TCREUR_Public/061010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, October 10, 2006, Vol. 7, No. 201

                            Headlines


A U S T R I A

BAWAG PSK: Prosecutors to File Charges Against Bankers
BIRG COMPUTER: Claims Registration Period Ends October 19
GLAS +: Creditors' Meeting Slated for October 16
HEIKA: Korneuburg Court Orders Closing of Business
KURTZ: Claims Registration Period Ends Today

LACHMAIR: Creditors' Meeting Slated for October 11
M.S.: Claims Registration Period Ends October 16
NELLY'S LIVE: St. Poelten Court Shuts Down Business
PRESSLINGER & PARTNER: Creditors' Meeting Slated Today
SEEB: Property Manager Declares Insufficient Assets

ULW: Claims Registration Period Ends October 11


B E L G I U M

ARMSTRONG WORLD: Inks US$1.1 Billion Loan with Bank of America
GOODYEAR TIRE: United Steelworkers Union Begins Strike


D E N M A R K

BEARINGPOINT INC: Cash Flow Prompts Moody's to Review Ratings


F I N L A N D

RADNOR HOLDINGS: Panel Taps Jefferies & Co. as Financial Advisor
RADNOR HOLDINGS: U.S. Trustee Revises Trustee Appointment Motion
RADNOR HOLDINGS: Executives to Get US$625,000 Under Bonus Plan


F R A N C E

ACTUANT CORP: Earns US$25.2 Million in Fourth Quarter 2006
ACTUANT CORP: CEO Adopts Prearranged Trading Plan
ALCATEL SA: Signs Converge Network Project with Golden Telecom
MITSUBISHI MATERIALS: Earns JPY15.7 Billion in First Quarter
MITSUBISHI MATERIALS: Raises Projections on Strong Earnings

VERITAS DGC: Moody's Assigns Loss-Given-Default Rating


G E R M A N Y

AFD ARBEITSVERMITTLUNG: Claims Registration Ends October 19
BENQ MOBILE: Parent Posts NT$12.8 Billion Sales for September
BENQ MOBILE: Union Mulls Suit to Keep Jobs at Insolvent Unit
BROADWAY MODEVERTRIEB: Claims Registration Ends October 19
BUETTNER GMBH: Claims Registration Ends October 20

CONTENDIX GMBH: Claims Registration Ends October 20
DIE OBERFLACHE: Creditors' Meeting Slated for October 19
G & F KOMPLETTBAU: Claims Registration Ends October 20
GIESEN BAUGESELLSCHAFT: Claims Registration Ends October 20
SALATE UND KARTOFFEL: Claims Registration Ends October 20

SC MITTELRHEIN: Claims Registration Ends October 15
STOP-BUERO-GMBH: Claims Registration Ends October 12
TSB CITY: Creditors' Meeting Slated for October 13


I R E L A N D

BLACKBOARD INC: Moody's Assigns Loss-Given-Default Rating
TOWER RECORDS: Selects Great American to Liquidate All Assets


I T A L Y

BROWN SHOE: Earns US$15.1 Million in Quarter Ended July 29, 2006
CA INC: Moody's Assigns Loss-Given-Default Ratings
MITSUBISHI MATERIALS: Earns JPY15.7 Billion in First Quarter
MITSUBISHI MATERIALS: Raises Projections on Strong Earnings


K A Z A K H S T A N

ADEL: Karaganda Court Opens Bankruptcy Proceedings
DILARA: Almaty Court Begins Bankruptcy Proceedings
GRUPPA KOMPANYI: Creditors Must File Claims by Nov. 3
IT INTEGRATIONAL: Proof of Claim Deadline Slated for Nov. 3
MEJDUNARODNYI KOORDINATSIONNYI: Bankruptcy Procedure Starts

PARTNER-TRADE: Claims Registration Ends Nov. 3
ROCK OIL: Creditors' Claims Due Nov. 3
SERVICE INTER: Akmola Court Begins Bankruptcy Proceedings
UGOLTRANSSERVICE: Claims Registration Ends Nov. 1


K Y R G Y Z S T A N

INFORS: Creditors Must File Claims by Nov. 19


N E T H E R L A N D S

ELEKTRIM FINANCE: Court Sends Bond Issuer to Bankruptcy
GAZPROM OAO: Eyes BBL Stake Via Nederlandse Gasunie Coop Deal
GETRONICS NV: EVP Stuart Appleton Leaves Post
GIRASOLAR INC: March 31 Stockholders' Deficit Tops US$1.1 Mln
GIRASOLAR INC: June 30 Balance Sheet Upside-Down by US$1.2 Mln


P O L A N D

ELEKTRIM SA: Amsterdam Court Sends Finance Unit to Bankruptcy
NETIA SA: Grants 543,628 Stock Options to Jon Eastick
WGI CONSULTING: PLN260-Million Scam Pushes Firm to Bankruptcy


P O R T U G A L

INTERTAPE POLYMER: Weak Liquidity Spurs Moody's to Cut Ratings


R O M A N I A

BEARINGPOINT INC: Cash Flow Prompts Moody's to Review Ratings


R U S S I A

ALFA MTN: Fitch Rates US$400 Million Notes at Long-Term BB-
AMUR-TORG-IMPORT: Court Starts Bankruptcy Supervision Procedure
BAKERY: Mordoviya Bankruptcy Hearing Slated for Dec. 20
BRICKWORKS: Court Names L. Abalakova as Insolvency Manager
DAL-METAL-CONSTRUCTION: Bankruptcy Hearing Slated for Jan. 31

FURNITURE FACTORY 4: Court Names K. Khmelevskiy to Manage Assets
GAZPROM OAO: Eyes BBL Stake Via Nederlandse Gasunie Coop Deal
HUNTER: Court Names V. Globa as Insolvency Manager
KUBAN-GRAIN-SBYT: Court Starts Bankruptcy Supervision Procedure
LAGEPASSKOYE TRANSPORT: V. Vinogradov to Manage Assets

LEKOM-INVEST: Court Names Y. Suzdalev as Insolvency Manager
MEDICAL CENTRE: Court Names S. Salnik as Insolvency Manager
ORLOVSKOYE FUEL: Bankruptcy Hearing Slated for Nov. 29
ROSNEFT OAO: Moscow Court Adds US$5 Billion to Claim vs. Yukos
STEWART & STEVENSON: Moody's Assigns Loss-Given-Default Rating

TRANSIT-OIL: Court Names A. Bannykh as Insolvency Manager
TSARITSYNSKIY HOUSE: A. Polyakov to Manage Insolvency Assets
VYATSKO-POLYANSKAYA SEL-KHOZ-KHIMYA: A. Kozlov to Manage Assets
YUKOS OIL: Moscow Court Adds US$5 Billion to Rosneft's Claim
YUKOS OIL: Court Moves Appeal Against Yugansk Sale to Nov. 17

YUKOS OIL: Talks on Mazeikiu Purchase by PKN Orlen to Continue


S W E D E N

ARMSTRONG WORLD: Inks US$1.1 Billion Loan with Bank of America
ATTACHMATE CORP: Moody's Assigns Loss-Given-Default Ratings


S W I T Z E R L A N D

CONVERIUM AG: Agrees Collateral Reduction on US$1.6-Bln L/C


U K R A I N E

ALPHA-TROPIC: Court Names Petro Shistopal as Insolvency Manager
EXPRESS: Court Names Mr. G. Demchenko as Insolvency Manager
NOVOMET: Creditors Must File Claims by October 14
OBRIJ: Creditors Must File Claims by October 13
ROKSOLANA: Volinska Court Names Lubomir Cherevatij as Liquidator

SEVERNIJ: AR Krym Court Names Vasil Kuhta as Insolvency Manager


U N I T E D   K I N G D O M

ABEYANCE LIMITED: Creditors Confirm Liquidator's Appointment
ACTUANT CORP: Earns US$25.2 Million in Fourth Quarter 2006
ACTUANT CORP: CEO Adopts Prearranged Trading Plan
AMANDA LACEY: Creditors' Meeting Slated for October 12
AMERICAN AXLE: Moody's Reviews Low-B Ratings and May Downgrade

BELMONT ENGINEERING: Creditors' Meeting Slated for October 17
BLACKBOARD INC: Moody's Assigns Loss-Given-Default Rating
BRITISH AIRWAYS: September 2006 Passenger Traffic Up 1.5 Percent
CA INC: Moody's Assigns Loss-Given-Default Ratings
CHATTEM INC: Buys Rights to OTC Brands from J&J for US$410 Mln

CHATTEM INC: Rights Agreement Cues Moody's to Review Ratings
CINDAN LAND: Appoints Joint Administrators from Grant Thornton
COMPLETE SUPPORT: Brings In Gerald Irwin to Administer Assets
CONSTELLATION BRANDS: Moody's Assigns Loss-Given-Default Rating
CORRABOX LIMITED: Appoints M. C. Kienlen to Administer Assets

COTSWOLD BUILDING: Claims Filing Period Ends Nov. 3
COUNTY SYSTEMS: Creditors Confirm Voluntary Liquidation
CRAFT WAREHOUSE: Names J. Harvey as Administrator
CREWPLUS GROUP: Westminster Bank Appoints PKF as Receivers
D M MUSITANO: Creditors' Meeting Slated for October 12

DOMESTIC APPLIANCES: Names Alan S. Bradstock Liquidator
ENRON CORP: Gets US$20 Mln from Fleet Financial to Settle Suits
ENRON CORP: Judge Gonzalez Approves El Paso Settlement
FAMILIAR FRIENDS: Appoints Liquidator from Mercer & Hole
FORD MOTOR: Taps UBS to Filter Aston Martin Bids

FORD MOTOR: Reports 5% Rise in Vehicle Sales in September
GENERAL MOTORS: Jerome York Resigns from Board of Directors
GENERAL MOTORS: Kerkorian Backs Out of Share Purchase Plan
GLOBAL REACH: Claims Registration Ends Nov. 22
GRAZ LIMITED: Creditors' Meeting Slated for October 16

MARSDEN ELECTRICAL: RBS Appoints Begbies Traynor as Receiver
METFAB DESIGN: Peter Nottingham Leads Liquidation Procedure
MIDAS TANKS: Taps Moore Stephens as Joint Administrators
NORTH WEST ENQUIRER: Names Joint Administrators from Harrisons
OLLY LONDON: National Westminster Taps Receivers from PKF

PRESTIGE HEATING: Taps Clive Morris to Liquidate Assets
RADNOR HOLDINGS: Panel Taps Jefferies & Co. as Financial Advisor
RADNOR HOLDINGS: U.S. Trustee Revises Trustee Appointment Motion
RADNOR HOLDINGS: Executives to Get US$625,000 Under Bonus Plan
S.C.S.I. SYSTEMS: Liquidator Sets Oct. 20 Claims Bar Date

SAMSONITE CORP: Moody's Assigns Loss-Given-Default Ratings
SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$45.1 Mln
SCOOTELECTRIC U.K.: Creditors Ratify Voluntary Liquidation
SHAW GROUP: Westinghouse Acquisition Cues S&P's Negative Watch
TANTALIZE LEISURE: Creditors' Claims Due Nov. 8

TI AUTOMOTIVE: Weak Market Spurs Moody's to Review Ratings
TIGER AV: Creditors' Meeting Slated for October 17

* Large Companies with Insolvent Balance Sheets

                            *********

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A U S T R I A
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BAWAG PSK: Prosecutors to File Charges Against Bankers
------------------------------------------------------
Austrian prosecutors are filing charges against bankers believed
to have abetted the multi-billion euro scandal at Bawag P.S.K.,
Reuters says.

"There is a draft bill of indictment pending at the Justice
Ministry currently and we are waiting for it to be returned to
us," state prosecutor Gerhard Jarosch said.  "This is going to
take days rather than weeks."

NEWS, an Austrian magazine, has published the full draft
indictment.  Among those who will be charged are:

   -- former BAWAG chief executive Helmut Elsner,

   -- former BAWAG chief executive Johann Zwettler,

   -- Guenter Weninger, Osterreichischer Gewerkschaftsbund's
      (OeGB) finance chief, and

   -- Wolfgang Floettl, an investment banker who posted losses
      on currency deals between 1998 and 2000.

According to NEWS, the prosecutors would also charge four former
Bawag board members and an auditor who helped to cover the
losses.

The prosecutors said the bankers caused EUR1.4 billion in losses
for Bawag, bringing the bank near collapse.

"The 'small inaugurated circle' did not learn from the initial
total loss of US$639 million in October 1998 but immediately and
ever since threw good money after bad," Reuters quotes from the
published document.

As reported in TCR-Europe on Sept. 29, prosecutors were
investigating Robert Reiter, a former partner and head of KPMG
Alpen-Treuhand GmbH, a unit of KPMG Austria.  Mr. Reiter was
accused of advising Bawag on booking hundreds of millions of
dollars in losses in a way closed to public scrutiny.  Mr.
Reiter served as lead auditor for Bawag's 2000 accounts, which
KMPG certified as "properly booked and evaluated, particularly
in the field of derivatives."

Prosecutors, according to the NEWS, will charge the nine Bawag
personalities with:

   -- committing or aiding breach of trust by recklessly
      investing funds without safeguards; and

   -- raising the stakes whenever Mr. Floettl reported losses.

Authorities will also charge Mr. Elsner with fraud for receiving
bonuses even when Bawag posted losses, the published document
said.  The published document also indicated that prosecutors
had not found evidence linking Mr. Elsner's losses to any fraud.

Mr. Jarosch, however, refused to comment on the published
document.

As previously reported, BAWAG disclosed that, under the helm of
Mr. Elsner, it lost EUR1 billion in five years when it invested
into high-risk businesses in Antigua.  The bank, however,
assured that it had absorbed the losses since them, and any
remaining deficit is "very small and could not harm the bank".

BAWAG chief executive Guenter Weninger admitted knowing the
losses, but said he was only informed in late 2000.  He added
the bank did not disclose the losses to avoid insolvency and to
keep clients, jobs and assets.  The admission stirred Austrian
authorities to probe into the matter.

Prosecutors have recently focused on how Bawag reported assets
and losses.  Authorities particularly centered on KPMG audits of
the bank's accounts between 1994 and 2005 that failed to reveal
misreporting of bank assets and losses.

Bawag's new management, headed by CEO Ewald Nowotny, has claimed
its books were now clean.

                         About BAWAG

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

                        *     *     *

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

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

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

These ratings were downgraded as part the rating action:

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

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

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

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

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

These ratings are under review for possible downgrade:

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


BIRG COMPUTER: Claims Registration Period Ends October 19
---------------------------------------------------------
Creditors owed money by LLC Birg Computer (FN 67849d) have until
Oct. 19 to file written proofs of claims to court-appointed
property manager Clemens Richter at:

         Mag. Clemens Richter
         c/o Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 5 S 123/06g).  Daniel Lampersberger
represents Mag. Richter in the bankruptcy proceedings.


GLAS +: Creditors' Meeting Slated for October 16
------------------------------------------------
Creditors owed money by LLC GLAS + (FN 98923a) are encouraged to
attend the creditors' meeting at 9:00 a.m. on Oct. 16 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 Pischeldorf, Austria, the Debtor declared
bankruptcy on Aug. 31 (Bankr. Case No. 41 S 94/06f).  Gerd
Tschernitz serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Gerd Tschernitz
         Waaggasse 18/2
         9020 Klagenfurt, Austria
         Tel: 0463/50 555
         Fax: 0463/505566
         E-mail: kanzlei@ra-tschernitz.at


HEIKA: Korneuburg Court Orders Closing of Business
--------------------------------------------------
The Land Court of Korneuburg entered an order Aug. 30 closing
the business of Construction LLC Heika (FN 221699d).  Court-
appointed property manager Annemarie Kosesnik-Wehrle determined
that the continuing operation of the business would reduce the
value of the estate.

The property manager and her representative can be reached at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna, Austria
         Tel: 01/713 6192
         Fax: 01/713 619222
         E-mail: kanzlei@kosesnik-langer.at

Headquartered in Leithagebirge, Austria, the Debtor declared
bankruptcy on June 2 (Bankr. Case No. 36 S 63/06s).  Stefan
Langer represents Dr. Kosesnik-Wehrle in the bankruptcy
proceedings.


KURTZ: Claims Registration Period Ends Today
--------------------------------------------
Creditors owed money by LLC Kurtz (FN 191468x) have until today
to file written proofs of claims to court-appointed property
manager Norbert Scherbaum at:

         Dr. Norbert Scherbaum
         Scherbaum/Seebacher
         2nd Floor
         Einspinnergasse 3
         8010 Graz, Austria
         Tel: 0316/832460
         Fax: 0316/832460-20
         E-mail: office@scherbaum-seebacher.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Nov. 19 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 222
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 26 S 84/06g).


LACHMAIR: Creditors' Meeting Slated for October 11
--------------------------------------------------
Creditors owed money by LLC Lachmair (FN 122844d) are encouraged
to attend the creditors' meeting at 8:00 a.m. on Oct. 11 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Gars am Kamp, Austria, the Debtor declared
bankruptcy on Aug. 16 (Bankr. Case No. 9 S 40/06i).  Frank
Eberhart Riel serves as the court-appointed property manager of
the bankrupt estate.

The property manager can be reached at:

         Dr. Frank Eberhart Riel
         Gartenaugasse 1
         3500 Krems an der Donau, Austria
         Tel: 02732/86565
         Fax: 02732/86566-11
         E-mail: anwalt@riel-grohmann.at


M.S.: Claims Registration Period Ends October 16
------------------------------------------------
Creditors owed money by LLC M.S. (FN 221871g) have until Oct. 16
to file written proofs of claims to court-appointed property
manager Herbert Hochegger at:

         Dr. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna, Austria
         Tel: 505 78 61
         Fax: 505 78 519
         E-mail: office@hoch.co.at
                 eder@rechtsanwaelte.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 30 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 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 31 (Bankr. Case No. 3 S 121/06y).  Bernhard Eder
represents Dr. Hochegger in the bankruptcy proceedings.


NELLY'S LIVE: St. Poelten Court Shuts Down Business
---------------------------------------------------
The Land Court of St. Poelten entered an order Aug. 30 shutting
down the business of LLC Nelly's Live (FN 237976s).  Court-
appointed property manager Herbert Hoffmann determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Mag. Herbert Hoffmann
         Viennese Road 18
         3430 Tulln, Austria
         Tel: 02272/81929
         Fax: 02272/81929-20
         E-mail: mag.hoffmann@i-one.at

Headquartered in Langenrohr, Austria, the Debtor declared
bankruptcy on Aug. 28 (Bankr. Case No. 14 S 134/06f).


PRESSLINGER & PARTNER: Creditors' Meeting Slated Today
------------------------------------------------------
Creditors owed money by KEG Presslinger & Partner (FN 234902w)
are encouraged to attend the creditors' meeting at 10:30 a.m.
today, 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 Spittal an der Drau, Austria, the Debtor
declared bankruptcy on Aug. 31 (Bankr. Case No. 40 S 64/06m).
Rolf Gabron serves as the court-appointed property manager of
the bankrupt estate.

The property manager can be reached at:

         Mag. Rolf Gabron
         Peter-Wunderlichstrasse 17
         9800 Spittal/Drau, Austria
         Tel: 04762/35 3 36
         Fax: 04762/35 3 36-4
         E-mail: gabtron@anwalt-spittal.at


SEEB: Property Manager Declares Insufficient Assets
---------------------------------------------------
Dr. Susanne Fruhstorfer, the court-appointed property manager
for LLC Seeb (FN 234171w), 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 July 5 (Bankr. Case No. 6 S 41/06f).  Michael Guenther
represents Dr. Fruhstorfer in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Susanne Fruhstorfer
         c/o Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna, Austria
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at


ULW: Claims Registration Period Ends October 11
-----------------------------------------------
Creditors owed money by LLC ULW (FN 139944a) have until Oct. 11
to file written proofs of claims to court-appointed property
manager Stefan Langer at:

         Dr. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 01/713 61 92
         Fax: 01/713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Oct. 25 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg, Austria

Headquartered in Leopoldsdorf bei Wien, Austria, the Debtor
declared bankruptcy on Aug. 31 (Bankr. Case No. 36 S 100/06g).
Annemarie Kosesnik-Wehrle represents Dr. Langer in the
bankruptcy proceedings.


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B E L G I U M
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ARMSTRONG WORLD: Inks US$1.1 Billion Loan with Bank of America
--------------------------------------------------------------
Armstrong World Industries Inc. and certain of its subsidiaries,
as guarantors, entered into a US$1.1 billion credit agreement
with a syndicate of lenders on Oct. 2, 2006, according to a
regulatory filing by the Debtor with the U.S. Securities and
Exchange Commission.

Bank of America, N.A., will serve as administrative agent, with:

   * JPMorgan Chase Bank, N.A., and Barclays Bank PLC, as co-
     syndication agents; and

   * LaSalle Bank National Association and The Bank of Nova
     Scotia, as co-documentation agents.

Walter T. Gangl, deputy general counsel and assistant secretary,
says the US$1,100,000,000 Credit Agreement provides the Company
with:

    (i) a US$300,000,000 revolving credit facility, with
        sublimits for letters of credit and swing-line loans and
        contemplates a US$300,000,000 Tranche A term loan; and

   (ii) a US$500,000,000 Tranche B term loan.

The Revolving Credit Facility is currently available and will be
used to support the Debtor's on-going liquidity needs, Mr. Gangl
notes.  The Term Loans are not yet committed, pending completion
of the lender syndicate, but are currently expected by the
Company to become available and to be funded by Oct. 16, 2006.

The proceeds of the Term Loans will be used to fund in part
certain cash distributions required by the Plan of
Reorganization to be made by the Debtor to creditors and to the
Asbestos Trust, Mr. Gangl adds.  The Plan of Reorganization
provides for AWI to issue certain notes instead of making a
portion of the cash distributions in the event the Term Loans
are not committed and funded in a sufficient amount by the time
distributions are to be made to the Company's creditors.

The Revolving Credit Facility and the Tranche A Term Loan will
mature on Oct. 2, 2011, and the Tranche B Term Loan will mature
on Oct. 2, 2013.

Borrowings under the Credit Agreement bear interest at a rate
equal to an applicable margin plus, at the Debtor's option,
either:

   (a) a base rate determined by reference to the higher of:

       (1) the federal funds rate plus 1/2 of 1%; or
       (2) the "prime rate" of Bank of America; or

   (b) a LIBOR rate determined by reference to the British
       Bankers Association LIBOR Rate as published by Reuters
       for the interest period relevant to the borrowing
       adjusted for certain additional reserves.

The initial applicable margin for borrowings under the Revolving
Credit Facility will be 0.50% with respect to base borrowings
and 1.50% with respect to LIBOR borrowings, with the applicable
margins subject to adjustment based on the Company's leverage
ratio.

The Debtor expects that the initial applicable margin for the:

   * Tranche A Term Loan to be 0.50% with respect to base rate
     borrowings and 1.50% with respect to LIBOR borrowings,
     with the applicable margins subject to adjustment based on
     the Company's leverage ratio; and

   * Tranche B Term Loan to be 1.00% with respect to base rate
     borrowings and 2.00% with respect to LIBOR borrowings.

In addition to paying interest on outstanding principal under
the Credit Agreement, the Debtor will pay a commitment fee to
the lenders under the Revolving Credit Facility in respect of
certain unutilized commitments at a rate per annum equal to
0.375%, subject to adjustment based on the Company's leverage
ratio.  It also expects to pay customary letter of credit fees.

The Credit Agreement requires the Debtor to prepay outstanding
loans, subject to certain exceptions, with:

   (x) 100% of the net cash proceeds of all non-ordinary course
       asset sales and casualty and condemnation events, subject
       to certain exceptions and limitations; and

   (y) 50% of its excess cash flow, subject to certain
       exceptions based on the Company's leverage ratio and debt
       ratings.

The Debtor may voluntarily repay outstanding loans under the
Credit Agreement at any time without premium or penalty, other
than customary "breakage" costs with respect to LIBOR loans.

A full-text copy of the US$1,100,000,000 Credit Agreement is
available for free at http://ResearchArchives.com/t/s?12eb

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

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

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

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

                           *     *     *

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

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

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

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


GOODYEAR TIRE: United Steelworkers Union Begins Strike
------------------------------------------------------
The United Steelworkers reported that it struck Goodyear Tire
and Rubber Company beginning at 1:00 p.m. EDT, Oct. 5, 2006.
The USW delivered the required 72-hour notice to terminate the
contract on Monday.  Both sides had been working on a day-to-day
extension agreement signed in July that extended a three-year
pact.

"The company left us with no option," said USW executive vice
president Ron Hoover.  "We cannot allow additional plant
closures after the sacrifices we made three years ago to help
this company survive."

In the 2003 agreement, the USW agreed to a closure of the
Huntsville, Ala. facility as well providing Goodyear with
additional financial flexibility by accepting wage, pension and
health care cuts.

"We worked very hard with the company in 2003 to deal with a
difficult situation," said Hoover.  "While more work can be
done, Goodyear has rebounded and other stakeholders have been
rewarded accordingly. Now the company seems determined to only
take more away from our members."

The strike will impact 15,000 USW members and operations at 16
plants in the United States and Canada.

"Closing more plants would not only cause additional job losses
and devastate the communities where the operations would cease,
but it would also threaten the long-term viability of Goodyear,"
said Hoover.  "You can't build long-term, viability by
continuing to give up market share."

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's European headquarters is based in
Brussels, Belgium.

                           *     *     *

As reported in the Troubled Company Reporter on June 8, 2006,
Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on June 23, 2005,
Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.

As reported in the Troubled Company Reporter on June 22, 2005,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Goodyear Tire & Rubber Co.'s US$400 million senior notes due
2015 and affirmed its 'B+' corporate credit rating.


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


BEARINGPOINT INC: Cash Flow Prompts Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of BearingPoint
Inc. and placed the company's ratings on review for further
possible downgrade.

The rating actions reflect the company's YTD September 2006 cash
outflows, which have largely been driven by higher than expected
finance and accounting systems costs, delays in filing its
annual financial reports with the SEC, and increased Q2 2006
voluntary employee turnover.

The review will focus on the company's prospects for reducing
costs to operate its accounting and financial systems, prospects
for becoming current on the filing of its SEC periodic reports,
reducing its voluntary turnover, and generating free cash flow.

As part of the review, Moody's will also assess the company's
prospects for either achieving bondholder consents or appealing
litigation (or disputing damage claims) stemming from a
September 2006 New York State Supreme Court Order, which grants
summary judgment to plaintiffs and finds the company in breach
under the indenture governing the company's 2.75% Series B
convertible subordinated debentures.

On Sept. 26, the company announced it has further delayed the
filing of its FY 2005 10-K as a direct consequence of the
September 2006 Order and does not expect to be current on the
filing of its SEC financial statements until the spring of 2007
at the earliest.  The company also announced that it expects
2006 cash will be negatively impacted by unanticipated, unusual,
and ongoing costs to operate its accounting and financial
systems and by unanticipated and unusual costs to retain its
employees.

Ratings downgraded and placed on review for further possible
downgrade:

    * Corporate Family Rating to B2 from B1;

    * US$250 million series A subordinated convertible bonds
      due 2024, to B3 from B2; and

    * US$200 million series B subordinated convertible bonds
      due 2024, to B3 from B2.

Headquartered in McLean, Virginia, BearingPoint, Inc. is a I/T
systems integrator, consultancy, and managed services provider
for commercial and governmental entities worldwide.


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


RADNOR HOLDINGS: Panel Taps Jefferies & Co. as Financial Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Radnor Holdings Corporation and its debtor-affiliates'
chapter 11 cases, ask the U.S. Bankruptcy Court for the District
of Delaware for authority to retain Jefferies & Company, Inc.,
as its financial advisor, nunc pro tunc to Aug. 30, 2006.

Jefferies & Co. will:

   a) analyze and become familiar with the Debtors' business,
      operations, assets, financial condition and prospects;

   b) advise the Committee on the current state of the
      "restructuring market";

   c) assist and advise the Committee in examining and analyzing
      any potential or proposed strategy for restructuring or
      adjusting the Debtors' outstanding indebtedness or overall
      capital structure, whether pursuant to a plan of
      reorganization in this case; a sale of assets or equity, a
      liquidation, or otherwise, including, where appropriate,
      assisting the Committee in developing its own strategy for
      accomplishing a restructuring;

   d) assist and advise the Committee in evaluating and
      analyzing the proposed dip financing credit facility,
      including the analysis of other alternative financing
      sources;

   e) assist and advise the Committee in evaluating and
      analyzing the proposed implementation any restructuring,
      including the value of the securities, if any, that may be
      issued under any plan of reorganization; and

   f) render other advisory services as may from time to time be
      agreed upon, in writing, by the Committee and the firm.

Jefferies & Co. will be paid:

   -- a monthly fee equal to US$100,000 per month until the
      expiration or termination of the agreement.  The first
      monthly fee will be payable upon the execution of the
      agreement and each subsequent monthly fee will be payable
      in advance on the first day of each month.  If the first
      monthly fee payment is made for a partial month based upon
      the date on which the agreement is executed, then the
      monthly fee will be pro rated from the date on which the
      agreement is executed at the end of the month.  Each
      monthly fee will be fully accrued, due and payable in
      advance on the first day of each month; and

   -- upon the consummation of a restructuring or similar
      transaction, a transaction fee in an amount equal to the
      greater of:

       i) US$500,000, or

      ii) 1% of any recoveries to the unsecured creditors,

      the transaction fee is fully earned and accrued upon the
      approval of the agreement by the Court and is due and
      payable on the earlier of:

       i) the date of receipt of recoveries by unsecured
          creditors, or

      ii) the effective date of a plan of reorganization or
          other restructuring.

William Q. Derrough, a Jefferies & Co. member, assures the Court
that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

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


RADNOR HOLDINGS: U.S. Trustee Revises Trustee Appointment Motion
----------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, amends
her motion to appoint a trustee or, in the alternative, an
examiner in Radnor Holdings Corporation and its debtor-
affiliates' Chapter 11 cases.

Ms. Stapleton requests that she be authorized to appoint an
examiner pursuant to Section 1104(c)(2) of the Bankruptcy Code
only.  She had previously asked the Court to appoint a
Chapter 11 Trustee or examiner under Sections 1104(a), (c)(1),
and (e).

The U.S. Trustee wants a Chapter 11 Trustee appointed in the
Debtors' case to investigate:

    (1) the accuracy of the financial information in the first
        day affidavit and the financial information provided to
        the public by the Debtors;

    (2) whether any material information of the Debtors was
        altered or destroyed;

    (3) any material discrepancies in the reporting of the
        Debtor's inventory;

    (4) the transfers, including compensation and benefits, to
        insiders and to non-debtor related entities;

    (5) the proposed sale by the Debtor of its assets to
        Tennenbaum Capital Partners, LLC or to an affiliate
        thereof and the circumstances surrounding the Sale to
        determine the propriety of the Sale and whether any
        causes of action exist which may be pursued by the
        Debtor or other parties in interest with respect to the
        Sale; and

    (6) the control exerted by Tennenbaum Capital Partners, LLC
        or any person controlled by TCP over the Debtors prior
        to the Debtors' bankruptcy filing to determine the
        propriety of such control and whether any causes of
        action exist which may be pursued by the Debtor or other
        parties in interest with respect to the same.

The U.S. Trustee has raised concerns about the accuracy of the
information about the Debtor available to the public as well as
the management of the Debtors and the connections among the
lender, the Debtors, and the proposed bankruptcy professionals.

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


RADNOR HOLDINGS: Executives to Get US$625,000 Under Bonus Plan
--------------------------------------------------------------
The Hon. Peter J. Walsh of the U.S. Bankrupt Court for the
District of Delaware ruled that Radnor Holdings Corporation and
its debtor-affiliates can pay top executives bonuses for their
"unique skills" needed to sell the Company's operations, the Dow
Jones Newswires reports.

Judge Walsh approved the bonus plan Wednesday, Oct. 4, allowing
four of the Company's top leaders to have access to a collection
of at least US$625,000 despite an objection from the U.S.
Trustee, according to Dow Jones.

Laura McGann, writing for Dow Jones, says that the Company will
need further Court-approval before the CFO and executive vice
president can be awarded US$180,000 that was to be allocated to
them under the Plan.

The bonus plans, Judge Walsh said, will encourage the executives
to "remain motivated to perform" as the Company prepares for a
sale of its assets at an auction on Nov. 20, 2006.

Following the payments of secured lenders from the auction
proceedings, up to 4% of the remaining money will be added to
the incentive pool.  Chief Executive Michael T. Kennedy will get
a cut of the pot at that point, dipping into cash that would
otherwise go to pay off the Debtors' unsecured debts, Mr. McGann
adds.

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


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


ACTUANT CORP: Earns US$25.2 Million in Fourth Quarter 2006
----------------------------------------------------------
Actuant Corporation announced record sales and earnings for the
fourth quarter and fiscal year ended Aug. 31, 2006.

Fourth quarter fiscal 2006 net earnings and diluted earnings per
share were US$25.2 million and US$0.82, respectively, compared
to US$19.1 million and US$0.63, respectively, for the fourth
quarter of fiscal 2005.

Fiscal 2006 fourth quarter results include a US$4.9 million
(US$4.5 million net of tax, or US$0.14 per diluted share) pre-
tax charge covering a portion of the Company's previously
announced restructuring of its European electrical business,
offset by a US$5.4 million (US$0.17 per diluted share) income
tax benefit primarily related to the reversal of a tax valuation
allowance for net operating losses.  Excluding the restructuring
charge and income tax benefit, fourth quarter EPS increased 25%
to US$0.79 per diluted share year-over-year.

Net earnings for fiscal 2006 were US$92.6 million, or US$3.01
per diluted share, compared to US$71.3 million, or US$2.42 per
diluted share for the prior year.  These results include
favorable tax reserve adjustments of US$0.08 and US$0.02 per
diluted share in fiscal 2006 and 2005, respectively, as well as
the US$0.14 per diluted share European Electrical restructuring
provision and US$0.17 per diluted share tax benefit discussed
above.  Excluding these items, comparable EPS was US$2.90 per
diluted share in fiscal 2006, a 21% increase over the US$2.40
per diluted share in the prior year.

Fourth quarter sales increased approximately 21% to
US$324.6 million compared to US$269.4 million in the prior year,
driven by strong base business growth and sales from acquired
businesses. Excluding foreign currency exchange rate changes and
sales from acquired businesses, fourth quarter sales increased
approximately 13% from the comparable prior year period.  Sales
for the fiscal year ended Aug. 31, 2006 were US$1.2 billion,
approximately 23% higher than the US$976 million in the
comparable prior year period, reflecting sales volume added
through business acquisitions and strong base business growth.

Excluding the impact of foreign currency rate changes and sales
from acquired businesses, full year sales increased 9% year-
over-year.

Commenting on the results, Robert C. Arzbaecher, Chief Executive
Officer, stated, "Actuant finished fiscal 2006 strongly, driving
another quarter of significant year-over-year sales and earnings
growth.  The continued profitable growth in our industrial tools
businesses, Enerpac and Hydratight, led the record results.
Additionally, as expected, automotive business revenues grew 63%
for the quarter on sales related to new convertible model
introductions."

Mr. Arzbaecher added, "We are very happy with Actuant's progress
in fiscal 2006 as we continued to execute our business model to
drive strong cash flow and earnings growth.  Our team achieved
9% sales growth excluding currency and acquisitions, deployed
approximately US$129 million in aggregate on acquisitions that
strengthened our existing business, and continued to drive LEAD
(Lean Enterprise Across Disciplines) and organizational
competency throughout the business.  Fiscal 2006's 21% EPS
growth was the fifth consecutive year of EPS growth in excess of
15% since Actuant's creation through a spin-off.  We were also
able to convert those strong earnings into cash, generating over
$100 million of cash flow, which was again in excess of net
income."

Regarding the outlook for fiscal 2007, Arzbaecher commented, "We
have confidence in our ability to continue to generate solid
earnings growth.  We are increasing our previous fiscal 2007
guidance, and now are forecasting diluted earnings per share of
US$3.20-US$3.40 on sales of US$1.325-US$1.345 billion,
reflecting the Actown acquisition and current economic
environment.  Our guidance excludes the remaining US$12-15
million of estimated European electrical restructuring costs and
future acquisitions.

First quarter sales are expected to be in the US$325-335 million
range, generating EPS of approximately US$0.78-$0.81 per diluted
share.  We believe that the continued consistent execution of
our business model will reward shareholders in fiscal 2007 and
beyond."

Net debt at Aug. 31, 2006, was approximately US$455 million
(gross debt of US$480 million less approximately US$25 million
of cash), compared to US$460 million at the beginning of the
quarter.  The reduction in net debt during the quarter was
attributable to fourth quarter cash flow of approximately
US$29 million, partially offset by the US$24 million of
borrowings to fund the August 2006 Actown acquisition.
Availability under the Company's revolving credit facility
remained strong at approximately US$170 million as of Aug. 31,
2006.

Fourth quarter Tools & Supplies segment sales were
US$209 million, an approximate 20% increase over fiscal 2005.
Excluding foreign currency exchange rate changes and sales from
acquired businesses, segment sales increased approximately 9%
from the comparable prior year period, driven by continued
growth in the industrial tools and electrical markets.  Fiscal
2006 fourth quarter Engineered Solutions segment sales increased
approximately 22% year-over-year to US$116 million.  Excluding
foreign currency exchange rate changes, Engineered Solutions
sales increased 20%, driven by the 63% increase in automotive
convertible top system sales.

Year-over-year, Actuant's fiscal 2006 fourth quarter and full
fiscal year operating profit increased to US$38.2 million and
US$154.1 million, respectively, including the fourth quarter
European Electrical restructuring charge of US$4.9 million.

Year-over-year fourth quarter operating profit margins expanded
from 13.1% to 13.3%, excluding the negative impact of the
restructuring charge in fiscal 2006.  Tools & Supplies segment
margins expanded due to favorable sales mix, increased low cost
country sourcing, and lower electrical buyback and reset costs.

Fourth quarter Engineered Solutions segment margins declined
primarily due to start-up inefficiencies in the automotive
business as new platform production ramps up, as well as below
average RV margins, partially offset by higher margins in the
truck market.

                       About Actuant Corp

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Austria, Hungary, Poland, Italy, Spain, the Netherlands, France,
Russia, Turkey, Germany, and the United Kingdom.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  Since its creation through a spin-off in
2000, Actuant has grown its sales from US$482 million to over
US$1 billion and its market capitalization from US$113 million
to over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

                        *     *     *

Actuant Corp.'s 2% Convertible Senior Subordinated Debentures
due 2023 carry Standard & Poor's B+ rating.


ACTUANT CORP: CEO Adopts Prearranged Trading Plan
-------------------------------------------------
Actuant Corp.'s chairman and chief executive officer, Robert
Arzbaecher, has adopted a prearranged trading plan in
accordance with guidelines specified by Rule 10b5-1 under the
U.S. Securities Exchange Act of 1934 and the Company's policies
with respect to insider sales.

Rule 10b5-1 allows officers and directors of public companies,
at a time when they are not aware of material non-public
information, to adopt predetermined plans for selling shares of
company stock.

Under his 10b5-1 plan, Mr. Arzbaecher will exercise stock
options and sell up to 156,000 shares of Actuant common stock.
The underlying options were granted in 1998 by Actuant's
predecessor company, Applied Power Inc., and represent about 14%
of Mr. Arzbaecher's total share holdings in either Actuant stock
or stock options.

These transactions may take place from time-to-time after
October 18, 2006, subject to certain 10b5-1 plan criteria,
including certain minimum price levels and daily volume
activity.

                       About Actuant Corp

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Austria, Hungary, Poland, Italy, Spain, the Netherlands, France,
Russia, Turkey, Germany, and the United Kingdom.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  Since its creation through a spin-off in
2000, Actuant has grown its sales from US$482 million to over
US$1 billion and its market capitalization from US$113 million
to over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

                        *     *     *

Actuant Corp.'s 2% Convertible Senior Subordinated Debentures
due 2023 carry Standard & Poor's B+ rating.


ALCATEL SA: Signs Converge Network Project with Golden Telecom
--------------------------------------------------------------
Alcatel S.A. signed a contract with Golden Telecom, subsidiary
of Golden Telecom Inc., to deploy a fixed/mobile converged
network with a next generation network core and Unlicensed
Mobile Access capability.  The project is expected to be in
commercial operation by end of 2006.

"Our intention is to facilitate the access to our services with
a single subscription to mobile, fixed and data services, a
single access through any device, a selection of access media,
personalized services and many other innovative
functionalities," Andrii Droniuk, Golden Telecom Ukraine general
director disclosed.

"This first fixed/mobile convergence network deployment in
Ukraine is proof of Alcatel's commitment to fixed-mobile
convergence in the telecom industry.  Ukraine is an important
step toward strengthening our leading position in mobile NGN in
the fast developing Eastern Europe market," Johan Vanderplaetse,
Vice-president for Alcatel activities in the Commonwealth of
Independent States.

In the framework of this contract, Alcatel will deliver its
mobile NGN core network based on an innovative, standard-based
mobile switching solution, the Alcatel 5020 Wireless Call Server
that controls distributed media gateways and manages voice and
data services.

Alcatel will also deliver the Alcatel 8640 Corporate Mobility
Manager that will enable to offer advanced fixed/mobile
converged services, enhanced voice/multimedia virtual private
network services and virtual PBX services for the corporate
segment and SOHO users.

The company will also supply UMA trial equipment for a GSM/WiFi
hybrid phone solution and the Alcatel 1430 Unified HSS equipment
to obtain a single repository of all subscriber information
coming from any type of network.

                      About Golden Telecom

Golden Telecom, Inc. (NASDAQ: GLDN) --
http://www.goldentelecom.com/-- is a leading facilities- based
provider of integrated telecommunications and Internet services
in major population centers throughout Russia and other
countries of the Commonwealth of Independent States (CIS).  The
Company offers voice, data and Internet services to
corporations, operators and consumers using its overlay network
in major cities including Moscow, Kiev, St. Petersburg, Nizhniy
Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and
Tashkent, and via intercity fiber optic and satellite-based
networks, including approximately 287 combined access points in
Russia and other countries of the CIS.  The Company offers
cellular communication services in Kiev and Odessa.

                        About Alcatel

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

                         *     *     *

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

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


MITSUBISHI MATERIALS: Earns JPY15.7 Billion in First Quarter
------------------------------------------------------------
Mitsubishi Materials Corp. reported net sales of
JPY332.0 billion for the quarter ended June 30, 2006, up
JPY84.4 billion or 34.1% compared with the sales recorded for
the quarter ended June 30, 2005, according to the company's
financials.

In the first quarter of fiscal 2006-2007, ended June 30, 2006,
the Japanese economy continued a general expansion.  This
reflected improved corporate earnings, boosting capital
expenditure, and a better employment climate, which drove solid
personal consumption.  These factors outweighed the impact of
continued high fuel costs.

The group continued to perform well despite the high raw fuel
costs, benefiting from high prices for copper and other key
metals and brisk demand from key customers in the automotive and
information and electronics sectors.

The group endeavored to expand sales in the prime growth
businesses of automotive products and IT and digital offerings
as well as in the cement business, where overseas demand has
been strong.

The company reported an operating profit of JPY21.4 billion, a
66.8% change from the JPY12.8 billion operating profit a year
before.

Net income for the quarter in review amounted to
JPY15.7 billion, a whooping 198.8% improvement against the
JPY5.2 billion the company recorded in the first quarter of
fiscal 2006.

The Company's financial report for the quarter ended June 30,
2006, is available for free at:

         http://ResearchArchives.com/t/s?1321

                   About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company's principal
activity is the manufacture of metals and ceramics.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

As reported by the Troubled Company Reporter - Asia Pacific on
June 1, 2006, Standard & Poor's Ratings Services had on May 31,
2006, raised its long-term corporate credit rating on Mitsubishi
Materials Corp. to BB from BB- and its senior unsecured debt
rating on the company to BB+ from BB, on the company's improved
revenue base and stronger cash flow generation.


MITSUBISHI MATERIALS: Raises Projections on Strong Earnings
-----------------------------------------------------------
Mitsubishi Materials Corp. has revised the earlier forecasts for
the first half of fiscal year 2006-2007, covering April 1,
through September 30, 2006, and for the full-year 2006-2007
ending March 31, 2007.

The amended projections for first half of fiscal 2007 (April 1,
2006 to September 30, 2006) are:

                          Consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          605,000      37,000      16,000
Revised projections           669,000      52,000      30,000
                             ---------   ---------   ---------
Change                         64,000      15,000      14,000
Change (%)                       10.6%       40.5%       87.5%

Results for first
   half of fiscal 2006        524,926      36,777      16,456

                        Non-consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          305,000      13,000       5,000
Revised projections           355,000      13,000       6,000
                             ---------   ---------   ---------
Change                         50,000         -         1,000
Change (%)                       16.4%        -          20.0%
Results for first
   half of fiscal 2006        290,135       8,111       2,083

The amended projections for fiscal 2007 (April 1, 2006 to
March 31, 2007), are:

                          Consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections         1,210,000     81,000      32,000
Revised projections          1,391,000     96,000      46,000
                             ---------   ---------   ---------
Change                         181,000     15,000      14,000
Change (%)                        15.0%      18.5%       43.8%
Results for fiscal 2006      1,143,699     80,759      58,802

                        Non-consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          600,000      30,000      10,000
Revised projections           709,000      30,000      12,000
                             ---------   ---------   ---------
Change                        109,000         -         2,000
Change (%)                       18.2%        -          20.0%
Results for fiscal 2006       601,362      25,960       7,355

                      Reasons for Revision

The company's management anticipates that consolidated ordinary
income will exceed its projection by around JPY15 billion in the
period under review, mainly owing to a significant rise in
earnings at SUMCO, an equity method affiliate.  Other
contributing factors include U.S. demand for cement, which
remains strong, and copper prices, which continue to remain
high.

Consolidated net income should be JPY14 billion higher than
envisaged as a result of the increase in consolidated ordinary
income.

The company's net consolidated forecasts reflect the gain in
first-half earnings and should be achievable despite such
uncertainties about the operating climate, such as interest rate
and fuel cost trends.

                     Dividends for the Year

The company plans year-end dividends of JPY3 per share,
following interim payouts of JPY2 per share as announced on May
10 this year.

                   About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company's principal
activity is the manufacture of metals and ceramics.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

As reported by the Troubled Company Reporter - Asia Pacific on
June 1, 2006, Standard & Poor's Ratings Services had on May 31,
2006, raised its long-term corporate credit rating on Mitsubishi
Materials Corp. to BB from BB- and its senior unsecured debt
rating on the company to BB+ from BB, on the company's improved
revenue base and stronger cash flow generation.


VERITAS DGC: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Veritas DGC.

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

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

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

Headquartered in Houston, Texas, Veritas DGC, Inc. --
http://www.veritasdgc.com/-- is a leading provider of
integrated geophysical information and services to the petroleum
industry worldwide.  Veritas is listed on New York Stock
Exchange under the ticker VTS.


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


AFD ARBEITSVERMITTLUNG: Claims Registration Ends October 19
-----------------------------------------------------------
Creditors of AFD Arbeitsvermittlung und Fortbildung fuer
Dienstleistungsberufe GmbH have until Oct. 19 to register their
claims with court-appointed provisional administrator Thomas
Lauterfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 9 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 AFD Arbeitsvermittlung und Fortbildung fuer
Dienstleistungsberufe GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AFD Arbeitsvermittlung und Fortbildung fuer
         Hans-Boeckler-Place 17
         45468 Muelheim an der Ruhr, Germany

         Attn: Petra Reymann, Manager
         Nansenstr. 17
         45472 Muelheim an der Ruhr, Germany

The administrator can be contacted at:

         Thomas Lauterfeld
         Friedrich-Ebert-Str. 34
         45468 Muelheim an der Ruhr, Germany


BENQ MOBILE: Parent Posts NT$12.8 Billion Sales for September
-------------------------------------------------------------
BenQ Corp. disclosed its consolidated revenue for the month of
September.  The company's core business recorded sales of
NT$12.8 billion.

Sales in September grew in most product lines powered by
strengthened seasonal demand.  With the company's Computing
Products group, unit sales of BenQ brand LCD monitors grew
nearly 20% month-on-month.

"China sales hit record highs in September," according to Eric
Ky Yu, BenQ's Senior Vice President of Finance and Spokesperson.
With the company's Digital Media products, "sales of BenQ brand
projectors also hit a new high in both Europe and China.  LCD TV
grew nearly 50% in both unit and value terms month-on-month
driven by new customer additions," continued Mr. Yu.

               Benq Mobile Insolvency Proceedings

BenQ Corp.'s board of directors convened and resolved on
Sept. 28 to discontinue capital injection into BenQ Mobile
Germany, effectively placing BenQ Mobile's German operations
into insolvency proceedings.  Related handset sales therefore
are not included in this monthly report; handset revenue for
September will be further ascertained by the company's auditors.
Looking ahead to October, "we expect sales to grow in October
due to season strengths in LCD monitors and projectors," added
Mr. Yu.

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.


BENQ MOBILE: Union Mulls Suit to Keep Jobs at Insolvent Unit
------------------------------------------------------------
The IG Metall union in Germany said it was investigating the
possibility of a legal action, possibly through a class action,
to preserve the job of 3,000 BenQ Mobile GmbH & Co OHG staff who
now stand to lose their jobs after the insolvency of the
company.

The planned suit is aimed at forcing the former owner of the
company, Siemens AG, to re-employ the workers.

"It's new legal territory, but of course we will try it," Munich
representative Harald Flassbeck told Reuters.

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.


BROADWAY MODEVERTRIEB: Claims Registration Ends October 19
----------------------------------------------------------
Creditors of Broadway Modevertrieb GmbH have until Oct. 19 to
register their claims with court-appointed provisional
administrator Andre Zoeller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Room 5.103
         1st Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg, Germany

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

The District Court of Aschaffenburg opened bankruptcy
proceedings against Broadway Modevertrieb GmbH on Aug. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Broadway Modevertrieb GmbH
         Gersprenzweg 16
         63741 Aschaffenburg, Germany

The administrator can be contacted at:

         Andre Zoeller
         Luitpoldstr. 9
         63739 Aschaffenburg, Germany
         Tel: 06021/3868330
         Fax: 06021/3868333


BUETTNER GMBH: Claims Registration Ends October 20
--------------------------------------------------
Creditors of Buettner GmbH Spezialwerkzeugbau have until Oct. 20
to register their claims with court-appointed provisional
administrator Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Meiningen
         Hall A 0105
         Linden Avenue 15
         Meiningen, 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 Meiningen opened bankruptcy proceedings
against Buettner GmbH Spezialwerkzeugbau on Aug. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Buettner GmbH Spezialwerkzeugbau
         Attn: Buettner Volkmar, Manager
         Werkringstrasse 10
         96515 Sonneberg, Germany

The administrator can be contacted at:

         Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz, Germany


CONTENDIX GMBH: Claims Registration Ends October 20
---------------------------------------------------
Creditors of Contendix GmbH & Co. KG have until Oct. 20 to
register their claims with court-appointed provisional
administrator Stephan Mitlehner.

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

The meeting of creditors will be held at:

         The District Court Meiningen
         Hall A 0105
         Linden Avenue 15
         Meiningen, 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 Meiningen opened bankruptcy proceedings
against Contendix GmbH & Co. KG on Aug. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Contendix GmbH & Co. KG
         Attn: Hotop Reinhard, Manager
         Langes Tal 47
         98553 Schleusingen, Germany

The administrator can be contacted at:

         Stephan Mitlehner
         Walter-Benjamin-Place 6
         10629 Berlin-Charlottenburg, Germany


DIE OBERFLACHE: Creditors' Meeting Slated for October 19
--------------------------------------------------------
The court-appointed provisional administrator for Die Oberflache
GmbH Industrie-Lackierungen, Knut Rebholz, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:10 a.m. on Oct. 19.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Jan. 25, 2007, at the
same venue.

Creditors have until Nov. 30 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings Die Oberflache GmbH Industrie-Lackierungen on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Die Oberflache GmbH Industrie-Lackierungen
         Flottenstr. 50 - 53
         13407 Berlin, Germany

The administrator can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin, Germany


G & F KOMPLETTBAU: Claims Registration Ends October 20
------------------------------------------------------
Creditors of G & F Komplettbau GmbH have until Oct. 20 to
register their claims with court-appointed provisional
administrator Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against G & F Komplettbau GmbH on Aug. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         G & F Komplettbau GmbH
         Attn: Ralf Geserich, Manager
         Mielestrasse 2
         14542 Werder, Germany

The administrator can be contacted at:

         Christian Graf Brockdorff
         Breite Strasse 9 A
         14467 Potsdam, Germany


GIESEN BAUGESELLSCHAFT: Claims Registration Ends October 20
-----------------------------------------------------------
Creditors of Giesen Baugesellschaft mbH have until Oct. 20 to
register their claims with court-appointed provisional
administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 21 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany

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

The District Court of Dortmund opened bankruptcy proceedings
against Giesen Baugesellschaft mbH on Aug. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Giesen Baugesellschaft mbH
         Attn: Hans-Juergen Giesen, Manager
         Kurler Str. 267
         44329 Dortmund, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf, Germany


SALATE UND KARTOFFEL: Claims Registration Ends October 20
---------------------------------------------------------
Creditors of Salate und Kartoffel Frischservice GmbH have until
Oct. 20 to register their claims with court-appointed
provisional administrator Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil, 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 Rottweil opened bankruptcy proceedings
against Salate und Kartoffel Frischservice GmbH on Aug. 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Salate und Kartoffel Frischservice GmbH
         Attn: Joachim Diebold, Manager
         Danzinger Str. 9
         72280 Dornstetten, Germany

The administrator can be contacted at:

         Albert Hirt
         Berner Field 74
         78628 Rottweil, Germany
         Tel: 0741/17540-0


SC MITTELRHEIN: Claims Registration Ends October 15
---------------------------------------------------
Creditors of SC Mittelrhein-Neuwied e.V. have until Oct. 15 to
register their claims with court-appointed provisional
administrator Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neuwied
         Hall 126
         1. Stick
         Hermannstr. 39
         56564 Neuwied, 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 Neuwied opened bankruptcy proceedings
against SC Mittelrhein-Neuwied e.V. on Aug. 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         SC Mittelrhein-Neuwied e.V.
         Postfach 2507
         56515 Neuwied, Germany

         Attn: Karl-Heinz Kater, Manager
         Odental 12
         56579 Rengsdorf, Germany

         Rudolf Kroell, Manager
         Ringstrasse 22
         56564 Neuwied, Germany

         Udo Petzold, Manager
         Segendorfer Road 55
         56567 Neuwied, Germany

The administrator can be contacted at:

         Jens Fahnster
         Koelnstr. 135
         53757 St. Augustin-Hangelar, Germany
         Tel: 02241/90600
         Fax: 02241/906062


STOP-BUERO-GMBH: Claims Registration Ends October 12
----------------------------------------------------
Creditors of Stop-Buero-GmbH have until Oct. 12 to register
their claims with court-appointed provisional administrator
Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against Stop-Buero-GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Stop-Buero-GmbH
         Attn: Reinhard Schwab and Jens Paufler, Managers
         Erdmann-Kircheis-Road 3
         08280 Aue, Germany

The administrator can be contacted at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau, Germany
         E-mail: widera@zwickau-net.de


TSB CITY: Creditors' Meeting Slated for October 13
--------------------------------------------------
The court-appointed provisional administrator for TSB City
Sports GmbH & Co. KG, Christian Koehler-Ma, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:50 a.m. on Oct. 13.

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

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

The Court will also verify the claims set out in the
administrator's report at 8:30 a.m. on Jan. 12, 2007, at the
same venue.

Creditors have until Nov. 13 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings TSB City Sports GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TSB City Sports GmbH & Co. KG
         Brandenburgische Str. 53
         10707 Berlin, Germany

The administrator can be reached at:

         Christian Koehler-Ma
         Kurfürstendamm 212
         10719 Berlin, Germany

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


BLACKBOARD INC: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Blackboard
Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$10 Million
   Senior Secured
   Revolving Credit
   Facility due 2010      Ba3      Ba3     LGD3       31%

   US$70 Million
   Senior Secured
   First Lien
   due 2011               Ba3      Ba3     LGD3       31%

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-
umeric 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%).

Blackboard Inc. (Nasdaq: BBBB - News) provides enterprise
softwareapplications and related services to the education
industry.  Founded in 1997, Blackboard enables educational
innovations everywhere by connecting people and technology.
With two product suites, the Blackboard Academic Suite (TM) and
the Blackboard Commerce Suite (TM), Blackboard is used by
millions of people at academic institutions around the globe,
including colleges, universities, K-12 schools and other
education providers, as well as textbook publishers and student-
focused merchants that serve education providers and their
students.  Blackboard is headquartered in Washington, D.C., with
offices in Scandinavia, United Kingdom and Ireland.


TOWER RECORDS: Selects Great American to Liquidate All Assets
-------------------------------------------------------------
MTS Inc., dba Tower Records, and its debtor-affiliates have
selected Great American Group to handle inventory sales to
liquidate all of the company's assets.

The declaration follows a two-day auction, which included
bidding on the job by a number of prominent auction and
liquidation firms from all over the country.  Great American won
with a bid of US$134.3 million, and immediately disclosed that
it would liquidate all of the assets of the California-based
music retailer.  The sale, which also includes various leases
and properties, was given final approval on Oct. 6, 2006 by the
U.S. Bankruptcy Court for the District of Delaware.

Great American said that it began the liquidation process and
going-out-of-business sales on Oct 7, 2006.

Liquidated will be all of the merchandise and equipment at Tower
Records' 89 stores across the United States.  Included will be
hundreds of thousands of music CDs, music and film DVDs, and
various audio equipment.

"We are very pleased to have been selected the winning bidder
and look forward to conducting an orderly and efficient
liquidation," said Andrew Gumaer, President of Great American
Group.  "All merchandise at Tower stores will go on sale in the
morning, with deep discounts never before seen in the retail
music business," he added. Sales will continue until the entire
inventory has been liquidated.

Tower Records, which has 89 stores in 20 states and owes
creditors about US$200 million, filed for Chapter 11
reorganization in August.  The company cited the industry-wide
decline in music sales, downloading of online music and
competition from big-box stores such as Wal-Mart as the reasons
for its financial problems.

The filing came two years after a reorganization that resulted
in bondholders forgiving millions of dollars in debt but taking
an 85% stake in the company, leaving founder Russ Solomon and
his family with 15%.  Mr. Solomon founded Tower in 1960.

                   About Great American Group

Based in Woodland Hills, Calif., with offices in Chicago, New
York, Boston and Atlanta, Great American Group provides
liquidation services, auctions, wind-down services, appraisals,
valuations and related services.  The company's services focus
on turning excess inventory into immediate cash through
strategic retail store-closings and wholesale and industrial
liquidations.

                       About Tower Records

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The Company and its affiliates previously
filed for chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del.
Lead Case No. 04-10394).  The Court confirmed the Debtors' plan
on March 15, 2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP.  When the Debtors filed for protection from
their creditors, they estimated assets and debts of more than
US$100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Dec. 18, 2006.


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


BROWN SHOE: Earns US$15.1 Million in Quarter Ended July 29, 2006
----------------------------------------------------------------
Brown Shoe Company Inc. filed its third quarter financial
statements for the three months ended July 29, 2006, with the
U.S. Securities and Exchange Commission.

The Company earned US$15.1 million on US$579.3 million of net
revenues for the three months ended July 29, 2006, compared to
US$4 million of net income on US$551.4 million of net revenues
in 2005.

At July 29, 2006, the Company had US$50 million of borrowings
outstanding and US$18.1 million in letters of credit outstanding
under the Credit Agreement.  Total additional borrowing
availability was approximately US$281.9 million at July 29,
2006.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1306

                     About Brown Shoe Company

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc.
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear
company with global operations including Brazil, Italy, China,
Hong Kong, and Taiwan.  The Company operates the 900+ store
Famous Footwear chain, which sells brand name shoes for the
family.  It also operates 300+ specialty retail stores in the
U.S. and Canada under the Naturalizer, FX LaSalle and Via Spiga
names, and Shoes.com, the Company's e-commerce subsidiary.
Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults,
and Barbie and Disney character footwear for children.

                          *     *     *

As reported in the Troubled Company Reporter on June 6, 2006,
Standard & Poor's Ratings Services revised its outlook on
St. Louis, Missouri-based Brown Shoe Co. Inc. to stable from
negative.  All ratings, including the 'BB' corporate credit
rating, are affirmed.


CA INC: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%

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-
umeric 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 Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.


MITSUBISHI MATERIALS: Earns JPY15.7 Billion in First Quarter
------------------------------------------------------------
Mitsubishi Materials Corp. reported net sales of
JPY332.0 billion for the quarter ended June 30, 2006, up
JPY84.4 billion or 34.1% compared with the sales recorded for
the quarter ended June 30, 2005, according to the company's
financials.

In the first quarter of fiscal 2006-2007, ended June 30, 2006,
the Japanese economy continued a general expansion.  This
reflected improved corporate earnings, boosting capital
expenditure, and a better employment climate, which drove solid
personal consumption.  These factors outweighed the impact of
continued high fuel costs.

The group continued to perform well despite the high raw fuel
costs, benefiting from high prices for copper and other key
metals and brisk demand from key customers in the automotive and
information and electronics sectors.

The group endeavored to expand sales in the prime growth
businesses of automotive products and IT and digital offerings
as well as in the cement business, where overseas demand has
been strong.

The company reported an operating profit of JPY21.4 billion, a
66.8% change from the JPY12.8 billion operating profit a year
before.

Net income for the quarter in review amounted to
JPY15.7 billion, a whooping 198.8% improvement against the
JPY5.2 billion the company recorded in the first quarter of
fiscal 2006.

The Company's financial report for the quarter ended June 30,
2006, is available for free at:

         http://ResearchArchives.com/t/s?1321

                   About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company's principal
activity is the manufacture of metals and ceramics.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

As reported by the Troubled Company Reporter - Asia Pacific on
June 1, 2006, Standard & Poor's Ratings Services had on May 31,
2006, raised its long-term corporate credit rating on Mitsubishi
Materials Corp. to BB from BB- and its senior unsecured debt
rating on the company to BB+ from BB, on the company's improved
revenue base and stronger cash flow generation.


MITSUBISHI MATERIALS: Raises Projections on Strong Earnings
-----------------------------------------------------------
Mitsubishi Materials Corp. has revised the earlier forecasts for
the first half of fiscal year 2006-2007, covering April 1,
through September 30, 2006, and for the full-year 2006-2007
ending March 31, 2007.

The amended projections for first half of fiscal 2007 (April 1,
2006 to September 30, 2006) are:

                          Consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          605,000      37,000      16,000
Revised projections           669,000      52,000      30,000
                             ---------   ---------   ---------
Change                         64,000      15,000      14,000
Change (%)                       10.6%       40.5%       87.5%

Results for first
   half of fiscal 2006        524,926      36,777      16,456

                        Non-consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          305,000      13,000       5,000
Revised projections           355,000      13,000       6,000
                             ---------   ---------   ---------
Change                         50,000         -         1,000
Change (%)                       16.4%        -          20.0%
Results for first
   half of fiscal 2006        290,135       8,111       2,083

The amended projections for fiscal 2007 (April 1, 2006 to
March 31, 2007), are:

                          Consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections         1,210,000     81,000      32,000
Revised projections          1,391,000     96,000      46,000
                             ---------   ---------   ---------
Change                         181,000     15,000      14,000
Change (%)                        15.0%      18.5%       43.8%
Results for fiscal 2006      1,143,699     80,759      58,802

                        Non-consolidated
                       (in JPY, millions)

                                Net      Ordinary      Net
                               Sales      Income      Income
                             ---------   ---------   ---------
Previous projections          600,000      30,000      10,000
Revised projections           709,000      30,000      12,000
                             ---------   ---------   ---------
Change                        109,000         -         2,000
Change (%)                       18.2%        -          20.0%
Results for fiscal 2006       601,362      25,960       7,355

                      Reasons for Revision

The company's management anticipates that consolidated ordinary
income will exceed its projection by around JPY15 billion in the
period under review, mainly owing to a significant rise in
earnings at SUMCO, an equity method affiliate.  Other
contributing factors include U.S. demand for cement, which
remains strong, and copper prices, which continue to remain
high.

Consolidated net income should be JPY14 billion higher than
envisaged as a result of the increase in consolidated ordinary
income.

The company's net consolidated forecasts reflect the gain in
first-half earnings and should be achievable despite such
uncertainties about the operating climate, such as interest rate
and fuel cost trends.

                     Dividends for the Year

The company plans year-end dividends of JPY3 per share,
following interim payouts of JPY2 per share as announced on May
10 this year.

                   About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company's principal
activity is the manufacture of metals and ceramics.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

As reported by the Troubled Company Reporter - Asia Pacific on
June 1, 2006, Standard & Poor's Ratings Services had on May 31,
2006, raised its long-term corporate credit rating on Mitsubishi
Materials Corp. to BB from BB- and its senior unsecured debt
rating on the company to BB+ from BB, on the company's improved
revenue base and stronger cash flow generation.


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


ADEL: Karaganda Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Adel
(RNN 302000066881).

LLP Adel is located at:

         Ermekov Str. 77/2-25
         Karaganda
         Karaganda Region
         Kazakhstan


DILARA: Almaty Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Firm Dilara
(RNN 600700104737) on Aug. 22.


GRUPPA KOMPANYI: Creditors Must File Claims by Nov. 3
-----------------------------------------------------
LLP Construction Company Gruppa Kompanyi VIP-Story has declared
insolvency.

Creditors have until Nov. 3 to submit written proofs of claim
to:

         LLP Gruppa Kompanyi VIP-Story
         Abai Str. 52-27
         Kostanai
         Kostanai Region
         Kazakhstan


IT INTEGRATIONAL: Proof of Claim Deadline Slated for Nov. 3
-----------------------------------------------------------
LLP IT Integrational has declared insolvency.  Creditors have
until Nov. 3 to submit written proofs of claim to:

         LLP IT Integrational
         Delegatskaya Str. 19
         Talgar
         Talgar District
         Almaty Region


MEJDUNARODNYI KOORDINATSIONNYI: Bankruptcy Procedure Starts
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against
LLP International Coordinating Center Mejdunarodnyi
Koordinatsionnyi Tsentr (RNN 302000052331).

LLP International Coordinating Center Mejdunarodnyi
Koordinatsionnyi Tsentr is located at:

         Erubaev Str. 1
         Karaganda
         Karaganda Region
         Kazakhstan


PARTNER-TRADE: Claims Registration Ends Nov. 3
----------------------------------------------
LLP Partner-Trade has declared insolvency.  Creditors have until
Nov. 3 to submit written proofs of claim to:

         LLP Partner-Trade
         Abai Str. 49/1-64
         Ekibastuz
         Pavlodar Region
         Kazakhstan


ROCK OIL: Creditors' Claims Due Nov. 3
--------------------------------------
LLP Rock Oil Promix has declared insolvency.  Creditors have
until Nov. 3 to submit written proofs of claim to:

         LLP Rock Oil Promix
         Rayimbek Str. 101-1
         Almaty, Kazakhstan


SERVICE INTER: Akmola Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Service Inter Agro
on Aug. 25.

LLP Service Inter Agro is located at:

         Gorkyi Str. 44
         Kokshetau
         Akmola Region
         Kazakhstan


UGOLTRANSSERVICE: Claims Registration Ends Nov. 1
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Ugoltransservice into
compulsory liquidation.

Creditors have until Nov. 1 to submit written proofs of claim
to:

         LLP Ugoltransservice
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


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


INFORS: Creditors Must File Claims by Nov. 19
---------------------------------------------
LLC Infors has declared insolvency.  Creditors have until
Nov. 19 to submit written proofs of claim to:

         LLC Infors
         Poltavskyi Side Street, 23
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 66-40-57


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


ELEKTRIM FINANCE: Court Sends Bond Issuer to Bankruptcy
-------------------------------------------------------
An Amsterdam Court has declared Elektrim Finance, a unit of
Elektrim S.A. that issues bonds for the power and
telecommunications group, bankrupt, Polish News Bulletin says.

The Court also postponed Elektrim's bankruptcy hearing to
Oct. 27, after representatives of Vivendi's Polish unit,
Elektrim Telekomunikacja, filed a motion securing Vivendi's EUR2
billion claim towards Elektrim, the paper relates.

The documents pertained to a court order freezing the sale of
Elektrim's 48% stake in Polska Telefonia Cyfrowa to Deutsche
Telekom for EUR604 million.

ET stressed in the documents that the Supreme Court has set
aside a Vienna Court's November 2004 decision allowing the share
sale.  A Vienna arbitration court, however ruled in June 2006
that Elektrim could to sell its stake to Deutsche Telekom.
Vivendi refused to acknowledge the court's decision.

Elektrim's legal team appealed for a postponement of the trial
to allow time to examine the documents submitted by ET.

As reported in the TCR-Europe on Oct. 5, Elektrim S.A. filed a
bankruptcy petition with the possibility of an arrangement on
Sept. 29, five days before its creditors were set to launch a
lawsuit over the bankruptcy.

By filing a bankruptcy petition, Elektrim can make a last-minute
ditch to rescue the company, which can refrain the court from
introducing a bankruptcy assignee, allowing management to
continue to run the business and hold on to its stock listing.

The Court's decision may be subject an appeal.  However, Polish
News Bulletin said, an appeal may not occur since it would mean
additional costs for Elektrim and postponing the settlement date
with bondholders.  Lawyers for bond trustee Law Debenture Trust
Corp. and Elektrim admitted that time is crucial in the process.
Elektrim owes EUR516.6 million to the bondholders.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  Its most valuable assets are
Elektrim Telekomunikacja Sp. z o.o. and Elektrownia Patnow-
Adamow-Konin S.A.  Since 1999, Elektrim has implemented a far-
reaching restructuring program to improve its operational
efficiency and strengthen its position in the market.

In November 2005, an English court rejected Elektrim's appeal on
a decision declaring it in breach of bond conditions.  The Court
ordered Elektrim in September 2005 to immediately buy back
EUR471.4 million of bonds for having broken a restructuring
agreement signed in 2002.  Holders demanded immediate buyout of
their bonds, which are now worth EUR470 million.  Elektrim was
due to redeem the bonds on Dec. 15, 2005, but failed.

Elektrim said it was impossible to redeem the bonds since the
court has frozen its assets.  Bondholders filed the motion to
freeze Elektrim's assets, fearing the group would hide its
assets and declare bankruptcy to avoid repaying its debt.  The
company said it would repay the debt if the collateral were
cancelled.


GAZPROM OAO: Eyes BBL Stake Via Nederlandse Gasunie Coop Deal
-------------------------------------------------------------
Alexey Miller, Chairman of the Gazprom Management Committee and
Marcel Kramer, Chief Executive Officer of N.V. Nederlandse
Gasunie signed a Memorandum of Understanding for Cooperation in
Joint Involvement in the NEGP and BBL Projects as well as
Utilization of Gasunie's Transmission Capacity.

In pursuance of the MOU, Gazprom will become shareholder of BBL
Company, with Gasunie's stake to account for not less than 51
percent.  Furthermore, Gasunie will receive a nine percent stake
in North European Gas Pipeline Company.

The parties will study the potential for Gazprom to make use of
Gasunie's gas infrastructure including underground gas storage
facilities. The parties also achieved the accord to talk over
the conclusion of long-term contracts enabling Gazprom to use
Gasunie's transmission capacity in the national gas transmission
system of the Netherlands.

"Gasunie is very glad to sign this Memorandum of Understanding
that represents the next step towards entering into a final
agreement," Mr. Kramer said.  The companies record perfect
interaction. The governments of both countries give full support
to our joint businesses, which is of utmost importance for
executing a project of this scale."

"The Memorandum raises our cooperation with Gasunie to a
qualitatively new level. By joining our forces and experience,
we will be able to successfully implement prominent projects
targeted at secure and long-term gas deliveries to European
consumers," maintained Alexey Miller.

N.V. Nederlandse Gasunie is a gas infrastructure and
transmission company based in the Netherlands.  The company owns
one of the largest gas distribution networks in Europe, which is
some 12,000 km in overall length, and annually supplies a total
of some 100 bcm of gas.

The Dutch BBL Company (Balgzand Bacton Line) is responsible for
constructing and operating the BBL interconnector between the
Netherlands and the Great Britain.  The shareholders of BBL
Company are Gasunie (60 percent), E.ON Ruhrgas (20 percent) and
Fluxys (20 percent).

The Russia-Germany joint venture North European Gas Pipeline
Company was founded in December 2005 for the purpose of
engineering, building and operating the North European Gas
Pipeline running under the Baltic Sea. The company's
shareholding is split between Gazprom (51 per cent) and BASF and
E.ON (24.5 per cent each).  Upon execution of the pertinent
deal, BASF and E.ON will each sell Gasunie a 4.5 per cent stake
in NEGP Company.

                       About Gazprom

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

                        *     *     *

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

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

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


GETRONICS NV: EVP Stuart Appleton Leaves Post
---------------------------------------------
Getronics N.V. revealed that Stuart Appleton, Executive Vice
President, would be leaving the company on April 20, 2007, for
personal reasons.

"In the six and a half years that he has been with Getronics,
[Mr.] Stuart has been a driving force for improvement within the
business," Klaas Wagenaar, CEO of Getronics, said.  "We have all
benefited from Stuart's intellectual precision, his passion for
the business and his wealth of experience."

Mr. Appleton joined Getronics in January 2000 as Vice-President
Marketing and Communications.  In 2002, he was promoted to
Corporate Senior Vice-President and in May 2005 he became
Executive Vice President and a member of the Board of
Management.

"We appreciate Stuart's reasons for leaving, but we are sorry to
see him go," Mr. Wagenaar added.  "He has been a real asset to
this company and we are very grateful for all he has done for
us."

As Executive Vice President, Stuart Appleton was responsible for
the U.K., Asia, Pacific and Japan, Business Partners and
Alliances, and for Business Development.  Over the coming
months, Stuart Appleton will be handing over his
responsibilities and will remain available to the Board of
Management during this time.

                        About Getronics

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

                       *     *     *

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

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

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


GIRASOLAR INC: March 31 Stockholders' Deficit Tops US$1.1 Mln
-------------------------------------------------------------
GiraSolar Inc., fka Legend Investment Corp, filed its financial
statements for the first quarter ended March 31, 2006, with the
U.S. Securities and Exchange Commission on Sept. 6, 2006.

Legend Investment changed its name to GiraSolar, Inc., on
April 12, 2006.

For the three months ended March 31, 2006, the Company reported
a US$74,938 net loss on US$4,399,538 of revenues, compared with
a US$100,230 net loss on US$0 revenue for the same period in
2005.

At March 31, 2006, the Company's balance sheet showed
US$3,287,453 in total assets, US$4,339,912 in total liabilities,
and US$117,749 in minority interest, resulting in a US$1,119,361
stockholders' deficit.

The Company's March 31 balance sheet also showed strained
liquidity with US$2,879,828 in total current assets available to
pay US$4,222,163 in total current liabilities coming due within
the next 12 months.

Full-text copies of the Company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?130c

                        Going Concern Doubt

E. Randall Gruber, CPA, PC, in St. Louis, Missouri, raised
substantial doubt about Legend Investment Corp.'s ability to
continue as a going concern after auditing the Company's
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's significant net losses since
its inception, lack of current source of material revenue, and
working capital deficit.

                       About GiraSolar, Inc.

Based in the Netherlands, GiraSolar Inc., fka Legend Investment
Corp, through its subsidiary, Girosolar, B.V., makes solar
energy equipment, sells solar energy applications and equipment,
and offers consultancy services in the field of solar energy
applications and equipment.


GIRASOLAR INC: June 30 Balance Sheet Upside-Down by US$1.2 Mln
--------------------------------------------------------------
GiraSolar Inc., fka Legend Investment Corp, filed its financial
statements for the second quarter ended June 30, 2006, with the
U.S. Securities and Exchange Commission on Sept. 11, 2006.

Legend Investment changed its name to GiraSolar, Inc., on
April 12, 2006.

For the three months ended June 30, 2006, the Company reported a
US$115,521 net loss on US$36,637,654 of revenues, compared with
a US$209,050 net loss on US$0 revenue for the same period in
2005.

The Company's balance sheet at June 30, 2006, showed
US$8,040,312 in total assets, US$9,119,500 in total liabilities,
and US$136,759 in minority interest, resulting in a US$1,215,947
stockholders' deficit.

The Company's June 30 balance sheet also showed strained
liquidity with US$7,587,140 in total current assets available to
pay US$8,997,120 in total current liabilities coming due within
the next 12 months.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?130d

                       About GiraSolar, Inc.

Based in the Netherlands, GiraSolar Inc., fka Legend Investment
Corp, through its subsidiary, Girosolar, B.V., makes solar
energy equipment, sells solar energy applications and equipment,
and offers consultancy services in the field of solar energy
applications and equipment.

                         *     *     *

                       Going Concern Doubt

E. Randall Gruber, CPA, PC, in St. Louis, Missouri, raised
substantial doubt about Legend Investment Corp.'s ability to
continue as a going concern after auditing the Company's
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's significant net losses since
its inception, lack of current source of material revenue, and
working capital deficit.


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


ELEKTRIM SA: Amsterdam Court Sends Finance Unit to Bankruptcy
-------------------------------------------------------------
An Amsterdam Court has declared Elektrim Finance, a unit of
Elektrim S.A. that issues bonds for the power and
telecommunications group, bankrupt, Polish News Bulletin says.

The Court also postponed Elektrim's bankruptcy hearing to
Oct. 27, after representatives of Vivendi's Polish unit,
Elektrim Telekomunikacja, filed a motion securing Vivendi's EUR2
billion claim towards Elektrim, the paper relates.

The documents pertained to a court order freezing the sale of
Elektrim's 48% stake in Polska Telefonia Cyfrowa to Deutsche
Telekom for EUR604 million.

ET stressed in the documents that the Supreme Court has set
aside a Vienna Court's November 2004 decision allowing the share
sale.  A Vienna arbitration court, however ruled in June 2006
that Elektrim could to sell its stake to Deutsche Telekom.
Vivendi refused to acknowledge the court's decision.

Elektrim's legal team appealed for a postponement of the trial
to allow time to examine the documents submitted by ET.

As reported in the TCR-Europe on Oct. 5, Elektrim S.A. filed a
bankruptcy petition with the possibility of an arrangement on
Sept. 29, five days before its creditors were set to launch a
lawsuit over the bankruptcy.

By filing a bankruptcy petition, Elektrim can make a last-minute
ditch to rescue the company, which can refrain the court from
introducing a bankruptcy assignee, allowing management to
continue to run the business and hold on to its stock listing.

The Court's decision may be subject an appeal.  However, Polish
News Bulletin said, an appeal may not occur since it would mean
additional costs for Elektrim and postponing the settlement date
with bondholders.  Lawyers for bond trustee Law Debenture Trust
Corp. and Elektrim admitted that time is crucial in the process.
Elektrim owes EUR516.6 million to the bondholders.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  Its most valuable assets are
Elektrim Telekomunikacja Sp. z o.o. and Elektrownia Patnow-
Adamow-Konin S.A.  Since 1999, Elektrim has implemented a far-
reaching restructuring program to improve its operational
efficiency and strengthen its position in the market.

In November 2005, an English court rejected Elektrim's appeal on
a decision declaring it in breach of bond conditions.  The Court
ordered Elektrim in September 2005 to immediately buy back
EUR471.4 million of bonds for having broken a restructuring
agreement signed in 2002.  Holders demanded immediate buyout of
their bonds, which are now worth EUR470 million.  Elektrim was
due to redeem the bonds on Dec. 15, 2005, but failed.

Elektrim said it was impossible to redeem the bonds since the
court has frozen its assets.  Bondholders filed the motion to
freeze Elektrim's assets, fearing the group would hide its
assets and declare bankruptcy to avoid repaying its debt.  The
company said it would repay the debt if the collateral were
cancelled.


NETIA SA: Grants 543,628 Stock Options to Jon Eastick
-----------------------------------------------------
Netia SA disclosed that, pursuant to a resolution of the
Supervisory Board dated April 5, 2006, granting Company stock
options to Jon Eastick, Netia's Management Board member, on
Oct. 5, Mr. Eastick received 543,628 options authorizing him to
subscribe for series K shares in accordance with the Netia
Performance Stock Option Plan of June 28, 2002, as amended.

The strike price for the options received by Mr. Jon Eastick was
established at PLN 4.80.  The granted options will expire on
Dec. 20, 2012, at the latest.

Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) --
http://netia.pl/-- is an alternative fixed-line
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


WGI CONSULTING: PLN260-Million Scam Pushes Firm to Bankruptcy
-------------------------------------------------------------
A Polish commercial court declared WGI Consulting bankrupt on
Oct. 5, months after the Polish Securities and Exchange
Commission (Komisja Papierow Wartos'ciowych i Gield, KPWiG)
annulled the company's license due to an alleged PLN260-million
scam, Polish Business News says.

The Court also appointed a receiver for the company.

According to lawyers representing WGI's former clients, the
company used creative accounting to hide up to PLN260 million in
losses from client accounts that resulted to the false reporting
of its account balance with the KPWiG, recording amounts three
times lower than that sent to clients, the paper relates.

Polish prosecutors also accused WGI executives of embezzling
PLN9.3 million, which carries a penalty of up to 10 years in
jail.

WGI's board members are facing a PLN220-million lawsuit filed by
the securities regulator in early August, in behalf of 780 of
the company's former clients.


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


INTERTAPE POLYMER: Weak Liquidity Spurs Moody's to Cut Ratings
--------------------------------------------------------------
Moody's Investors Service downgraded the long term debt and
corporate family ratings of IPG (US) Inc. and Intertape Polymer
US Inc. and placed these ratings under review for possible
further downgrade as a result of the company's announcement this
week that highlighted:

   -- the Board of Directors has initiated a process to
      explore and evaluate various strategic and
      financial alternatives available to enhance
      shareholder value.  TD Securities has been engaged as
      a financial advisor to assist with the process;

   -- the company anticipates its revenue for the third
      quarter to decrease to approximately US$195 million
      from US$222 million in the second quarter of 2006; and

   -- the company may not be in compliance with
      certain financial covenants under the terms of its
      credit agreement and will need to renegotiate
      these covenants, if required.

In addition, Moody's lowered IPG's speculative grade liquidity
rating to SGL-4 from SGL-3 due to concerns over the company's
compliance with the covenants under its bank credit facility.

Downgrades:

Issuer: IPG (US) Inc.

    * Corporate Family Rating, to B2 from B1
    * Speculative Grade Liquidity Rating, to SGL-4 from SGL-3
    * Senior Secured Bank Credit Facility, to Ba3 from Ba2

Issuer: Intertape Polymer US Inc.

    * Senior Subordinated Regular Bond/Debenture, to Caa1
      from B3

Outlook Actions:

Issuer: IPG (US) Inc.

    * Outlook, Changed To Rating Under Review From Stable

Issuer: Intertape Polymer US Inc.

    * Outlook, Changed To Rating Under Review From No Outlook

The downgrade reflects IPG's:

   -- weakened liquidity due to the need to
      renegotiate financial covenants, if required under
      its bank credit facility;

   -- uncertainty over the company's future capital structure;

   -- expected weakening of earnings and cash flow metrics
      for the remainder of 2006 and into 2007; and

   -- CEO succession and a potential sale of the company.
      The ratings also incorporate the modest scale
      and diversity of the company's operations, the
      significant level of industry competition, an exposure
      to fluctuating raw material costs, the percentage
      of commodity products in its product mix, and
      recent customer rationalization.

The review will examine:

   -- the company's third quarter results and revised forecasts;

   -- the company's ability to manage its liquidity and
      amend covenants, if required; and

   -- the potential options that the Board may pursue in
      order to enhance shareholder value.

Moody's expects to complete this review within 90 days.  A
sustained deterioration in operating performance or credit
metrics due to a decline in product demand or other operational
issues, an increase in leverage to improve shareholder value, or
the inability to successfully amend the company's credit
agreement could result in a further downgrade of the ratings.

The downgrade of the speculative grade liquidity rating to SGL-4
reflects Moody's view that over the next twelve months bank
covenant compliance under IPG's credit agreement is uncertain as
financial covenants tighten significantly, which may require it
to obtain waivers or amendments in order to maintain access to
its revolving credit facility.  Moody's SGL ratings and SGL
rating methodology do not assume that borrowers will be able to
obtain waivers or amendments to its facilities.

Intertape Polymer Group, Inc., a parent company of IPG and
Intertape Polymer US Inc., headquartered in Montreal, Quebec,
Canada, and with executive offices located in
Sarasota/Bradenton, Florida, develops, manufactures and sells
specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and
retail use.


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


BEARINGPOINT INC: Cash Flow Prompts Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of BearingPoint
Inc. and placed the company's ratings on review for further
possible downgrade.

The rating actions reflect the company's YTD September 2006 cash
outflows, which have largely been driven by higher than expected
finance and accounting systems costs, delays in filing its
annual financial reports with the SEC, and increased Q2 2006
voluntary employee turnover.

The review will focus on the company's prospects for reducing
costs to operate its accounting and financial systems, prospects
for becoming current on the filing of its SEC periodic reports,
reducing its voluntary turnover, and generating free cash flow.

As part of the review, Moody's will also assess the company's
prospects for either achieving bondholder consents or appealing
litigation (or disputing damage claims) stemming from a
September 2006 New York State Supreme Court Order, which grants
summary judgment to plaintiffs and finds the company in breach
under the indenture governing the company's 2.75% Series B
convertible subordinated debentures.

On Sept. 26, the company announced it has further delayed the
filing of its FY 2005 10-K as a direct consequence of the
September 2006 Order and does not expect to be current on the
filing of its SEC financial statements until the spring of 2007
at the earliest.  The company also announced that it expects
2006 cash will be negatively impacted by unanticipated, unusual,
and ongoing costs to operate its accounting and financial
systems and by unanticipated and unusual costs to retain its
employees.

Ratings downgraded and placed on review for further possible
downgrade:

    * Corporate Family Rating to B2 from B1;

    * US$250 million series A subordinated convertible bonds
      due 2024, to B3 from B2; and

    * US$200 million series B subordinated convertible bonds
      due 2024, to B3 from B2.

Headquartered in McLean, Virginia, BearingPoint, Inc. is a I/T
systems integrator, consultancy, and managed services provider
for commercial and governmental entities worldwide.


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


ALFA MTN: Fitch Rates US$400 Million Notes at Long-Term BB-
-----------------------------------------------------------
Fitch Ratings assigned Alfa MTN Issuance Limited's US$400
million 7.875% notes issue due October 2009 a Long-term BB-
rating.  The proceeds from the issue will be on-lent to Alfa-
Bank, rated Issuer Default BB-/Outlook Stable, Short-term B,
Support 4, Individual C/D, and National Long-term A+/Outlook
Stable.

The issue is made under the US$1 billion euro medium-term note
program.  Funds raised from program issues are on-lent to Alfa-
Bank.  Alfa MTN Issuance Ltd., Alfa MTN Markets Ltd., Alfa MTN
Invest Ltd. and Alfa MTN Projects Limited are the issuers under
the program.  Issues are guaranteed by Alfa-Bank and ABH
Financial Limited, the parent company of Alfa Banking Group, of
which Alfa-Bank is the main operating entity.

ABG is the largest privately owned banking group in Russia,
although market shares are modest, reflecting the fragmented
nature of the sector.  The group is ultimately owned by seven
individuals, with the largest stake held by Mikhail Fridman, the
Chairman of the Board.


AMUR-TORG-IMPORT: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Amur Region commenced bankruptcy
supervision procedure on CJSC Amur-Torg-Import.  The case is
docketed under Case No. A-04-5434/06-12/121 B.

The Temporary Insolvency Manager is:

        L. Fedotova
        Apartment 105
        B. Khmelnitskogo Str. 20
        Blagoveshesnk
        675000 Amur Region
        Russia

The Debtor can be reached at:

         CJSC Amur-Torg-Import
         Office 34
         Relochnyj Str. 3
         Blagoveshensk
         675000 Amur Region
         Russia


BAKERY: Mordoviya Bankruptcy Hearing Slated for Dec. 20
-------------------------------------------------------
The Arbitration Court of Mordoviya Republic will convene at
10:00 a.m. on Dec. 20 to hear the bankruptcy supervision
procedure on OJSC Bakery.  The case is docketed under Case No.
A39-3239/06-143/b.

The Temporary Insolvency Manager is:

         N. Novikova
         Post User Box 335
         Saransk
         430000 Mordoviya Republic
         Russia

The Arbitration Court of Mordoviya Republic is located at:

         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         OJSC Bakery
         Kovylkino
         Mordoviya Republic
         Russia


BRICKWORKS: Court Names L. Abalakova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Ms. L.
Abalakova as Insolvency Manager for LLC Brickworks.  She can be
reached at:

         L. Abalakova
         Apartment 24
         Sovetskaya Str. 205/1
         Magnitogorsk
         455051 Chelyabinsk region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-13514/2006-52-119.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         LLC Brickworks
         Kirpichnyj Proezd 6
         14th section
         Magnitogorsk
         Chelyabinsk Region
         Russia


DAL-METAL-CONSTRUCTION: Bankruptcy Hearing Slated for Jan. 31
-------------------------------------------------------------
The Arbitration Court of Primorye Region will convene on Jan. 31
to hear the bankruptcy supervision procedure on LLC Dal-Metal-
Construction (TIN 2536107408).  The case is docketed under Case
No. A51-8114/2005 11-128.

The Temporary Insolvency Manager is:

         Y. Kartsev
         Post User Box 8
         Vladivostok
         690090 Primorye Region
         Russia

The Debtor can be reached at:

         LLC Dal-Metal-Construction
         Svetlanskaya Str. 56
         Vladivostok
         690000 Primorye Region
         Russia


FURNITURE FACTORY 4: Court Names K. Khmelevskiy to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. K.
Khmelevskiy as Insolvency Manager for CJSC Furniture Factory 4.
He can be reached at:

         K. Khmelevskiy
         Post User Box 416
         630049 Novosibirsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-14199/06-4/319.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Furniture Factory 4
         K. Marksa Pr. 1
         630064 Novosibirsk Region
         Russia


GAZPROM OAO: Eyes BBL Stake Via Nederlandse Gasunie Coop Deal
-------------------------------------------------------------
Alexey Miller, Chairman of the Gazprom Management Committee and
Marcel Kramer, Chief Executive Officer of Gasunie inked in the
presence of Joop Wijn, Minister for Economic Affairs of the
Kingdom of the Netherlands, a Memorandum of Understanding for
Cooperation in Joint Involvement in the NEGP and BBL Projects as
well as Utilization of Gasunie's Transmission Capacity.

In pursuance of the MOU, Gazprom will become shareholder of BBL
Company, with Gasunie's stake to account for not less than 51
per cent. Furthermore, Gasunie will receive a nine per cent
stake in North European Gas Pipeline Company.

The parties will study the potential for Gazprom to make use of
Gasunie's gas infrastructure including underground gas storage
facilities. The parties also achieved the accord to talk over
the conclusion of long-term contracts enabling Gazprom to use
Gasunie's transmission capacity in the national gas transmission
system of the Netherlands.

"Gasunie is very glad to sign this Memorandum of Understanding
that represents the next step towards entering into a final
agreement," Mr. Kramer said.  The companies record perfect
interaction. The governments of both countries give full support
to our joint businesses, which is of utmost importance for
executing a project of this scale."

"The Memorandum raises our cooperation with Gasunie to a
qualitatively new level. By joining our forces and experience,
we will be able to successfully implement prominent projects
targeted at secure and long-term gas deliveries to European
consumers," maintained Alexey Miller.

N.V. Nederlandse Gasunie is a gas infrastructure and
transmission company based in the Netherlands.  The company owns
one of the largest gas distribution networks in Europe, which is
some 12,000 km in overall length, and annually supplies a total
of some 100 bcm of gas.

The Dutch BBL Company (Balgzand Bacton Line) is responsible for
constructing and operating the BBL interconnector between the
Netherlands and the Great Britain.  The shareholders of BBL
Company are Gasunie (60 percent), E.ON Ruhrgas (20 percent) and
Fluxys (20 percent).

The Russia-Germany joint venture North European Gas Pipeline
Company was founded in December 2005 for the purpose of
engineering, building and operating the North European Gas
Pipeline running under the Baltic Sea. The company's
shareholding is split between Gazprom (51 per cent) and BASF and
E.ON (24.5 per cent each).  Upon execution of the pertinent
deal, BASF and E.ON will each sell Gasunie a 4.5 per cent stake
in NEGP Company.

                       About Gazprom

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

                        *     *     *

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

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

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


HUNTER: Court Names V. Globa as Insolvency Manager
--------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. V.
Globa as Insolvency Manager for CJSC Hunter.  He can be reached
at:

         V. Globa
         K. Libknekhta Str. 65
         Izhevsk
         426063 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-5530/2006-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 Hunter
         Novoazhimova Str. 13
         Izhevsk
         426010 Udmurtiya Republic
         Russia


KUBAN-GRAIN-SBYT: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on LLC Kuban-Grain-Sbyt.  The case is
docketed under Case No. A-32-2880/2006-44/88-B.

The Temporary Insolvency Manager is:

         E. Litvinov
         K. Marksa Str. 157
         Poltavskaya St.
         353810 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Kuban-Grain-Sbyt
         Festivalnaya Str. 10
         Primorsko-Akhtarsk
         353860 Krasnodar Region
         Russia


LAGEPASSKOYE TRANSPORT: V. Vinogradov to Manage Assets
------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
appointed Mr. V. Vinogradov as Insolvency Manager for OJSC
Lagepasskoye Transport Enterprise.  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.
A-75-5421/2006.

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         OJSC Lagepasskoye Transport Enterprise
         Prom. baza ATP
         Langepas
         Khanty-Mansiyskiy Autonomous Region
         628672 Tyumen Region
         Russia


LEKOM-INVEST: Court Names Y. Suzdalev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr. Y.
Suzdalev as Insolvency Manager for CJSC Lekom-Invest.  He can be
reached at:

         Y. Suzdalev
         Post User Box 23
         620048 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-18682/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         CJSC Lekom-Invest
         Krestinskogo Str. 27-42
         620085 Ekaterinburg Region
         Russia


MEDICAL CENTRE: Court Names S. Salnik as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Mr. S.
Salnik as Insolvency Manager for CJSC Medical Centre.  He can be
reached at:

         S. Salnik
         Post User Box 1068
         432026 Ulyanovsk-26
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-4630/06-20/68-B.

The Debtor can be reached at:

         CJSC Medical Centre
         Moskovskoye Shosse 19
         432042 Ulyanovsk Region
         Russia


ORLOVSKOYE FUEL: Bankruptcy Hearing Slated for Nov. 29
------------------------------------------------------
The Arbitration Court of Orel Region will convene on Nov. 29 to
hear the bankruptcy supervision procedure on OJSC Orlovskoye
Fuel Enterprise (TIN 5753037513).  The case is docketed under
Case No. A48-3353/06-16b.

The Temporary Insolvency Manager is:

         V. Klimenko
         Building 1
         Molodogvardeyskaya Str. 9
         121467 Moscow Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Orlovskoye Fuel Enterprise
         Lenina Str. 23
         302028 Orel Region
         Russia


ROSNEFT OAO: Moscow Court Adds US$5 Billion to Claim vs. Yukos
--------------------------------------------------------------
The Moscow Arbitration Court has ordered OAO Yukos Oil Co. to
pay US$5 billion, on top of the current US$482 million, to
state-owned fuel group Rosneft Oil, RIA Novosti says.

As reported in TCR-Europe on March 17, a consortium of 14
foreign bank lenders sold the remainder of a US$1 billion loan
owed by Yukos Oil Company to Rosneft.

Moscow-based Rosneft acquired US$482 million of Yukos' debts
from the bank syndicate, which comprised of Societe Generale,
Citigroup Inc., Commerzbank, Credit Lyonnais, Deutsche Bank,
HSBC and ING, among others.

The sale prompted the court to replace the bank group with
Rosneft as plaintiff for the involuntary bankruptcy suit filed
in the Moscow Arbitration Court on March 10.

                         About Yukos

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

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

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

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

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


STEWART & STEVENSON: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors last week, the rating agency affirmed its B2 Corporate
Family Rating for Stewart & Stevenson LLC.

Moody's also affirmed its B3 rating on the company's 10% Senior
Unsecured Global Notes Due 2014, and assigned those debentures
an LGD5 rating suggesting a projected loss-given default of 74%.

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

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

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

Headquartered in Houston, Texas, Stewart & Stevenson LLC
-- http://www.stewartandstevenson.com/-- provides capital and
rental equipment and aftermarket parts and services that
supports the specific requirements of global clients within the
oil and gas industry.

The company has international locations in Colombia, China,
Russia and Venezuela.


TRANSIT-OIL: Court Names A. Bannykh as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. A.
Bannykh as Insolvency Manager for CJSC Transit-Oil.  He can be
reached at:

            A. Bannykh
            Office 208
            Building 2
            St. Bolshevikov Str. 2a
            620017 Ekaterinburg Region
            Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-4984/2006-52-42.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Transit-Oil
         Apartment 5
         Zapadnyj location 9
         Satka
         456910 Chelyabinsk Region
         Russia


TSARITSYNSKIY HOUSE: A. Polyakov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. A.
Polyakov as Insolvency Manager for CJSC Tsaritsynskiy House of
Paper.  He can be reached at:

         A. Polyakov
         Kacuevskoy Str. 2D
         400002 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-4311/06-s49.

The Debtor can be reached at:

         CJSC Tsaritsynskiy House Of Paper
         Kalachinsk
         Volgograd Region
         Russia


VYATSKO-POLYANSKAYA SEL-KHOZ-KHIMYA: A. Kozlov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Mr. A. Kozlov as
Insolvency Manager for Ojsc Vyatsko-Polyanskaya Sel-Khoz-Khimya
(TIN 4307000135, OGRN 1024300608617).  He can be reached at:

         A. Kozlov
         Office 507
         Gorkovo Str. 5
         610017 Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-448/05-421/24.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Vyatsko-Polyanskaya Sel-Khoz-Khimya
         Bazovaya Str. 7
         B-Polyany
         612964 Kirov Region
         Russia


YUKOS OIL: Moscow Court Adds US$5 Billion to Rosneft's Claim
------------------------------------------------------------
The Moscow Arbitration Court has ordered OAO Yukos Oil Co. to
pay US$5 billion, on top of the current US$482 million, to
state-owned fuel group Rosneft Oil, RIA Novosti says.

As reported in TCR-Europe on March 17, a consortium of 14
foreign bank lenders sold the remainder of a US$1 billion loan
owed by Yukos Oil Company to Rosneft.

Moscow-based Rosneft acquired US$482 million of Yukos' debts
from the bank syndicate, which comprised of Societe Generale,
Citigroup Inc., Commerzbank, Credit Lyonnais, Deutsche Bank,
HSBC and ING, among others.

The sale prompted the court to replace the bank group with
Rosneft as plaintiff for the involuntary bankruptcy suit filed
in the Moscow Arbitration Court on March 10.

                         About Yukos

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

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

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

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

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


YUKOS OIL: Court Moves Appeal Against Yugansk Sale to Nov. 17
-------------------------------------------------------------
The Moscow Arbitration Court postponed until Nov. 17 hearings on
OAO Yukos Oil Co.'s request to invalidate an auction that sold
Yuganskneftegaz, and pay out US$14.5 billion in losses, RIA
Novosti says.

According to the report, the hearings were postponed pending
submission of additional documents in the case.

Yugansk, the former core production unit of Yukos, was bought by
state-owned Rosneft in December 2004 after the Russian
government seized the asset as payment for more than US$30
billion in tax arrears for 2000-2003.  Yukos, declared bankrupt
on Aug. 1, retains a stake in Yugansk.

As reported in the Troubled Company Reporter on June 16, 2005,
Yukos asked the court to annul the auction where 43 shares,
representing 76.79% of Authorized Capital of Yugansk, were sold,
and the deed of sale of the shares in its former core production
subsidiary, as well as for reimbursement of damages suffered as
a result of the auction in the amount in excess of RUB324
billion.

The case is filed against the Russian Federal Property Fund
(RFFI), OOO Baikal Finance Group, OAO Rosneft, OOO Gazpromneft,
OAO Gazprom, and the Finance Ministry of Russian Federation.
Respondent's interveners in the case are the Main Directorate of
the Justice Ministry of Russian Federation for the city of
Moscow, Federal Anti-Monopoly Service and OAO Yuganskneftegas.
YUKOS has also filed for the court to seize the Yuganskneftegas
shares in question under the legal process.

In its motion, Yukos contests that its core asset was
expropriated to satisfy the demands of tax authorities while the
lawsuits addressing the legitimacy of those tax claims, against
which YUKOS is presently appealing, are still being heard by
various courts in Russia.

The Company's claim demands that the auction be ruled invalid.
YUKOS contests that due to unjustified undercutting of the
selling price of Yuganskneftegas' shares and grave violations of
law in announcing and holding the auction, the auction process
itself was illegal.

The claim cites specific violations including the fact that RFFI
unlawfully set its own terms for the sale of YUKOS's property
resulting in Yuganskneftegas shares being sold below the market
value or the value determined by the Russian Federation's own
evaluation company, Dresdner Kleinwort Wasserstein.  Breaches of
Russian law during preparation and holding of the auction
included:

   -- failure to comply with the legal requirement to announcing
      the timing of the auction and thus ruling out some
      potential buyers;

   -- neglecting to follow the very clear and defined procedure
      for conducting such an auction; and

   -- the direct and unwarranted interference of government
      bodies in the auction process.

YUKOS Oil Company contests in its claim that the auction was a
sham and a 'front' for the expropriation of property in favor of
a named state-owned company, OAO Rosneft.

                         About Yukos

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

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

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

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

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

On July 25, Yukos creditors voted to liquidate the oil firm
after rejecting a management rescue plan, which valued the
company's assets at about US$30 billion.  This would have
permitted Yukos to continue its operations and attempt to pay
off US$18 billion in debts through asset sales.

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


YUKOS OIL: Talks on Mazeikiu Purchase by PKN Orlen to Continue
--------------------------------------------------------------
OAO Yukos Oil Co. and Poland's PKN Orlen agree to continue
holding talks on Orlen's proposed acquisition of Yukos's
Lithuanian oil refinery Mazeikiu Nafta AB, RosBusinessConsulting
reports.

The agreement was reached at a meeting between Yukos bankruptcy
trustee Eduard Rebgun and PKN Vice Presidents Cezary Filipowicz
and Cezary Smorszczewski in Vienna Friday.

Yukos and Poland's largest oil refiner signed a share sale and
purchase agreement on May 26 wherein PKN will acquire the 53.7%
stake in Mazeikiu Nafta for US$1.49 billion.  At the same time,
PKN Orlen will purchase the Lithuanian government's 30.66% stake
in Mazeikiu.  Under the agreement, PKN will have the right to
walk away from the transaction by the end of the year if
Mazeikiu's value falls significantly.

The company is awaiting regulatory approval from the
Antimonopoly Committee of Ukraine and the appropriate antitrust
authorities in the United States before the deal's expected
completion early next year.  PKN does not expect that the
requirement to obtain additional consents in Ukraine and the US
will delay the closing of the transaction or increase the risks
for the successful closing.

The European Commission will consider the approval of the deal
next month.

             Open Competition for Property Assessment

On Sept. 29, Mr. Rebgun declared an open competition to select
executors for the assessment of Yukos's property under the
bankruptcy proceedings, AK&M cites a notice published in
Vedomosti.

Results of the applications, which runs from Sept. 29 through
Oct. 12, will be summarized on Oct. 13.

For the first half of 2006, Yukso lists payables at RUR785.9
billion.

                       About PKN Orlen

Headquartered in Poland, PKN Orlen operates three refineries
located in Plock, Trzebinia and Jedlicze.  It processes mainly
URAL blend crude oil, shipped from Russia via the Friendship
pipeline.  Alternative supplies of crude oil to Plock may be
sourced via the Pomerania pipeline, which connects the fuel
reloading facility on the Baltic Sea with the Plock refinery.
PKN ORLEN's retail network in Poland is made of 1,326 company
owned stations, 504 affiliated stations and 87 franchised
stations.

                         About Yukos

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

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

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

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

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

On July 25, Yukos creditors voted to liquidate the oil firm
after rejecting a management rescue plan, which valued the
company's assets at about US$30 billion.  This would have
permitted Yukos to continue its operations and attempt to pay
off US$18 billion in debts through asset sales.

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


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


ARMSTRONG WORLD: Inks US$1.1 Billion Loan with Bank of America
--------------------------------------------------------------
Armstrong World Industries Inc. and certain of its subsidiaries,
as guarantors, entered into a US$1.1 billion credit agreement
with a syndicate of lenders on Oct. 2, 2006, according to a
regulatory filing by the Debtor with the Securities and Exchange
Commission.

Bank of America, N.A., will serve as administrative agent, with:

   * JPMorgan Chase Bank, N.A., and Barclays Bank PLC, as co-
     syndication agents; and

   * LaSalle Bank National Association and The Bank of Nova
     Scotia, as co-documentation agents.

Walter T. Gangl, deputy general counsel and assistant secretary,
says the US$1,100,000,000 Credit Agreement provides the Company
with:

    (i) a US$300,000,000 revolving credit facility, with
        sublimits for letters of credit and swing-line loans and
        contemplates a US$300,000,000 Tranche A term loan; and

   (ii) a US$500,000,000 Tranche B term loan.

The Revolving Credit Facility is currently available and will be
used to support the Debtor's on-going liquidity needs, Mr. Gangl
notes.  The Term Loans are not yet committed, pending completion
of the lender syndicate, but are currently expected by the
Company to become available and to be funded by Oct. 16, 2006.

The proceeds of the Term Loans will be used to fund in part
certain cash distributions required by the Plan of
Reorganization to be made by the Debtor to creditors and to the
Asbestos Trust, Mr. Gangl adds.  The Plan of Reorganization
provides for AWI to issue certain notes instead of making a
portion of the cash distributions in the event the Term Loans
are not committed and funded in a sufficient amount by the time
distributions are to be made to the Company's creditors.

The Revolving Credit Facility and the Tranche A Term Loan will
mature on Oct. 2, 2011, and the Tranche B Term Loan will mature
on Oct. 2, 2013.

Borrowings under the Credit Agreement bear interest at a rate
equal to an applicable margin plus, at the Debtor's option,
either:

   (a) a base rate determined by reference to the higher of:

       (1) the federal funds rate plus 1/2 of 1%; or
       (2) the "prime rate" of Bank of America; or

   (b) a LIBOR rate determined by reference to the British
       Bankers Association LIBOR Rate as published by Reuters
       for the interest period relevant to the borrowing
       adjusted for certain additional reserves.

The initial applicable margin for borrowings under the Revolving
Credit Facility will be 0.50% with respect to base borrowings
and 1.50% with respect to LIBOR borrowings, with the applicable
margins subject to adjustment based on the Company's leverage
ratio.

The Debtor expects that the initial applicable margin for the:

   * Tranche A Term Loan to be 0.50% with respect to base rate
     borrowings and 1.50% with respect to LIBOR borrowings,
     with the applicable margins subject to adjustment based on
     the Company's leverage ratio; and

   * Tranche B Term Loan to be 1.00% with respect to base rate
     borrowings and 2.00% with respect to LIBOR borrowings.

In addition to paying interest on outstanding principal under
the Credit Agreement, the Debtor will pay a commitment fee to
the lenders under the Revolving Credit Facility in respect of
certain unutilized commitments at a rate per annum equal to
0.375%, subject to adjustment based on the Company's leverage
ratio.  It also expects to pay customary letter of credit fees.

The Credit Agreement requires the Debtor to prepay outstanding
loans, subject to certain exceptions, with:

   (x) 100% of the net cash proceeds of all non-ordinary course
       asset sales and casualty and condemnation events, subject
       to certain exceptions and limitations; and

   (y) 50% of its excess cash flow, subject to certain
       exceptions based on the Company's leverage ratio and debt
       ratings.

The Debtor may voluntarily repay outstanding loans under the
Credit Agreement at any time without premium or penalty, other
than customary "breakage" costs with respect to LIBOR loans.

A full-text copy of the US$1,100,000,000 Credit Agreement is
available for free at http://ResearchArchives.com/t/s?12eb

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

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

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

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

                           *     *     *

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

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

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

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


ATTACHMATE CORP: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B3 Corporate Family Rating for
Attachmate Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$20 Million
   Senior Secured
   Revolving Credit
   Facility               B2       B1      LGD2       28%

   US$300 Million
   Senior Secured
   First Lien             B2       B1      LGD2       28%

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-
umeric 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%).

Based in Seattle, Washington, Attachmate Corporation is a
software services provider specializing in host access and
integration solutions.  The company has offices in Japan, Sweden
and Brazil.


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


CONVERIUM AG: Agrees Collateral Reduction on US$1.6-Bln L/C
-----------------------------------------------------------
Converium AG has reached an agreement with its counter-party
banks to reduce the level of collateral requirement on its
US$1.6 billion letter of credit facility.  As a result of the
reduced level of collateral Converium will free up around US$110
million of assets on its balance sheet.

As reported in the TCR-Europe on Aug. 22, 2006, Converium
disclosed the conclusion of an agreement for an uncollateralized
US$250 million letter of credit facility with a leading European
banking group.

"The reduced collateral requirement is a considerable success
for Converium.  The agreement will provide us with additional
degrees of freedom in managing our assets," Paolo De Martin,
Chief Financial Officer, commented.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.  Converium employs about 600 people
in 20 offices around the globe and is organized into four
business segments: Standard Property & Casualty Reinsurance,
Specialty Lines and Life & Health Reinsurance, which are based
principally on ongoing global lines of business, as well as the
Run-Off segment, which primarily comprises the business from
Converium Reinsurance (North America) Inc., excluding the U.S.
originated aviation business portfolio.

                        *     *     *

Following its publication of its 2005 year-end results, restated
financial information for the periods 1998 to 2004, and for each
quarter from March 31, 2003, to June 2005, Fitch Ratings
affirmed Converium AG's Insurer Financial Strength BBB- rating
and removed it from Rating Watch Negative on which it had been
placed since Nov. 4, 2005.

Fitch also affirmed Converium Holding AG IDR at BB and Converium
Finance S.A.'s US$200 million subordinated debt due 2032 at BB+.
Fitch also removed these ratings from Rating Watch Negative.


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


ALPHA-TROPIC: Court Names Petro Shistopal as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Petro
Shistopal as Liquidator/Insolvency Manager for LLC with Foreign
Investments Alpha-Tropic (code EDRPOU 31637801).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 5.  The case is docketed
under Case No. B 40/215-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC With Foreign Investments Alpha-Tropic
         Voroshilov Str. 4
         49055 Dnipropetrovsk Region
         Ukraine


EXPRESS: Court Names Mr. G. Demchenko as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Odessa Region appointed Mr. G. Demchenko
as Liquidator/Insolvency Manager for Agricultural Enterprise
Express (code EDRPOU 20994161).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 2.  The case is docketed
under Case No. 32/70-06-3064.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         Agricultural Enterprise Express
         Stepova Str. 5
         Kalinivka
         Kominternivskij District
         67530 Odessa Region
         Ukraine


NOVOMET: Creditors Must File Claims by October 14
-------------------------------------------------
Creditors of Joint Ukrainian-British LLC Novomet (code EDRPOU
30324927) have until Oct. 14 to submit written proofs of claim
to:

         Oleksandr Vozdvizhenskij, Liquidator/Insolvency Manager
         a/b 1799
         49027 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Aug. 14.  The case is docketed under Case No. B 15/25/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         Joint Ukrainian-British LLC Novomet
         Plehanov Str. 7-a
         49000 Dnipropetrovsk Region
         Ukraine


OBRIJ: Creditors Must File Claims by October 13
-----------------------------------------------
Creditors of LLC Obrij (code EDRPOU 13976487) have until Oct. 13
to submit written proofs of claim to:

         I. Dragun, Liquidator/Insolvency Manager
         Soborna Str. 34/14
         33028 Rivne Region
         Ukraine

The Economic Court of Rivne Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Aug. 21.  The case is docketed under Case No. 9/40.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         LLC Obrij
         Kustin
         Rivne District
         35323 Rivne Region
         Ukraine


ROKSOLANA: Volinska Court Names Lubomir Cherevatij as Liquidator
----------------------------------------------------------------
The Economic Court of Volinska Region appointed Lubomir
Cherevatij as Liquidator/Insolvency Manager for LLC Roksolana
(code EDRPOU 32608111).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 4.  The case is docketed
under Case No. 7/132-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 Roksolana
         Karbishev Str. 3
         Lutsk
         Volinska Region
         Ukraine


SEVERNIJ: AR Krym Court Names Vasil Kuhta as Insolvency Manager
---------------------------------------------------------------
The Economic Court of AR Krym Region appointed Vasil Kuhta as
Liquidator/Insolvency Manager for Agricultural LLC Severnij
(code EDRPOU 30953608).  He can be reached at:

         Vasil Kuhta
         Simferopol, a/b 2745
         95048 AR Krym Region
         Ukraine

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 4.  The case is docketed
under Case No. 2-29/6430-2006.

The Debtor can be reached at:

         Agricultural LLC Severnij
         Rokiv Zhovtnya Str. 2
         Krasnoarmijske 50
         Krasnoperekopskij District
         96032 AR Krym Region
         Ukraine


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


ABEYANCE LIMITED: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Abeyance Limited confirmed Sept. 27 the appointment
of Martin Williamson of DSi Services as the company's
Liquidator.

Headquartered in Bakewell, U.K., Abeyance Limited is a design
wear outlet.


ACTUANT CORP: Earns US$25.2 Million in Fourth Quarter 2006
----------------------------------------------------------
Actuant Corporation announced record sales and earnings for the
fourth quarter and fiscal year ended Aug. 31, 2006.

Fourth quarter fiscal 2006 net earnings and diluted earnings per
share were US$25.2 million and US$0.82, respectively, compared
to US$19.1 million and US$0.63, respectively, for the fourth
quarter of fiscal 2005.

Fiscal 2006 fourth quarter results include a US$4.9 million
(US$4.5 million net of tax, or US$0.14 per diluted share) pre-
tax charge covering a portion of the Company's previously
announced restructuring of its European electrical business,
offset by a US$5.4 million (US$0.17 per diluted share) income
tax benefit primarily related to the reversal of a tax valuation
allowance for net operating losses.  Excluding the restructuring
charge and income tax benefit, fourth quarter EPS increased 25%
to US$0.79 per diluted share year-over-year.

Net earnings for fiscal 2006 were US$92.6 million, or US$3.01
per diluted share, compared to US$71.3 million, or US$2.42 per
diluted share for the prior year.  These results include
favorable tax reserve adjustments of US$0.08 and US$0.02 per
diluted share in fiscal 2006 and 2005, respectively, as well as
the US$0.14 per diluted share European Electrical restructuring
provision and US$0.17 per diluted share tax benefit discussed
above.  Excluding these items, comparable EPS was US$2.90 per
diluted share in fiscal 2006, a 21% increase over the US$2.40
per diluted share in the prior year.

Fourth quarter sales increased approximately 21% to
US$324.6 million compared to US$269.4 million in the prior year,
driven by strong base business growth and sales from acquired
businesses. Excluding foreign currency exchange rate changes and
sales from acquired businesses, fourth quarter sales increased
approximately 13% from the comparable prior year period.  Sales
for the fiscal year ended Aug. 31, 2006 were US$1.2 billion,
approximately 23% higher than the US$976 million in the
comparable prior year period, reflecting sales volume added
through business acquisitions and strong base business growth.

Excluding the impact of foreign currency rate changes and sales
from acquired businesses, full year sales increased 9% year-
over-year.

Commenting on the results, Robert C. Arzbaecher, Chief Executive
Officer, stated, "Actuant finished fiscal 2006 strongly, driving
another quarter of significant year-over-year sales and earnings
growth.  The continued profitable growth in our industrial tools
businesses, Enerpac and Hydratight, led the record results.
Additionally, as expected, automotive business revenues grew 63%
for the quarter on sales related to new convertible model
introductions."

Mr. Arzbaecher added, "We are very happy with Actuant's progress
in fiscal 2006 as we continued to execute our business model to
drive strong cash flow and earnings growth.  Our team achieved
9% sales growth excluding currency and acquisitions, deployed
approximately US$129 million in aggregate on acquisitions that
strengthened our existing business, and continued to drive LEAD
(Lean Enterprise Across Disciplines) and organizational
competency throughout the business.  Fiscal 2006's 21% EPS
growth was the fifth consecutive year of EPS growth in excess of
15% since Actuant's creation through a spin-off.  We were also
able to convert those strong earnings into cash, generating over
US$100 million of cash flow, which was again in excess of net
income."

Regarding the outlook for fiscal 2007, Arzbaecher commented, "We
have confidence in our ability to continue to generate solid
earnings growth.  We are increasing our previous fiscal 2007
guidance, and now are forecasting diluted earnings per share of
US$3.20-US$3.40 on sales of US$1.325-US$1.345 billion,
reflecting the Actown acquisition and current economic
environment.  Our guidance excludes the remaining US$12-15
million of estimated European electrical restructuring costs and
future acquisitions.

First quarter sales are expected to be in the US$325-335 million
range, generating EPS of approximately US$0.78-$0.81 per diluted
share.  We believe that the continued consistent execution of
our business model will reward shareholders in fiscal 2007 and
beyond."

Net debt at Aug. 31, 2006, was approximately US$455 million
(gross debt of US$480 million less approximately US$25 million
of cash), compared to US$460 million at the beginning of the
quarter.  The reduction in net debt during the quarter was
attributable to fourth quarter cash flow of approximately
US$29 million, partially offset by the US$24 million of
borrowings to fund the August 2006 Actown acquisition.
Availability under the Company's revolving credit facility
remained strong at approximately US$170 million as of Aug. 31,
2006.

Fourth quarter Tools & Supplies segment sales were
US$209 million, an approximate 20% increase over fiscal 2005.
Excluding foreign currency exchange rate changes and sales from
acquired businesses, segment sales increased approximately 9%
from the comparable prior year period, driven by continued
growth in the industrial tools and electrical markets.  Fiscal
2006 fourth quarter Engineered Solutions segment sales increased
approximately 22% year-over-year to US$116 million.  Excluding
foreign currency exchange rate changes, Engineered Solutions
sales increased 20%, driven by the 63% increase in automotive
convertible top system sales.

Year-over-year, Actuant's fiscal 2006 fourth quarter and full
fiscal year operating profit increased to US$38.2 million and
US$154.1 million, respectively, including the fourth quarter
European Electrical restructuring charge of US$4.9 million.

Year-over-year fourth quarter operating profit margins expanded
from 13.1% to 13.3%, excluding the negative impact of the
restructuring charge in fiscal 2006.  Tools & Supplies segment
margins expanded due to favorable sales mix, increased low cost
country sourcing, and lower electrical buyback and reset costs.

Fourth quarter Engineered Solutions segment margins declined
primarily due to start-up inefficiencies in the automotive
business as new platform production ramps up, as well as below
average RV margins, partially offset by higher margins in the
truck market.

                       About Actuant Corp

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Austria, Hungary, Poland, Italy, Spain, the Netherlands, France,
Russia, Turkey, Germany, and the United Kingdom.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  Since its creation through a spin-off in
2000, Actuant has grown its sales from US$482 million to over
US$1 billion and its market capitalization from US$113 million
to over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

                        *     *     *

Actuant Corp.'s 2% Convertible Senior Subordinated Debentures
due 2023 carry Standard & Poor's B+ rating.


ACTUANT CORP: CEO Adopts Prearranged Trading Plan
-------------------------------------------------
Actuant Corp.'s chairman and chief executive officer, Robert
Arzbaecher, has adopted a prearranged trading plan in
accordance with guidelines specified by Rule 10b5-1 under the
U.S. Securities Exchange Act of 1934 and the Company's policies
with respect to insider sales.

Rule 10b5-1 allows officers and directors of public companies,
at a time when they are not aware of material non-public
information, to adopt predetermined plans for selling shares of
company stock.

Under his 10b5-1 plan, Mr. Arzbaecher will exercise stock
options and sell up to 156,000 shares of Actuant common stock.
The underlying options were granted in 1998 by Actuant's
predecessor company, Applied Power Inc., and represent about 14%
of Mr. Arzbaecher's total share holdings in either Actuant stock
or stock options.

These transactions may take place from time-to-time after
October 18, 2006, subject to certain 10b5-1 plan criteria,
including certain minimum price levels and daily volume
activity.

                       About Actuant Corp

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Austria, Hungary, Poland, Italy, Spain, the Netherlands, France,
Russia, Turkey, Germany, and the United Kingdom.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  Since its creation through a spin-off in
2000, Actuant has grown its sales from US$482 million to over
US$1 billion and its market capitalization from US$113 million
to over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

                        *     *     *

Actuant Corp.'s 2% Convertible Senior Subordinated Debentures
due 2023 carry Standard & Poor's B+ rating.


AMANDA LACEY: Creditors' Meeting Slated for October 12
------------------------------------------------------
Creditors of Amanda Lacey Limited (Company Number 04015787) will
meet at noon on Oct. 12 at:

         Harris Lipman LLP
         New Broad Street House
         35 New Broad Street
         London EC2M 1NH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 11 at:

         Michaela Hall
         Joint Administrator
         Harris Lipman LLP
         New Broad Street House
         35 New Broad Street
         London EC1M 1NH
         United Kingdom
         Tel: 0845 3385292
         Web: http://www.harris-lipman.co.uk/


AMERICAN AXLE: Moody's Reviews Low-B Ratings and May Downgrade
--------------------------------------------------------------
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 September 22, 2006 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-$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 pay-back 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.


BELMONT ENGINEERING: Creditors' Meeting Slated for October 17
-------------------------------------------------------------
Creditors of Belmont Engineering Services (U.K.) Limited
(Company Number 84140135) will meet at noon on Oct. 17 at:

         Gerald Edelman Business Recovery
         25 Harley Street
         London W1N 2BR
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 16 at:

         Bernard Hoffman and Ian Douglas Yerrill
         Joint Administrators
         Gerald Edelman Business Recovery
         Suite 2
         Kent House
         Station Road
         Ashford
         Kent TN23 1PP
         United Kingdom
         Tel: 01233 666 280
         Fax: 01233 666 281
         E-mail: gemail@geraldedelman.com

Gerald Edelman -- http://www.geraldedelman.com/-- is registered
to carry on audit work by the Institute of Chartered Accountants
in England and Wales and is authorized and regulated by the
Financial Services Authority.


BLACKBOARD INC: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Blackboard
Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$10 Million
   Senior Secured
   Revolving Credit
   Facility due 2010      Ba3      Ba3     LGD3       31%

   US$70 Million
   Senior Secured
   First Lien
   due 2011               Ba3      Ba3     LGD3       31%

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-
umeric 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%).

Blackboard Inc. (Nasdaq: BBBB - News) provides enterprise
softwareapplications and related services to the education
industry.  Founded in 1997, Blackboard enables educational
innovations everywhere by connecting people and technology.
With two product suites, the Blackboard Academic Suite (TM) and
the Blackboard Commerce Suite (TM), Blackboard is used by
millions of people at academic institutions around the globe,
including colleges, universities, K-12 schools and other
education providers, as well as textbook publishers and student-
focused merchants that serve education providers and their
students.  Blackboard is headquartered in Washington, D.C., with
offices in Scandinavia, United Kingdom and Ireland.


BRITISH AIRWAYS: September 2006 Passenger Traffic Up 1.5 Percent
----------------------------------------------------------------
British Airways PLC disclosed traffic statistics for September
2006.

In September 2006, passenger capacity, measured in Available
Seat Kilometers, was 2.5 percent above September 2005.

Traffic, measured in Revenue Passenger Kilometers, was higher by
1.5 percent.  This resulted in a passenger load factor down 0.8
points versus last year, to 78.8 percent.  The increase in
traffic comprised a 1.5 percent increase in premium traffic and
a 1.5 percent increase in non-premium traffic.  Cargo, measured
in Cargo Ton Kilometers, decreased by 5.2 percent.  Overall load
factor increased by 0.8 points to 73 percent.

For the July to September quarter, ASKs rose by 3.5 percent,
with RPKs rising by 3.6 percent.  This resulted in an increase
in passenger load factor of 0.1 points, to 79.7 percent.  This
comprised a 6.5 percent increase in premium traffic and a 3.1
percent increase in non-premium traffic.  CTKs fell by 1.1
percent.

                       Market Conditions

Market conditions continue to be good, and most segments of the
business are recovering well from the events of August.
However, as expected, September transfer traffic volumes, in
particular in the premium cabins, were affected by carry on
baggage restrictions.  Volume in premium shorthaul also
continues to be soft for the same reason.

The reintroduction of standard carry on bag sizes agreed at the
end of the month, and harmonization of rules on liquids planned
for the end of October are expected to support the gradual
recovery of these segments of the business.  As a result of the
volume shortfall total revenue is now expected to grow at 5-6%
for the financial year, down from 6-7%.

                             Costs

After the recent major falls in the fuel price the cost of fuel
is now expected to be some GBP450 million higher than last year,
down from our previous forecast of GBP550-600 million.

                    Strategic Developments

The airline announced that the actuarial deficit in its New
Airways Pension Scheme is set to rise from GBP928 million to
some GBP2.1 billion, despite a doubling of BA's contributions
and a recovery of the stock market.  The trustees confirmed that
annual contributions at the unsustainable level of GBP497
million would be needed to fund the scheme unless changes to
future benefits proposed earlier this year are introduced.  This
means the company's contributions would go up from five to 12
times members' contributions.

Negotiations between British Airways and the trustees are now
underway to agree a funding plan including proposed benefit
changes.  Consultation continues with the trades unions.

                        BAA Asset Base

British Airways urged the Civil Aviation Authority to cut the
profits BAA plc receives from its asset base to ensure that the
airport operator builds cost-effective facilities that generate
additional airport capacity.  The CAA is currently consulting on
the level of user charges at Heathrow, Gatwick and Stansted
airports for a five-year period from April 2008, in its role as
an economic regulator.

During the current charging period between April 2003 and March
2008, BAA receives a 7.75 percent return on it asset base.
British Airways said this should be set at around 5.6 percent in
the next charging period, a reduction of almost one third.

It was announced that James A. Lawrence will be joining the
board as a non-executive director effective Nov. 1, 2006.  He is
currently vice chairman and chief financial officer of General
Mills Inc. one of the largest food companies in North America.
His range of experience covers strategic consultancy, leading US
multi-nationals in consumer products and the US airline
industry.

                        About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CA INC: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%

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-
umeric 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 Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.


CHATTEM INC: Buys Rights to OTC Brands from J&J for US$410 Mln
--------------------------------------------------------------
Chattem Inc. has entered into an agreement to acquire the U.S.
rights to five leading consumer and over-the-counter (OTC)
brands from Johnson & Johnson and the consumer healthcare
business of Pfizer Inc. for US$410 million in cash.

The transaction is subject to review and approval by the Federal
Trade Commission and certain closing conditions, including the
acquisition by Johnson & Johnson of the consumer healthcare
business of Pfizer Inc., which is expected to close by the end
of 2006.

The brands being acquired are:

    * ACT, an anti-cavity mouthwash/mouth rinse;
    * UNISOM, an OTC sleep aid;
    * CORTIZONE, a hydrocortisone anti-itch product;
    * KAOPECTATE, an anti-diarrhea product; and
    * BALMEX, a diaper rash product.

These brands are being divested in connection with the
acquisition by Johnson & Johnson of Pfizer Consumer Healthcare
and certain regulatory requirements in connection with that
acquisition.

"This acquisition will provide our Company enduring brands that
mirror our corporate strategy and enhance the level of the
Company's long-term growth potential," said Zan Guerry, chairman
and chief executive officer.

"Each of these brands has a leadership position within its
category, a loyal consumer base and a brand name with staying
power.  These brands are responsive to advertising and can be
extended with new products, which plays perfectly into our
proven track record of growing brands through innovation and
advertising," continued Guerry.  "Strategic acquisitions have
always been an important source of growth for Chattem and this
acquisition represents a unique, exciting opportunity for us."

The addition of these leading brands expands Chattem's diverse
portfolio of high quality brands into several new niche
categories and represents an excellent strategic fit with
Chattem's existing brands.  The acquisition will be accretive to
Chattem's earnings per share in fiscal 2007 and provides
excellent long-term growth opportunities for both sales and
earnings.

"The Company expects to rapidly and smoothly integrate these
brands into the Chattem portfolio and drive incremental growth
from advertising and new product development.  We have a proven
track record of successful integrations, as demonstrated by our
past acquisitions of Thompson Medical and Selsun Blue," stated
Bob Bosworth, president and chief operating officer.  "We
believe that an acquisition of this magnitude containing such
quality brands is an excellent use of our capital to create
value for our shareholders."

To fund the transaction, Bank of America has provided a
commitment letter for a US$425 million term loan facility.
Merrill Lynch & Co. is acting as a financial advisor to Chattem
with respect to the transaction.

                       About Chattem

Headquartered in Chattanooga, Tennessee, Chattem Inc.
(NASDAQ: CHTT) -- http://chattem.com/-- manufactures and
markets a broad portfolio of branded over-the-counter healthcare
products, toiletries and dietary supplements.  Chattem's
products include Gold Bond medicated powder, Icy Hot topical
analgesic, Dexatrim appetite suppressant, and Bullfrog
sunblock.  The company operates in the United Kingdom, Ireland
and Canada through its subsidiaries.

                      *     *     *

As previously reported in the Troubled Company Reporter on
Sep. 28, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors and Agricultural Cooperative sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Chattem,
Inc. and upgraded its B2 rating on the Company's US$125 million
senior subordinated notes to B1.  In addition, Moody's assigned
an LGD5 rating to the notes, suggesting noteholders will
experience a 76% loss in the event of a default.

In July 2006, Standard & Poor's Ratings Services revised its
outlook on Chattem Inc. to stable from positive.

At the same time, Standard & Poor's affirmed all of Chattem's
ratings, including its 'BB-' corporate credit rating.
Approximately US$151 million of debt is affected by this action.


CHATTEM INC: Rights Agreement Cues Moody's to Review Ratings
------------------------------------------------------------
Moody's Investors Service placed Chattem Inc.'s corporate family
rating and senior subordinated ratings of Ba3 and B1,
respectively, under review for possible downgrade prompted by
the company's announcement that it had entered into an agreement
to acquire the U.S. rights to five leading consumer and over-
the-counter (OTC) brands from Johnson & Johnson and the consumer
healthcare business of Pfizer Inc. for US$410 million in cash.

The review for downgrade reflects the potential for
significantly increased leverage and weakened debt protection
measures as a result of this likely all-debt financed
acquisition.

Moody's review will focus on:

   -- the strategic value of the transaction to
      Chattem's existing portfolio of OTC healthcare
      and consumer products;

   -- the potential for integration challenges the company
      may face given the added size and complexity
      the acquisition creates for the company;

   -- the prospect for incremental marketing and
      promotional expenditures for the acquired brands; and

   -- the capital structure, financial flexibility
      and prospective debt protection measures should
      the transaction ultimately close.

Ratings placed under review for possible downgrade:

   * Corporate family rating of Ba3,

   * Probability of default rating of Ba3, and

   * US$108 million senior subordinated notes, B1, (LGD5, 76%)

Based in Chattanooga, Tennessee, Chattem Inc., is a leading
marketer and manufacturer of a broad portfolio of branded OTC
healthcare products, toiletries and dietary supplements.  Total
revenues for last twelve months ended May 2006 were
approximately US$292 million.


CINDAN LAND: Appoints Joint Administrators from Grant Thornton
--------------------------------------------------------------
Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of Cindan
Land (Southampton) Ltd. (Company Number 04461212) on Sept. 21.

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.

Headquartered in Wembley, United Kingdom, Cindan Land
(Southampton) Ltd. develops and sells real estate properties.


COMPLETE SUPPORT: Brings In Gerald Irwin to Administer Assets
-------------------------------------------------------------
Gerald Irwin of Irwin & Co. was appointed administrator of
Complete Support Group Ltd. (Company Number 03480054) on
Sept. 25.

The administrator can be reached at:

         Irwin & Co.
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net

Headquartered in Birmingham, United Kingdom, Complete Support
Group Ltd. organizes conferences and events.


CONSTELLATION BRANDS: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. beverage company sector last week, the
rating agency affirmed its Ba2 Corporate Family Rating for
Constellation Brands Inc., and revised or held its probability-
of-default ratings and assigned loss-given-default ratings on
these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500M Sr. Sec.
   Revolving Credit
   Facility due
   6/5/2011               Ba2      Ba2     LGD3       49%

   US$1.2B Sr. Sec.
   Tranche A Term
   Loan due 6/5/2011      Ba2      Ba2     LGD3       49%

   US$1.8B Sr. Sec.
   Tranche B Term
   Loan due 6/5/2013      Ba2      Ba2     LGD3       49%

   8.5% Series B Sr.
   Unsec. Notes due
   11/15/2009 - Sterling
   Series B Notes         Ba2      Ba2     LGD3       49%

   8.5% Series C Sr.
   Unsec. Notes due
   11/15/2009 - Sterling
   Series C Notes         Ba2      Ba2     LGD3       49%

   US$200M 8% Sr.
   Unsec. Notes due
   2/15/2008              Ba2      Ba2     LGD3       49%

   US$700M 7.25% Sr.
   Unsec. Notes
   due 9/1/2016           Ba2      Ba2     LGD3       49%

   US$250M 8.125%
   Sr. Sub. Notes
   due 1/15/2012          Ba3      B1      LGD6       95%

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 Fairport, New York, Constellation Brands Inc.
-- http://www.cbrands.com/-- engages in producing and marketing
beverage alcohol brands in wine, imported beer, and spirits
categories principally in the United States, the United Kingdom,
Australia, and New Zealand.


CORRABOX LIMITED: Appoints M. C. Kienlen to Administer Assets
-------------------------------------------------------------
M. C. Kienlen of Armstrong Watson was appointed administrator of
Corrabox (U.K.) Ltd. (Company Number 05161121) on Sept. 25.

Armstrong Watson -- http://www.armstrongwatson.co.uk/-- is an
independent firm of accountants, strategic business and
financial advisers.  The company operates in the north of
England and southern Scotland, employing over 330 team members
in 13 locations.

Headquartered in Derby, United Kingdom, Corrabox (U.K.) Ltd.
manufactures corrugated boxes, cartons, cases and cartridges.


COTSWOLD BUILDING: Claims Filing Period Ends Nov. 3
---------------------------------------------------
Creditors of Cotswold Building Services (Tetbury) Limited have
until Nov. 3 to prove their debts by sending written statements
of the amount they claim to be due to them from the Company to
appointed Joint Liquidators Peter James Hughes-Holland and Frank
Wessely at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire SL7 1NS
         United Kingdom

The company can be reached at:

         Cotswold Building Services (Tetbury) Limited
         Unit 4e
         Tetbury Industrial Estate
         Cirencester Road
         Tetbury
         Gloucestershire GL8 8EZ
         United Kingdom
         Tel: 01666 503 656


COUNTY SYSTEMS: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of County Systems Limited confirmed Sept. 27 the
resolutions for voluntary liquidation and the appointment of
John Russell and Derek Leslie Woolley of The P&A Partnership as
Liquidators.

Headquartered in Rotherham, U.K., County Systems Limited --
http://www.county-systems.com/-- manufactures bespoke
conservatories, windows and doors for the trade installer.


CRAFT WAREHOUSE: Names J. Harvey as Administrator
-------------------------------------------------
J. Harvey Madden of Taylor Rowlands was appointed administrator
of The Craft Warehouse Ltd. (Company Number 4902516) on
Sept. 25.

The administrator can be reached at:

         Taylor Rowlands
         8 High Street
         Yarm
         Cleveland TS15 9AE
         United Kingdom
         Tel: 01642 790790
         Fax: 01642 785588
         E-mail: harvey@taylorrowlands.co.uk

Headquartered in Cleveland, United Kingdom, The Craft Warehouse
Ltd. retails craft products.


CREWPLUS GROUP: Westminster Bank Appoints PKF as Receivers
----------------------------------------------------------
National Westminster Bank Plc appointed P.L. Armstrong and S.P.
Holgate of PKF (U.K.) LLP joint administrative receivers of
Crewplus Group Holdings Ltd. (Company Number 03564388) on
Sept. 26.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the U.K.'s
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Crewplus Group Holdings Ltd. can be reached at:

         Picton House
         Wargrave Road
         Twyford
         Reading
         Berkshire RG10 9NY
         United Kingdom
         Tel: 01844 343 631
         Fax: 01844 344 702


D M MUSITANO: Creditors' Meeting Slated for October 12
------------------------------------------------------
Creditors of D M Musitano Limited (Company Number 00837812) will
meet at 10:30 a.m. on Oct. 12 at:

         Milsted Langdon
         Winchester House
         Deane Gate Avenue
         Taunton TA1 2UH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 11 at:

         Timothy Alexander Close
         Administrator
         Milsted Langdon
         Winchester House
         Deane Gate Avenue
         Taunton
         Somerset TA1 2UH
         United Kingdom
         Tel: 01823 445566
         Fax: 01823 445555


DOMESTIC APPLIANCES: Names Alan S. Bradstock Liquidator
-------------------------------------------------------
Alan S. Bradstock was appointed Liquidator of Domestic
Appliances & Fireplace Centre Limited on Sept. 20 for the
creditors' voluntary winding-up procedure proceeding.

The company can be reached at:

         Domestic Appliances & Fireplace Centre Limited
         14-18 Uppingham Road
         Leicester
         Leicestershire LE5 0QD
         United Kingdom
         Tel: 011 6276 1777
         Fax: 0116 276 1777


ENRON CORP: Gets US$20 Mln from Fleet Financial to Settle Suits
---------------------------------------------------------------
Enron Corp. reached an agreement with FleetBoston Financial
Corp. and Fleet National Bank and certain of their affiliates,
which merged into Bank of America, N.A. and is the successor to
Fleet National Bank, to settle the MegaClaims litigation and an
avoidance action to recover preferential transfers in connection
with Enron's Commercial Paper litigation.  Pursuant to the terms
of the settlement, Fleet Financial will pay Enron US$10.4
million to settle the MegaClaims litigation and US$9.35 million
to settle the Commercial Paper litigation.  Fleet Financial did
not admit liability or wrongdoing and both parties agreed to
settle the litigation to avoid the costs and uncertainties of
further proceedings.

"We are gratified by the additional progress we have made to
date in the MegaClaims litigation and remain eager to reach
resolution with the remaining financial institutions," said John
J. Ray III, Enron's President and Chairman of the Board.

Remaining MegaClaim defendants include Citigroup Inc., Deutsche
Bank AG and Barclays PLC.

The settlement remains subject to the execution of definitive
agreements and the approval of the U.S. Bankruptcy Court for the
Southern District of New York.

Enron is represented in this matter by Susman Godfrey LLP;
Togut, Segal & Segal; and Venable LLP.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP and Brian
S. Rosen, Esq., at Weil, Gotshal & Manges LLP represent the
Debtor.  Jeffrey K. Milton, Esq., at Milbank, Tweed, Hadley &
McCloy LLP represents the Official Committee of Unsecured
Creditors.


ENRON CORP: Judge Gonzalez Approves El Paso Settlement
------------------------------------------------------
The Hon. Arthur Gonzalez for the U.S. Bankruptcy Court for the
Southern District of New York approved Enron Corp.'s Settlement
Agreement, which provides that:

   (1) Claim No. 12891 will be partially reduced and allowed as
       a general unsecured Plan Class 5 claim against ENA for
       US$58,000,000 and partially allowed as a Plan Class 1
       priority non-tax claim against ENA for US$70,441;

   (2) Claim No. 14270 will be reduced and allowed as a Plan
       Class 185 guaranty claim against Enron for US$25,000,000;

   (3) the parties will mutually release each other from all
       claims related to the Contracts and Guaranty Agreement;
       and

   (4) all liabilities scheduled by the applicable Debtors on
       their Schedules of Financial Affairs in favor of El Paso
       will be irrevocably withdrawn with prejudice, and to the
       extent applicable expunged, and the scheduled liabilities
       related to El Paso will be disallowed in their entirety.

Before the Petition Date, Enron Corp. and Enron North America
Corp. entered into various contracts with El Paso Natural Gas
Company involving the Debtors' supply of gas and other services
to El Paso.  Enron Corp. issued a Guaranty Agreement as credit
support for the Contracts.

On Oct. 15, 2002, El Paso filed Claim No. 12891 against ENA for
US$127,915,076 and Claim No. 14270 against Enron Corp. for
US$25,003,519.

In a stipulation, approved by the Court on Feb. 15, 2005, the
parties agreed that US$70,441 of Claim No. 12891 would be
allowed as an administrative priority claim, with the remainder
of the Claim being reclassified as a general unsecured claim
against ENA, relates Evan R. Fleck, Esq., at Cadwalader,
Wickersham & Taft LLP, in New York, relates.

After further negotiations, the Reorganized Debtors and EL Paso
entered into a settlement agreement to resolve the remaining
claims.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP and Brian
S. Rosen, Esq., at Weil, Gotshal & Manges LLP represent the
Debtor.  Jeffrey K. Milton, Esq., at Milbank, Tweed, Hadley &
McCloy LLP represents the Official Committee of Unsecured
Creditors.


FAMILIAR FRIENDS: Appoints Liquidator from Mercer & Hole
--------------------------------------------------------
Steven Leslie Smith of Mercer & Hole was appointed Liquidator of
Familiar Friends Pet Products Limited on Sept. 20 for the
creditors' voluntary winding-up procedure proceeding.

The company can be reached at:

         Familiar Friends Pet Products Limited
         Southdown Industrial Estate
         Southdown Road
         Harpenden
         Hertfordshire AL5 1PW
         United Kingdom
         Tel: 01582 467 746


FORD MOTOR: Taps UBS to Filter Aston Martin Bids
------------------------------------------------
Ford Motor Co. is filtering out frivolous approaches for Aston
Martin, as the auction of the British luxury sports car
attracted many potential buyers to express interest in an
acquisition deal, James Mackintosh writes for the Financial
Times.

The company has appointed UBS to run the auction, which
requested bids to be confirmed by mid-October, FT cited people
familiar with the sale.

Sources said Aston CEO Ulrich Bez has already discussed the sale
with prospective buyers, indicating his interest in remaining as
head of the new ownership but denying plans to launch a
management buy-out, FT relates.

According to the report, the parties understood to have a firm
interest in the acquisition include, among others:

   -- One Equity, the private equity arm of JPMorgan where
      former Ford CEO Jac Nasser is a partner;

   -- Cerberus, the New York equity group which employs former
      Ford executive David Thursfield; and

   -- UK's Magma, run by former Ford of Europe CEO Martin Leach.

As reported in TCR-Europe on Sept. 4, Ford began the process of
exploring strategic options for Aston Martin sports-car unit,
with particular emphasis on a potential sale of all or a portion
of the unit.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes
automobiles in 200 markets across six continents.  With more
than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                         *     *     *

As reported in TCR-Europe on Sept. 21, Moody's Investors Service
lowered Ford Motor Company's corporate family rating and senior
unsecured to B3 from B2, and Ford Motor Credit Company's senior
unsecured to B1 from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.


FORD MOTOR: Reports 5% Rise in Vehicle Sales in September
---------------------------------------------------------
Ford Motor Company disclosed that its dealers delivered 238,848
vehicles to U.S. customers in September, up 5% compared with a
year ago.

The Company also disclosed that car sales were up 26% and truck
sales were down 5%, but full-size pickup trucks and SUVs showed
signs of stabilizing as the Ford F-Series, Explorer, and
Expedition all posted higher sales compared with a year ago.

"We're pleased by the continued strong demand for our cars and
the solid performance posted by the F-Series truck and Explorer
and Expedition SUVs," Al Giombetti, president, Ford and Lincoln
Mercury sales and marketing, said.  "The all-new Expedition and
Navigator are on their way to dealers and production of the Ford
Edge and Lincoln MKX crossover utilities starts soon."

The Company further disclosed that its Fusion, Milan, and MKZ
had a strong month in September despite limited availability
resulting from the 2007 model changeover and a record sales
month in August.  Combined sales for the company's new mid-size
sedans totaled 16,208 and its full-size trucks and SUVs reversed
recent sales trends.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes
automobiles in 200 markets across six continents.  With more
than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                         *     *     *

As reported in TCR-Europe on Sept. 21, Moody's Investors Service
lowered Ford Motor Company's corporate family rating and senior
unsecured to B3 from B2, and Ford Motor Credit Company's senior
unsecured to B1 from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.


GENERAL MOTORS: Jerome York Resigns from Board of Directors
-----------------------------------------------------------
General Motors Corporation has received Jerome B. York's
resignation from the GM Board of Directors, effective Oct. 6,
2006.

Under the direction of the GM Board, the Company remains focused
on its North America turnaround, where GM is making real
progress, progress that is well ahead of what some skeptics
thought possible.  Over the past 12 months, GM has implemented
several fundamental moves -- in health care, manufacturing
capacity, hourly attrition, salaried and executive headcount and
benefits, asset sales and liquidity enhancements, acceleration
of key product launches, introduction of the industry's best
warranty, and completely revamping its marketing strategy.
These actions are already yielding very significant and needed
improvement in our results -- more than US$9 billion in yearly
cost savings on a running rate basis by the end of 2006, and
record revenues in the first two quarters of this year, to name
but two significant ones.

General Motors is focused on several other key matters, as well:

   * the successful resolution of Delphi and closing the GMAC
     transaction in the fourth quarter;

   * on the acceleration of the GM Europe turnaround; and

   * continued profitable growth, especially in Asia and South
     America.

With respect to the comments on the Renault-Nissan alliance
study in Tracinda's 13D filing, the decision to end the equity
alliance discussions was unanimously approved by the GM Board,
which consists of 12 directors, 11 of whom are independent of
management.  The management of all three companies and receipt
of advice on the proposal by two prominent financial advisers
made this decision after a comprehensive process that included
joint synergy evaluation.

The GM Board concluded that the alliance framework required by
Renault-Nissan would substantially disadvantage GM shareholders.
This structure included the potential joint projects, which GM
agreed could yield significant aggregate synergies, but which
were highly skewed to Renault-Nissan.  The structure also
included the requirement to sell a substantial equity stake in
GM at no premium, along with preferential rights, which could
have had the practical effect of foreclosing GM from entering
equity alliances with other OEMs.  Renault-Nissan made it clear
they were unwilling to pay any premium in any of these areas.

Through its support and actions, the GM Board has indicated the
best way to drive value is to continue to remain focused and
vigilant in the Company's stated turnaround program.

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                           *     *     *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed March 29,
2006.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of
up to US$4.5 billion being proposed by General Motors
Corporation, affirmed the company's B3 corporate family and SGL-
3 speculative grade liquidity ratings, and lowered its senior
unsecured rating to Caa1 from B3.  The rating outlook is
negative.


GENERAL MOTORS: Kerkorian Backs Out of Share Purchase Plan
----------------------------------------------------------
Investor Kirk Kerkorian has ditched plans to raise his stake in
General Motors Corp. following the collapse of alliance talks
between GM and Renault-Nissan, BBC News Reports.

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

According to BBC News, Mr. Kerkorian was displeased over GM's
termination of the negotiations prior to the end of the 90-day
period and without first obtaining an independent review from
its Board of Directors.  Sarah Karush at the Associated Press
reported last week that Mr. Kerkorian had considered increasing
his stake in GM by as much as 12%.

GM ended negotiations after concluding that the alliance
framework required by Renault-Nissan would substantially
disadvantage GM shareholders.  GM also asked Renault and Nissan
to pay a premium as part of a potential alliance.  Renault-
Nissan was unwilling to pay for this premium saying that payment
for this additional compensation was contrary to the spirit of
any successful partnership.

Jerome York, Mr. Kerkorian's representative to GM, resigned from
the automaker's board after negotiations with Renault-Nissan
ended.  In a letter dated Oct. 6 filed with the U.S. Securities
and Exchange Commission, Mr. York expressed his reservations
over the ability of GM's current business model to successfully
compete in the marketplace with Asian auto manufacturers.

GM, however, remains committed and focused in its turnaround
program.  The Company maintains that it is making real progress
in its efforts. According to GM, these actions are already
yielding significant improvement in its results including more
than US$9 billion in yearly cost savings on a running rate basis
by the end of 2006, and record revenues in the first two
quarters of this year.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                           *     *     *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed March 29,
2006.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of
up to $4.5 billion being proposed by General Motors Corporation,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  The rating outlook is negative.


GLOBAL REACH: Claims Registration Ends Nov. 22
----------------------------------------------
Creditors of Global Reach Technology Limited have until Nov. 22
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Joint
Liquidators Stewart Trevor Bennett and James Preston Bradney at:

         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom

The company can be reached at:

         Global Reach Technology Limited
         Sacombe Park
         Sacombe
         Ware
         Hertfordshire SG120JA
         United Kingdom
         Tel: 01920 438 000
         Fax: 01920 438 111


GRAZ LIMITED: Creditors' Meeting Slated for October 16
------------------------------------------------------
Creditors of Graz Limited (Company Number 05335799) will meet at
3:00 p.m. on Oct. 16 at:

         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 13 at:

         N. Wood
         Joint Administrator
         Grant Thornton U.K. LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London NW1 2EP
         United Kingdom
         Tel: 020 7383 5100
         Fax: 020 7383 4715

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.


MARSDEN ELECTRICAL: RBS Appoints Begbies Traynor as Receiver
------------------------------------------------------------
RBS Invoice Finance Limited appointed Kevin James Coates of
Begbies Traynor administrative receiver of Marsden Electrical
Co. Ltd. (Company Number 04086464) on Sept. 20.

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

Headquartered in Bolton, United Kingdom, Marsden Electrical Co.
Ltd. wholesales and manufactures electrical fittings.


METFAB DESIGN: Peter Nottingham Leads Liquidation Procedure
-----------------------------------------------------------
Peter Nottingham of Nottingham Watson Ltd. was appointed
Liquidator of Metfab Design Limited on Sept. 26 for the
creditors' voluntary winding-up procedure proceeding.

Headquartered in Kidderminster, U.K., Metfab Design Limited
manufactures fabricated metal products.


MIDAS TANKS: Taps Moore Stephens as Joint Administrators
--------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint administrators of Midas Tanks Ltd. (Company
Number 04935556) on Sept. 21.

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

Headquartered in Worcester, United Kingdom, Midas Tanks Ltd.
manufactures rotationally-molded products.


NORTH WEST ENQUIRER: Names Joint Administrators from Harrisons
--------------------------------------------------------------
John C. Sallabank and Paul R. Boyle of Harrisons were appointed
joint administrators of The North West Enquirer Ltd. (Company
Number 05548823) on Sept. 26.

Harrisons -- http://www.harrisons.uk.com/-- provide advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

Headquartered in Manchester, United Kingdom, The North West
Enquirer Ltd. is engaged in newspaper publication.


OLLY LONDON: National Westminster Taps Receivers from PKF
---------------------------------------------------------
National Westminster Bank Plc appointed P.L. Armstrong and S.P.
Holgate of PKF (U.K.) LLP joint administrative receivers of Olly
London Ltd. (Company Number 03955654) on Sept. 26.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the U.K.'s
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.

Headquartered in Reading, United Kingdom, Olly London Ltd. --
http://www.olly-london.co.uk/-- manufactures and retails
leather garment.


PRESTIGE HEATING: Taps Clive Morris to Liquidate Assets
-------------------------------------------------------
Clive Morris was appointed Liquidator of Prestige Heating
Services Limited on Sept. 20 for the creditors' voluntary
winding-up procedure proceeding.

The company can be reached at:

         Prestige Heating Services Limited
         23 Deacons Close
         Croft
         Warrington
         Cheshire WA3 7EN
         United Kingdom
         Tel: 019 2576 7849


RADNOR HOLDINGS: Panel Taps Jefferies & Co. as Financial Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Radnor Holdings Corporation and its debtor-affiliates'
chapter 11 cases, ask the U.S. Bankruptcy Court for the District
of Delaware for authority to retain Jefferies & Company, Inc.,
as its financial advisor, nunc pro tunc to Aug. 30, 2006.

Jefferies & Co. will:

   a) analyze and become familiar with the Debtors' business,
      operations, assets, financial condition and prospects;

   b) advise the Committee on the current state of the
      "restructuring market";

   c) assist and advise the Committee in examining and analyzing
      any potential or proposed strategy for restructuring or
      adjusting the Debtors' outstanding indebtedness or overall
      capital structure, whether pursuant to a plan of
      reorganization in this case; a sale of assets or equity, a
      liquidation, or otherwise, including, where appropriate,
      assisting the Committee in developing its own strategy for
      accomplishing a restructuring;

   d) assist and advise the Committee in evaluating and
      analyzing the proposed dip financing credit facility,
      including the analysis of other alternative financing
      sources;

   e) assist and advise the Committee in evaluating and
      analyzing the proposed implementation any restructuring,
      including the value of the securities, if any, that may be
      issued under any plan of reorganization; and

   f) render other advisory services as may from time to time be
      agreed upon, in writing, by the Committee and the firm.

Jefferies & Co. will be paid:

   -- a monthly fee equal to US$100,000 per month until the
      expiration or termination of the agreement.  The first
      monthly fee will be payable upon the execution of the
      agreement and each subsequent monthly fee will be payable
      in advance on the first day of each month.  If the first
      monthly fee payment is made for a partial month based upon
      the date on which the agreement is executed, then the
      monthly fee will be pro rated from the date on which the
      agreement is executed at the end of the month.  Each
      monthly fee will be fully accrued, due and payable in
      advance on the first day of each month; and

   -- upon the consummation of a restructuring or similar
      transaction, a transaction fee in an amount equal to the
      greater of:

       i) US$500,000, or

      ii) 1% of any recoveries to the unsecured creditors,

      the transaction fee is fully earned and accrued upon the
      approval of the agreement by the Court and is due and
      payable on the earlier of:

       i) the date of receipt of recoveries by unsecured
          creditors, or

      ii) the effective date of a plan of reorganization or
          other restructuring.

William Q. Derrough, a Jefferies & Co. member, assures the Court
that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

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


RADNOR HOLDINGS: U.S. Trustee Revises Trustee Appointment Motion
----------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, amends
her motion to appoint a trustee or, in the alternative, an
examiner in Radnor Holdings Corporation and its debtor-
affiliates' Chapter 11 cases.

Ms. Stapleton requests that she be authorized to appoint an
examiner pursuant to Section 1104(c)(2) of the Bankruptcy Code
only.  She had previously asked the Court to appoint a
Chapter 11 Trustee or examiner under Sections 1104(a), (c)(1),
and (e).

The U.S. Trustee wants a Chapter 11 Trustee appointed in the
Debtors' case to investigate:

    (1) the accuracy of the financial information in the first
        day affidavit and the financial information provided to
        the public by the Debtors;

    (2) whether any material information of the Debtors was
        altered or destroyed;

    (3) any material discrepancies in the reporting of the
        Debtor's inventory;

    (4) the transfers, including compensation and benefits, to
        insiders and to non-debtor related entities;

    (5) the proposed sale by the Debtor of its assets to
        Tennenbaum Capital Partners, LLC or to an affiliate
        thereof and the circumstances surrounding the Sale to
        determine the propriety of the Sale and whether any
        causes of action exist which may be pursued by the
        Debtor or other parties in interest with respect to the
        Sale; and

    (6) the control exerted by Tennenbaum Capital Partners, LLC
        or any person controlled by TCP over the Debtors prior
        to the Debtors' bankruptcy filing to determine the
        propriety of such control and whether any causes of
        action exist which may be pursued by the Debtor or other
        parties in interest with respect to the same.

The U.S. Trustee has raised concerns about the accuracy of the
information about the Debtor available to the public as well as
the management of the Debtors and the connections among the
lender, the Debtors, and the proposed bankruptcy professionals.

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


RADNOR HOLDINGS: Executives to Get US$625,000 Under Bonus Plan
--------------------------------------------------------------
The Hon. Peter J. Walsh of the U.S. Bankrupt Court for the
District of Delaware ruled that Radnor Holdings Corporation and
its debtor-affiliates can pay top executives bonuses for their
"unique skills" needed to sell the Company's operations, the Dow
Jones Newswires reports.

Judge Walsh approved the bonus plan Wednesday, Oct. 4, allowing
four of the Company's top leaders to have access to a collection
of at least US$625,000 despite an objection from the U.S.
Trustee, according to Dow Jones.

Laura McGann, writing for Dow Jones, says that the Company will
need further Court-approval before the CFO and executive vice
president can be awarded US$180,000 that was to be allocated to
them under the Plan.

The bonus plans, Judge Walsh said, will encourage the executives
to "remain motivated to perform" as the Company prepares for a
sale of its assets at an auction on Nov. 20, 2006.

Following the payments of secured lenders from the auction
proceedings, up to 4% of the remaining money will be added to
the incentive pool.  Chief Executive Michael T. Kennedy will get
a cut of the pot at that point, dipping into cash that would
otherwise go to pay off the Debtors' unsecured debts, Mr. McGann
adds.

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


S.C.S.I. SYSTEMS: Liquidator Sets Oct. 20 Claims Bar Date
---------------------------------------------------------
Creditors of S.C.S.I. Systems Limited have until Oct. 20 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Martin C. Armstrong at:

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

Headquartered in Basingstoke, U.K., S.C.S.I. Systems Limited --
http://www.scsisys.co.uk/-- offers a total solution approach to
server-based computing. The company's products and services
include: storage solutions, 64 bit computing, Internet
solutions, Clearway, enterprise services and training.


SAMSONITE CORP: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B1 Corporate Family
Rating for Samsonite Corporation.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on these notes:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$121.5MM (EUR100MM)
   Flat Rate Sr. Unsec.
   Notes due June 2010    B1       Ba3     LGD3       30%

   US$205MM 8.875%
   Sr. Sub. Notes
   due June 1, 2011       B3       B3      LGD5       80%

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

Samsonite Corporation manufactures, markets and distributes
luggage and travel-related products.  The company's owned and
licensed brands, including Samsonite, American Tourister,
Trunk & Co, Sammies, Hedgren, Lacoste and Timberland, are sold
globally through external retailers and 284 company-owned
stores.  Net sales for the twelve-month period ended April 30,
2006 were US$976 million.  The company's executive offices are
located in London, England.


SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$45.1 Mln
----------------------------------------------------------------
Samsonite Corporation reported a US$2 million net loss on
US$257.5 million of net revenues for the three months ended
July 31, 2006, compared to US$2.3 million of net income on
US$236.5 million of net revenues in 2005.

At July 31, 2006, the Company's balance sheet showed
US$615.7 million in total assets and US$642.4 million in total
liabilities, resulting in a US$45.1 million stockholders'
deficit.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?130b

Samsonite Corporation (OTCBB: SAMC.OB) --
http://www.samsonite.com/-- designs, manufactures and
distributes luggage, casual bags, business cases and travel
related products throughout the world.  The Company also
licenses its brand names and is involved with the design and
sale of apparel.  The company's executive offices are located in
London, England.

                             *   *   *

As reported in the Troubled Company Reporter-Europe on Sept. 15,
Moody's Investors Service placed the long-term ratings of
Samsonite Corporation, under review for possible upgrade:

      * B1 corporate family rating
      * B1 on the senior unsecured notes
      * B3 on the 8.875% subordinated notes


SCOOTELECTRIC U.K.: Creditors Ratify Voluntary Liquidation
----------------------------------------------------------
Creditors of Scootelectric U.K. Limited ratified on Sept. 19 the
resolutions for voluntary liquidation and confirmed the
appointment of Jonathan Lord of Bridgestones as Liquidator.

Headquartered in Bath, U.K., Scootelectric U.K. Limited --
http://www.scootelectic.co.uk/-- imports and distributes
zero-emission electric moped scooters.


SHAW GROUP: Westinghouse Acquisition Cues S&P's Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.

"The CreditWatch placement followed followed the company's
announced agreement to take a 20% ownership interest in the
US$5.40 billion acquisition, led by Toshiba Corp. (BBB/Watch
Neg/A-2), of Westinghouse Electrical Company Co. from British
Nuclear Fuels Ltd.," said Standard & Poor's credit analyst Dan
Picciotto.

Shaw's US$1.08 billion purchase will be funded with proceeds
from a limited-recourse yen-denominated bond.

As part of the transaction, Shaw will execute an agreement for
certain exclusive and other commercial opportunities.

Standard & Poor's will meet with Shaw management to discuss the
specifics of the acquisition and the company's business and
financial strategies.

"We could modestly downgrade the company if it appears likely or
reasonably possible that Shaw will maintain a sizable equity
interest beyond the life of the bonds, at which time the company
may be required to refinance or repay the bonds, resulting in a
financial profile inconsistent with the current ratings," Mr.
Picciotto said.  The company has operations in Chile, China,
Malaysia, the United Kingdom and, Venezuela, among others.


TANTALIZE LEISURE: Creditors' Claims Due Nov. 8
-----------------------------------------------
Creditors of Tantalize Leisure Limited have until Nov. 8 to send
their names and addresses, with particulars of their debts or
claims, and the names and addresses of their Solicitor (if any),
to appointed Liquidator Ashok K. Bhardwaj at:

         Bhardwaj Insolvency Practitioners
         47-49 Green Lane
         Northwood
         Middlesex HA6 3AE
         United Kingdom

The company can be reached at:

         Tantalize Leisure Limited
         Riverside Walk
         Riverside
         Bishops Stortford
         Hertfordshire CM233AJ
         United Kingdom
         Tel: 01279 836 336


TI AUTOMOTIVE: Weak Market Spurs Moody's to Review Ratings
----------------------------------------------------------
Moody's Investors Service placed the B1 long-term debt ratings
of TI Automotive Ltd on review for possible downgrade.  The
rating action was prompted by the accelerated market share
erosion of TI Auto's key customers Ford, GM and DaimlerChrysler
in the North American market over recent months, resulting in
significantly lower production volumes and the uncertain
implications on TI Auto's credit profile.

Moody's noted that the weakening market position of these
customers, which in North America accounted for 27% of TI Auto's
2005 global revenues, has resulted from:

   -- the structural shift in consumer preference away
      from trucks and SUVs and towards more
      fuel-efficient vehicles; and

   -- the increasingly competitive product offerings from
      Asian manufacturers, which are still somewhat
      under-represented in TI Auto's customer structure.

The severity of the performance erosion of these key customers
had not been anticipated in the previous rating action on
Feb. 21, when Moody's changed TI Auto's rating outlook to stable
from negative, based on the renegotiation of the company's bank
facility and the expectations of a relatively stable operating
performance in 2006.

Nonetheless, according to Moody's, TI Auto's business model
remains robust, as evidenced by its strong market position as an
automotive supplier of fluid-carrying systems, fuel storage and
delivery systems, its presence on a wide array of platforms and
its diversification by region.  However, these qualitative
strengths are offset by weak credit metrics, namely a high
financial leverage and limited prospects for positive free cash
flows, given the need for substantial ongoing capex and
technology investment requirements to pre-finance orders, which
are likely to absorb most of the cash generated from operations
over the intermediate term.

Moody's rating review will focus on the implications of the
lower production volumes at TI Auto's North American customer
base for the company's operating performance, credit profile and
positioning in the B1 rating category in light of the difficult
industry environment, which is characterized by accelerated
pressure on prices and higher raw material costs.  In
particular, Moody's will assess the actions that the company
will take to remedy these shortfalls as well as the overall
strengths of TI Auto's business model in allowing the company to
return to historical levels of credit metrics over the medium
term.  The review will also consider the implications for TI
Auto's liquidity profile of a reduced cash flow and its ability
to address debt maturities promptly.

Ratings on review for possible downgrade:

Issuer: TI Automotive Limited

    * B1 Corporate Family Rating
    * B1 Senior Secured Bank Credit Facility Rating

Outlook Actions:

Issuer: TI Automotive Limited

    * Outlook, Changed To Rating Under Review From Stable

Headquartered in Oxford, England and Warren, Michigan, TI
Automotive Ltd designs, manufactures and supplies automotive
fuel storage and delivery systems, brake and fuel-carrying
systems and air conditioning systems.  For 2005, TI Auto
reported consolidated sales of GBP1.533 billion.


TIGER AV: Creditors' Meeting Slated for October 17
--------------------------------------------------
Creditors of Tiger AV Limited (Company Number 03481034) will
meet on Oct. 17 at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury BL9 8AT
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 16 at:

         A. Poxon
         Joint Administrative Receiver
         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury BL9 8AT
         United Kingdom
         Tel: 0161 767 1200
         Fax: 0161 767 1201

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.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, 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.


                 * * * End of Transmission * * *