VERWALTUNG: Creditors' Meeting Slated for October 20
RMH POLYMERS: Claims Registration Ends October 17
TEPPICHFUCHS NEURUPPIN: Claims Registration Ends October 18
VOLKSWAGEN AG: Acquires 15.6% Stake in MAN to Secure Interest

WILHELM KUEPPER: Claims Registration Ends October 17


I R E L A N D

ELAN CORP: Health Canada Approves Tysabri for MS Treatment
NOMOS CAPITAL: Parent Begins Road Show of Proposed Eurobonds


I T A L Y

LUMENIS LTD: Equity Firms to Buy 75% Stake for US$120 Million
MACDERMID INC: Purchase Offer Prompts Moody's to Revise Outlook
MACDERMID INC: Stock Purchase Proposal Cues S&P's Negative Watch
PHARMANET DEVELOPMENT: Obtains Credit Waiver Through Oct. 15
PHARMANET DEVELOPMENT: S&P Affirms B+ Corporate Credit Rating

PHARMANET DEVELOPMENT: Names P. Tombros & R. Classon to Board


K A Z A K H S T A N

AS SANTECHSERVICE: Creditors Must File Claims by Nov. 5
DJANAUR: Mangistau Court Opens Bankruptcy Proceedings
KARTEPLOENERGO: Karaganda Court Starts Bankruptcy Procedure
KYZYLJAR EIMARAT: Proof of Claim Deadline Slated for Nov. 3
MATTECHSNAB: Almaty Court Begins Bankruptcy Proceeedings

SHORE: Aktube Court Commences Bankruptcy Proceedings
TELETRADE & K: Almaty Court Starts Bankruptcy Procedure
TORGOVYI DOM: Claims Registration Ends Nov. 3
VOLVOX INVTST: Creditors' Claims Due Nov. 3


K Y R G Y Z S T A N

INSAN-DAEWOO: Proof of Claim Deadline Slated for Nov. 19


L U X E M B O U R G


KAZANORGSINTEZ S.A.: Fitch Assigns B Rating on US$200-Mln Notes
KAZANORGSINTEZ S.A.: S&P Rates Participation Notes at B-


N E T H E R L A N D S

KONINKLIJKE AHOLD: Tony Vendrig Heads Albert Heijn's Supply Unit


N O R W A Y

AKER KVAERNER: Inks US$70 Million Pulping Contract in Japan


P O L A N D

PHARMANET DEVELOPMENT: Obtains Credit Waiver Through Oct. 15
PHARMANET DEVELOPMENT: S&P Affirms B+ Corporate Credit Rating
PHARMANET DEVELOPMENT: Names P. Tombros & R. Classon to Board


R U S S I A

ALATYRSKIY FEED: Court Starts Bankruptcy Supervision Procedure
ALKEEVSKIY FEED: Court Names S. Lashkin as Insolvency Manager
ANUCHINSKAYA: Court Names D. Prilipko as Insolvency Manager
BERDSKIY MECHANICAL: N. Klimovich to Manage Insolvency Assets
CONFECTIONARY PREMYERA: Court Names I. Glazkova to Manage Assets

GAZPROM OAO: Inks Deal to Develop Business with Repsol YPF
GOODS-210: Bankruptcy Hearing Slated for Nov. 30
KAZANORGSINTEZ S.A.: Fitch Assigns B Rating on US$200-Mln Notes
KAZANORGSINTEZ S.A.: S&P Rates Proposed Notes at B-
KEMEROVSKAYA POULTRY: V. Bakulin to Manage Insolvency Assets

KHABAROVSKIY: Court Names A. Mikhaylovskiy as Insolvency Manager
KRASNOUFIMSKIY ELEVATOR: Court Starts Bankruptcy Supervision
MDM BANK: Issues RUR6 Billion Notes via Public Placement
MIKHAYLOVSKOYE MILK: D. Prilipko to Manage Assets
NOMOS BANK: Begins International Road Show of Proposed Eurobonds

PROMSVYAZBANK JSCB: Loans EUR3.8 Million to Banco Bilbao
ROSNEFT OAO: Earns US$1.95 Billion for First Half 2006
TNK-BP: President Denies Talks on Share Sale
TOBOLSKIY: Court Names V. Vinogradov as Insolvency Manager
TRANS-SEA-PRODUCT: Court Starts Reorganization Process

UDMURTSKAYA DIARY: Court Names A. Karelin as Insolvency Manager
VNESHTORGBANK JSC: Plans 2007 IPO at London Stock Exchange
ZUDOVSKIY FLAX: Court Names O. Sysoeva as Insolvency Manager


S P A I N

NEWARK GROUP: Moody's Assigns Loss-Given-Default Ratings


S W E D E N

ARMSTRONG WORLD: Bankruptcy Exit Cues S&P to Lift Rating to BB


U K R A I N E

BILD: Creditors Must File Claims by October 14
CHERNIGIV-ENERGO: Court Names Sergij Gorbach as Liquidator
MZK-INVEST: Court Names Andrij Nadlonok as Insolvency Manager
PETRIVKA KROHMAL-MOLASSES: Court Starts Bankruptcy Supervision
TNK-BP: President Denies Talks on Share Sale

UKRPOSTACHPRESA: Odessa Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

5 STAR: Moore Stephens Selling Car Cleaner
ABITIBI-CONSOLIDATED: Moody's Assigns Loss-Given-Default Ratings
AMERICAN AXLE: Attrition Program Spurs Moody's to Review Ratings
AVOCA CLO: S&P Assigns B Rating on EUR10 Million Notes
BIG LUKES: Appoints Joint Administrators from Tait Walker

BROOKS WHITE: Hires Grant Thornton as Joint Administrators
DALWOOD DRIVEWAYS: Names Andrew David Rosler as Administrator
DELMARK ENGINEERING: Brings In Menzies to Administer Assets
DIRECT 4 CARS: Taps BDO Stoy as Administrators
EPSOM SHIPPING: Appoints Menzies as Joint Administrators

FTI CONSULTING: Closes Offer to Buy FD Int'l. for US$260-Mln
GEMINI CONTRACTS: Brings In Begbies Traynor to Administer Assets
HWA HARDWARE: Names Administrators from KPMG
INCO LTD: CVRD Obtains European Clearance for Inco Offer
ISIS HEATING: Appoints Peter Edwards to Administer Assets

JTMB REALISATIONS: Hires DTE Leonard Curtis as Administrators
MOORSWATER LIMITED: Taps Administrators from Hurst Morrison
N COURLANDER: Appoints Kikis Kallis as Administrator
R.A. GANDER: Brings In Administrators from Smith & Williamson
SEACOR HOLDINGS: Moody's Assigns Loss-Given-Default Ratings

VNESHTORGBANK JSC: Plans 2007 IPO at London Stock Exchange

* AlixPartners Poll Says Restructurings to Hike in 18 Months

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


ADIA: Property Manager Declares Insufficient Assets
---------------------------------------------------
Dr. Helmut Platzgummer, the court-appointed property manager for
LLC Adia (FN 206023a), declared Aug. 30 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 2 (Bankr. Case No. 4 S 123/06z).  Wolfgang Leitner
represents Dr. Platzgummer in the bankruptcy proceedings.

The property manager and his representative can be reached at:

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


ALL-TRUCK: Korneuburg Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Korneuburg entered an order Aug. 30 shutting
down the business of LLC All-Truck (FN 221651h).  Court-
appointed property manager Brigitte Stampfer determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 01/877 33 30
         Fax: 01/877 33 30 33
         E-mail: ra-stampfer@utanet.at

Headquartered in Himberg bei Wien, Austria, the Debtor declared
bankruptcy on March 20 (Bankr. Case No. 36 S 35/06y).


FABSITS & PARTNER: Claims Registration Ends October 24
------------------------------------------------------
Creditors owed money by LLC Fabsits & Partner (FN 229350f) have
until Oct. 24 to file written proofs of claims to court-
appointed property manager Rainer Boehm at:

         Dr. Rainer Boehm
         c/o Dr. Georg Ch. Auteried
         Altgasse 21
         1130 Vienna, Austria
         Tel: 876 47 980
         Fax: 876 47 98 21
         E-mail: office@auteried.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 7 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 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 30 (Bankr. Case No. 4 S 130/06d).  Georg Ch. Auteried
represents Dr. Boehm in the bankruptcy proceedings.


HFP LLC: Creditors' Meeting Slated for October 18
-------------------------------------------------
Creditors owed money by LLC HFP (FN 207036s) are encouraged to
attend the creditors' meeting at 10:15 a.m. on Oct. 18 to
consider the final decision and allocation.

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 Dec. 13, 2005 (Bankr. Case No. 4 S 146/05f).  Eberhard
Wallentin serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

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


KEA AUTOMATION: Creditors' Meeting Slated for October 10
--------------------------------------------------------
Creditors owed money by LLC KEA Automation (FN 236330w) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Oct. 10 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Wolfsberg, Austria, the Debtor declared
bankruptcy on Aug. 30 (Bankr. Case No. 40 S 68/06z).  Gerhard
Brandl serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Gerhard Brandl
         Kardinalschuett 7
         9020 Klagenfurt, Austria
         Tel: 0463/ 55 5 77
         Fax: 0463/50 21 91
         E-mail: insolvenzverwatlung@kanzlei-brandl.at


LOOK EVENTMANAGEMENT: Vienna Court Orders Closing of Business
-------------------------------------------------------------
The Trade Court of Vienna entered an order Aug. 29 closing the
business of LLC Look Eventmanagement (FN 78297v).  Court-
appointed property manager Hannelore Pitzal determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager and his representative can be reached at:

         Dr. Hannelore Pitzal
         c/o Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna, Austria
         Tel: 587 31 11
         Fax: 587 87 50-50
         E-mail: office@heller-pitzal.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 2 (Bankr. Case No. 3 S 108/06m).  Wolfgang Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


O-KONSULT: Claims Registration Period Ends October 25
-----------------------------------------------------
Creditors owed money by LLC O-Konsult (FN 219953k) have until
Oct. 25 to file written proofs of claims to court-appointed
property manager Clemens Krabatsch at:

         Mag. Clemens Krabatsch
         Hafergasse 7
         4600 Wels, Austria
         Tel: 07242/35264
         Fax: 07242/35264-14
         E-mail: kanzlei.krabatsch@merlin.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 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 Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Road 12
         Wels, Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Aug. 30 (Bankr. Case No. 20 S 105/06a).


RASCHIGER: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered an order Aug. 29 shutting down
the business of LLC Raschiger (FN 252677i).  Court-appointed
property manager Norbert Schopf determined that the continuing
operation of the business would reduce the value of the estate.

The property manager and his representative can be reached at:

         Dr. Norbert Schopf
         c/o Dr. Peter Zens
         Reichsratsstrasse 7
         1010 Vienna, Austria
         Tel: 534 90-0
         E-mail: office@leonlaw.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 29 (Bankr. Case No. 2 S 106/06k).  Peter Zens represents
Dr. Schopf in the bankruptcy proceedings.


VIPRO: Claims Registration Period Ends October 23
-------------------------------------------------
Creditors owed money by LLC Vipro (FN 221871g) have until
Oct. 23 to file written proofs of claims to court-appointed
property manager Hans Georg Popp at:

         Mag. Hans Georg Popp
         Bahnhofstrasse 22/1
         8112 Gratwein, Austria
         Tel: 03124/55077
         Fax: 03124/55077-4
         E-mail: popp.ra@magnet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:45 p.m. on Nov. 9 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Gratkorn, Austria, the Debtor declared
bankruptcy on Aug. 30 (Bankr. Case No. 25 S 73/06g).  The
Debtor's manager, Harald Hoynck, and the firm Petsch, Frosch &
Klein represent the Debtor in the bankruptcy proceedings.


WEST-OST-CONSULTING: Creditors' Meeting Slated for October 19
-------------------------------------------------------------
Creditors owed money by LLC West-Ost-Consulting (FN 136421w) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Oct. 19 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Perchtoldsdorf, Austria, the Debtor declared
bankruptcy on Aug. 30 (Bankr. Case No. 10 S 74/06w).  Hans Peter
Kandler serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr Hans Peter Kandler
         Stojanstr. 43
         2344 Maria Enzersdorf
         Gebirge, Austria
         Tel: 02236/25138-40
         Fax: 02236/25138-30
         E-mail: rechtsanwalt@hpkandler.at


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


ARMSTRONG WORLD: Bankruptcy Exit Cues S&P to Lift Rating to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the building products company's emergence from
bankruptcy on Oct. 2.  The outlook is stable.

The 'BB' senior secured bank loan rating and the '2' recovery
rating on Armstrong's proposed US$1.1 billion senior secured
bank facility are affirmed.  The bank loan rating was assigned
on Sept. 28 based on the assumption that Armstrong would exit
bankruptcy as well as satisfy other conditions.

"Significant liquidity and a reasonable capital structure should
give Armstrong time to continue addressing the cost and demand
challenges it faces in a number of businesses," said Standard &
Poor's credit analyst John Kennedy.

"We expect the company to remain free cash flow positive and
sufficiently profitable to maintain the ratings.  We could
revise the outlook to negative if Armstrong's weak flooring
products and cabinet businesses continue to further compress
overall margins and dampen cash.  We could revise the outlook to
positive if the company is able to significantly improve its
performance in these business units, increase its cash flow, and
reduce debt levels beyond our current expectations."

Lancaster, Pa.-based Armstrong has leading positions in ceiling
systems and vinyl and wood flooring; a fair balance between
residential and commercial end markets and between new
construction and remodeling activities; and adequate liquidity
upon emergence from bankruptcy.


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


* Moody's Withdraws B1 Rating on City of Varna
----------------------------------------------
Moody's withdrew the foreign currency issuer rating of B1
assigned to the City of Varna (Bulgaria).

Moody's has withdrawn the rating for business reasons.


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


TDC A/S: Secures Statoil Thru New Electronic ID Cards
-----------------------------------------------------
TDC A/S and Statoil ASA entered into an agreement on supply and
operation of a new safety solution.  With the agreement,
Statoil's 22,000 employees will get new electronic ID cards with
the size of credit cards.

The card provides fast and easy access to Statoil's IT systems
when inserted into a card reader.  The card also works as
admission card to Statoil's physical premises.

Statoil introduces the Smart card solution to increase safety
and minimize the use of passwords.  The combi-nation of the card
as a personal object and something the user must remember makes
it more complicated for unauthorized people to unintendedly
access Statoil's IT systems.

"The consequences of a hacker attacking shutting down the system
for just one day, is far more expensive than the price for
implementing this system.  It is therefore a good solution, both
in relation to safety and finances," Rune Boes Hald,
infrastructure coordinator at Statoil disclosed.

"The Statoil agreement is very satisfactory to us.  We keep
developing our experiences and competencies achieved after three
years with Digital Signature in Denmark.  The agreement is also
important to us and our endeavors to become a significant player
in the Nordic market for supply and operation of safety
solutions," Klaus Pedersen, director at TDC Business disclosed.

The project has already been launched. Tests will be initiated
on January 2007, involving the end-users.  The solution will
pass to operation on April 2007.

                            About TDC

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

                        *     *     *

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

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

EMTN bonds rated BB-:

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


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


NEWARK GROUP: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector, the
rating agency confirmed its B2 Corporate Family Rating for
Newark Group, Inc.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given- default
ratings on these debts:

                                             Projected
                    Old POD New POD  LGD     Loss-Given
   Debt Issue       Rating  Rating   Rating  Default
   ----------       ------  ------   ------  -------
   US$150 million
   Revolving
   Credit Facility  B1      Ba2      LGD2     16%

   US$175 million
   9.75% Subordinated
   Notes            Caa1    Caa1      LGD5     79%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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%).

The Newark Group -- http://www.newarkgroup.com/-- is an
integrated global producer of 100% recycled paperboard and
paperboard products with significant manufacturing and marketing
operations in North America and Europe.  The company operates in
three segments-Paperboard, Converted Products and International-
and categorize its products into five product lines: Recovered
Paper, 100% Recycled Paperboard, Laminated Products and
Graphicboard, Tube, Core and Allied Products, and Solidboard
Packaging Products.  In Europe, the company has converting
plants in Spain, Germany, The Netherlands, and France.


SPANSION LLC: Moody's Cuts Rating on US$250-Mln Note to Caa1
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Spansion
LLC's proposed US$400 million senior secured term loan while
affirming the B3 corporate family rating.  The rating on the
company's US$250 million senior unsecured note due 2016 was
lowered to Caa1, reflecting the insertion of secured debt into
the capital structure.

The ratings reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of B3, and a loss
given default of LGD2 for the new bank facility which has first
priority lien on all domestic assets and stock pledge of all
domestic subsidiaries and 65% of foreign subsidiaries (excluding
Spansion Japan), as well as a second lien on domestic accounts
receivables.  The rating outlook is stable.

Spansion's B3 corporate family rating reflects:

   -- the high degree of business risk inherent to the
      capital intensive, volatile, and technologically
      evolving flash memory market;

   -- the strong exposure to the cell phone market which
      makes it vulnerable to changes in demand as well
      as component pricing, although unit and bit demand
      remain strong and blended average selling prices
      are relatively stable;

   -- its fairly limited financial flexibility although
      near term flexibility will be supported by the
      proceeds from the US$400 million term loan;

   -- Spansion's limited ability to weather sustained
      market weakness or technological or
      manufacturing missteps; and

   -- the significantly larger financial resources and
      business diversity of some of its key competitors.

The rating also considers:

   -- Spansion's strong position in the NOR flash memory
      market, although this traditional, US$8 billion
      market directed primarily at the cell phone and
      embedded end markets is mature and slow growing;

   -- Spansion's proprietary flash architecture
      called MirrorBit, which effectively doubles the density
      of each memory cell, gaining increased market
      acceptance as electronic devices require greater
      data density at lower cost per bit;

   -- strong customer relationships among a range of end
      market customers including all of the top
      cell phone, consumer electronics, and
     automotive OEM's; and

   -- the company's success so far operating as a stand
      alone entity and in successfully migrating its
      business operations from former parent AMD.

Ratings/assessments assigned:

    * US$400 million senior secured term loan due 2012
      at Ba3 (LGD2, 23%)

Ratings/assessments lowered;

    * US$250 million senior unsecured note due 2015
      to Caa1 (LGD4, 65%) from B2 LGD3, 43%);

Ratings/assessments affirmed:

    * Corporate family rating B3;
    * Probability-of-default rating B3; and
    * Speculative Grade Liquidity rating SGL-2.

Spansion Technology Inc., headquartered in Sunnyvale,
California, and parent of Spansion LLC, is a leading provider of
flash memory semiconductors that's after its initial public
offering in December 2005, is owned approximately 38% by
Advanced Micro Devices and 25% by Fujitsu Limited.


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


AKKORD BAUGESELLSCHAFT: Claims Registration Ends October 19
-----------------------------------------------------------
Creditors of AKKORD Baugesellschaft mbH have until Oct. 19 to
register their claims with court-appointed provisional
administrator Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against AKKORD Baugesellschaft mbH on Aug. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         AKKORD Baugesellschaft mbH
         Attn: Oemer Karakurt, Manager
         Woehlerstrasse 25
         22113 Hamburg, Germany

The administrator can be contacted at:

         Dr. Gideon Boehm
         Bachstrasse 85a
         22083 Hamburg, Germany
         Tel: 040/3208360
         Fax: 040/32083636


ALIXPARTNERS LLP: S&P Rates US$435 Million Sr. Facility at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating and stable outlook to Southfield, Michigan-based
business consulting firm AlixPartners LLP.

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating and recovery rating of '3' to AlixPartners' US$435
million senior secured credit facility, indicating an
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.  The credit facility consists of a
US$50 million revolving credit facility due 2012 and a US$385
million term loan B due 2013.

Proceeds of the transaction will be used to finance the
acquisition of a majority interest in AlixPartners by Hellman &
Friedman LLC.  Pro forma for the transaction, total debt
outstanding was US$385 million as of July 31, 2006.

"The ratings reflect AlixPartners' dependence on highly mobile
senior consulting professionals, the competitive market for
consulting services, and some business cycle exposure,
especially as the company gains scale," said Standard & Poor's
credit analyst Andy Liu.

These factors are only partially offset by the company's
somewhat flexible cost structure, strong margins, and potential
for good discretionary cash flow.

AlixPartners specializes in corporate turnaround and
restructuring, financial advisory, performance improvement, case
management, and IT transformation.

Founded in 1981, AlixPartners LLP --
http://www.alixpartners.com/-- is a leading international
business consulting and advisory firm, offering the following
five areas of consulting services financial advisory;
performance improvement; turnaround and restructuring; case
management; and information technology.  The company has offices
in Germany, Japan and the United States.


COGNIS GMBH: Fitch Places Issuer Default Rating at B
----------------------------------------------------
Fitch Ratings placed Germany-based Cognis GmbH an Issuer Default
rating of B with Stable Outlook.

At the same time, Fitch has assigned ratings of BB/RR1 to the
senior secured facilities and B-/RR5 to the second lien
facilities issued by Cognis Deutschland GmbH & Co.KG and its
local subsidiaries.

It has also assigned ratings of CCC+/RR6 to the senior unsecured
debt issued by Cognis GmbH and CCC/RR6 to the payment-in-kind
notes issued by Cognis Holding GmbH.  The ratings apply to
EUR1.744 billion cash-pay debt and EUR592 million PIK notes.

The IDR reflects Cognis's global leading position in care
chemicals and nutrition and health, which together represent
approximately 50% of its sales.  The rating also takes into
account the company's stabilizing operating performance in its
remaining business segments.

The rating is constrained by Cognis's high financial leverage as
a result of the recapitalization in 2004, a lack of EBITDA
improvement since then and higher cash interest costs.  These
have constrained the company's cash flow and delayed its de-
leveraging during the last two years.

As of June 2006, Cognis generated operating cash flow of
approximately EUR248 million, which corresponds to a relatively
weak debt service coverage ratio of 2.3x.  The company has
manageable capital expenditure requirements and historically,
its working capital requirements have not resulted in material
cash outflows.

Fitch understands that Cognis's restructuring is not expected to
result in any material outflows in the medium term.  However,
its cash flow generation is relatively weak and would need to
improve substantially before a positive rating action on the IDR
can be considered.

Nonetheless, Cognis's liquidity is ensured by a EUR250 million
revolving credit facility, of which EUR47 million was drawn at
H106 under issued letters of credit and anciliary facilities.
As of June 2006 cash-on-balance sheet was EUR139 million.
Furthermore, the company has only a modest amount of debt
amortizing over the next three years.  The liquidity profile
supports the B rating.

At June 2006, LTM interest coverage was 2.2x and total cash-pay
leverage was 4.7x.  For the full year 2006, Fitch expects a
slight improvement in Cognis's leverage as a result of
stabilizing-to-improving EBITDA, although no material debt pay-
down is expected.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,000
people, and it operates production sites and service centers in
30 countries.  Cognis generated revenues of EUR1.7 billion and
EBITDA of EUR214 million in H106.


ELEKTRO-HANSEL: Claims Registration Ends October 18
---------------------------------------------------
Creditors of Elektro-Hansel GmbH have until Oct. 18 to register
their claims with court-appointed provisional administrator
Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Nov. 15 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Leipzig, Germany

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

The District Court of Leipzig opened bankruptcy proceedings
against Elektro-Hansel GmbH on Aug. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Elektro-Hansel GmbH
         Attn: Joachim Hansel, Manager
         Hohe Str. 11
         04668 Grimma, Germany

The administrator can be contacted at:

         Dr. Juergen Wallner
         Karl-Heine-Road 25b
         04229 Leipzig, Germany


GEISTERT GERUESTBAULOGISTIK: Creditors' Meeting Set for Oct. 20
---------------------------------------------------------------
The court-appointed provisional administrator for Geistert
Geruestbaulogistik Montage GmbH, Helmut Schmitz, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 10:00 a.m. on Oct. 20.

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

         The District Court of Duisburg
         Area C207
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Nov. 17, at the same
venue.

Creditors have until Oct. 18 to register their claims with the
court-appointed provisional administrator.

The District Court of Duisburg opened bankruptcy proceedings
Geistert Geruestbaulogistik Montage GmbH on Aug. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Geistert Geruestbaulogistik Montage GmbH
         Nienhaushof 29
         47139 Duisburg, Germany

         Attn: Siegfried Geistert, Manager
         Kantstr. 2 B
         63533 Mainhausen, Germany

The administrator can be reached at:

         Dr. Helmut Schmitz
         Flohbusch 1
         47802 Krefeld, Germany


GERHARD SCHAFER: Claims Registration Ends October 19
----------------------------------------------------
Creditors of Gerhard Schafer Autostereo-Autoelektrik GmbH have
until Oct. 19 to register their claims with court-appointed
provisional administrator Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Limburg
         Room D 221
         Walderdorffstrasse 12
         65549 Limburg, 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 Limburg opened bankruptcy proceedings
against Gerhard Schafer Autostereo-Autoelektrik GmbH on Aug. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gerhard Schafer Autostereo-Autoelektrik GmbH
         Westerwaldstr. 62
         65549 Limburg, Germany

         Attn: Thomas Zahn, Manager
         Torstr. 19
         56414 Dreikirchen, Germany

The administrator can be contacted at:

         Jens Fahnster
         Koelnstr. 135
         53757 Sankt Augustin-Hangelar, Germany
         Tel: 02241/9060-0
         Fax: 02241/9060-90
         E-mail: kanzlei@kalker-fahnster.de


HANSEATISCHE FOOD: Claims Registration Ends October 18
------------------------------------------------------
Creditors of Hanseatische Food, Service & Catering GmbH have
until Oct. 18 to register their claims with court-appointed
provisional administrator Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Hanseatische Food, Service & Catering GmbH on Aug. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hanseatische Food, Service & Catering GmbH
         Attn: Rojas Zamudio, Manager
         Friedensallee 7-9
         22765 Hamburg, Germany

The administrator can be contacted at:

         Joachim Buettner
         Osdorfer Highway 230
         22549 Hamburg, Germany
         Tel: 8078810
         Fax: 807881-20


JAN LEIN: Claims Registration Ends October 16
---------------------------------------------
Creditors of Jan Lein Fleischservice GmbH & Co. KG 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 9:05 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 Fleischservice GmbH & Co. KG on Aug. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Jan Lein Fleischservice GmbH & Co. KG
         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


LANDESBANK BERLIN: Sells 10% Stake to DekaBank Deutsche
-------------------------------------------------------
DekaBank Deutsche Girozentrale bought a 10% stake in Landesbank
Berlin Holding AG in behalf of Sparkassen-Finanzgruppe and the
German savings banks association from state-owned lender,
Norddeutsche Landesbank Girozentrale, Bloomberg reports.

According to the report, the purchase is made in preparation for
Landesbank's sale on 2007.  The amount paid was not disclosed.

Landesbank Berline agreed to sell its Berliner Bank unit to
Deutsche Bank AG for EUR681 million in June.  According to
Bloomberg, the European Union ruled that the bank must be broken
up and sold by the end of 2007 as a condition from approving the
city's bailout.

Headquartered in Berlin, Germany, Landesbank Berlin AG --
http://www.lbb.de/landesbank/-- comprises the banking
operations of Landesbank Berlin Holding AG.  On a group basis,
first half 2006 earnings reached EUR121 million and total assets
were reported at EUR140 billion.

On Aug. 29, Landesbank Berlin changed its name from
Bankgesselschaft Berlin AG.  It is 81% owned by the city of
Berlin.  Gothaer Versicherungsbank VvaG owns 2% and the
remaining 7% is being traded publicly.

                           *    *    *

As reported in TCE-Europe on Sept. 12, Moody's Investors Service
affirmed the D+ financial strength rating and A1/P-1 short- and
long-term ratings of Landesbank Berlin AG.  The subordinated A2
rating and the Aa3 ratings for backed securities were affirmed.

Moody's has also withdrawn the A2/P-1/E+ ratings for the former
Bankgesellschaft Berlin as the issuer has been reorganized.  The
unguaranteed obligations of the former BGB have been assumed by
LBB and have been upgraded to A1 on a long-term senior basis.
The outlook on all LBB ratings is stable.

On Aug. 31, Fitch Ratings affirmed and withdrew Bankgesellschaft
Berlin's ratings at Issuer Default BBB+ with Evolving Outlook,
Short-term F2, Support 2 and Individual C/D.

At the same time, Fitch assigned Landesbank Berlin AG an
Individual rating of C/D.  The other ratings are affirmed at
Issuer Default BBB+ with Evolving Outlook, Short-term F2 and
Support 2, as are LBB's guaranteed obligations at Long-term AAA.
LBB's public sector Pfandbriefe are rated AAA.


MACDERMID INC: Purchase Offer Prompts Moody's to Revise Outlook
---------------------------------------------------------------
Moody's Investors Service revised the ratings outlook for
MacDermid, Incorporated to developing from stable following the
announcement by the company that it had received a proposal
letter from Daniel H. Leever, its chairman and chief executive
officer, and Court Square Capital Partners to purchase all of
its outstanding common stock for US$32.50 per share.
MacDermid's board of directors has formed a special committee of
its outside  directors to consider the proposed management
buyout and the  Company's response to it.  This committee will
retain both  financial and legal advisors and could evaluate
other strategic options or additional offers for the company.

Ratings for the issuer are:

Corporate family rating - Ba2

   * US$301.5 million 9.125% Guaranteed Senior Subordinated
     Notes due 2011 -- Ba3

Moody's will monitor developments on this proposal and any other
potential strategic options that may arise to determine the
credit impact for the company.  To the extent the current
proposal is to proceed as planned there are likely to be
negative ratings implications given the significant amount of
additional debt contemplated.  Moody's notes the existing
revolving credit facility and the notes due 2011 benefit from a
change of control provision and may be refinanced upon the
completion of an acquisition by a third party.

MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer
of a broad line of chemicals and related equipment for a range
of applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.


MACDERMID INC: Stock Purchase Proposal Cues S&P's Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings on
MacDermid Inc., including its 'BB+' corporate credit rating, on
CreditWatch with negative implications.

The CreditWatch listing follows the announcement that MacDermid
received a proposal letter from Daniel H. Leever, its chairman
and chief executive officer, and Court Square Capital Partners
to purchase all of its outstanding common stock at US$32.50 per
share.  A special committee of the company's outside directors
will consider the offer.

"The bid as currently structured would result in a significant
erosion of credit quality," said Standard & Poor's credit
analyst Cynthia Werneth.

If the transaction is consummated, MacDermid's debt could
increase to roughly US$900 million from approximately US$300
million at June 30, 2006, before a moderate amount of leases and
postretirement obligations.

The CreditWatch listing will be resolved after details of the
financing plan are known and Standard & Poor's has met with
management to assess its business and financial strategies in
view of the potentially highly leveraged capital structure.

MacDermid Inc. -- http://www.macdermid.com/-- manufactures a
broad line of chemicals and related equipment for a range of
applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.


METTERNICH VERWALTUNG: Creditors' Meeting Slated for October 20
---------------------------------------------------------------
The court-appointed provisional administrator for Metternich
Verwaltung-GmbH, Eberhard Stock, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:41 a.m. on Oct. 20.

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

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor
         Nordwall 131
         47798 Krefeld, Germany

The Court will also verify the claims set out in the
administrator's report at 10:03 a.m. on Nov. 17, at the same
venue.

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

The District Court of Krefeld opened bankruptcy proceedings
Metternich Verwaltung-GmbH on Aug. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Metternich Verwaltung-GmbH
         Muelhauser Str. 111
         47906 Kempen, Germany

         Attn: Wilhelm Metternich, Manager
         Muelhauser Way 3
         47906 Kempen, Germany

The administrator can be reached at:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld, Germany


RMH POLYMERS: Claims Registration Ends October 17
-------------------------------------------------
Creditors of RMH Polymers Loesungen mit Polymeren GmbH & Co. KG
i.L. have until Oct. 17 to register their claims with court-
appointed provisional administrator Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, Germany

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against RMH Polymers Loesungen mit Polymeren GmbH &
Co. KG i.L. on Aug. 18.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         RMH Polymers Loesungen mit Polymeren GmbH & Co. KG i.L.
         Attn: Martin-Stephan Nakel, Liquidator
         Haupttor -- Bau 4301
         06237 Leuna, Germany

The administrator can be contacted at:

         Dr. Guenter Trutnau
         Paulinerweg 27
         D-04299 Leipzig, Germany
         Tel: 0341/868370
         Fax: 0341/8683737


TEPPICHFUCHS NEURUPPIN: Claims Registration Ends October 18
-----------------------------------------------------------
Creditors of Teppichfuchs Neuruppin Handels GmbH have until
Oct. 18 to register their claims with court-appointed
provisional administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Neuruppin
         Hall 325
         Karl Marx Road 18a
         16816 Neuruppin, 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 Neuruppin opened bankruptcy proceedings
against Teppichfuchs Neuruppin Handels GmbH on Aug. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Teppichfuchs Neuruppin Handels GmbH
         Attn: Ingo Heidemann, Manager
         Junckerstr. 26
         16816 Neuruppin, Germany

The administrator can be contacted at:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin, Germany


VOLKSWAGEN AG: Acquires 15.6% Stake in MAN to Secure Interest
-------------------------------------------------------------
Volkswagen AG acquired Oct. 3 a 15.6% stake in MAN AG to secure
its strategic interest in the truck sector and should make
possible a friendly and jointly developed solution.

The company disclosed that its approach is not intended in any
way to be hostile and it does not intend to fully takeover MAN.
In the light of indications in the market of a hostile takeover
attempt of MAN by third parties, this investment in MAN is
essential to secure Volkswagen's interests.

"Volkswagen has an industrial interest in the truck business,
which is already underpinned by our investments in Scania, our
Brazilian truck operations and our light truck activities.  It
is Volkswagen's clear objective not only to guard these
interests, but also to strengthen the potential," Bernd
Pischetsrieder, Volkswagen's chairman of the board of management
disclosed.

The carmaker rejected Sept. 18 MAN's EUR9.6 billion offer for
Scania, expressing it did not address Volkswagen's "industrial
interest" in Scania, Chad Thomas of Bloomberg reported.

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

                        *    *    *

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

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

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


WILHELM KUEPPER: Claims Registration Ends October 17
----------------------------------------------------
Creditors of Wilhelm Kuepper & Co. GmbH have until Oct. 17 to
register their claims with court-appointed provisional
administrator Axel Fohrmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Duisburg
         Area C205
         2nd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against Wilhelm Kuepper & Co. GmbH on Aug. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Wilhelm Kuepper & Co. GmbH
         Friedhofstrasse 23
         45478 Muelheim, Germany

         Attn: Jochen Leyendecker, Manager
         Oststrasse 16
         45468 Muelheim an der Ruhr, Germany

The administrator can be contacted at:

         Dr. Axel Fohrmann
         Grossenbaumer Road 93
         45481 Muelheim an der Ruhr, Germany


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


ELAN CORP: Health Canada Approves Tysabri for MS Treatment
----------------------------------------------------------
Biogen Idec Canada and Elan Corp. plc report that following a
priority review process, Health Canada has granted approval to
TYSABRI(TM) (natalizumab) for the treatment of relapsing-
remitting multiple sclerosis (MS).

TYSABRI is the first in a new therapeutic class of MS treatments
(called selective adhesion molecule inhibitors) and has been
shown to significantly reduce the rate of MS relapses as well as
the progression of disability associated with the illness.

"TYSABRI has demonstrated a major reduction in relapses -- by
more than two-thirds -- in clinical trials," said Dr. Paul
O'Connor, AFFIRM Principal Investigator and Chief of Division of
Neurology, St Michael's Hospital, Toronto. "Clinical trials that
have looked at TYSABRI provide us with impressive evidence that
it is a highly effective treatment for patients with MS."

A two-year, randomized, multi-centre, placebo-controlled,
double-blind study (called AFFIRM) enrolled 942 patients and
evaluated the effect of TYSABRI on the rate of clinical relapses
and the progression of disability.  The results found that
TYSABRI reduced the rate of clinical relapses by 68 per cent
relative to placebo (p less than 0.001), and the risk of
sustained disability progression associated with MS by 42 per
cent relative to placebo (p less than 0.001).  Treatment with
TYSABRI also resulted in sustained and statistically significant
reductions in brain lesion activity as measured by magnetic
resonance imaging (MRI) scans.

In Canada, TYSABRI is indicated as monotherapy (i.e. single
disease-modifying agent for the treatment of patients with the
relapsing-remitting form of MS to reduce the frequency of
clinical relapses, to delay the progression of disability and to
decrease the number and volume of active brain lesions
identified on magnetic resonance imaging (MRI) scans.  TYSABRI
is administered once every four weeks by intravenous infusion.

"TYSABRI's administration every four weeks also offers an
additional benefit compared to the currently available MS
therapies, some of which are injected as often as daily," said
Mr. O'Connor.

MS attacks the protective myelin covering of the central nervous
system, causing inflammation and often destroying the myelin in
patches. In its most common form, relapsing-remitting MS, the
illness is characterized as having well defined attacks followed
by complete or partial recovery.(6) Relapsing-remitting MS makes
up 75% of all MS cases in Canada.(7)

TYSABRI works by preventing the body's affected immune cells
from migrating from the bloodstream into the brain where they
can cause inflammation and potentially damage nerve fibers and
their insulation.

"Canada has one of the highest rates of MS in the world.(9) The
approval of TYSABRI represents an important step forward for
Canadians living with this disease," said Deanna Groetzinger,
vice president of government relations and policy at the
Multiple Sclerosis Society of Canada. "We are pleased there is
another approved treatment option for Canadians with relapsing-
remitting MS."

Paulette O'Leary, 36, has been living with MS for over half of
her life. At one point a relapse left her without the use of her
legs and numbness across the left side of her body. After other
therapy options failed to help her, O'Leary opted to travel to
the United States to receive TYSABRI treatments when it was
approved by the Food and Drug Administration (FDA) in the US.

"My particular experience with MS was really terrible. The
illness hit me very hard, and I went from my normal, everyday
life, to feeling awful physically and emotionally. After one
relapse I was left in a wheelchair," said Ms. O'Leary.  "I
eventually recovered, but did not escape some permanent residual
disability. I tried several other therapies, but when I was on
TYSABRI the results were quite impressive. For the first time in
a long time, I could walk, I could do the things that I love to
do -- I could actually live my life again."

            Independent Safety Evaluation Published

Biogen Idec and Elan Corporation, plc voluntarily suspended
TYSABRI from the U.S. market and from all clinical trials in
2005.  This was based on three cases of progressive multifocal
leukoencephalopathy (PML).

A comprehensive, independent safety evaluation of more than
3,000 patients treated with TYSABRI was completed.

The detailed safety analysis of the data yielded no new
confirmed cases of PML beyond the three previously reported. The
results of this safety evaluation were published in the March
2006 issue of the New England Journal of Medicine.

"The safety data analysis that was carried by an independent
panel of experts is reassuring. And getting an understanding of
the benefit-risk profile of TYSABRI is an important step towards
bringing this medicine to Canadian MS patients with confidence,"
said Dr. O'Connor.  "Any treatment decision should carefully
evaluated by patients and their physicians."

Patients who are prescribed TYSABRI should enroll in the TYSABRI
Care Program.  The program ensures that appropriate physicians
and infusion centres are able to prescribe or infuse the
product.  The TYSABRI Care Program is a comprehensive program
that will support the safe and effective use of TYSABRI by
physicians and patients on an ongoing basis. It will optimize
treatment through improved compliance, will standardize infusion
treatment at clinics, will support safety through rigorous
education and on-going surveillance, and, through support in
areas like reimbursement and patient support, will ease the
administrative burden of physicians and patients, allowing
patients and their treatment team to focus on treating the
illness.

                AFFIRM and SENTINEL Phase III
               Study Design and Adverse Events

AFFIRM is a two-year, randomized, multi-center, placebo-
controlled, double-blind study of 942 patients conducted in 99
sites worldwide (including ten sites in Canada with 101 MS
patients), evaluating the effect of TYSABRI on the progression
of disability as measured by at least a one-point increase on
the Expanded Disability Status Scale (EDSS) sustained for three
months, and the rate of clinical relapses. Progression of
disability is a sustained change that has a long-term impact on
a patient's functional and ambulatory performance. Patients in
AFFIRM were randomized to receive either a 300 mg IV infusion
dose of TYSABRI (n=627) or placebo (n=315) every four weeks.

SENTINEL is a two-year, randomized, multi-center, placebo-
controlled, double-blind study of 1,171 AVONEX(R)-treated
patients in 123 clinical trial sites worldwide. AVONEX-treated
patients who continued to experience disease activity were
randomized to add TYSABRI (n=589) or placebo (n=582) to their
standard regimen.(12)

The two-year adverse event profile in AFFIRM and SENTINEL were
consistent with previously reported one-year results. Common
events included headache, fatigue, urinary tract infection,
depression, lower respiratory tract infection, limb and joint
pain, and pharyngitis.  The rate and incidence of infections in
patients treated with TYSABRI and placebo-treated patients were
similar. Serious infections occurred in 3.2 percent and 2.6
percent of patients treated with TYSABRI and placebo-treated
patients, respectively.

Use of TYSABRI has been associated with an increased risk of
progressive multifocal leukoencephalopathy (PML).  PML can cause
severe disability or death.

Cases of PML included patients who were treated with TYSABRI for
over two years or who received intermittent doses of TYSABRI
over an 18-month period. In clinical trials, two cases of PML
were observed in 1869 patients with multiple sclerosis treated
for a median of 120 weeks; the third case occurred among 1043
patients with Crohn's disease after the patient received 8
doses.  These patients were concomitantly exposed to
immunomodulators (e.g. interferon beta) or were
immunocompromised due to treatment with immunosuppressants (e.g.
azathioprine).

TYSABRI has also been associated with hypersensitivity
reactions, including serious systemic reactions that occurred at
an incidence of less than 1 percent of patients.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to Tysabri.
Total revenue decreased 31% to US$102.7 million in the first
quarter of 2005 from US$148.3 million in the first quarter of
2004.

As reported in the TCR-Europe on June 19, Moody's Investors
Service revised the outlook on the of Elan to stable
from negative.  At the same time, Moody's affirmed Elan's
ratings, including the B3 corporate family rating.

These rating actions follow the FDA decision to approve Tysabri
for resumed marketing in the U.S.  The stable outlook reflects
Moody's current assumption that with a reasonably successful
Tysabri re-launch, Elan is more likely to meet its 2008 debt
maturities with a combination of internal funds and refinancing
in the event of a shortfall.

Moody's expects that the market acceptance of Tysabri will be a
critical factor driving any future changes in Elan's credit
rating.

Ratings affirmed:

Elan Corporation, plc

   -- B3 corporate family rating

Elan Finance plc

   -- B3 fixed-rate senior notes of US$850 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

   -- B3 floating rate senior notes of US$300 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

Athena Neurosciences Finance, LLC

   -- B3 senior notes of US$613 million due 2008 (guaranteed by
      Elan Corporation, plc and subsidiaries)


NOMOS CAPITAL: Parent Begins Road Show of Proposed Eurobonds
------------------------------------------------------------
Nomos Bank commenced the road show of its US$150-million 10-year
subordinated eurobonds, Prime-Tass reports citing a source privy
to the matter.

The road show contains a series of meetings with potential
investors and brokers, conducted by the company and its
underwriter, prior to the securities offering.

Nomos started the seven-day road show in Hong Kong, and will
proceed to Singapore, Zurich and Geneva, to finish in London on
Oct. 11.

The bonds, issued by NOMOS Capital S.A. (Ireland) and arranged
by UBS, will have a fixed rate and will be redeemable in five
years.

As reported in TCR-Europe on Oct. 5, Moody's Investors Service
assigned a B1 rating to the Loan Participation Notes.  The
outlook for the rating is stable.

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

Headquartered in Moscow, Russia, Nomos-Bank --
http://ib.nomos.ru/-- provides a range of corporate and retail
banking services and engages in securities and foreign exchange
trading, trade and export credit agency finance, precious metals
operations, investment banking and leasing.  Nomos-Bank reported
total unaudited consolidated assets of RUB101.89 billion as at
June 30, 2006.

                        *     *     *

Nomos-Bank has been given a long-term rating of "B+" by Fitch
Ratings and "Ba3" by Moody's Investors Service, Inc.


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


LUMENIS LTD: Equity Firms to Buy 75% Stake for US$120 Million
-------------------------------------------------------------
Lumenis Ltd. signed a definitive Purchase Agreement with LM
Partners L.P. and Ofer Hi-Tech Group for an investment of
US$120 million in exchange for newly issued common shares.

Pursuant to the Purchase Agreement, the LM Partners and Ofer Hi-
Tech will purchase from the company for US$120 million ordinary
shares at a price per share of US$1.0722, representing
approximately a 75% interest in the company following closing.

LM Partners L.P. and Ofer Hi-Tech are private equity firms based
in Israel with several private equity investments in global
companies.

The company disclosed that as a condition to closing of the
transactions contemplated by the Purchase Agreement, it has
entered into a definitive agreement with Bank Hapoalim B.M. to
restructure its estimated US$205 million of outstanding debt.
Pursuant to the Restructuring Agreement, from the time of
closing through the end of 24 months post-closing, the principal
amount of the debt net of all post-closing loan repayments of
US$80 million and write offs of US$50 million will be
approximately US$75 million, based on the current debt level.

Upon shareholder approval, the company also disclosed that
Mr. Harel Beit-On will become its chairman of the board of
directors.  Mr. Beit-On is the former chairman and chief
executive officer of Tecnomatix, which was sold in 2005 to UGS
for US$230 million and the former chairman of ECtel during its
recovery process until the beginning of 2006.

Yoav Doppelt, Ofer Hi-Tech's chief executive officer, will join
the company's board of directors following shareholder approval.
Mr. Doppelt brings with him years of experience in the medical
device industry and will be an active director in the company's
affairs.

Under the provisions of the Companies Law, the proposed private
placement requires approval by its shareholders.  The company
intends to solicit shareholder approval at a meeting planned for
early November.  The closing of the Purchase Agreement is
subject to shareholder approval of several items to be submitted
in a proxy statement.

                      About LM Partners L.P.

LM Partners L.P. is a limited partnership formed in connection
with the private placement by the general partner, a newly
formed partnership affiliated with a Private Equity Group led by
Mr. Aharon Dovrat, his son Shlomo Dovrat, Harel Beit-On and Avi
Zeevi Beit-On.  The group, formed in 1999, is an exclusive
private investment group operating from Israel.  The group is
focused on the initiation and management of specialized private
equity and venture capital funds investing mainly in Israeli or
Israeli-related companies.  The group currently oversees the
management of approximately US$900 million in private equity
investments.  The group's investors include a range of "blue
chip" institutional and corporate investors from all over the
world.

                    About Ofer Hi-Tech Group

The Ofer Hi-Tech group (controlled by Ofer (Ship Holding) Ltd.)
was established in 1997 as a subsidiary of the Ofer Brothers
Group, one of Israel's leading industrial and commercial
conglomerates with a strong international presence, and is
beneficially held by Mr. Ehud Angel and Mr. Eyal Ofer.  The team
was assembled to support private equity investments in the
healthcare and information technology industries.  Ofer Hi-Tech
is managed by Yoav Doppelt.

LM Partners and Ofer Hi-Tech groups have joined in transactions
in the past, such as the investment in Tecnomatix Technologies
Ltd. and the ECI telecom PIPE.

                        About Lumenis Ltd.

Headquartered in Yokneam, Israel, Lumenis Ltd.
-- http://www.lumenis.com/-- is a global developer,
manufacturer and seller of laser and light- based devices for
medical, aesthetic, ophthalmic, dental and veterinary
applications.  The company offers a wide range of products along
with extensive product support systems including training,
education and service.  Lumenis invests heavily in research and
development to maintain and enhance its leading industry
position.  The company holds numerous patents worldwide on its
technologies.  Lumenis has operations in Japan, China, Hong
Kong, and Italy, among others.

                           *     *     *

As of Dec. 31, 2005, Lumenis' shareholders' equity deficit
widened to US$40,401,000 from a US$27,107,000 deficit at
Dec. 31, 2004.


MACDERMID INC: Purchase Offer Prompts Moody's to Revise Outlook
---------------------------------------------------------------
Moody's Investors Service revised the ratings outlook for
MacDermid, Incorporated to developing from stable following the
announcement by the company that it had received a proposal
letter from Daniel H. Leever, its chairman and chief executive
officer, and Court Square Capital Partners to purchase all of
its outstanding common stock for US$32.50 per share.
MacDermid's board of directors has formed a special committee of
its outside  directors to consider the proposed management
buyout and the  Company's response to it.  This committee will
retain both  financial and legal advisors and could evaluate
other strategic options or additional offers for the company.

Ratings for the issuer are:

Corporate family rating - Ba2

   * US$301.5 million 9.125% Guaranteed Senior Subordinated
     Notes due 2011 -- Ba3

Moody's will monitor developments on this proposal and any other
potential strategic options that may arise to determine the
credit impact for the company.  To the extent the current
proposal is to proceed as planned there are likely to be
negative ratings implications given the signficant amount of
additional debt contemplated.  Moody's notes the existing
revolving credit facility and the notes due 2011 benefit from a
change of control provision and may be refinanced upon the
completion of an acquisition by a third party.

MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer
of a broad line of chemicals and related equipment for a range
of applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.


MACDERMID INC: Stock Purchase Proposal Cues S&P's Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings on
MacDermid Inc., including its 'BB+' corporate credit rating, on
CreditWatch with negative implications.

The CreditWatch listing follows the announcement that MacDermid
received a proposal letter from Daniel H. Leever, its chairman
and chief executive officer, and Court Square Capital Partners
to purchase all of its outstanding common stock at US$32.50 per
share. A special committee of the company's outside directors
will consider the offer.

"The bid as currently structured would result in a significant
erosion of credit quality," said Standard & Poor's credit
analyst Cynthia Werneth.

If the transaction is consummated, MacDermid's debt could
increase to roughly US$900 million from approximately US$300
million at June 30, 2006, before a moderate amount of leases and
postretirement obligations.

The CreditWatch listing will be resolved after details of the
financing plan are known and Standard & Poor's has met with
management to assess its business and financial strategies in
view of the potentially highly leveraged capital structure.

MacDermid Inc. -- http://www.macdermid.com/-- manufactures a
broad line of chemicals and related equipment for a range of
applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.


PHARMANET DEVELOPMENT: Obtains Credit Waiver Through Oct. 15
------------------------------------------------------------
PharmaNet Development Group Inc. has obtained from its lenders a
waiver to certain covenants and terms of its Senior Secured
Credit Facility effective from Sept. 30 through Oct. 15.

PharmaNet Development, and UBS Securities LLC and its affiliate
agree to amend and waive certain sections of the Credit
Agreement to include:

   -- an extension to the expiration date of each of the waivers
      to Oct. 16;

   -- a waiver of any Default or Event of Default arising as a
      result of the Company's failure to be in compliance with
      the Total Leverage Ratio as of June 30, 2006, provided
      that the waiver expires on Oct. 16;

   -- a waiver of any Default or Event of Default arising solely
      as a result of the Company's failure to be in compliance
      with the Minimum Interest Coverage Ratio for the period
      ending on June 30, 2006;

   -- a waiver of any Default or Event of Default arising as a
      result of the Company's failure to be in compliance with
      the Minimum Fixed Charge Coverage Ratio for the period
      ending June 30, 2006;

   -- a waiver of any Default or Event of Default arising as a
      result of the Company's failure to give the Bank proper
      notice; and

   -- a consent to Anapharm's contemplated Sale and Leaseback
      Transaction with respect to its new facility located in
      Quebec City, Canada; provided that such Sale and Leaseback
      Transaction results in Net Cash Proceeds to the Company of
      not less than US$7,000,000 and a waiver of:

        (i) any required prepayment arising as a result of the
            Sale and Leaseback Transaction; and

       (ii) any Default or Event of Default arising as a result
            of the Sale and Leaseback Transaction.

The Applicable Margin rates have remained unchanged since the
time of the Third Waiver.  On Oct. 16, 2006, the Applicable
margin will be determined in accordance with the Credit
Agreement.

"The negotiation of the amendment to the credit agreement has
received the highest priority since my appointment in August,"
commented John P. Hamill, executive vice president and chief
financial officer.  "We expect to complete the amendment process
on or before October 15, 2006."

The compliance will reinstates the Company's ability to borrow
on the Credit Agreement.

A copy of the Fifth Waiver Amendment will be filed as an exhibit
to the Company's Form 10-Q for the quarter ended September 30,
2006.  Under the terms of the Fifth Waiver, as in past
amendments, the Company may not borrow further under the
facility.

                      About PharmaNet

PharmaNet Development Group, Inc. (NASDAQ: PDGI) --
http://www.pharmanet.com/--- is an international drug
development services company offering a comprehensive range of
clinical development, clinical and bioanalytical laboratory, and
consulting services to the branded pharmaceutical,
biotechnology, generic drug and medical device industries.
The company has more than 30 offices, facilities and
laboratories with more than 2,000 employees strategically
located throughout the world including the United Kingdom,
Germany, Spain, Italy, Ukraine, Russia, France, the Netherlands,
and Slovakia.


PHARMANET DEVELOPMENT: S&P Affirms B+ Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Princeton, N.J.-based contract research services provider
PharmaNet Development Group Inc., including the 'B+' corporate
credit rating. The ratings were removed from CreditWatch, where
they were placed with negative implications on May 11.  The
outlook is negative.

"The ratings affirmation reflects the progress that PharmaNet
has made in addressing the numerous operational and business
difficulties faced during the past 12 months," explained
Standard & Poor's credit analyst Alain Pelanne.  "While the
company's current financial risk profile weakened over this
period, enough cushion exists at the current rating level to
absorb the deterioration."

The removal of key uncertainties, represented by the decision to
exit Florida, the closing of the Senate Finance Committee
investigation, and the continued strength of the company's late-
stage business, have all supported PharmaNet at the existing
rating level.  However, the company will still face challenges
over the coming quarters as it attempts to restore its early-
stage testing business and the momentum that existed before
issues arose in late 2005.

The speculative-grade ratings on PharmaNet continue to reflect
the company's short record of success and its position as a
growing participant in the global market for outsourced clinical
trial services.  In addition, there remains uncertainty with
regard to a number of remaining issues, including an informal
SEC investigation, litigation, and risk to the company's
reputation.  These risks outweigh the company's moderate debt
burden, large cash balance, relatively low cost of debt, and
fairly strong cash flows.


PHARMANET DEVELOPMENT: Names P. Tombros & R. Classon to Board
-------------------------------------------------------------
PharmaNet Development Group Inc. has appointed Peter Tombros and
Rolf Classon to its Board of Directors.

"One of our priorities has been to appoint new members to the
Board," commented Jeffrey P. McMullen, president and chief
executive officer.  "In addition to their vast industry
knowledge, Peter and Rolf are team-oriented, seasoned board
members who can help guide the Company into the future with a
shared vision and commitment to employees, customers, suppliers
and shareholders."

The Board appointed Mr. Tombros to fill the vacancy created by
the resignation of one of its directors.  Mr. Tombros will serve
until the Annual Meeting of Stockholders of the Company to be
held in 2007.

Mr. Tombros is currently Professor, distinguished executive in
residence at Pennsylvania State University.  Previously, he
served as chairman and chief executive officer of VivoQuest,
Inc., a drug discovery company, from 2002 to 2005 and president
and chief executive officer of Enzon Pharmaceuticals, Inc., a
biopharmaceutical company, from 1994 to 2001.

Mr. Tombros spent much of his career at Pfizer Inc., where he
held various positions of increasing responsibility including
vice president strategic planning and vice president investor
relations from 1990 to 1994, executive vice president, Pfizer
Pharmaceuticals from 1986 to 1990, senior vice president and
general manager, Roerig Division, from 1980 to 1986, vice
president marketing of Pfizer Laboratories Division from 1975 to
1980 as well as other marketing positions within Pfizer
laboratories Division from 1968 to 1975.

"Having devoted his career to drug development, Peter's
experience in the pharmaceutical and biotechnology industries
will be an asset to the Board," commented Jack Levine, chairman.
"His knowledge, industry perspective and solid track record will
help direct PharmaNet Development Group to build upon and
execute its strategies."

On Oct. 2, upon the recommendation of the Nominating Committee,
the Board increased the size of the Board from six members to
seven members, and appointed Mr. Classon to fill the vacancy.
Mr. Classon will serve until the Annual Meeting of Stockholders
of the Company to be held in 2007.

Mr. Classon served as interim president and chief executive
officer of Hillenbrand Industries from May 2005 to March 2006 at
which time he was appointed non-executive chairman, having
previously retired as chairman, executive committee from Bayer
Healthcare in 2004.  Previously, he held the positions of
president of Bayer Diagnostics from 1995 through 2002 and
executive vice president Bayer Diagnostics from 1991 to 1995 and
in these positions orchestrated a major turnaround and
strategically strengthened the company through acquisitions and
alliances.

From 1990 to 1991, Mr. Classon was president and chief operating
officer of Pharmacia BioSystems AB and in this role implemented
a major restructuring that resulted in improved profits and
performance.  He was president Pharmacia Development Company
from 1984 to 1990 and president of Pharmacia AB Hospital
Products Division from 1981 to 1984.  Prior to joining Pharmacia
in 1981, he served in general and organizational management
roles and consulted to the pharmaceutical industry.

"Rolf has had significant success managing and improving
complex, global businesses," commented Jack Levine, chairman.
"His guidance will assist PharmaNet Development Group to grow
and expand its footprint around the world."

The Board determined that each of Mr. Tombros and Mr. Classon
has no relationship with the Company or its subsidiaries, either
directly or indirectly, that would be inconsistent with a
determination of independence under the applicable rules and
regulations of NASDAQ or the Securities and Exchange Commission.

Neither Mr. Tombros or Mr. Classon nor any member of his
immediate family has engaged, directly or indirectly, in any
transaction, or series of similar transactions, with the Company
or any of its subsidiaries since Jan. 1 in which the amount
involved exceeds US$60,000.  In addition, neither Mr. Tombros,
nor Mr. Classon has any family relationship with any executive
officer or director of the Company.

The Board is in the process of determining which Committees Mr.
Tombros and Mr. Classon will serve, if any.

Mr. Tombros and Mr. Classon will receive compensation for
serving on the Board pursuant to the Board compensation plan
that was previously disclosed in the Company's filings with the
SEC.

                    About PharmaNet

Headquartered in Princeton, New Jersey, PharmaNet Development
Group, Inc. (NASDAQ: PDGI) -- http://www.pharmanet.com/ -- is
an international drug development services company offering a
comprehensive range of clinical development, clinical and
bioanalytical laboratory, and consulting services to the branded
pharmaceutical, biotechnology, generic drug and medical device
industries.  The company has more than 30 offices, facilities
and laboratories with more than 2,000 employees strategically
located throughout the world including the United Kingdom,
Germany, Spain, Italy, Ukraine, Russia, France, the Netherlands,
and Slovakia.

                      *     *     *

On Oct. 5, Standard & Poor's Ratings Services affirmed its
ratings on Princeton, N.J.-based contract research services
provider PharmaNet Development Group Inc. (formerly known as
SFBC International Inc.), including the 'B+' corporate credit
rating.  The ratings were removed from CreditWatch, where they
were placed with negative implications on May 11.  S&P said the
outlook is negative.


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


AS SANTECHSERVICE: Creditors Must File Claims by Nov. 5
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP AS Santechservice insolvent.

Creditors have until Nov. 5 to submit written proofs of claim
to:

         LLP AS Santechservice
         Office 74, 75
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


DJANAUR: Mangistau Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region has commenced bankruptcy proceedings against LLP Djanaur
on Aug. 24.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Building of the former Kindergarten 51
         Micro District 27
         Aktau
         Kazakhstan
         Tel: 8 (3292) 41-22-37


KARTEPLOENERGO: Karaganda Court Starts Bankruptcy Procedure
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against OJSC Karaganda
Heat Energo Karteploenergo (RNN 300400210316).

OJSC Karaganda Heat Energo Karteploenergo is located at:

         Mir Ave. 74
         Karaganda
         Karaganda Region
         Kazakhstan


KYZYLJAR EIMARAT: Proof of Claim Deadline Slated for Nov. 3
-----------------------------------------------------------
LLP Kyzyljar Eimarat Kurylysy has declared insolvency.
Creditors have until Nov. 3 to submit written proofs of claim
to:

         LLP Kyzyljar Eimarat Kurylysy
         Teatralnaya Str. 47-70
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


MATTECHSNAB: Almaty Court Begins Bankruptcy Proceeedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Mattechsnab
(RNN 600800022413) on Aug. 28.


SHORE: Aktube Court Commences Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Shore.


TELETRADE & K: Almaty Court Starts Bankruptcy Procedure
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Teletrade & K
(RNN 600900560565) on Aug. 28.


TORGOVYI DOM: Claims Registration Ends Nov. 3
---------------------------------------------
LLP Trade House Boljau Torgovyi Dom Boljau has declared
insolvency.  Creditors have until Nov. 3 to submit written
proofs of claim to:

         LLP Trade House Boljau Torgovyi Dom Boljau
         North Industrial District
         Pavlodar
         Pavlodar Region
         Kazakhstan


VOLVOX INVTST: Creditors' Claims Due Nov. 3
-------------------------------------------
LLP Volvox Invtst Company has declared the insolvency of its
branch in Karaganda.   Creditors have until Nov. 3 to submit
written proofs of claim to:

         LLP Volvox Invtst Company
         Buhair Jirau Ave. 44
         Karaganda
         Karaganda Region
         Kazakhstan


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


INSAN-DAEWOO: Proof of Claim Deadline Slated for Nov. 19
--------------------------------------------------------
Joint Kyrgyz-Korean Enterprise Insan-Daewoo has declared
insolvency.  Creditors have until Nov. 19 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 67-04-53.


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


KAZANORGSINTEZ S.A.: Fitch Assigns B Rating on US$200-Mln Notes
---------------------------------------------------------------
Fitch Ratings assigned Kazanorgsintez S.A.'s proposed issue of
approximately US$150 million-US$200 million loan participation
notes an expected senior unsecured B rating.  The notes are
expected to have a maturity of up to five years.  The final
rating is contingent on receipt of final documentation
conforming to information already received.

KOS-S.A. is a public limited liability company, incorporated
under the laws of Luxembourg.  The purpose of the company is to
issue the notes and lend, under a loan agreement, the proceeds
to OJSC Kazanorgsintez, (also named Kazan Open Joint Stock
Company Organichesky Sintez), rated Issuer Default B with Stable
Outlook and Short-term B.  KOS will use the proceeds of the loan
from KOS-SA for refinancing certain debts, with no increase in
total debt expected.

The loan agreement, the trust deed and other related documents
are governed by English law.  To secure payments to noteholders,
KOS-SA will charge in favor of the trustee, by way of first
fixed charge, all rights to principal, interest and other
amounts paid by KOS and the right to receive all sums, which may
be paid by KOS under any claim, award or judgement relating to
the loan agreement.

The loan agreement contains a put event -- a one-notch downgrade
upon a change of control.  Furthermore, covenants in the loan
agreement include, among others, an equal ranking of the loan
with present or future unsecured creditors of KOS and a negative
pledge.  KOS also has a total consolidated debt-to-consolidated
EBITDA ceiling of 4:1 and a limitation on dividend distribution.
Events of default include a cross default clause with a US$20
million threshold.

KOS is one of the leading Russian petrochemical producers based
in the Republic of Tatarstan and focused on the manufacturing of
commodity chemicals such as ethylene, certain types of
polyethylene along with phenol and acetone.  In FY05 the group
achieved sales of RUR13.2 billion and EBITDA of RUR3.3 billion.


KAZANORGSINTEZ S.A.: S&P Rates Participation Notes at B-
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Luxembourg-based Kazanorgsintez S.A.'s proposed participation
notes.  The proceeds are to be transferred to Russian
petrochemical group Kazanorgsintez OJSC, based on a trust deed
and a loan agreement.

The debt rating is equalized with the corporate credit rating on
Kazanorgsintez OJSC, the borrower.  The latter does not
guarantee the debt or own the issuer, which was newly created
for the issue.  Nevertheless, Standard & Poor's expects that the
status of the issuer, the legal framework in Luxembourg, and the
trust deed will provide sufficient security for noteholders.

The issue, if successful, is expected to enable the group to
lower its overall financial interest burden and enhance its debt
amortization profile.  The interest cost is anticipated to be
lower than that of the Russian debt the group has access to.
This issue matures in full in five years or less, in contrast to
the group's bank debt, which has an amortizing profile. Proceeds
will help finance the group's significant growth capital
expenditure projects.  In light of the time-scale of these
projects, however, the maturity is somewhat short.

The ratings on Kazanorgsintez OJSC reflect the group's very
large, mostly debt-funded growth capital expenditures, exposure
to very cyclical markets, thin liquidity, and corporate
governance uncertainties.  These factors are partially offset by
a historically comfortable EBITDA margin, averaging 25% over the
past three years, thanks to cheap feedstock, favorable cycles,
good market shares for the company's main products, and fast-
growing demand for polyethylenes in Russia.

Although small within the global chemicals industry, sales of
US$470 million (80% domestic) in 2005 make the group one of the
largest Russian producers of high-density polyethylene (HDPE)
and low-density polyethylene (LDPE) -- about 60% of 2005 sales
and EBITDA -- as well as related pipes, acetone, and phenol.


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


KONINKLIJKE AHOLD: Tony Vendrig Heads Albert Heijn's Supply Unit
----------------------------------------------------------------
Koninklijke Ahold N.V. reveals that, with immediate effect, A.C.
Tony Vendrig will start his duties as Director Supply Chain and
member of the Executive Board of Albert Heijn.

He succeeds Johan Boeijenga whom Ahold has appointed CEO of
Ahold Central Europe.  In his new function, Mr. Vendrig will
report to Dick Boer, President of the Executive Board of Albert
Heijn and CEO of Ahold The Netherlands.

In his past three years with Albert Heijn, Mr. Vendrig was
Director Replenishment and member of the Management Team Supply
Chain.  Between 2000 and 2003 he was responsible for setting up
"AH to go," and in the period 1993-2000 Tony fulfilled several
functions within the retail organization of Albert Heijn and
within its commercial organization.

Tony Vendrig has been employed by Albert Heijn since completing
his studies in Civil Technique in 1988.  In his first years with
the company, he was already operative within the Supply Chain.
Vendrig is married and the father of four children.  He has
lived for most of his life in North Holland.

"Johan Boeijenga has made a terrific contribution to the
repositioning of Albert Heijn in the past few years," said Dick
Boer, President of the Executive Board at Albert Heijn.  "Tony
Vendrig will give a further perspective on the growth of the
Supply Chain as a vital link in the success of Albert Heijn."

                         About Ahold

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

                        *     *     *

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


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


AKER KVAERNER: Inks US$70 Million Pulping Contract in Japan
-----------------------------------------------------------
Aker Kvaerner received an order from a confidential client for
delivery of a new fiberline, an upgraded cooking plant and a
modernized white liquor plant for a pulp mill in Japan.

The contract is worth approximately US$70 million to Aker
Kvaerner.

The order to Aker Kvaerner is part of an expansion project at
the integrated mill.  The expansion project will improve quality
and increase the capacity by 500 ton of pulp per day.

"Japan remains an important market for Kvaerner Pulping," Per-
Ake Färnstrand, President at Kvaerner Pulping, said.  This new
order underlines our position as the number one productivity
provider and reflects the confidence we have built amongst
Japanese pulp mills since we established operations in Japan
back in 1932."

The scope for Kvaerner Pulping, part of the Aker Kvaerner group,
comprises a new fiberline including oxygen delignification and a
bleaching plant using the proprietary Compact Press technology,
an upgrade of the cooking plant featuring a rebuild to the
state-of-the-art Compact Cooking G2 technology, and a
modernization of the white liquor plant, including a new lime
kiln.

Use of the best available technology gives the Japanese mill
several environmental advantages.  The rebuilt digester, the
largest in Japan, will by using the Compact Cooking G2
technology for example significantly improve both the
environmental profile and the economics of the plant.

Plant start-up is scheduled for the second quarter of 2008.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

Moody's said the outlook on all is stable.


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


PHARMANET DEVELOPMENT: Obtains Credit Waiver Through Oct. 15
------------------------------------------------------------
PharmaNet Development Group Inc. has obtained from its lenders a
waiver to certain covenants and terms of its Senior Secured
Credit Facility effective from Sept. 30 through Oct. 15.

PharmaNet Development, and UBS Securities LLC and its affiliate
agree to amend and waive certain sections of the Credit
Agreement to include:

   -- an extension to the expiration date of each of the waivers
      to Oct. 16;

   -- a waiver of any Default or Event of Default arising as a
      result of the Company's failure to be in compliance with
      the Total Leverage Ratio as of June 30, 2006, provided
      that the waiver expires on Oct. 16;

   -- a waiver of any Default or Event of Default arising solely
      as a result of the Company's failure to be in compliance
      with the Minimum Interest Coverage Ratio for the period
      ending on June 30, 2006;

   -- a waiver of any Default or Event of Default arising as a
      result of the Company's failure to be in compliance with
      the Minimum Fixed Charge Coverage Ratio for the period
      ending June 30, 2006;

   -- a waiver of any Default or Event of Default arising as a
      result of the Company's failure to give the Bank proper
      notice; and

   -- a consent to Anapharm's contemplated Sale and Leaseback
      Transaction with respect to its new facility located in
      Quebec City, Canada; provided that such Sale and Leaseback
      Transaction results in Net Cash Proceeds to the Company of
      not less than US$7,000,000 and a waiver of:

        (i) any required prepayment arising as a result of the
            Sale and Leaseback Transaction; and

       (ii) any Default or Event of Default arising as a result
            of the Sale and Leaseback Transaction.

The Applicable Margin rates have remained unchanged since the
time of the Third Waiver.  On Oct. 16, 2006, the Applicable
margin will be determined in accordance with the Credit
Agreement.

"The negotiation of the amendment to the credit agreement has
received the highest priority since my appointment in August,"
commented John P. Hamill, executive vice president and chief
financial officer.  "We expect to complete the amendment process
on or before October 15, 2006."

The compliance will reinstates the Company's ability to borrow
on the Credit Agreement.

A copy of the Fifth Waiver Amendment will be filed as an exhibit
to the Company's Form 10-Q for the quarter ended September 30,
2006.  Under the terms of the Fifth Waiver, as in past
amendments, the Company may not borrow further under the
facility.

                     About PharmaNet

PharmaNet Development Group, Inc. (NASDAQ: PDGI) --
http://www.pharmanet.com/--- is an international drug
development services company offering a comprehensive range of
clinical development, clinical and bioanalytical laboratory, and
consulting services to the branded pharmaceutical,
biotechnology, generic drug and medical device industries.
The company has more than 30 offices, facilities and
laboratories with more than 2,000 employees strategically
located throughout the world including the United Kingdom,
Germany, Spain, Italy, Ukraine, Russia, France, the Netherlands,
and Slovakia.

                      *     *     *

On Oct. 5, Standard & Poor's Ratings Services affirmed its
ratings on Princeton, N.J.-based contract research services
provider PharmaNet Development Group Inc. (formerly known as
SFBC International Inc.), including the 'B+' corporate credit
rating.  The ratings were removed from CreditWatch, where they
were placed with negative implications on May 11.  S&P said the
outlook is negative.


PHARMANET DEVELOPMENT: S&P Affirms B+ Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Princeton, N.J.-based contract research services provider
PharmaNet Development Group Inc., including the 'B+' corporate
credit rating. The ratings were removed from CreditWatch, where
they were placed with negative implications on May 11.  The
outlook is negative.

"The ratings affirmation reflects the progress that PharmaNet
has made in addressing the numerous operational and business
difficulties faced during the past 12 months," explained
Standard & Poor's credit analyst Alain Pelanne.  "While the
company's current financial risk profile weakened over this
period, enough cushion exists at the current rating level to
absorb the deterioration."

The removal of key uncertainties, represented by the decision to
exit Florida, the closing of the Senate Finance Committee
investigation, and the continued strength of the company's late-
stage business, have all supported PharmaNet at the existing
rating level.  However, the company will still face challenges
over the coming quarters as it attempts to restore its early-
stage testing business and the momentum that existed before
issues arose in late 2005.

The speculative-grade ratings on PharmaNet continue to reflect
the company's short record of success and its position as a
growing participant in the global market for outsourced clinical
trial services.  In addition, there remains uncertainty with
regard to a number of remaining issues, including an informal
SEC investigation, litigation, and risk to the company's
reputation.  These risks outweigh the company's moderate debt
burden, large cash balance, relatively low cost of debt, and
fairly strong cash flows.


PHARMANET DEVELOPMENT: Names P. Tombros & R. Classon to Board
-------------------------------------------------------------
PharmaNet Development Group Inc. has appointed Peter Tombros and
Rolf Classon to its Board of Directors.

"One of our priorities has been to appoint new members to the
Board," commented Jeffrey P. McMullen, president and chief
executive officer.  "In addition to their vast industry
knowledge, Peter and Rolf are team-oriented, seasoned board
members who can help guide the Company into the future with a
shared vision and commitment to employees, customers, suppliers
and shareholders."

The Board appointed Mr. Tombros to fill the vacancy created by
the resignation of one of its directors.  Mr. Tombros will serve
until the Annual Meeting of Stockholders of the Company to be
held in 2007.

Mr. Tombros is currently Professor, distinguished executive in
residence at Pennsylvania State University.  Previously, he
served as chairman and chief executive officer of VivoQuest,
Inc., a drug discovery company, from 2002 to 2005 and president
and chief executive officer of Enzon Pharmaceuticals, Inc., a
biopharmaceutical company, from 1994 to 2001.

Mr. Tombros spent much of his career at Pfizer Inc., where he
held various positions of increasing responsibility including
vice president strategic planning and vice president investor
relations from 1990 to 1994, executive vice president, Pfizer
Pharmaceuticals from 1986 to 1990, senior vice president and
general manager, Roerig Division, from 1980 to 1986, vice
president marketing of Pfizer Laboratories Division from 1975 to
1980 as well as other marketing positions within Pfizer
laboratories Division from 1968 to 1975.

"Having devoted his career to drug development, Peter's
experience in the pharmaceutical and biotechnology industries
will be an asset to the Board," commented Jack Levine, chairman.
"His knowledge, industry perspective and solid track record will
help direct PharmaNet Development Group to build upon and
execute its strategies."

On Oct. 2, upon the recommendation of the Nominating Committee,
the Board increased the size of the Board from six members to
seven members, and appointed Mr. Classon to fill the vacancy.
Mr. Classon will serve until the Annual Meeting of Stockholders
of the Company to be held in 2007.

Mr. Classon served as interim president and chief executive
officer of Hillenbrand Industries from May 2005 to March 2006 at
which time he was appointed non-executive chairman, having
previously retired as chairman, executive committee from Bayer
Healthcare in 2004.  Previously, he held the positions of
president of Bayer Diagnostics from 1995 through 2002 and
executive vice president Bayer Diagnostics from 1991 to 1995 and
in these positions orchestrated a major turnaround and
strategically strengthened the company through acquisitions and
alliances.

From 1990 to 1991, Mr. Classon was president and chief operating
officer of Pharmacia BioSystems AB and in this role implemented
a major restructuring that resulted in improved profits and
performance.  He was president Pharmacia Development Company
from 1984 to 1990 and president of Pharmacia AB Hospital
Products Division from 1981 to 1984.  Prior to joining Pharmacia
in 1981, he served in general and organizational management
roles and consulted to the pharmaceutical industry.

"Rolf has had significant success managing and improving
complex, global businesses," commented Jack Levine, chairman.
"His guidance will assist PharmaNet Development Group to grow
and expand its footprint around the world."

The Board determined that each of Mr. Tombros and Mr. Classon
has no relationship with the Company or its subsidiaries, either
directly or indirectly, that would be inconsistent with a
determination of independence under the applicable rules and
regulations of NASDAQ or the Securities and Exchange Commission.

Neither Mr. Tombros or Mr. Classon nor any member of his
immediate family has engaged, directly or indirectly, in any
transaction, or series of similar transactions, with the Company
or any of its subsidiaries since Jan. 1 in which the amount
involved exceeds US$60,000.  In addition, neither Mr. Tombros,
nor Mr. Classon has any family relationship with any executive
officer or director of the Company.

The Board is in the process of determining which Committees Mr.
Tombros and Mr. Classon will serve, if any.

Mr. Tombros and Mr. Classon will receive compensation for
serving on the Board pursuant to the Board compensation plan
that was previously disclosed in the Company's filings with the
SEC.

                    About PharmaNet

Headquartered in Princeton, New Jersey, PharmaNet Development
Group, Inc. (NASDAQ: PDGI) -- http://www.pharmanet.com/ -- is
an international drug development services company offering a
comprehensive range of clinical development, clinical and
bioanalytical laboratory, and consulting services to the branded
pharmaceutical, biotechnology, generic drug and medical device
industries.  The company has more than 30 offices, facilities
and laboratories with more than 2,000 employees strategically
located throughout the world including the United Kingdom,
Germany, Spain, Italy, Ukraine, Russia, France, the Netherlands,
and Slovakia.

                      *     *     *

On Oct. 5, Standard & Poor's Ratings Services affirmed its
ratings on Princeton, N.J.-based contract research services
provider PharmaNet Development Group Inc. (formerly known as
SFBC International Inc.), including the 'B+' corporate credit
rating.  The ratings were removed from CreditWatch, where they
were placed with negative implications on May 11.  S&P said the
outlook is negative.


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


ALATYRSKIY FEED: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic commenced
bankruptcy supervision procedure on LLC Alatyrskiy Feed Mill.
The case is docketed under Case No. A79-6071/2006.

The Temporary Insolvency Manager is:

         V. Sokolov
         Nikolaeva Str. 11
         Tsivilsk
         Chuvashiya Republic
         Russia

The Debtor can be reached at:

         LLC Alatyrskiy Feed Mill
         Alatyr
         Chuvashiya Republic
         Russia


ALKEEVSKIY FEED: Court Names S. Lashkin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. S.
Lashkin as Insolvency Manager for OJSC Alkeevskiy Feed Mill.  He
can be reached at:

         S. Lashkin
         Post User Box 114
         Kazan-87
         Tatarstan Rrepublic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-41466/2005-SG4-26.

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         OJSC Alkeevskiy Feed Mill
         Rabochaya Str. 17
         Bazarnye Mataki
         Tatarstan Republic
         Russia


ANUCHINSKAYA: Court Names D. Prilipko as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. D.
Prilipko as Insolvency Manager for OJSC Anuchinskaya Trading
Company.  He can be reached at:

         D. Prilipko
         Post User Box 110
         692760 Artem Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-7426/06 21-224B.

The Debtor can be reached at:

         OJSC Anuchinskaya Trading Company
         50 Let VLKSM Str. 81
         Anuchino
         Primorye Region
         Russia


BERDSKIY MECHANICAL: N. Klimovich to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. N.
Klimovich as Insolvency Manager for CJSC Berdskiy Mechanical
Factory.  He can be reached at:

         N. Klimovich
         Nikitina Str. 114
         Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-9916/06-48/120.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Berdskiy Mechanical Factory
         Plotinnaya Str. 7/7
         630058 Novosibirsk Region
         Russia


CONFECTIONARY PREMYERA: Court Names I. Glazkova to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Ms. I. Glazkova
as Insolvency Manager for LLC Confectionary Premyera
(TIN 5515010680).  She can be reached at:

         I. Glazkova
         Post User Box 7797
         644021 Omsk Region
         Russia
         Tel: (3812) 31-36-28

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-8295/2006.

The Debtor can be reached at:

         LLC Confectionary Premyera
         Kalachinsk
         Omsk Region
         Russia


GAZPROM OAO: Inks Deal to Develop Business with Repsol YPF
----------------------------------------------------------
The chairmen of Repsol YPF, Antonio Brufau, and OAO Gazprom,
Alexey B. Miller have signed a memorandum of understanding to
study the possible joint development of gas and petroleum
projects in Europe, Latin America and Africa, as well as LNG
projects using resources from the Russian Federation.

To successfully implement the MOU, the parties will set up a
Coordinating Committee.

Gazprom is the world's leading gas company, not only in terms of
reserves and production, but also with respect to the
development of its activities in the entire integrated gas
chain, having recently received from the Russian Federation
Government the exclusive exportation rights of gas from that
country.

The position of Gazprom, and its large reserves and production
of gas in the Russian Federation, complements Repsol YPF's
condition as the leading listed petroleum company in Latin
America.  This will allow the two companies to jointly develop
LNG projects not only in Latin America, but also in the Russian
Federation, such as in the Baltic LNG project.

The development of integrated gas projects is one of the
principal strategies of Repsol YPF, which along with its
experience in the LNG business, as seen by its regasification
capacity in Canada for the USA market, as well as its dominant
position in the Spanish market.

These activities, which reinforce Repsol YPF's upstream
business, lie within the company's current strategy of
diversifying geographically.

On the other hand, Repsol YPF recently opened an office in
Moscow to meet growing activity in Russia, to foment new
projects, and to have more efficient access to the opportunities
that the Russian petroleum industry has to offer.

                         About Repsol

Headquartered in Madrid, Spain -- Repsol YPF S.A. --
http://www.repsolypf.com/eng/-- engages in oil and natural gas
exploration and production, refining and marketing,
petrochemicals, power generation, liquefied petroleum gas.

The Group is an integrated transnational company being among the
world's top ten prominent private petroleum businesses.  The
company operates in more than 30 countries of the world.
Repsol annually produces and sells some 55 million tons of oil
and 32 billion cubic meters of gas.  The company's oil and gas
reserves exceed 680 million tons of oil equivalent and are
largely concentrated in Latin America and North Africa.


GOODS-210: Bankruptcy Hearing Slated for Nov. 30
------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at 9:40
a.m. on Nov. 30 to hear the bankruptcy supervision procedure on
CJSC Reinforced-Concrete Goods-210.  The case is docketed under
Case No. A65-16395/2006-SG4-39.

The Temporary Insolvency Manager is:

         M. Sidorov
         Post User Box 172
         BSI-8
         Naberezhnye Chelny
         423802 Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         CJSC reinforced-concrete goods-210
         Post User Box 172
         BSI-8
         Neberzhnye Chelny
         423802 Tatarstan Republic
         Russia


KAZANORGSINTEZ S.A.: Fitch Assigns B Rating on US$200-Mln Notes
---------------------------------------------------------------
Fitch Ratings assigned Kazanorgsintez S.A.'s proposed issue of
approximately US$150 million-US$200 million loan participation
notes an expected senior unsecured B rating.  The notes are
expected to have a maturity of up to five years.  The final
rating is contingent on receipt of final documentation
conforming to information already received.

KOS-S.A. is a public limited liability company, incorporated
under the laws of Luxembourg.  The purpose of the company is to
issue the notes and lend, under a loan agreement, the proceeds
to OJSC Kazanorgsintez, (also named Kazan Open Joint Stock
Company Organichesky Sintez "), rated Issuer Default B with
Stable Outlook and Short-term B.  KOS will use the proceeds of
the loan from KOS-SA for refinancing certain debts, with no
increase in total debt expected.

The loan agreement, the trust deed and other related documents
are governed by English law.  To secure payments to noteholders,
KOS-SA will charge in favor of the trustee, by way of first
fixed charge, all rights to principal, interest and other
amounts paid by KOS and the right to receive all sums, which may
be paid by KOS under any claim, award or judgement relating to
the loan agreement.

The loan agreement contains a put event -- a one-notch downgrade
upon a change of control.  Furthermore, covenants in the loan
agreement include, among others, an equal ranking of the loan
with present or future unsecured creditors of KOS and a negative
pledge.  KOS also has a total consolidated debt-to-consolidated
EBITDA ceiling of 4:1 and a limitation on dividend distribution.
Events of default include a cross default clause with a US$20
million threshold.

KOS is one of the leading Russian petrochemical producers based
in the Republic of Tatarstan and focused on the manufacturing of
commodity chemicals such as ethylene, certain types of
polyethylene along with phenol and acetone.  In FY05 the group
achieved sales of RUR13.2 billion and EBITDA of RUR3.3 billion.


KAZANORGSINTEZ S.A.: S&P Rates Proposed Notes at B-
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Luxembourg-based Kazanorgsintez S.A.'s proposed participation
notes.  The proceeds are to be transferred to Russian
petrochemical group Kazanorgsintez OJSC, based on a trust deed
and a loan agreement.

The debt rating is equalized with the corporate credit rating on
Kazanorgsintez OJSC, the borrower.  The latter does not
guarantee the debt or own the issuer, which was newly created
for the issue.  Nevertheless, Standard & Poor's expects that the
status of the issuer, the legal framework in Luxembourg, and the
trust deed will provide sufficient security for noteholders.

The issue, if successful, is expected to enable the group to
lower its overall financial interest burden and enhance its debt
amortization profile.  The interest cost is anticipated to be
lower than that of the Russian debt the group has access to.
This issue matures in full in five years or less, in contrast to
the group's bank debt, which has an amortizing profile. Proceeds
will help finance the group's significant growth capital
expenditure projects.  In light of the time-scale of these
projects, however, the maturity is somewhat short.

The ratings on Kazanorgsintez OJSC reflect the group's very
large, mostly debt-funded growth capital expenditures, exposure
to very cyclical markets, thin liquidity, and corporate
governance uncertainties.  These factors are partially offset by
a historically comfortable EBITDA margin, averaging 25% over the
past three years, thanks to cheap feedstock, favorable cycles,
good market shares for the company's main products, and fast-
growing demand for polyethylenes in Russia.

Although small within the global chemicals industry, sales of
US$470 million (80% domestic) in 2005 make the group one of the
largest Russian producers of high-density polyethylene (HDPE)
and low-density polyethylene (LDPE) -- about 60% of 2005 sales
and EBITDA -- as well as related pipes, acetone, and phenol.


KEMEROVSKAYA POULTRY: V. Bakulin to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. V.
Bakulin as Insolvency Manager for LLC Kemerovskaya Poultry Farm.
He can be reached at:

         V. Bakulin
         Office 507
         Lenina Pr. kv. 90/4
         650000 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-12500/2006-5.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Kemerovskaya Poultry Farm
         Yasnogorskiy
         Kemerovo Region
         Russia


KHABAROVSKIY: Court Names A. Mikhaylovskiy as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Mikhaylovskiy as Insolvency Manager for OJSC Wine-Vodka
Distillery Khabarovskiy.  He can be reached at:

         A. Mikhaylovskiy
            Post User Box 43/3
            680013 Khabarovsk Region
            Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-19107/05-38.

The Debtor can be reached at:

         OJSC Wine-Vodka Distillery Khabarovskiy
         Voronezhskiy Pr. 12
         Khabarovsk Region
         Russia


KRASNOUFIMSKIY ELEVATOR: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on OJSC Krasnoufimskiy Elevator.  The case
is docketed under Case No. A60-17099/06-S11.

The Temporary Insolvency Manager is:

         D. Kostromin
         Post User Box 366
         620014 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Krasnoufimskiy Elevator
         Rogoznikovykh Str. 81
         Krasnoufimsk
         Sverdlovsk Region
         Russia


MDM BANK: Issues RUR6 Billion Notes via Public Placement
--------------------------------------------------------
MDM Bank is issuing RUR6 billion three-year third series bonds
to increase its credit portfolio, AK&M reports.

The bonds, issued at RUR1,000 par, were placed on Oct. 5 and
will mature on Oct. 1, 2009.  The bonds carry half-year coupons,
with the first two coupons pegged at 7.6%.  MDM will set the
rate of the last four coupons.

The bonds are placed by public subscription on the Moscow
Interbank Currency Exchange SE.  MDM-Bank is the arranger,
paying agent, and seller of the bonds.

Headquartered in Moscow, Russian Federation, MDM Bank reported
total assets of US$4.23 billion under IFRS as of June 30, 2005.
On a standalone basis (without subsidiaries), it ranked 11th
among Russian banks in terms of total assets as of Jan. 1, 2006.

                        *     *     *

As reported in TCR Europe on July 20, Fitch Ratings assigned MDM
International Funding PLC's debut US$200 million 9.75% issue of
limited recourse loan participation notes due July 2011 a final
Long-term rating of B+.  The notes are to be used solely for
financing a subordinated loan to Russia's MDM Bank under a
subordinated loan agreement.

As reported in the Troubled Company Reporter on March 14,
Moody's Investors Service has assigned Ba2 and Not Prime long-
and short-term foreign currency bank deposit ratings and a D
Financial Strength Rating (FSR) to MDM Bank (Russia), which is
the lead operating entity in MDM Financial Group (MDM FG),
comprising over 90% of the group's total IFRS-consolidated
assets and shareholders' equity.

At the same time Moody's has affirmed the Ba2/Not Prime ratings
assigned to MDM Bank's US$2 billion Program for the Issuance of
Loan Participation Notes.  The Notes will be issued by, but with
limited recourse to, MDM International Funding Plc (Ireland) for
the sole purpose of financing advances to MDM Bank.  The outlook
for all ratings is stable.

According to Moody's, the Ba2/Not Prime/D ratings are based on
the fundamental credit strength of MDM Bank, and do not
incorporate any potential support from the authorities in case
of need.


MIKHAYLOVSKOYE MILK: D. Prilipko to Manage Assets
-------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. D.
Prilipko as Insolvency Manager for OJSC Mikhaylovskoye Milk.  He
can be reached at:

         D. Prilipko
         Post User Box 100
         692760 Artem Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-4403/06 21-102b.

The Debtor can be reached at:

         OJSC Mikhaylovskoye Milk
         Zavodskaya Str. 6
         Mikhaylovka
         Primorye region
         Russia


NOMOS BANK: Begins International Road Show of Proposed Eurobonds
----------------------------------------------------------------
Nomos Bank commenced the road show of its US$150-million 10-year
subordinated eurobonds, Prime-Tass reports citing a source privy
to the matter.

The road show contains a series of meetings with potential
investors and brokers, conducted by the company and its
underwriter, prior to the securities offering.

Nomos started the seven-day road show in Hong Kong, and will
proceed to Singapore, Zurich and Geneva, to finish in London on
Oct. 11.

The bonds, issued by NOMOS Capital S.A. (Ireland) and arranged
by UBS, will have a fixed rate and will be redeemable in five
years.

As reported in TCR-Europe on Oct. 5, Moody's Investors Service
assigned a B1 rating to the Loan Participation Notes.  The
outlook for the rating is stable.

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

Headquartered in Moscow, Russia, Nomos-Bank --
http://ib.nomos.ru/-- provides a range of corporate and retail
banking services and engages in securities and foreign exchange
trading, trade and export credit agency finance, precious metals
operations, investment banking and leasing.  Nomos-Bank reported
total unaudited consolidated assets of RUB101.89 billion as at
June 30, 2006.

                        *     *     *

Nomos-Bank has been given a long-term rating of "B+" by Fitch
Ratings and "Ba3" by Moody's Investors Service, Inc.


PROMSVYAZBANK JSCB: Loans EUR3.8 Million to Banco Bilbao
--------------------------------------------------------
JSCB Promsvyazbank will provide a six-year EUR3.8-million loan
to Banco Bilbao Vizcaya Argentaria S.A., AK&M reports.

The loan, guaranteed by export agency CESCE, will be used to
finance acquisition of technical equipment for ceramic bricks'
production, as signed by Banco Bilbao and Spanish company
Solincer S.L.

Headquartered in Moscow, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                        *     *     *

As reported in TCR-Europe on Oct. 5, 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.

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.

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

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


ROSNEFT OAO: Earns US$1.95 Billion for First Half 2006
------------------------------------------------------
OAO Rosneft reported its consolidated financial results in
accordance with U.S. GAAP for the second quarter and first half
of 2006, both periods ending June 30, 2006.

In the first six months of 2006, Rosneft's total revenues
increased by 65.8% to US$16.4 billion from US$9.9 billion in the
first six months of 2005.

In the second quarter of 2006 Rosneft's total revenues increased
by 60.7% to US$8.840 billion from US$5.501 billion in the second
quarter of 2005.

In the first six months of 2006 EBITDA grew by 26.5% to US$4.178
billion from US$3.302 billion in the first six months of 2005.
In the second quarter of 2006 EBITDA increased by 28.7% to
US$2.261 billion from US$1.757 million in the second quarter of
2005.

Net income adjusted for the sale of CJSC Sevmorneftegaz and
minority interest in the income of subsidiaries increased by
14.2% to US$1.953 billion as for the first six months of 2006
from US$1.710 billion as for the first six months of 2005.

Similarly, Net income for the second quarter of 2006, adjusted
for the sale of CJSC Sevmorneftegaz and minority interest in the
income of subsidiaries, increased by 13.3% to US$1.108 billion
from US$978 million in the second quarter of 2005.

In the first six months of 2006 return on average capital
employed (annualized) increased to 24.1% from 20.4%.  Return on
average equity (annualized) decreased to 39% from 47.8% as the
Company's capital structure continued to normalize.  In
particular, increased equity, led to a decrease in gearing to
51% as of June 30, 2006 from 54% as of Dec. 31, 2005, indicating
further progress by the Company toward achieving its mid-term
target of 30%.

In the first six months of 2006, the Company further
strengthened its cash flow generation.  In particular, net cash
provided by operating activities increased by 141.9% to US$2.823
billion compared to US$1.167 billion in the first six months of
2005.  Capital expenditures increased by 56.8% to US$1.403
billion from US$895 million.  This increase is primarily
attributed to the expansion of operations at Yuganskneftegaz and
commencement of full-scale development at the Vankor field.
Adjusted free cash flow before interest increased by a factor of
3.16 to US$1.785 billion from US$565 million.

In the first six months of 2006 crude oil production of the
consolidated subsidiaries increased by 8.2% to 38.111 million
tons (1,540 kbpd) from 35.227 million tons (1,424 kbpd) in the
same period of 2005.

In the second quarter of 2006 crude oil production of the
consolidated subsidiaries increased by 9.8% to 19.504 million
tons (1,568 kbpd) from 17.757 million tons (1,427 kbpd) in the
second quarter of 2005.

In the first six months of 2006 crude oil production including
equity share in affiliates increased by 8.1% to 38.429 million
tons (1,553 kbpd) from 35.549 million tons (1.437 kbpd) in the
first six months of 2005.

In the second quarter of 2006 crude oil production including
equity share in affiliates increased by 9.1% to 19.565 million
tons (1,573 kbpd) from 17.925 million tons (1,441 kbpd) in the
second quarter of 2005.

Production growth in the first half of 2006 was mainly driven by
increased production at Yuganskneftegaz (increase by 8.5% to
26.9 million tons (1,085 kbpd) from 24.8 million tons (1,001
kbpd)) and Severnaya Neft (increase by 24% to 2.8 million tons
(111 kbpd) from 2.2 million tons (90 kbpd)).  Natural and
associated gas production by consolidated companies increased by
10.6% to 6.77 bcm in the first six months of 2006 from 6.12 bcm
in the first six months of 2005.

In the second quarter of 2006 natural and associated gas
production by consolidated companies grew 4.6% to 3.21 bcm from
3.07 bcm in the second quarter of 2005.  These increases came
mainly from fields at Krasnodarneftegaz and Selkupneftegaz.

In line with Rosneft's strategy of continuous upstream portfolio
expansion, the Company made a number of acquisitions.  In the
first six months of 2006, the Company acquired licenses for
exploration and development of the Tukolandsky, Vadinsky and
Pendomayakhsky blocks in the Krasnoyarsk Territory as well as
licenses for exploration and development of the East Sugdinsky,
Sanarsky, Mogdinsky and Danilovsky blocks in the Irkutsk Region.
As a result of these acquisitions, the Company added 2.8 billion
barrels of category C3 and D crude oil resources and 318 bcm of
category C3 and D gas resources.  The amount paid for these and
other licenses during the first six months of 2006 totaled
US$464 million.

In the first half of 2006, Rosneft announced its intention to
exercise its option to acquire 51% of shares in OJSC Udmurtneft
from Sinopec (China Petroleum & Chemical Corp), Sinopec having
reached an agreement with TNK-BP (owner of 96.86% of Udmurtneft)
on the acquisition of the Udmurt enterprise's assets.  The
option exercise by Rosneft + for the acquisition of the
controlling stake in Udmurtneft will be completed on the basis
of an option agreement reached between Rosneft and Sinopec in
May of this year.

In July 2006, Rosneft completed the initial public offering of
its shares and global depositary receipts.  The total amount of
funds raised during the placement was US$10.6 billion making
Rosneft's IPO the fifth largest in the world.  Rosneft's shares
have been listed and are traded on Russia's RTS and MICEX
exchanges, and the GDRs are traded on the London Stock Exchange
under ticker ROSN.

                        About Rosneft

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

                        *     *     *

As reported in TCR-Europe on Aug. 2, Standard & Poor's Ratings
Services raised its long-term corporate credit and senior
unsecured debt ratings on Russia-based OJSC Oil Company Rosneft
to 'BB' from 'B+'.  S&P said the outlook is stable.


TNK-BP: President Denies Talks on Share Sale
--------------------------------------------
TNK-BP President Robert Dudley dismissed reports that its
shareholders from Alfa Group and Access/Renova had been in talks
to sell their holdings, RosBusinessConsulting reports.

Rumors were circulating that a share sale will happen, as
implied by the record-high RUR131-billion dividend payment in
June, RBC relates.

Mr. Dudley stressed that TNK-BP was only protecting its minority
shareholders, who were supportive of the company's long-term
projects.  He revealed the company would hike its investment
from US$2.5 billion to US$3.4 billion in 2007.

TNK-BP will hold an extraordinary shareholders meeting on
Nov. 15 to discuss an interim dividend payment.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP operates six refineries in
Russia and Ukraine, and markets products through 2,100 retail
service stations operating under TNK and BP brand.  BP Plc and
Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.
                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on Aug.
24, 2005.


TOBOLSKIY: Court Names V. Vinogradov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. V.
Vinogradov as Insolvency Manager for OJSC Tobolskiy Bromine And
Iodine.  He can be reached at:

         V. Vinogradov
         50 Let Profsoyuzov Str. 61
         644065 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A70-5671/2006.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Tobolskiy Bromine And Iodine
         Directorate of TNKhK
         8th location
         Tobolsk
         626150 Tyumen region
         Russia


TRANS-SEA-PRODUCT: Court Starts Reorganization Process
------------------------------------------------------
The Arbitration Court of Primorye Region commenced external
management bankruptcy procedure on CJSC Trans-Sea-Product
(TIN 253900352167).  The case is docketed under Case No.
A51-5854/2005 9-90.

The External Insolvency Manager is:

         V. Pudov
         Post User Box 202
         690014 Vladivostok-14
         Russia

The Debtor can be reached at:

         CJSC Trans-Sea-Product
         Pologaya Str. 63
         Vladivostok
         Primorye Region
         Russia


UDMURTSKAYA DIARY: Court Names A. Karelin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. A.
Karelin as Insolvency Manager for CJSC Udmurtskaya Diary Company
(TIN 181004430).  He can be reached at:

         A. Karelin
         K. Marksa Str. 432-142
         Izhevsk
         426000 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-5139/2006 G29.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         CJSC Udmurtskaya Diary Company
         Pesochnaya Str. 11
         Izhevsk
         426069 Udmurtiya Republic
         Russia


VNESHTORGBANK JSC: Plans 2007 IPO at London Stock Exchange
----------------------------------------------------------
Vneshtorgbank JSC is planning to launch an initial public
offering on the London Stock Exchange in 2007, reports
RosBusinessConsulting citing CEO Andrei Kostin as saying.

"An IPO is an important step in the transition from a purely
state-owned bank to a bank with mixed ownership," Mr. Kostin
said.

According to the report, Mr. Kostin noted that VTB's assets and
capitalization had grown ten times over the past five years.
The bank, which currently has 16 units outside Russia, plans to
start operations in China, India and Vietnam, with an aim to
gain a spot as one of the world's 50 leading banks in the next
three years.

Mr. Kostin added VTB would directly invest in the European
financial sector through its Narodny Bank unit, which will be
renamed VTB Europe.  He noted that Western Europe is one of the
most difficult markets for banks.

The chief executive, RBC reports, revealed that the bank's
acquisition of a five-percent stake in EADS had been viewed
positively.

                       About Vneshtorgbank

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

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

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

                        *     *     *

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

Vnesheconombank:

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

Vneshtorgbank:

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

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


ZUDOVSKIY FLAX: Court Names O. Sysoeva as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Ms. O.
Sysoeva as Insolvency Manager for OJSC Zudovskiy Flax Factory.
She can be reached at:

         O. Sysoeva
         Sovetskaya Str. 10-46
         630099 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-1290/01-SB/84.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         O. Sysoeva
         Sovetskaya Str. 10-46
         630099 Novosibirsk Region
         Russia


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


NEWARK GROUP: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector, the
rating agency confirmed its B2 Corporate Family Rating for
Newark Group, Inc.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given- default
ratings on these debts:

                                                Projected
                       Old POD New POD  LGD     Loss-Given
   Debt Issue          Rating  Rating   Rating  Default
   ----------          ------  ------   ------  -------
   US$150 million
   Revolving
   Credit Facility      B1      Ba2      LGD2     16%

   US$175 million
   9.75% Subordinated
   Notes                Caa1    Caa1     LGD5     79%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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%).

The Newark Group -- http://www.newarkgroup.com/-- is an
integrated global producer of 100% recycled paperboard and
paperboard products with significant manufacturing and marketing
operations in North America and Europe.  The company operates in
three segments-Paperboard, Converted Products and International-
and categorize its products into five product lines: Recovered
Paper, 100% Recycled Paperboard, Laminated Products and
Graphicboard, Tube, Core and Allied Products, and Solidboard
Packaging Products.  In Europe, the company has converting
plants in Spain, Germany, The Netherlands, and France.


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


ARMSTRONG WORLD: Bankruptcy Exit Cues S&P to Lift Rating to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the building products company's emergence from
bankruptcy on Oct. 2.  The outlook is stable.

The 'BB' senior secured bank loan rating and the '2' recovery
rating on Armstrong's proposed US$1.1 billion senior secured
bank facility are affirmed.  The bank loan rating was assigned
on Sept. 28 based on the assumption that Armstrong would exit
bankruptcy as well as satisfy other conditions.

"Significant liquidity and a reasonable capital structure should
give Armstrong time to continue addressing the cost and demand
challenges it faces in a number of businesses," said Standard &
Poor's credit analyst John Kennedy.

"We expect the company to remain free cash flow positive and
sufficiently profitable to maintain the ratings.  We could
revise the outlook to negative if Armstrong's weak flooring
products and cabinet businesses continue to further compress
overall margins and dampen cash.  We could revise the outlook to
positive if the company is able to significantly improve its
performance in these business units, increase its cash flow, and
reduce debt levels beyond our current expectations."

Lancaster, Pa.-based Armstrong has leading positions in ceiling
systems and vinyl and wood flooring; a fair balance between
residential and commercial end markets and between new
construction and remodeling activities; and adequate liquidity
upon emergence from bankruptcy.


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


BILD: Creditors Must File Claims by October 14
----------------------------------------------
Creditors of LLC Bild (code EDRPOU 32608111) have until Oct. 14
to submit written proofs of claim to:

         Lubomir Cherevatij, Liquidator/Insolvency Manager
         Gorodotska Str. 277
         79022 Lviv Region
         Ukraine

The Economic Court of Volinska Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Aug. 31.  The case is docketed under Case No. 8/69-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Bild
         Karbishev Str. 3
         Lutsk
         Volinska Region
         Ukraine


CHERNIGIV-ENERGO: Court Names Sergij Gorbach as Liquidator
----------------------------------------------------------
The Economic Court of Chernigiv Region appointed Sergij Gorbach
as Liquidator/Insolvency Manager for CJSC Chernigiv-Energo (code
EDRPOU 22824457).  He can be reached at:

         Sergij Gorbach
         a/b 45
         08720 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 23.  The case is docketed
under Case No. 4/253 b.

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Chernigiv-Energo
         Zhovtneva Str. 2
         Seredinka
         Chernigiv Region
         Ukraine


MZK-INVEST: Court Names Andrij Nadlonok as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Lviv Region appointed Andrij Nadlonok as
Liquidator/Insolvency Manager for Premises and Investments
Agency Mzk-Invest (code EDRPOU 22376786).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
6/8-8/26.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Premises and Investments Agency Mzk-Invest
         Roksolyani Str. 61
         79055 Lviv Region
         Ukraine


PETRIVKA KROHMAL-MOLASSES: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
supervision procedure on LLC Petrivka Krohmal-Molasses Combine
(code EDRPOU 31835064) on Aug. 22.  The case is docketed under
Case No. 5/255 b.

The Temporary Insolvency Manager is:

         Irina Stuk
         Rahimov Lane 50
         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 Petrivka Krohmal-Molasses Combine
         Robitnicha Str. 1
         Petrivka
         Shorskij District
         15222 Chernigiv Region
         Ukraine


TNK-BP: President Denies Talks on Share Sale
--------------------------------------------
TNK-BP President Robert Dudley dismissed reports that its
shareholders from Alfa Group and Access/Renova had been in talks
to sell their holdings, RosBusinessConsulting reports.

Rumors were circulating that a share sale will happen, as
implied by the record-high RUR131-billion dividend payment in
June, RBC relates.

Mr. Dudley stressed that TNK-BP was only protecting its minority
shareholders, who were supportive of the company's long-term
projects.  He revealed the company would hike its investment
from US$2.5 billion to US$3.4 billion in 2007.

TNK-BP will hold an extraordinary shareholders meeting on
Nov. 15 to discuss an interim dividend payment.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP operates six refineries in
Russia and Ukraine, and markets products through 2,100 retail
service stations operating under TNK and BP brand.  BP Plc and
Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.
                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on Aug.
24, 2005.


UKRPOSTACHPRESA: Odessa Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on State Enterprise Ukrpostachpresa (code
EDRPOU 02471347).  The case is docketed under Case No. 24/
4-06-816.

The Temporary Insolvency Manager is:

         S. Safronova
         Paster Str. 64
         65000 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:

         State Enterprise Ukrpostachpresa
         Paster Str. 64
         65000 Odessa Region
         Ukraine


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


5 STAR: Moore Stephens Selling Car Cleaner
------------------------------------------
Mark Bowen and Nigel Price, in their capacities as joint
administrators for 5 Star Car Spa Limited, are offering for sale
the company's assets as a going concern.

The sale features:

   -- automated car jet washing;
   -- two fully operational sites (Grantham and Bliston); and
   -- with one site currently under construction (Nottingham).

Inquiries can be addressed to:

         Mark Bowen or Michaela Heeley
         Moore Stephens
         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.


ABITIBI-CONSOLIDATED: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector, the
rating agency confirmed its B1 Corporate Family Rating for
Abitibi-Consolidated Inc.  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$15 million
   6.95% Notes
   due 2006            B1      B2       LGD4    57%

   US$61 million
   7.625% Notes
   due 2007            B1      B2       LGD4    57%

   US$200 million
   6.95% Notes
   due 2008            B1      B2       LGD4    57%

   US$150 million
   5.25% Notes
   due 2008            B1      B2       LGD4    57%

   US$150 million
   7.875% Notes
   due 2009            B1      B2       LGD4    57%

   US$395 million
   8.55% Notes
   due 2010            B1      B2       LGD4    57%

   US$200 million
   7.75% Notes
   due 2011            B1      B2       LGD4    57%

   US$200 million
   Floating Rate Notes
   due 2011            B1      B2       LGD4    57%

   US350 million
   6.00% Notes
   due 2013            B1      B2       LGD4    57%

   US$450 million
   8.375% Notes
   due 2015            B1      B2       LGD4    57%

   US$100 million
   7.40% Debentures
   due 2018            B1      B2       LGD4    57%

   US$250 million
   7.50% Debentures
   due 2028            B1      B2       LGD4    57%

   US$250 million
   8.50% Debentures
   due 2029            B1      B2       LGD4    57%

   US$450 million
   8.85% Debentures
   due 2030            B1      B2       LGD4    57%

   US$250 million
   Shelf               P(B1)   P(B2)    LGD4    57%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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 Quebec, Canada, Abitibi-Consolidated Inc.
(TSX: A), (NYSE: ABY) -- http://www.abitibiconsolidated.com/--
is a global leader in newsprint and commercial printing papers
as well as a major producer of wood products, serving clients in
some 70 countries.  It has ownership interests in 19 paper
mills, 20 sawmills, 4 remanufacturing facilities and 2
engineered wood facility in Canada, the United States and the
United Kingdom.  The company is among the largest recyclers of
newspapers and magazines in North America, diverting annually
approximately 1.9 million tons of waste paper from landfills.
It also ranks first in Canada in terms of total certified
woodlands.


AMERICAN AXLE: Attrition Program Spurs Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed the ratings of American Axle &
Manufacturing, Inc. and American Axle & Manufacturing Holdings,
Inc. under review for possible downgrade.

The action follows the announcement by the company of a special
attrition program, incremental restructuring actions in 2006,
the removal of previous guidance on 2006 earnings and cash
flows, and coincides with estimates for weaker fourth quarter
production rates for light trucks at its principal customers,
General Motors Corporation and Daimler Chrysler.

The change in outlook also reflects concern over activity levels
at both OEMs in 2007.  The company's Speculative Grade Liquidity
rating of SGL-2, representing good liquidity is unchanged.

Ratings placed under review:

American Axle & Manufacturing Holdings, Inc.

    * Corporate Family Rating, Ba3
    * Probability of Default Rating, Ba3
    * Senior Unsecured convertible notes, Ba3, LGD4, 57%

American Axle & Manufacturing, Inc.

    * Senior Unsecured notes, Ba3, LGD4, 57%
    * Senior Unsecured term loan, Ba3, LGD4, 57%

The last rating action was on Sept. 22 at which time Moody's
Loss Given Default Methodology was applied to the rated
instruments of American Axle and Holdings.

American Axle's attrition and restructuring program may involve
charges between US$150-US$250 million (pre-tax); the bulk of
which will be up-front cash disbursements.  In the near-term,
free cash flow will be reduced by the extent of the final cost
of the program, which is dependent upon employee acceptance
rates.  When viewed as an investment, the program is expected to
have a quick payback period, and facilitates reducing the
company's domestic cost structure going forward.  However, cash
costs associated with the program, along with further softening
of operating cash flows due to lower OEM volumes, are likely to
result in higher debt levels and weaker financial metrics than
previously anticipated.  The company also announced plans to
reduce capital expenditures in 2007, which may result in higher
free cash flow generation.

American Axle has substantially completed the bulk of its
capital expenditures related to GM's launch of SUVs and pick-up
trucks based on the GMT-900 platform.  While SUV models based on
this platform have been successfully launched earlier this year,
and pick-up truck models are being introduced in the fourth
quarter, recent consumer sentiment has veered away from larger
light trucks on which American Axle's content is concentrated.
Should these trends continue, American Axle may not achieve
previously anticipated revenue.  Future operating performance
and return on capital will be affected by the interplay of unit
volume and lower labor costs facilitated by the attrition and
restructuring initiatives.

Consequently, the review will focus on assessing the company's
prospective performance, and the degree to which the proposed
restructuring will help to support the company's debt coverage
metrics and liquidity profile.

American Axle & Manufacturing, headquartered in Detroit, MI, is
a world leader in the manufacture, design, engineering and
validation of driveline systems and related components and
modules, chassis systems, and metal-formed products for light
truck, SUVs and passenger cars.  The company has manufacturing
locations in the U.S.A., Mexico, the United Kingdom and Brazil.
The company reported revenues of US$3.4 billion in 2005 and has
approximately 10,900 employees.


AVOCA CLO: S&P Assigns B Rating on EUR10 Million Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR470.25 million floating-rate notes to
be issued by Avoca CLO VI PLC, a special-purpose entity.  At the
same time, Avoca CLO VI will issue unrated notes totaling
EUR37.7 million.

The transaction will be managed by Avoca Capital Holdings.  It
will be Avoca Capital's sixth leveraged loan CLO, following
Avoca CLO V PLC, which closed in June 2006.  The collateral
portfolio will consist of senior and mezzanine loans, and high-
yield bonds.

Avoca CLO VI is a bankruptcy-remote private company with limited
liability, which was incorporated in 2006 under the laws of
Ireland.  Its only purposes are to acquire the portfolio, issue
the notes, and engage in certain related transactions.

The structure of this transaction is very similar to that of
Avoca CLO V.

                        Ratings List
                      Avoca CLO VI PLC
             EUR507.95 Million Floating-Rate Notes

                              Prelim.        Prelim.
       Class                  rating         amount (Mil. EUR)
       -----                  ------         ------
       A                      AAA            365.50
       B deferrable notes     AA              19.40
       C deferrable notes     A               31.50
       D deferrable notes     BBB             20.00
       E deferrable notes     BB              23.85
       F deferrable notes     B               10.00
       M subordinated notes   NR              37.70
       Combination notes      NR                TBD

       NR  - Not rated.
       TBD - To be determined.


BIG LUKES: Appoints Joint Administrators from Tait Walker
---------------------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed joint administrators of Big Lukes Texas Restaurants
Ltd. (Company Number 2515384) on Sept. 25.

Tait Walker -- http://www.taitwalker.co.uk/-- have established
core service lines to meet the ever growing complexity of its
clients' needs in a timely and efficient manner.

Big Lukes Texas Restaurants Ltd. can be reached at:

         P O Box 900
         Newcastle Upon Tyne
         Tyne and Wear NE99 2LU
         United Kingdom


BROOKS WHITE: Hires Grant Thornton as Joint Administrators
----------------------------------------------------------
David Robert Thurgood and Andrew Lawrence Hosking of Grant
Thornton U.K. LLP were appointed joint administrators of Brooks
White Mechanical and Electrical Ltd. (Company Number 4694589) on
Sept. 20.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.

Brooks White Mechanical & Electrical Ltd. can be reached at:

         14 Bell Weir Close
         Wraysbury
         Staines
         Middlesex TW19 6HF
         United Kingdom
         Tel: 017 8448 2052


DALWOOD DRIVEWAYS: Names Andrew David Rosler as Administrator
-------------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Ltd. was named
administrator of Dalwood Driveways Ltd. (Company Number
02958234) on Sept. 15.

The administrator can be reached at:

         Ideal Corporate Solutions Ltd.
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom
         Tel: 0800 731 2433

Headquartered in Aylesbury, Dalwood Driveways Ltd. builds paving
and driveway.


DELMARK ENGINEERING: Brings In Menzies to Administer Assets
-----------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Delmark Engineering Ltd. (Company Number 01907320) on Sept. 26.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.  MRI, which is
ranked 8th amongst the leading international accounting
associations, achieved global revenues of US$1,800 million in
2003.

Headquartered in London, United Kingdom, Delmark Engineering
Ltd. manufactures basic iron and steel for elevators.


DIRECT 4 CARS: Taps BDO Stoy as Administrators
----------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Direct 4 Cars Ltd. (Company
Number 05233638) on Sept. 19.

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

Headquartered in Kent, United Kingdom, Direct 4 Cars Ltd. sells
motor vehicles.


EPSOM SHIPPING: Appoints Menzies as Joint Administrators
--------------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Epsom Shipping Ltd. (Company Number 04395380) on Sept. 21.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.  MRI, which is
ranked 8th amongst the leading international accounting
associations, achieved global revenues of US$1,800 million in
2003.

Headquartered in London, United Kingdom, Epsom Shipping Ltd. is
engaged in shipping and cargo handling.


FTI CONSULTING: Closes Offer to Buy FD Int'l. for US$260-Mln
------------------------------------------------------------
FTI Consulting Inc. closed its offer to purchase privately-held
Financial Dynamics International (Holdings) Limited for
approximately US$260 million.

The company expects to complete its acquisition of 100% of FD's
share capital by no later than February 2007.

The purchase price for the acquisition consists of up to
$215 million in cash, US$20 million in notes and deferred
purchase obligations and US$25 million of the company's
restricted stock.  It anticipates that the acquisition will be
accretive to the company's 2007 earnings per diluted share.

                     US$215 Million Senior Notes

The company also disclosed the closing of its private offering
of US$215 million of Senior Notes due 2016 at 7.75%, which net
proceeds it plans to finance for a portion of the acquisition of
FD.  The Senior Notes will mature on Oct. 1, 2016, and will rank
pari passu in right of payment with all of its existing and
future senior indebtedness and senior in right of payment to all
of its existing and future subordinated indebtedness.  The
company will have the option to redeem all or a portion of the
Senior Notes at any time on or after Oct. 1, 2011.  At any time
prior to Oct. 1, 2011, the company may also redeem all or a part
of the notes at a redemption price equal to 100% of the
principal amount of the notes redeemed plus a premium.  At any
time before Oct. 1, 2009, FTI may also redeem up to 35% of the
aggregate principal amount of the Senior Notes at a redemption
price of 107.75% of the principal amount, plus accrued and
unpaid interest, if any, to the date of redemption, with the
proceeds of certain equity offerings.

                      Amended Credit Facility

The company further disclosed that it has amended and restated
its revolving credit facility, increasing its bank credit
facility to US$150 million from US$100 million, and improved
pricing and reduced commitment fees.  In addition, the facility,
which became effective on Sept. 29, 2006, has been extended and
will now expire on Sept. 30, 2011.

Jack Dunn, president and chief executive officer, commented, "We
are extremely pleased with the acquisition of FD.  As we've
discussed previously, we believe the acquisition accelerates our
five-year plan, diversifies our consulting capabilities and
provides us with a significant presence outside of the United
States.  The integration is progressing well, and we have
already identified a number of opportunities across both client
bases.  In addition, the increase of our credit facility
combined with the closing of the Senior Notes offering
significantly improves our financial flexibility, allowing us to
continue to build on our long-term strategy."

Baltimore, Maryland-based FTI Consulting Inc. -
http://www.fticonsulting.com/-- is a consulting firm focusing
on five areas: forensics and litigation, corporate
finance/restructuring, technology, economic consulting, and
strategic communications.  FTI Consulting has offices in the
United States, the United Kingdom, Australia, China, Hong Kong,
Japan, and Singapore.

                        *     *     *

As previously reported on Sept. 18, Standard & Poor's Ratings
Services assigned its 'B+' rating to FTI Consulting Inc.'s
proposed US$215 million senior notes due 2016.


GEMINI CONTRACTS: Brings In Begbies Traynor to Administer Assets
----------------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Begbies Traynor were
appointed joint administrators of Gemini Contracts Ltd. (Company
Number 03721561) on Sept. 14.

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

Gemini Contracts Ltd. can be reached at:

         Ferriby Hall
         High Street
         North Ferriby
         North Humberside HU14 3JP
         United Kingdom
         Tel: 01482 635 562
         Fax: 01482 635 561


HWA HARDWARE: Names Administrators from KPMG
--------------------------------------------
Howard Smith and Brian Green of KPMG LLP were appointed joint
administrators of HWA Hardware Distribution Ltd. (Company Number
2932259) on Sept. 21.

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.

HWA Hardware Distribution Ltd. can be reached at:

         Lyndale House
         2 Fitzwilliam St.
         Bradford
         West Yorkshire BD4 7BL
         United Kingdom
         Tel: 01274 756500


INCO LTD: CVRD Obtains European Clearance for Inco Offer
--------------------------------------------------------
Companhia Vale do Rio Doce disclosed that it has obtained an
unconditional clearance from the European Commission under the
EC Merger Regulation with respect to its offer to acquire all of
the outstanding common shares of Inco Limited.

As previously reported in the Troubled Company Reporter on
Sept. 26, The Board of Directors of Inco Limited has recommended
that Inco shareholders tender their shares to the offer made by
Companhia Vale do Rio Doce to purchase all of the outstanding
common shares of Inco at a price of CDN$86 in cash per share.

The expiry date of CVRD's offer to purchase all of the
outstanding common shares of Inco at a price of CDN$86 in cash
per share is Oct. 16, Monday, at 8:00 p.m. (Toronto time).

                         About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


ISIS HEATING: Appoints Peter Edwards to Administer Assets
---------------------------------------------------------
Peter Edwards of Peter Edwards & Co. was appointed administrator
of ISIS Heating Services Ltd. (Company Number 03564237) on
Sept. 22.

The administrator can be reached at:

         Peter Edwards & Co.
         4 Meadow Court
         41-43 High Street
         Witney
         Oxfordshire OX28 6ER
         United Kingdom

ISIS Heating Services Ltd. can be reached at:

         Station Field Industrial Estate
         Kidlington
         Oxfordshire OX5 1JD
         United Kingdom
         Tel: 01865 375 750
         Fax: 01865 373 668


JTMB REALISATIONS: Hires DTE Leonard Curtis as Administrators
-------------------------------------------------------------
J. M. Titley and N. A. Bennett of DTE Leonard Curtis were
appointed joint administrators of JTMB Realisations PLC
(formerly Team Support Services Plc) (Company Number 2239585) on
Sept. 18.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

JTMB Realisations PLC can be reached at:

         7 Queensway
         Stevenage
         Hertfordshire SG1 1DA
         United Kingdom
         Tel: 01438 369966


MOORSWATER LIMITED: Taps Administrators from Hurst Morrison
-----------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison of Hurst Morrison
Thomson Corporate Recovery LLP were appointed joint
administrators of Moorswater Ltd. (formerly Manuscript Limited)
(Company Number 00657835) on Sept. 20.

The joint administrators can be reached at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Headquartered in Liskeard, United Kingdom, Moorswater Ltd.
manufactures framed pictures and mirrors.


N COURLANDER: Appoints Kikis Kallis as Administrator
----------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed administrator of N
Courlander Ltd. (Company Number 00163299) on Sept. 21.

The administrator can be reached at:

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

Headquartered in Richmond, United Kingdom, N Courlander Ltd.
retails jewelry.


R.A. GANDER: Brings In Administrators from Smith & Williamson
-------------------------------------------------------------
Anthony Murphy, Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint administrators of R.A.
Gander (Haulage) Ltd. (Company Number 00995238) on Sept. 22.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is
an independent professional and financial services group
employing over 1,200 people.  It provides investment management,
financial advisory and accountancy services to private clients,
professional practices, mid to large corporates and non-profit
organizations.

R.A. Gander (Haulage) Ltd. can be reached at:

         Morley Farm
         Wheatsheaf Road
         Woodmancote
         Henfield
         West Sussex BN5 9BB
         United Kingdom
         Tel: 01273 492 047
         Fax: 01273 494 635


SEACOR HOLDINGS: 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 SEACOR Holdings Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.2% Sr. Unsec.
   Notes Due 2009        Ba1      Ba1      LGD4       57%

   5.875% Sr. Unsec.
   Notes Due 2012        Ba1      Ba1      LGD4       57%

   Multiple Seniority
   Shelf (Senior
   Unsecured)          (P)Ba1   (P)Ba1     LGD4       57%

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

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

In addition, Moody's held its Ba1 rating on Seabulk
International Inc.'s 9.5% Senior Unsecured Guaranteed Global
Notes Due 2013, and assigned those debentures an LGD4 rating
suggesting noteholders will experience a 57% loss in the event
of a default.

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

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

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

Headquartered in Fort Lauderdale, Florida, Seacor Holdings Inc.
-- http://www.seacorholdings.com/-- engages in the ownership,
operation, investing, marketing, and remarketing of equipment,
primarily in the offshore oil and gas, and marine transportation
industries worldwide.

Based in Fort Lauderdale, Florida, Seabulk International Inc. --
http://www.seabulkinternational.com/-- provides marine support
and transportation services, primarily to the energy and
chemical industries.

In June 2006, Seabulk's and SEACOR's stockholders approved
Seabulk's merger deal with a SEACOR subsidiary.


VNESHTORGBANK JSC: Plans 2007 IPO at London Stock Exchange
----------------------------------------------------------
Vneshtorgbank JSC is planning to launch an initial public
offering on the London Stock Exchange in 2007, reports
RosBusinessConsulting citing CEO Andrei Kostin as saying.

"An IPO is an important step in the transition from a purely
state-owned bank to a bank with mixed ownership," Mr. Kostin
said.

According to the report, Mr. Kostin noted that VTB's assets and
capitalization had grown ten times over the past five years.
The bank, which currently has 16 units outside Russia, plans to
start operations in China, India and Vietnam, with an aim to
gain a spot as one of the world's 50 leading banks in the next
three years.

Mr. Kostin added VTB would directly invest in the European
financial sector through its Narodny Bank unit, which will be
renamed VTB Europe.  He noted that Western Europe is one of the
most difficult markets for banks.

The chief executive, RBC reports, revealed that the bank's
acquisition of a five-percent stake in EADS had been viewed
positively.

                       About Vneshtorgbank

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

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

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

                        *     *     *

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

Vnesheconombank:

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

Vneshtorgbank:

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

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


* AlixPartners Poll Says Restructurings to Hike in 18 Months
------------------------------------------------------------
Corporate restructurings in Europe are expected to spike upward
in the next 18 months.  That's according to leading bankers,
lawyers, fund managers and other industry experts polled in the
inaugural AlixPartners European Turnaround Index completed
recently by AlixPartners LLC, the global performance
improvement, corporate turnaround and financial advisory
services firm.

The survey showed that no less than 50 percent of the
respondents expect restructurings to increase over the next year
and a half, with only 2 percent believing they will decrease.
Europe has experienced extraordinarily low bond- and mezzanine-
debt default rates in 2004 and 2005-0.5 percent for both years,
compared with 6.4 percent in 2003 and 25.1 percent in 2002.

However, a very high number of acquisition-related debt issues
in 2004 and 2005, coupled with rising energy and material costs
and the specter of rising interest rates, all seem to signal
more defaults ahead-which, in turn, would lead to more corporate
restructurings.  A full 72 percent of those surveyed said they
expect to see more debt defaults in Europe within the next 18
months, with only 8 percent expecting defaults to decrease.

When asked to rate which of five European industries is most
likely to experience the need for turnarounds, most experts
rated:

      1. manufacturing
      2. retail and consumer products
      3. healthcare and pharmaceutical
      4. banking and insurance, and
      5. energy and utilities

However, significantly, all five industries received votes for
being "most likely."

When asked to pick which of five Western European countries is
most likely to experience the greatest number of restructurings,
most experts picked:

      1. Germany
      2. United Kingdom
      3-4. France and Italy, and
      5. Spain

Though all countries but Spain received multiple "most likely"
mentions.

Of note, 73 percent of those surveyed said that the U.K. remains
the most hospitable country in Europe for insolvencies and
attendant corporate restructurings, while 64 percent believe
that new, more progressive insolvency legislation in other parts
of Europe, such as France and Italy, will ultimately result in
more filings in those countries.  And, 77 percent expect that
cross-border restructurings will increase in Europe in the next
year and a half.

"This survey of industry experts should serve as a red flag to
corporate managements, boards and investors across Europe to be
prepared to act at the first signs of weakened performance,"
said Michael Grindfors, chief executive officer of AlixPartners.
"As one expert pointed out in the written part of our survey,
declines in bond and equity prices tend to happen precipitously,
not in an orderly fashion.  Given that, and given that the
majority of these experts see declines ahead across many
European industries, it seems obvious that staying in front of
the curve will require bold and timely action."

                       About AlixPartners

AlixPartners LLC -- http://www.alixpartners.com/-- is a global
performance improvement, corporate turnaround and financial
advisory services firm.  The AlixPartners' "one-stop-shop" suite
of services range from operational performance improvement and
financial restructuring across all major corporate disciplines
(manufacturing, supply chain, IT, working capital, sales &
marketing, etc.), to financial advisory services (including
financial reporting, corporate governance and investigations) to
technology-enabled restructuring and claims management.

The firm has more than 500 employees and offices in Chicago,
Dallas, Detroit, Düsseldorf, London, Los Angeles, Milan, Munich,
New York, Paris, San Francisco and Tokyo.

                           *********

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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